# EDGAR Filing Document

**Accession Number:** 0001756064
**File Stem:** 0001493152-25-017274
**Filing Date:** 2025-10
**Character Count:** 2608446
**Document Hash:** d2784ba6796660f633d5198482e23499
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-017274.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0001493152-25-017274

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 129

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290750
- **FILM NUMBER:** 251379597

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

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

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

**As filed with the Securities and Exchange Commission on October 7,** **2025.**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

**Under**

**The Securities Act of 1933**

![](logo_001.jpg)

**TG-17, Inc.**

(Exact name of registrant as specified in its charter)

---

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

---

**85 Broad Street** 

**New York, New York 10004**

**1-888-567-6234**

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

**VCorp Services, LLC**

**701 S Carson St, Ste 200**

**Carson City, Nevada, 89701**

**1-888-528-2677**

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

 ****

***Copies to:***

---

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

---

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

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

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

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

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

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

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

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

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

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

**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 that 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 the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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

---

| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION**  | **DATED October 7, 2025** |

---

![](logo_002.jpg)

TG-17, Inc.

**Up to 8,290,298 Shares of Common Stock to be Sold by Registered Stockholders**

This prospectus relates to the registration of the resale of up to 8,290,298 shares of common stock, par value $0.0001 per share (the "***Common Stock***") of TG-17, Inc., dba Bond ("***Bond***," "***we***," "***us***," "***our***" or the "***Company***") consisting of 180,241 shares of Common Stock, 3,368,466 shares of Common Stock issuable upon the conversion of 3,368,466 shares of Series CF-1 Preferred Stock, par value $0.0001 per share (the "***Series CF-1 Preferred Stock****"),* 215,918 shares of Common Stock issuable upon the conversion of 215,918 shares of Series CF-2 Preferred Stock, par value $0.0001 per share (the "***Series CF-2 Preferred Stock***"), 1,626,800 shares of common stock issuable upon conversion of 329,671 shares of Series C Preferred Stock, par value $0.0001 per share (the "***Series C Preferred Stock***"), 1,333,335 shares of common stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series C Preferred Stock offering, 1,477,857 shares of Common Stock issuable upon conversion of 682,770 shares of Series E Preferred Stock, par value $0.0001 per share (the "***Series E Preferred Stock***"), and 87,681 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering, by our stockholders identified in this prospectus (the "***Registered Stockholders***"), in connection with our direct listing (the "***Direct Listing***"), on the Nasdaq Global Market ("***Nasdaq***"). As of the date of this prospectus, the shares offered for sale by the Registered Stockholders will constitute approximately 22.27% of our restricted common stock on a fully-diluted basis, including all shares of our Common Stock issued and outstanding and all shares of Common Stock immediately issuable upon the conversion or exercise of outstanding shares of preferred stock or warrants. A total of 27,745,467 shares, consisting of outstanding shares of our common stock and shares immediately issuable upon conversion of outstanding shares of preferred stock or exercise of outstanding warrants, are not being registered under the Registration Statement of which this prospectus is a part. The shares not included in the Registration Statement consist of: (i) 2,984,517 outstanding shares of Common Stock; (ii) 8,204,944 shares of common stock issuable upon conversion of 8,204,944 outstanding shares of Series B-1 Preferred Stock; (iii) 9,154,388 shares of common stock issuable upon conversion of 9,154,388 outstanding shares of Series B-2 Preferred Stock; (iv) 7,151,139 shares of common stock issuable upon conversion of 7,151,139 outstanding shares of Series B-3 Preferred Stock; (v) 247,145 shares of common stock issuable upon exercise of Series B-1 warrants; and (vi) 3,334 shares of Common Stock issuable upon conversion of 10,000 shares of Series F Preferred Stock. Upon effectiveness of this registration statement, a total of 27,494,988 shares of common stock not being registered may be freely sold pursuant to Rule 144. These shares consist of: (i) 2,984,517 outstanding shares of common stock; (ii) 8,204,944 shares of common stock issuable upon conversion of 8,204,944 outstanding shares of Series B-1 Preferred Stock; (iii) 9,154,388 shares of common stock issuable upon conversion of 9,154,388 outstanding shares of Series B-2 Preferred Stock; (iv) 7,151,139 shares of common stock issuable upon conversion of 7,151,139 outstanding shares of Series B-3 Preferred Stock

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

Unlike an initial public offering, the resale by the Registered Stockholders is not being underwritten on a firm-commitment basis by any investment bank. The Registered Stockholders may sell or otherwise dispose of the Common Stock covered by this prospectus in a number of different ways and at varying prices. We provide more information about how the Registered Stockholders may sell or otherwise dispose of the Common Stock covered by this prospectus in the section entitled "*<u>Plan of Distribution</u>*" beginning on page 120. We will pay all expenses (other than discounts, concessions, commissions and similar selling expenses) relating to the registration of the Common Stock with the Securities and Exchange Commission (the "***SEC***"). We have engaged Maxim Group LLC, as our financial advisor (the "***Advisor***"), to advise and assist us with respect to certain matters relating to the Direct Listing.

We have two classes of common stock, Common Stock and Non-Voting Common Stock, $0.0001 par value per share ("***Non-Voting Common Stock***"). Currently, our Series CF-1 Preferred Stock and Series CF-2 Preferred Stock convert into Non-Voting Common Stock. Prior to the initial listing of the Company's shares of Common Stock on Nasdaq, all shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock will convert into Non-Voting Common Stock and pursuant to the Company's Articles of Incorporation all Non-Voting Common Stock will automatically convert into Common Stock, which is entitled to one vote per share, concurrently with the initial listing of Common Stock on Nasdaq.

No public market for our Common Stock currently exists, and our shares of Common Stock have a limited history of trading in private transactions. From inception through September 30, 2025, we raised an aggregate of $115,428,223 in gross proceeds from the sales of our stock, including shares issued for the cancellation of indebtedness in the amount of approximately $16,270,000. The weighted average price paid per share by investors in these offering (excluding the cancelled indebtedness) was $1.062 per share under the exemptions from registration provided by Regulation D under the Securities Act of 1933, as amended (the "***Securities Act***") and Regulation Crowdfunding under the Securities Act ("***Regulation CF***").

Recent purchase prices of our Common Stock in private transactions may have little or no relation to the opening public price of our shares of Common Stock on Nasdaq or the subsequent trading price of our shares of Common Stock on Nasdaq. For more information, see "*<u>Sale Price History of Our Capital Stock</u>*" beginning on page 114. Further, the listing of our Common Stock on Nasdaq, without a firm-commitment underwritten offering, is a novel method for commencing public trading in shares of our Common Stock and, consequently, the trading volume and price of shares of our Common Stock may be more volatile than if shares of our Common Stock were initially listed in connection with an initial public offering underwritten on a firm-commitment basis.

On the day that our shares of Common Stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which our Advisor, in its capacity as our financial advisor to perform the functions under Nasdaq Rule 4120(c)(8), must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our shares of Common Stock are ready to trade, Nasdaq will calculate the Current Reference Price for our shares of Common Stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, Nasdaq will conduct a price validation test in accordance with Nasdaq Rule 4120(c)(8). As part of conducting such price validation test, Nasdaq may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will be executed at such price and regular trading of our shares of Common Stock on Nasdaq will commence. Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e.* minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e.* the specified price entered in an order by a customer to buy or sell) at which our shares of Common Stock will remain unmatched (*i.e.* will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder. Neither we nor the Registered Stockholders will be involved in Nasdaq's price-setting mechanism, including any decision to delay or proceed with trading, nor will we or they control or influence the Advisor in carrying out its role as a financial adviser. The Advisor will determine when our shares of Common Stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. For more information, see "*<u>Plan of Distribution</u>*" beginning on page 120 of this prospectus.

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

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

**Upon completion of this offering, our founder and Chief Executive Officer, Doron Kempel, will beneficially own approximately 99.28% of the voting power of our outstanding voting securities and we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. We may rely on the exemptions from the corporate governance requirements that are available to controlled companies.**

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

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

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

**Prospectus dated October 7, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Cautionary Note Regarding Forward-Looking Statements](#a_001) | 1 |
| [Trademarks](#a_002) | 1 |
| [About This Prospectus](#a_003) | 2 |
| [Prospectus Summary](#a_004) | 3 |
| [Summary Financial and Other Data](#a_005) | 6 |
| [Risk Factors](#a_006) | 6 |
| [Market and Industry Data](#a_007) | 30 |
| [Shares Offered for Resale](#a_008) | 31 |
| [Use of Proceeds](#a_009) | 32 |
| [Registered Stockholders](#a_010) | 32 |
| [Dividend Policy](#a_011) | 67 |
| [Capitalization](#a_012) | 67 |
| [Management's Discussion & Analysis of Financial Condition and Results of Operations](#a_013) | 68 |
| [Business](#me_001) | 79 |
| [Management](#me_002) | 92 |
| [Executive and Director Compensation](#me_003) | 96 |
| [Security Ownership of Certain Beneficial Owners and Management](#me_004) | 101 |
| [Certain Relationships and Related Person Transactions](#me_005) | 104 |
| [Description of Capital Stock](#me_006) | 105 |
| [Shares Eligible for Future Sale](#me_007) | 113 |
| [Sale Price History of Our Capital Stock](#me_008) | 114 |
| [Material U.S. Federal Income Tax Consequences to Non-U.S. Holders of Our Common Stock](#me_009) | 116 |
| [Plan of Distribution](#me_010) | 120 |
| [Legal Matters](#me_011) | 124 |
| [Experts](#me_012) | 124 |
| [Where You Can Find Additional Information](#me_013) | 124 |
| [Index to Consolidated Financial Statements](#me_014) | F-1 |

---

i

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

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

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

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

ii

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

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

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

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

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

**TRADEMARKS**

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

**ABOUT THIS PROSPECTUS**

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

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

**PROSPECTUS SUMMARY**

 

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

 

***Overview***

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

***Summary of Risk Factors***

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

 

*Risks Related to Our Business*

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*Risks Related to our Management and Control Persons*

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

*Risks Related to Our Financial Condition and Capital Requirements*

 

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

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

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

● We
 anticipate sustaining operating losses for the foreseeable future.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 ****

***The Conversion***

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

***Reverse Stock Split***

 ****

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

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

Upon completion of the Direct Listing, our founder and Chief Executive Officer, Doron Kempel, will beneficially own approximately 99.28% of the voting power of our outstanding voting securities and we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. Due to this significant concentration of voting control, our CEO may able to unilaterally determine the outcome of most stockholder votes. As a result, the influence of other stockholders over such matters may be limited. However, as an officer and director of the Company, our CEO is subject to fiduciary duties and has consistently demonstrated a commitment to the long-term success of the Company and the creation of stockholder value.

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

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

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

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

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

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

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

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

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

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

***Corporate Information***

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

**SUMMARY FINANCIAL AND OTHER DATA**

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

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

**RISK FACTORS**

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

**Risks Related to Our Business**

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

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

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

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

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

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

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

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

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

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

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

● constraints on using data to profile users;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● public perceptions regarding the confidentiality of private information;

● proposed or enacted legislation related to privacy of information;

● customers' satisfaction regarding our services; and

● marketing efforts and publicity regarding our solutions.

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

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

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

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

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

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

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

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

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

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

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

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

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

 ****

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

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

 ****

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Upon completion of this offering, our founder and Chief Executive Officer, Doron Kempel, together with certain management officers will collectively beneficially own approximately 99.28% of the voting power of our outstanding voting securities and we will be a "controlled company" within the meaning of the listing rules of The Nasdaq Stock Market LLC. We may rely on certain exemptions from corporate governance rules, including an exemption from the rule that a majority of our board of directors must be independent directors. Although we currently do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. In the event that we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors, and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Our status as a controlled company could cause our shares of common stock to be less attractive to certain investors or otherwise harm our trading price. As a result, you would not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Additionally, investors may be prevented from effecting matters involving our Company, including:

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

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

● our acquisition or disposition of assets; and

● our corporate financing activities.

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

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

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

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

As of the fiscal year ended June 30, 2025, we had approximately $2,845 thousand of cash on hand and approximately $753 thousand of working capital, and our anticipated operating requirements for the next twelve months, assuming the maintenance of our current operations, exceed our available capital resources. Our estimate as to how long we expect our existing capital to be able to continue to fund our operations is based on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect. Changing circumstances, some of which may be beyond our control, could cause us to consume capital significantly faster than we currently anticipate, and we may need to seek additional funds sooner than planned.

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

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

● the cost and timing of manufacturing activities;

● the effect of competing technological and market developments;

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

● the cost of general operating expenses; and

● the costs of operating as a public company.

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

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

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

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

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

For the fiscal years ended December 31, 2024 and December 31, 2023, we incurred losses of approximately $11,017 and approximately $12,257, respectively. For the six-month period ended June 30, 2025, we incurred losses of approximately $5,197. There can be no assurance that we will ever achieve profitability. Even if we do, there can be no assurance that we will be able to maintain or increase profitability on a quarterly or annual basis. Failure to do so would continue to have a material adverse effect on our accumulated deficit, would affect our cash flows, would affect our efforts to raise capital and is likely to result in a decline in the value of your investment in our Company.

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

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

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

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

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

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

We have a limited operating history and have incurred recurring losses from operations. For the fiscal years ended December 31, 2024 and 2023, we incurred a net loss of approximately $11,017 and approximately $12,257, respectively. For the six-month period ending June 30, 2025, we incurred losses of approximately $5,197. Our failure to generate sufficient revenues, effectively manage expenses or raise additional capital could adversely affect our ability to achieve our intended business objectives. These matters, among others, raise substantial doubt about our ability to continue as a going concern.

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

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

We derive a significant portion of our revenues from a few major customers. For the year ended December 31, 2024, one customer (customer A - one of the top three (3) private equity firms in the world) accounted for 63.6% of our total revenue. For the six-month period ending June 30, 2025, the same customer accounted for 52.71% of our total revenue. There are inherent risks whenever a large percentage of total revenue is derived from a limited number of customers. It is not possible for us to predict the future level of demand for our products and services that will be generated by these customers. If we experience declining or delayed sales from these customers due to market, economic or competitive conditions, we could be pressured to reduce our prices or our customers could decrease the purchase quantity of our products and services, which could have an adverse effect on our margins and financial position and could negatively affect our revenues and results of operations. If any one of our largest customers terminates the purchase of our products and services, such termination would materially negatively affect our revenues, results of operations and financial condition. Moreover, our reliance on a limited number of customers may limit our bargaining power and ability to negotiate favorable terms in future contracts. If we are unable to diversify our customer base and reduce our dependence on a small number of customers, our business, operating results, and financial condition could be adversely affected by any negative developments involving these key customers. To mitigate these risks, we are actively seeking to expand our customer base and reduce our reliance on a few significant customers. However, there can be no assurance that we will be successful in these efforts, and our financial performance may continue to be significantly influenced by our key customers.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● changes in the industries in which we operate;

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

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

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

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

● additions and departures of key personnel;

● changes in laws and regulations affecting our business;

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

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

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

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

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

 ****

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

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

● a
 limited availability of market quotations for our securities;

● reduced
 liquidity for our securities;

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

● a
 limited amount of news and analyst coverage; and

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

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

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

 ****

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

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

 ****

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

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

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

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

 ****

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Prior to listing on Nasdaq, there has been no public market for our shares of Common Stock. Our Common Stock has a limited history of trading in private transactions. Up to September 30, 2025, the Company raised an aggregate of $115,428,223 in gross proceeds from the sales of our stock, including shares issued for the cancellation of indebtedness in the amount of approximately $16,270,000. The weighted average price paid per share by investors in these offering was $1.062 per share under the exemptions from registration provided by Regulation D under the Securities Act and Regulation CF. However, this information may have little or no relation to broader market demand for our shares of Common Stock and thus the initial public price of our shares of Common Stock on Nasdaq once trading begins. As a result, you should not place undue reliance on these historical sales prices as they may differ materially from the opening public prices and subsequent public prices of our shares of Common Stock on Nasdaq. For additional details about how the initial listing price on Nasdaq will be determined, see "*<u>Plan of Distribution</u>*<u>.</u>"

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**General Risks**

 ****

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**MARKET AND INDUSTRY DATA**

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

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

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

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

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

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

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

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

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

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

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

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

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

**SHARES OFFERED FOR RESALE**

On April 30, 2025, the Company completed an offering of our Series CF-1 Preferred Stock in private placements pursuant to Regulation CF and Regulation D of the Securities Act. Under these private placements, the Company sold 3,368,466 shares of its Series CF-1 Preferred Stock, resulting in net proceeds to the Company of approximately $7.15 million. On July 9, 2025, the Company initiated two offerings of our Series CF-2 Preferred Stock in private placements pursuant to Regulation CF and Regulation D of the Securities Act. Under these private placements, the Company sold 215,918 shares of its Series CF-2 Preferred Stock, resulting in net proceeds to the Company of approximately $833,794. In addition, as part of the offering of Series CF-2 Preferred Stock, the Company issued warrants to purchase a total of 87,681 shares of common stock, exercisable for two (2) years.

Prior to the initial listing of the Company's shares of Common Stock on Nasdaq, all shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock will automatically convert on a 1:1 basis into shares of Non-Voting Common Stock, after which, and subject to amending the Company's Articles of Incorporation, all Non-Voting Common Stock will automatically convert into Common Stock (the "***Conversion***"). 3,368,466 shares of Common Stock will be issued to the Registered Stockholders who currently hold Series CF-1 Preferred Stock and 215,918 shares of Common Stock will be issued to the Registered Stockholders who currently hold Series CF-2 Preferred Stock, which will be registered for resale pursuant to this prospectus upon the Conversion.

On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, together with warrants to purchase 1,333,335 shares of Common Stock, for an aggregate consideration of $3,000,000 to Ascent Partners Fund LLC ("***Ascent***") resulting in an average price of $2.0265 per share. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date.

Prior to the initial listing of the Company's shares of Common Stock on Nasdaq, all shares of Series C Preferred Stock will convert into such number of shares of Common Stock as provided in the certificate of designation of Series C Preferred Stock. As of September 30, 2025, 1,626,800 shares of Common Stock are expected to be issued upon the conversion of the Series C Preferred Stock. For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series C Preferred Stock</u>*."

On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 by converting an outstanding amount of approximately $6,827,698 to Eastward Fund Management, LLC ("***Eastward***") resulting in an average price of 4.62000 per share.

Prior to the initial listing of the Company's shares of Common Stock on Nasdaq, all shares of Series E Preferred Stock will convert into such number of shares of Common Stock as provided in the certificate of designation of Series E Preferred Stock. As of September 30, 2025, 1,477,857 shares of Common Stock are expected to be issued upon the conversion of the Series E Preferred Stock. For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series E Preferred Stock</u>*."

**USE OF PROCEEDS**

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

**REGISTERED STOCKHOLDERS**

This prospectus relates to the resale by the Registered Stockholders from time to time of up to 8,290,298 shares of our Common Stock, consisting of (A) 180,241 shares of Common Stock and (B) 3,368,466 shares of Common Stock issuable upon the conversion of 3,368,466 shares of Series CF-1 Preferred Stock, 215,918 shares of common stock issuable upon conversion of 211,968 shares of Series CF-2 Preferred Stock, 1,626,800 shares of common stock issuable upon conversion of 329,671 shares of Series C Preferred Stock, 1,333,335 shares of common stock issuable upon exercise of warrants to purchase Common Stock, issued as part of the Series C Preferred Stock offering, 1,477,857 shares of Common Stock issuable upon conversion of 682,770 shares of Series E Preferred Stock, and 87,681 shares issuable upon exercise of common stock purchase warrants issued as part of the Series CF-2 Preferred Stock offering. The Registered Stockholders may from time to time offer and sell any or all of the Common Stock set forth below pursuant to this prospectus. When we refer to the "Registered Stockholders" in this prospectus, we mean the persons listed in the table below, and the pledgees, donees, transferees, assignees, successors, designees and others who later come to hold any of the Registered Stockholders' interest in the common stock other than through a public sale.

The following table sets forth, as of September 30, 2025, the names of the Registered Stockholders, the aggregate number of shares of Common Stock held by each Registered Stockholder immediately prior to the sale of the Common Stock in this offering, the number of shares of Common Stock that may be sold by each Registered Stockholder under this prospectus and the number of shares of Common Stock that each Registered Stockholder will beneficially own after this offering, assuming the sale of all shares offered under this Prospectus.

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

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

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

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| | | | |
|:---|:---|:---|:---|
| **Name of Selling Holder** | **Number of Shares of Common Stock Beneficially Owned Prior to Offering** | **Number of Shares Registered for Sale** | **Number of Shares of Common Stock Beneficially Owned After Offering** |
| KingsCrowd Capital (Fund I) (1) | 9419 | 9419 | 0 |
| Radek Sousek (2) | 94188 | 94188 | 0 |
| Christopher Scott Fedewa (3) | 11774 | 11774 | 0 |
| DSEA 88 Texas III LP (4) | 470937 | 470937 | 0 |
| Barry Coffman Trust | 11774 | 11774 | 0 |
| Peter Mawn (5) | 47094 | 47094 | 0 |
| David Klaskin (6) | 47094 | 47094 | 0 |
| Therese Hendricks (7) | 11774 | 11774 | 0 |
| Yelnats, LLC (8) | 94188 | 94188 | 0 |
| John B. Diamond Trust (9) | 70641 | 70641 | 0 |
| Schwartz Consolidated, LLC (10) | 164828 | 164828 | 0 |
| Marilyn R. Diamond 2021 Gift Trust (11) | 47094 | 47094 | 0 |
| Renaissance Charitable Foundation Inc. (12) | 47094 | 47094 | 0 |
| David Lowe (13) | 23547 | 23547 | 0 |
| Chuck Piluso (14) | 47094 | 47094 | 0 |
| Ascent Partners Fund LLC (15) | 2960135 | 2960135 | 0 |
| Eastward Fund Management, LLC (16) | 1477857 | 1477857 | 0 |
| Al Dobron (17) | 3651 | 3651 | 0 |
| Boris Levin (18) | 38556 | 38556 | 0 |
| Giampiero Mazza (19) | 237319 | 237319 | 0 |
| Steven Voorhis (20) | 638934 | 638934 | 0 |
| TAM Capital Partners, LL (21) | 82389 | 82389 | 0 |
| Lutea Trust (22) | 30513 | 30513 | 0 |
| Paul Morin (23) | 29209 | 29209 | 0 |
| Bill Heitin (24) | 18256 | 18256 | 0 |
| John Haase (25) | 10588 | 10588 | 0 |
| ACL Group Limited (26) | 3785 | 3785 | 0 |
| Bill Teuber (27) | 18256 | 18256 | 0 |
| Stan Shuman (28) | 92759 | 92759 | 0 |
| Tom Patterson (29) | 241 | 241 | 0 |
| David Moffit IRA (30) | 1067 | 1067 | 0 |
| VFTG II LLC (31) | 7302 | 7302 | 0 |
| Our Bond I, a series of Wefunder SPV, LLC (32) holds an aggregate of 957,102 shares of Series CF-1 Preferred Stock on behalf of the holders specified below: |  |  |  |
| Prakash Patel | 95 | 95 | 0 |
| Alfreda Ward | 48 | 48 | 0 |
| Alan Cookle | 1131 | 1131 | 0 |
| 3K Brothers, LLC (33) | 95 | 95 | 0 |
| Richard Stevens | 471 | 471 | 0 |
| Brenda M | 118 | 118 | 0 |
| Samuel Stein | 95 | 95 | 0 |
| B J Touma | 471 | 471 | 0 |
| Kamal Kant | 4623 | 4623 | 0 |
| Adam Sampson | 236 | 236 | 0 |
| Abdullah Albawardy | 942 | 942 | 0 |
| Yunus Shah | 118 | 118 | 0 |
| Aaron Czysz | 2355 | 2355 | 0 |
| Aaron Drabkin | 236 | 236 | 0 |
| Aaron K | 118 | 118 | 0 |
| Aaron Webb | 118 | 118 | 0 |
| Abbas Chothia | 3297 | 3297 | 0 |
| Abdul Shukoor | 142 | 142 | 0 |
| Abdulmalik Almasoud | 118 | 118 | 0 |
| Abhijeet Mukkawar | 942 | 942 | 0 |
| Abigail Savopoulos | 95 | 95 | 0 |
| Abu Bakarr Conteh | 118 | 118 | 0 |

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| | | |
|:---|:---|:---|
| Ann Cancello | 95 | 0 |
| Andy Burkholder | 236 | 0 |
| SurfRogue, LLC (34) | 707 | 0 |
| Christian B Young | 471 | 0 |
| Andrew Lucking | 118 | 0 |
| Justina Acquah | 189 | 0 |
| Adam Sternberg | 236 | 0 |
| Adam Roth | 471 | 0 |
| Adam Draizin | 2355 | 0 |
| A A | 236 | 0 |
| Adel Ali Al-Malki | 236 | 0 |
| Angela Coleman | 95 | 0 |
| Naveed Hasan | 118 | 0 |
| Joerg Dennler | 471 | 0 |
| Albert Fusco | 942 | 0 |
| Aggie Mast | 471 | 0 |
| Ahza Kilma | 283 | 0 |
| Ajay Upadhyaya | 118 | 0 |
| David Grim | 354 | 0 |
| Alex Kahn | 95 | 0 |
| Akash Singhal | 942 | 0 |
| Amber Harberts | 118 | 0 |
| Viaenet LLC (35) | 4710 | 0 |
| Alan Aspera | 236 | 0 |
| Ibriham Alassaf | 95 | 0 |
| Alejandro Garcia | 471 | 0 |
| Aleric Heck | 118 | 0 |
| Henri Jentsch | 2826 | 0 |
| Alexander Clarence McIntosh | 118 | 0 |
| Alexis Wright | 95 | 0 |
| Alfonso Aduna | 95 | 0 |
| Ali Abdulla Rashed Aldhaheri | 476 | 0 |
| Alister Walker | 236 | 0 |
| Vijayabhaskar Allam | 1743 | 0 |
| Allen Bernier | 5652 | 0 |
| Allen F | 2826 | 0 |
| Allison Patton | 236 | 0 |
| GO-Jac, LLC (36) | 118 | 0 |
| The Parmar Family Trust Dated, June 1 2017 (37) | 118 | 0 |
| Anthony O'Neal Jr. | 118 | 0 |
| Vijayakumar Aluru | 471 | 0 |
| Pegasus Management Inc (38) | 352025 | 0 |
| Amarkanth Ranganamayna | 236 | 0 |
| Kirankumar Ambati | 942 | 0 |
| Pierre Dolcine | 95 | 0 |
| Andrew Cassidy | 471 | 0 |
| Andrea Vaziri | 118 | 0 |
| Andre Robinson II | 95 | 0 |
| Andres B. Capriles | 471 | 0 |
| Andre Harrell | 95 | 0 |
| Brian Andrews | 2826 | 0 |
| The Knox Family Trust, dated December 28th, 2022 (39) | 95 | 0 |
| Anise Khan | 594 | 0 |
| Anita Andradies Limbrick | 118 | 0 |
| Anitha Ravala | 95 | 0 |
|  | 95 | 0 |
| Anthony Jackson | 236 | 0 |
| Anthony Ndungu | 95 | 0 |
| Anup Bhulabhai | 118 | 0 |
| Andisiwe Piyose | 118 | 0 |

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| | | |
|:---|:---|:---|
| Anastasio Perez | 1178 | 0 |
| Emma Perry | 118 | 0 |
| Aron Roberts | 354 | 0 |
| Arthur Trollinger | 95 | 0 |
| Artan Kristo | 236 | 0 |
| Kofi Ofosu-Asante | 676 | 0 |
| Yolanda Osornio | 142 | 0 |
| Ashok Bajaj | 471 | 0 |
| A.S.L Innovations LLC (40) | 236 | 0 |
| Bob Mag Martin | 471 | 0 |
| Ashwin Suthrave | 236 | 0 |
| George Woodhull | 471 | 0 |
| Abraham Toporek | 118 | 0 |
| Austin Elswick | 95 | 0 |
| Arturo Villagomez | 236 | 0 |
| Anand Wuppuluri | 1178 | 0 |
| Ali Abboud | 236 | 0 |
| Christine M Makori | 471 | 0 |
| Babatunde Binuyo | 471 | 0 |
| Badr Naif Alotaibi | 236 | 0 |
| Muhammed Jibrin Bamalli | 95 | 0 |
| Bassam J. Sarrouj | 471 | 0 |
| Chelsie Banton | 118 | 0 |
| Benjamin Ferriman | 236 | 0 |
| Ben Zion Levy | 942 | 0 |
| Bentzion Gancz | 330 | 0 |
| Bernard R Chowdhury | 2355 | 0 |
| Ben Meir | 283 | 0 |
| Grigore B. Hreniuc | 471 | 0 |
| Bibhu Mahapatra | 848 | 0 |
| Mark Soltz | 471 | 0 |
| Aaron Tracy | 130 | 0 |
| B. Immo | 236 | 0 |
| Bing Pang | 118 | 0 |
| Brian Samway | 236 | 0 |
| Bernard Trosic | 471 | 0 |
| Braden Karrigan | 236 | 0 |
| Britt L Hammond | 236 | 0 |
| Maciek Ziolkowski | 118 | 0 |
| K S | 168 | 0 |
| Barry Morin | 48 | 0 |
| Bryan Wolf | 236 | 0 |
| Roberto Jiminez | 1884 | 0 |
| Robert J Weireter | 236 | 0 |
| Boulkoroum FARID | 118 | 0 |
| Brad Ross | 942 | 0 |
| Thomas Carroll | 471 | 0 |
| Brandon Wade | 118 | 0 |
| Brandt Robison | 471 | 0 |
| Brad Herman | 118 | 0 |
| Brian Bonsell | 142 | 0 |
| Brent Fykes | 11774 | 0 |
| Brian Sawyer | 471 | 0 |
| Bryan Schell | 3533 | 0 |

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| | | |
|:---|:---|:---|
| Bobby Silaphet | 942 | 0 |
| Sai Kiran Burra | 118 | 0 |
| Raj Thiyagarajan | 236 | 0 |
| Bradley C. Thaemert | 2355 | 0 |
| Cathy Atela | 118 | 0 |
| Gregory Cabral | 95 | 0 |
| Cade Joiner | 142 | 0 |
| Caleb Naysmith | 707 | 0 |
| Deron Campbell | 118 | 0 |
| Craig Peterman | 471 | 0 |
| Michael A Leanzo | 471 | 0 |
| Carlos A Gomez | 48 | 0 |
| Carlota Aluja | 471 | 0 |
| Mary Ng | 471 | 0 |
| Carson Biber | 236 | 0 |
| Ziv Carthy | 48 | 0 |
| Arunkumar Chellappa | 236 | 0 |
| Chad Clark, MD | 471 | 0 |
| Cynthia Crooks | 168 | 0 |
| Daniel Varnado | 95 | 0 |
| Cecilia Wessinger | 95 | 0 |
| Cedrick Reese | 142 | 0 |
| Cesar Valencia | 283 | 0 |
| Chandra V | 236 | 0 |
| Charlene Knoetze | 95 | 0 |
| Charlene Colton | 236 | 0 |
| CFS Investment Trust FBO Charles Sullivan (41) | 471 | 0 |
| Charlie Lim | 667 | 0 |
| Chase Smith | 471 | 0 |
| Chauntel Greaves | 95 | 0 |
| Chang Lee | 471 | 0 |
| Cheryl Ingram | 118 | 0 |
| Cherry Moriones | 95 | 0 |
| Christoph Heuermann | 9419 | 0 |
| Christopher Horn | 834 | 0 |
| Chris Thomme | 471 | 0 |
| Christopher Antonelli | 4710 | 0 |
| Christopher McLay | 1178 | 0 |
| Chris Mackey | 118 | 0 |
| Joseph and Christina Weeks | 1413 | 0 |
| Christina Luna | 118 | 0 |
| Christopher John Rotante | 236 | 0 |
| Chris O'Brien | 471 | 0 |
| Charles Allen Gomes | 471 | 0 |
| Curtis Jacobson | 471 | 0 |
| Colin Campbell | 118 | 0 |
| Chris Kibbe | 142 | 0 |
| Carolyn J Maresca | 471 | 0 |
| Christoffer Knudsen | 471 | 0 |
| Clarence Foster III | 95 | 0 |
| Clayton C Gorton | 236 | 0 |
| Cliff Ritz | 471 | 0 |
| Chaitanya Jani | 118 | 0 |
| C S | 471 | 0 |
| Chris Aiken | 5181 | 0 |
| Cynthia Nocon | 330 | 0 |
| La Monte Wayne Peters | 118 | 0 |
| Heather Huotari | 95 | 0 |
| Chinedu Ogbonna | 118 | 0 |
| Spike Cohen | 236 | 0 |
| Collins Offor | 236 | 0 |
| Chrisdon Hall | 118 | 0 |
| English Walker | 122 | 0 |
| Cory Lea | 48 | 0 |

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| | | |
|:---|:---|:---|
| Chandra Paladugu | 645 | 0 |
| Christopher Plummer | 118 | 0 |
| Mahfuz G Chowdhury | 236 | 0 |
| Craig L | 471 | 0 |
| Carol Rachelle Roach | 95 | 0 |
| Charles Sellman | 118 | 0 |
| John Bierwaczonek | 236 | 0 |
| Habib Shaghoury | 236 | 0 |
| Daniel Witt | 118 | 0 |
| Daniel W Smith | 236 | 0 |
| David Anderson | 471 | 0 |
| John Reid | 48 | 0 |
| Joyce Kantola Dave Jackson | 236 | 0 |
| Dale McMillen | 95 | 0 |
| Dion R | 212 | 0 |
| Damon Rhys | 354 | 0 |
| Dan McIvor | 236 | 0 |
| Daniel Degrasse | 118 | 0 |
| Dane Kuratsu | 2355 | 0 |
| Daniel Mugenga | 212 | 0 |
| Daniel Settanni | 118 | 0 |
| Daniel Morin | 118 | 0 |
| Michele Fischer | 118 | 0 |
| David Denemark | 1649 | 0 |
| David Chamberlain | 95 | 0 |
| David Phillips | 471 | 0 |
| David Addesse Molina | 236 | 0 |
| David J Muyres | 1178 | 0 |
| David Rosenfeld | 76 | 0 |
| David Van Osdol | 118 | 0 |
| David SHETSIRULI | 236 | 0 |
| Davorka Malia | 95 | 0 |
| Dawood Sindi | 165 | 0 |
| Dennis Billings | 95 | 0 |
| Debbie Anderson | 942 | 0 |
| David Botsford | 942 | 0 |
| David Stahlman | 118 | 0 |
| Darren S. Holmes, Ms Dc CCSP | 471 | 0 |
| Diana Cote | 95 | 0 |
| Daniel DeCastro | 236 | 0 |
| Daniel Devlin | 471 | 0 |
| Dominick Dragone | 118 | 0 |
| Deanna Allen | 189 | 0 |
| Deana Smith | 118 | 0 |
| Dean Dkker | 4663 | 0 |
| Demetrius Price | 212 | 0 |
| Frostbyte Investments, LLC (42) | 942 | 0 |
| Derrek Grunfelder-McCrank | 236 | 0 |
| Rebecca Meek Horton | 589 | 0 |
| Kamil Holub | 95 | 0 |
| AURION CAPITAL VENTURES (43) | 95 | 0 |
| Diana Knight | 118 | 0 |
| Richard Kalinowski | 236 | 0 |
| Investor GQ | 241 | 0 |
| Ingenium Capital LLC (44) | 118 | 0 |
| Dillon Halai | 519 | 0 |
| Dimitri Galani | 236 | 0 |
| Blackhurst Family Trust (45) | 848 | 0 |

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| | | |
|:---|:---|:---|
| Ted Lipman | 165 | 0 |
| Dale Pittman | 471 | 0 |
| David Mogford | 236 | 0 |
| Listgains, LLC (46) | 354 | 0 |
| Donald C Finger | 118 | 0 |
| Dolores Silooy | 236 | 0 |
| Donald Dempsey | 1178 | 0 |
| Donald Kroener | 236 | 0 |
| Donald Johnson | 8572 | 0 |
| Alan Douglas | 142 | 0 |
| Anita L | 101 | 0 |
| Dov Green | 189 | 0 |
| Doyle Haverfield | 236 | 0 |
| Amy Kirby | 471 | 0 |
| Alan Jacobson | 2355 | 0 |
| Sandro Bacchelli | 471 | 0 |
| Dan Reyes | 236 | 0 |
| David Lowe | 48 | 0 |
| Dan Rehmsmeyer | 942 | 0 |
| Dan Giuliani | 4945 | 0 |
| Gregg Eric Russell | 942 | 0 |
| Julio Ugarte | 95 | 0 |
| Carolyn D | 942 | 0 |
| Chut Sombutmai | 236 | 0 |
| Camilla Narciso Santa Paula | 236 | 0 |
| David M Sellet | 1178 | 0 |
| Ron Graham | 2355 | 0 |
| Dipendra Tiwari | 236 | 0 |
| Md Pham | 989 | 0 |
| Duncan H | 146 | 0 |
| Dave Ure | 471 | 0 |
| Dustin Fox | 118 | 0 |
| Dustin Kean | 471 | 0 |
| Vivian Crafa | 118 | 0 |
| David Drewes | 942 | 0 |
| Donald J Wright Jr | 471 | 0 |
| Deryl Zimmerer | 377 | 0 |
| Brent Tolbert | 471 | 0 |
| Earl F. Brown | 1060 | 0 |
| Eric Baum | 9419 | 0 |
| Edward B Cloues II | 4710 | 0 |
| Edgar Garcia | 236 | 0 |
| Eduardo Ramirez | 471 | 0 |
| Edward Petersen | 471 | 0 |
| Ehab Rezk | 524 | 0 |
| Ernest J King | 236 | 0 |
| Edward Kelly Medlock | 1484 | 0 |
| Elizabeth Pappas | 2355 | 0 |
| Jeffrey Adams | 942 | 0 |
| Elizabeth Kafel | 236 | 0 |
| Eric S | 2355 | 0 |
| E N | 118 | 0 |
| Stefan Penkov | 589 | 0 |
| Emma Archibald | 95 | 0 |
| Eric DiStasi | 118 | 0 |
| KGN Holdings, LLC (47) | 118 | 0 |
| Eric Jackson | 236 | 0 |
| Earl Stewart | 236 | 0 |
| Steve Robison | 5416 | 0 |
| Esther Yang | 471 | 0 |

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| | | |
|:---|:---|:---|
| Eliakim Thorpe | 942 | 0 |
| Ernie Hou | 471 | 0 |
| Qing E Li | 566 | 0 |
| Edward Owens | 471 | 0 |
| Galina Medeiros | 471 | 0 |
| George L Schmidt | 471 | 0 |
| Jim Butler | 471 | 0 |
| Mitsugu Toyoda | 707 | 0 |
| Fakheruddin M Mustafa | 118 | 0 |
| Fadhl Bafadhl | 354 | 0 |
| James Kinney | 236 | 0 |
| Farhan Simon | 118 | 0 |
| Fatima Abdulla | 95 | 0 |
| John Michael Fay III | 118 | 0 |
| Fred George | 118 | 0 |
| James Bailey | 118 | 0 |
| Fernando Omar Inigo | 48 | 0 |
| Fred Fletcher | 707 | 0 |
| Frank Michel | 236 | 0 |
| Philip A Perlberg | 236 | 0 |
| Elizabeth Bina Ritter | 236 | 0 |
| Vincent Fong | 118 | 0 |
| Brian Rueckert | 2355 | 0 |
| David Gavin FRANCIS | 471 | 0 |
| Joseph Francis | 471 | 0 |
| Franklin Flowers | 118 | 0 |
| Adusei Gyasi | 165 | 0 |
| Frederic Gerald McCurdy | 236 | 0 |
| Fred Simanek | 14129 | 0 |
| Lokesh Allam | 118 | 0 |
| Blake Hafferkamp | 236 | 0 |
| Amy Maher | 236 | 0 |
| Gaige Powers | 118 | 0 |
| George Anna Mock | 118 | 0 |
| Garcia Milord | 118 | 0 |
| Chris Garner Adams | 118 | 0 |
| Glenn A Rossman | 1178 | 0 |
| Gaury Banton | 495 | 0 |
| Gary Brose | 118 | 0 |
| Ghanshyam C Ratanpara | 524 | 0 |
| Greg Eichman | 471 | 0 |
| Gary Tallant | 942 | 0 |
| Geoff ZHANG | 944 | 0 |
| Jins George | 471 | 0 |
| George Czajkowski | 236 | 0 |
| Georges Pires | 471 | 0 |
| Mads Georgsen | 471 | 0 |
| Gemechu Getachew | 212 | 0 |
| Gregory Martin | 48 | 0 |
| Greg S Johnson | 236 | 0 |
| Mario Gjivoje | 471 | 0 |
| Gary Katelansky | 471 | 0 |
| Glenn Burney | 836 | 0 |
| Gary Ginn | 95 | 0 |
| Mariam G. | 95 | 0 |
| Ken Y | 1037 | 0 |

---

---

| | | |
|:---|:---|:---|
| Grmatsion Goitom | 236 | 0 |
| Alberto Legoute | 471 | 0 |
| Mark Goodman | 500 | 0 |
| Gopal Pagrut | 95 | 0 |
| Fat Guy | 707 | 0 |
| Gordon and Irene Calvert Family Trust (48) | 3768 | 0 |
| Brenda Burton | 471 | 0 |
| Bridget Gray | 236 | 0 |
| Rebecca Graziano | 471 | 0 |
| Greg Blair | 354 | 0 |
| Beth Greaves | 471 | 0 |
| Greg Krisher | 236 | 0 |
| Gregory Lang | 118 | 0 |
| Greg Smith | 707 | 0 |
| Prince Kumar | 236 | 0 |
| Gunjan Sinha | 23547 | 0 |
| Vikash Gupta | 142 | 0 |
| Harika Kandru | 118 | 0 |
| Hamedah Chan | 236 | 0 |
| Harlon Feferbaum | 1413 | 0 |
| Mike Haynes | 471 | 0 |
| Heidi Frost | 95 | 0 |
| Adam Perry | 118 | 0 |
| Morris C | 236 | 0 |
| Tuyen Doan | 118 | 0 |
| Herbert Gonzalez | 95 | 0 |
| Juan Heredia | 4710 | 0 |
| Mark Larsen | 354 | 0 |
| Hiren Prajapati | 471 | 0 |
| Howard Steinberg | 471 | 0 |
| Hrvoje Galiá | 118 | 0 |
| Matt T | 236 | 0 |
| Kai Leung Huen | 236 | 0 |
| Harold Warner | 707 | 0 |
| Nasir Iqbal Amanullah | 236 | 0 |
| Ian Krochek | 1884 | 0 |
| Dr David Amez | 471 | 0 |
| Elif Idil TURKMENOGLU | 95 | 0 |
| Dennis Barter | 118 | 0 |
| Hugh G Ifill | 264 | 0 |
| Gomez Iker | 118 | 0 |
| Yegor Zadorozhnyi | 1884 | 0 |
| Kaomeng Saechao | 942 | 0 |
| Iman Suleman | 95 | 0 |
| Herman Reumers | 589 | 0 |
| Demarley Holder | 118 | 0 |
| Passive Investments (49) | 118 | 0 |
| Steeve Davis | 48 | 0 |
| Ignacio Rivero | 95 | 0 |
| Paul Isenbarger | 236 | 0 |
| Frosti Sneer | 95 | 0 |
| Nirmal Kumar | 471 | 0 |
| Ivano Laudonia | 95 | 0 |
| Lee Palmer | 48 | 0 |
| John Szymanski | 4710 | 0 |
| Jake Walko | 471 | 0 |
| Charoen Thamawatanakul | 118 | 0 |
| Jess Forgione | 118 | 0 |

---

---

| | | |
|:---|:---|:---|
| Joel Foreman | 95 | 0 |
| James Berkel | 236 | 0 |
| Jordan Bekenstein | 95 | 0 |
| Seth McBeath | 118 | 0 |
| John Frederick Adderholdt | 283 | 0 |
| Sharon D. Locke | 2355 | 0 |
| Sumith Jain | 118 | 0 |
| Vikas Jain | 118 | 0 |
| James Drago | 236 | 0 |
| James F Davis | 471 | 0 |
| James Gray III | 118 | 0 |
| Chris Tune | 118 | 0 |
| Harry Jameson | 118 | 0 |
| Jared Scott Crawford | 95 | 0 |
| Jared Werts | 118 | 0 |
| Jarret L Chaney | 118 | 0 |
| Jasiel Moreno | 95 | 0 |
| Jason J LaQua | 118 | 0 |
| Jason S. | 1413 | 0 |
| Jatin Shah | 118 | 0 |
| JAY COBB and LISA COBB, Co-Trustees of the COBB FAMILY TRUST (50) | 2355 | 0 |
| Jay Perez | 118 | 0 |
| Jason Baumann | 236 | 0 |
| Jonathan Lee | 95 | 0 |
| Javier Cote-Sierra | 471 | 0 |
| Johnny David Jr | 118 | 0 |
| John Doster | 471 | 0 |
| Joe DeBonis | 118 | 0 |
| JD Gu | 1413 | 0 |
| Jd Kincaid | 1413 | 0 |
| Jed Karpinski | 118 | 0 |
| Jerry Eisenband | 118 | 0 |
| Jennie Martel | 1178 | 0 |
| Jennifer Macedo | 118 | 0 |
| Hao Pham | 236 | 0 |
| Jerry Marshak | 118 | 0 |
| Jesse Bifulco | 95 | 0 |
| Joao Filipe Fernandes | 95 | 0 |
| Joseph Ferraro | 118 | 0 |
| Jim Jackson | 118 | 0 |
| Jim Johnson | 118 | 0 |
| James McGraw | 118 | 0 |
| JJ Anthony | 236 | 0 |
| Joel J Lacoste | 236 | 0 |
| John Loebach | 118 | 0 |
| Jonathan Mannings | 471 | 0 |
| Lovell Holdings Trust (51) | 2143 | 0 |
| John Morris | 236 | 0 |
| Jason NIELSEN | 236 | 0 |
| John Polack | 236 | 0 |
| Joseph William Vogels | 118 | 0 |
| Jose B PAREDES | 95 | 0 |
| Joel Kantor | 942 | 0 |
| Joe Agster | 377 | 0 |
| John Tresp | 471 | 0 |
| John Carioto | 118 | 0 |
| John Richardson | 471 | 0 |
| John Acree | 95 | 0 |

---

---

| | | |
|:---|:---|:---|
| John Christian | 471 | 0 |
| John McKeagney | 589 | 0 |
| John Peck | 1413 | 0 |
| Jonathan Kempel | 48 | 0 |
| Jonathan Foreman | 95 | 0 |
| Josef Schramm-Ennen | 236 | 0 |
| Joe Benza | 118 | 0 |
| Joseph Gerlach | 236 | 0 |
| Joshua McGrath | 118 | 0 |
| Mach 10 Ventures, LLC. (52) | 95 | 0 |
| Joshua Everett | 118 | 0 |
| Joris Strypens | 471 | 0 |
| Henrietta Yanni | 118 | 0 |
| Jeremy Peter GREINER | 471 | 0 |
| Johann Riviere | 95 | 0 |
| Jackie Robinsin | 95 | 0 |
| Jonathan P | 236 | 0 |
| James E Russ Retirement Fund, LLC. (53) | 236 | 0 |
| Jannette D. Street | 95 | 0 |
| Jen S | 118 | 0 |
| Jason Keller | 123 | 0 |
| Joseph Marshall Touma | 236 | 0 |
| Juan T | 118 | 0 |
| Juberta Juberta | 471 | 0 |
| Matthew Setzer | 95 | 0 |
| Junaid Husain | 236 | 0 |
| Jeffrey C Walker | 707 | 0 |
| Jyothish Nair | 118 | 0 |
| John Zelenski | 354 | 0 |
| M Clark | 118 | 0 |
| Kara Morin | 48 | 0 |
| Murat Aksakalli | 118 | 0 |
| Kamil Regent | 236 | 0 |
| Kapil Thacker | 236 | 0 |
| Katherine Queen | 471 | 0 |
| Kayne Tan | 142 | 0 |
| Kay Emmanuel | 118 | 0 |
| Taha Kazmie | 95 | 0 |
| Kaleb Belcher | 95 | 0 |
| Kevin Breen | 48 | 0 |
| Konstantinos Spaliaras | 118 | 0 |
| Kathleen Markle | 118 | 0 |
| Karen Duggan | 236 | 0 |
| Keally Keambom | 236 | 0 |
| Keeyan Zimmerman | 165 | 0 |
| Keith A Crenshaw Sr | 118 | 0 |
| Kenneth P. Thomas | 471 | 0 |
| Joyce Kendall | 377 | 0 |
| Kent Hyer | 471 | 0 |
| Kevin Maley | 471 | 0 |
| Russell E Kirshenbaum | 165 | 0 |
| Kevin Marion | 693 | 0 |
| Kurt Heun | 471 | 0 |
| Khiry Abdullah | 707 | 0 |
| W Kim Colich | 251 | 0 |
| Antonio Molina | 471 | 0 |

---

---

| | | |
|:---|:---|:---|
| Joy Pollard | 95 | 0 |
| Kenneth Saunders | 1413 | 0 |
| Kevin Smith | 95 | 0 |
| GDPR PLUS d.o.o. (54) | 118 | 0 |
| Kelvin Michael Burgess | 260 | 0 |
| Marama Reichart | 236 | 0 |
| Keith Nation | 118 | 0 |
| Koby Kempel | 48 | 0 |
| Konstantinos Alymatiris | 236 | 0 |
| Satish Kotamraju | 471 | 0 |
| Kevin Parrish | 236 | 0 |
| Gerard Armstrong | 707 | 0 |
| Kumar Shantanu | 236 | 0 |
| Lance Gregg | 95 | 0 |
| P KRUEB | 95 | 0 |
| Keith Stringer | 236 | 0 |
| Kelvin Smith | 118 | 0 |
| Kyle John Steinle | 98 | 0 |
| Kyrene BUTTERS | 118 | 0 |
| Constance Minkoff | 118 | 0 |
| Lafayette Compton | 95 | 0 |
| Yogendre Kumar Patel | 48 | 0 |
| Lance Hoppen | 471 | 0 |
| Lars Rieger | 95 | 0 |
| Laura Drury | 118 | 0 |
| Laura Suddath | 118 | 0 |
| Laurence Mann | 2355 | 0 |
| Lawrence Del Gigante | 1178 | 0 |
| Liza Karic | 118 | 0 |
| Christopher Murrin | 118 | 0 |
| Jim Von Eiff | 471 | 0 |
| Lemi Gemedi | 95 | 0 |
| Gabriel LEPADATU | 1649 | 0 |
| Morris Gelman | 118 | 0 |
| Leticia Aguilar | 118 | 0 |
| Lev Agranovich | 95 | 0 |
| Louis Rivera | 471 | 0 |
| Dominic Viola | 118 | 0 |
| Aboagye Ventures (55) | 236 | 0 |
| Fredrick C Guluma | 95 | 0 |
| Liquid Sun | 118 | 0 |
| Lisa Field | 118 | 0 |
| Elisbeth Tolison | 236 | 0 |
| Leo Brennan | 2355 | 0 |
| Laurence K Gorlick | 942 | 0 |
| Larry MCADOO | 118 | 0 |
| Luigi Marchiorello Dal Corno | 118 | 0 |
| Sandra Cole | 236 | 0 |
| Long K Tu | 236 | 0 |
| Loona Cadely-Jeanty | 118 | 0 |
| Dennis Lordy | 118 | 0 |
| Louie Naumovski | 942 | 0 |
| Louis Harvey | 471 | 0 |
| George Simons | 236 | 0 |
| James Lowe | 95 | 0 |
| Ed Hernandez | 377 | 0 |
| Lucas Hahn | 95 | 0 |
| Ferenc Lusztig | 464 | 0 |
| The Miguel Angel Ramos Rodriguez Trust (56) | 2355 | 0 |
| Scott R Maddox Living Trust Dated April 13, 2017 (57) | 1178 | 0 |

---

---

| | | |
|:---|:---|:---|
| Adam Forster | 7065 | 0 |
| Robert Simpson | 118 | 0 |
| David Revill | 707 | 0 |
| Michael Larkin | 236 | 0 |
| Malte Lottenberg | 471 | 0 |
| Michael Amoroso | 1649 | 0 |
| Mark Parrett | 283 | 0 |
| Marc Saddik | 471 | 0 |
| Marcelo Fernandes Pacheco | 118 | 0 |
| Marcus Cameron | 118 | 0 |
| Marek Novosad | 236 | 0 |
| Mario Johnson | 1413 | 0 |
| Margaret Brown | 95 | 0 |
| Maria G Horton | 236 | 0 |
| Marjorie Jaasma | 95 | 0 |
| Mark Worley | 118 | 0 |
| Mark Schneider | 142 | 0 |
| Marsha Somers | 236 | 0 |
| Martin Kay | 471 | 0 |
| Marvin J Lancaster II | 236 | 0 |
| Mary Kay Jaudes | 95 | 0 |
| Marc A. Simon | 1921 | 0 |
| Mathias Blot | 471 | 0 |
| Matthew McKnight-Moses | 95 | 0 |
| Matt Wilkinson | 48 | 0 |
| Maurice A. Banton | 471 | 0 |
| Mbawine Consultant Services, LLC (58) | 1413 | 0 |
| Michelle Berry | 118 | 0 |
| Michael Burke | 236 | 0 |
| Matt McDonagh | 118 | 0 |
| Paradeplatz Holdings, LLC (59) | 1178 | 0 |
| Dillon Brock | 471 | 0 |
| Matthew King | 667 | 0 |
| Crystal Paris | 1884 | 0 |
| Max Dufour | 236 | 0 |
| Aravind Babu KADIYALA | 236 | 0 |
| Melody E Bates | 236 | 0 |
| Ernest Philip Petersen | 2355 | 0 |
| R H | 2355 | 0 |
| Meredith Webb | 118 | 0 |
| Michael Fernacz | 236 | 0 |
| Mehmet Gonullu | 95 | 0 |
| Marjory E Guentzler | 471 | 0 |
| Mark Guion | 471 | 0 |
| Mike Farris | 95 | 0 |
| Michael Soluade | 754 | 0 |
| M S | 95 | 0 |
| Michele Echeverria | 118 | 0 |
| Michelle Prescott Green | 1178 | 0 |
| Michelle Cowden | 236 | 0 |
| Midian Jones | 118 | 0 |
| Chad Long | 471 | 0 |
| Mike Mutto | 652 | 0 |
| Michael Uwakwe | 2355 | 0 |
| Michael Franov | 236 | 0 |
| Mike Schatz | 471 | 0 |
| Michael Steranka | 471 | 0 |
| Mahmoud Attia | 942 | 0 |
| Miral Khalil | 95 | 0 |
| Charity Coleman | 95 | 0 |
| Basudev Adhikari | 471 | 0 |
| Michael Andre Johanson | 95 | 0 |
| Mark E Childers | 377 | 0 |
| Matthew J Kristof | 118 | 0 |
| Maurice Jo Madoc | 142 | 0 |
| Matthew Saurin | 471 | 0 |

---

---

| | | |
|:---|:---|:---|
| Michael J Smith | 189 | 0 |
| Margaret McDonald | 48 | 0 |
| Mark Huebner | 118 | 0 |
| Mohammed Alsuwaylih | 95 | 0 |
| Mohit Goenka | 942 | 0 |
| Kim G Monroe | 471 | 0 |
| Gaurav Sharma | 118 | 0 |
| Paul A. Morin | 48 | 0 |
| Ann L. Morin | 48 | 0 |
| Omar A Molina | 236 | 0 |
| Moustafa Nashat | 48 | 0 |
| Michael Joseph Palmaffy, II | 471 | 0 |
| Alisa Kempel | 62 | 0 |
| Mark Seeger | 118 | 0 |
| Matt Reno | 118 | 0 |
| Mirko Turrina | 95 | 0 |
| Hymon M Williams | 236 | 0 |
| Martin Weilhamer | 142 | 0 |
| Mark Ellis | 471 | 0 |
| Joseph Scales | 354 | 0 |
| Roger Evans | 471 | 0 |
| Ahmed Osman | 95 | 0 |
| Narendra Sharma | 236 | 0 |
| Moonshot DisruptX (60) | 118 | 0 |
| Nathaniel Wilson | 471 | 0 |
| Nathan Plank | 1667 | 0 |
| Nathaniel Lemke | 825 | 0 |
| Artem Rabovsky | 236 | 0 |
| Nawaf Alotaibi | 95 | 0 |
| Phyllis Grant | 118 | 0 |
| Michael Lee | 236 | 0 |
| Nikolas Gernhard | 236 | 0 |
| Neel Ghetia | 95 | 0 |
| Nicasio Rios | 471 | 0 |
| Nick LeBouthillier | 118 | 0 |
| Nicholas Jusino | 95 | 0 |
| Nitin Patel | 118 | 0 |
| Jason Nix | 942 | 0 |
| Neal Hainlin | 118 | 0 |
| Ogechi Iwuanyanwu | 118 | 0 |
| Nobis Sol-Akubude | 118 | 0 |
| Noel Sunny | 118 | 0 |
| Joseph Duarte | 471 | 0 |
| Charles E Gould | 95 | 0 |
| Stanley Philipose | 118 | 0 |
| Norris Campbell | 95 | 0 |
| Peter Barty | 471 | 0 |
| Nick Plutchak | 118 | 0 |
| Ramesh Manian | 471 | 0 |
| Nainesh Patel | 168 | 0 |
| Nathanaelle Desrivieres | 118 | 0 |
| Neal Twomey | 236 | 0 |
| Scott Allison | 4710 | 0 |
| Olivia Meiring | 942 | 0 |
| Olivier Wullen | 502 | 0 |
| Oscar O | 167 | 0 |
| David Oprondek | 118 | 0 |
| Richard Kinney | 471 | 0 |

---

---

| | | |
|:---|:---|:---|
| Pamela Rodriguez | 95 | 0 |
| Pablo Anconina | 471 | 0 |
| Roland Meitzler | 118 | 0 |
| Ray E Foster | 118 | 0 |
| Pankaj Sharma | 95 | 0 |
| Patrice Rice | 95 | 0 |
| Patrick Daley | 236 | 0 |
| Paul Anslow | 2355 | 0 |
| Paul David Zetterower | 95 | 0 |
| Mary Carroll | 1178 | 0 |
| Patrick Brady | 118 | 0 |
| Prathap Chithapuram | 236 | 0 |
| Sean Smith | 118 | 0 |
| Paul Montenegro | 471 | 0 |
| Patrick Daum | 118 | 0 |
| Elizabeth Karish | 95 | 0 |
| Leonard R. Pease | 733 | 0 |
| Peter Fitton | 236 | 0 |
| Peter Iancov | 471 | 0 |
| Peter Kuo | 335 | 0 |
| Peter Costello | 118 | 0 |
| Pieter Pettinga | 471 | 0 |
| Eve Pugh | 471 | 0 |
| Petru Seracin | 95 | 0 |
| Derek Sajbel | 942 | 0 |
| Phillip Hall | 7065 | 0 |
| Richard Moore | 1201 | 0 |
| Pierre Marie NDADEM | 589 | 0 |
| Cynthia Kay Cowden | 236 | 0 |
| Peter Shervanick | 471 | 0 |
| Peter Jorgenson | 95 | 0 |
| Paul M Kessimian | 236 | 0 |
| Piotr Kloda | 260 | 0 |
| Charles Burgamy | 236 | 0 |
| Daniel OLeary | 236 | 0 |
| Paris Lockhart | 48 | 0 |
| Philip Lutz | 118 | 0 |
| Michal Pohanka | 118 | 0 |
| Bryan Powell | 471 | 0 |
| Pradeep Parihar | 118 | 0 |
| Peter Paulin | 471 | 0 |
| Prabhudas Chelumala | 495 | 0 |
| Pradeep Munirathinam | 942 | 0 |
| SRIPATHY PRAKASH REVOCABLE TRUST Dated 06/27/2013 (61) | 471 | 0 |
| Prakash Bhambhani | 95 | 0 |
| Pramod Rustagi | 95 | 0 |
| Prashanth Sardesai | 95 | 0 |
| Prathap Jonnadula | 118 | 0 |
| Priscilla Corona | 123 | 0 |
| Larry E Proud | 236 | 0 |
| Parminder Singh | 118 | 0 |
| Laurent Bonnet | 118 | 0 |
| Puneet Gupta | 4710 | 0 |
| Glennetta Johnson | 118 | 0 |
| Jee-Eun Byun | 106 | 0 |
| Peter Van Flein | 236 | 0 |
| Peter Verpla | 118 | 0 |
| Janet Kay Herring | 189 | 0 |
| Quang Ho | 1413 | 0 |
| Trae Heather | 589 | 0 |

---

---

| | | |
|:---|:---|:---|
| Quinton Pipkins | 118 | 0 |
| Rocky MOREAU | 118 | 0 |
| Radek Sousek | 48 | 0 |
| Raghavender DUVVA | 236 | 0 |
| Raj Yakkali | 471 | 0 |
| Rajiv Panta | 236 | 0 |
| Joshua Gupta | 118 | 0 |
| Ranu Chahar | 354 | 0 |
| David Rapp | 566 | 0 |
| Ravi R | 334 | 0 |
| Raymond Luong | 118 | 0 |
| Ray Rdz | 118 | 0 |
| Robert Bruce Bretland | 1413 | 0 |
| Dr. Rodney B. Woods | 236 | 0 |
| Ricardo Rodriguez | 142 | 0 |
| Rodel IO SUGATAN | 471 | 0 |
| Roderic Anderson | 471 | 0 |
| Roderick Herron | 471 | 0 |
| Abhilash Reddy | 236 | 0 |
| Na NA | 118 | 0 |
| David Johnston | 142 | 0 |
| Renato Zeko | 118 | 0 |
| Rene Hoferichter | 118 | 0 |
| Zeek Weeks | 118 | 0 |
| Robert Friedman | 471 | 0 |
| 30sec Sport Sportswear & Equipment LLC Beddingfield Founder (62) | 118 | 0 |
| Rhea Khanna | 189 | 0 |
| Ricardo Silva | 236 | 0 |
| Richard Campbell | 189 | 0 |
| Richard Bentley | 236 | 0 |
| Richard J Thomas Jr | 48 | 0 |
| Francisco Velasquez | 118 | 0 |
| Barber Family Trust 10232023 (63) | 23547 | 0 |
| Rahi Jones | 471 | 0 |
| Raja Kandru | 471 | 0 |
| Richard L Nelson | 471 | 0 |
| Ricardo Macias | 118 | 0 |
| Richard Negvesky | 271 | 0 |
| Robert Sutton | 942 | 0 |
| Rob Mal | 118 | 0 |
| Roberta T Rodgers | 95 | 0 |
| Robert Goodwin | 95 | 0 |
| Rod Kramer | 236 | 0 |
| Rodney Cartee | 377 | 0 |
| Roger Fussa | 59 | 0 |
| Roger Horton | 48 | 0 |
| Ronnie Woodard | 236 | 0 |
| FAST HOUSE BUYERS LLC (64) | 118 | 0 |
| Frederick Cooper | 95 | 0 |
| Rick Raun | 2156 | 0 |
| Bennett Technologies Pvt Ltd (65) | 48 | 0 |
| Richard Horan | 707 | 0 |
| Ruben Gonzalez Torres | 118 | 0 |
| Rumailah Buenavente | 118 | 0 |
| Ron Umemoto | 236 | 0 |
| Russell Wyatt | 471 | 0 |

---

---

| | | |
|:---|:---|:---|
| Russell Xavier | 283 | 0 |
| Russell Plaice | 95 | 0 |
| Ruston Burst | 189 | 0 |
| Ryan Brown | 118 | 0 |
| Ryan Sullivan | 236 | 0 |
| Scott Como | 236 | 0 |
| Raman Sachidanand | 95 | 0 |
| Saddique Chibsah | 118 | 0 |
| Martynas Sklizmantas | 95 | 0 |
| John BRUDERLIN | 1649 | 0 |
| Samik Mukherjee | 471 | 0 |
| Sam Pure | 2355 | 0 |
| Samuel Schwartz | 2355 | 0 |
| Sandra O‚ Grady | 3297 | 0 |
| Sarah Johnston | 236 | 0 |
| Michael Mason | 471 | 0 |
| Suraj Sasidharan | 48 | 0 |
| Nagi Sathi | 189 | 0 |
| Satish Kumar Narule | 236 | 0 |
| Steve Hanes | 1649 | 0 |
| Jeff Savage | 142 | 0 |
| Stephan Bhmig | 942 | 0 |
| Scott Borlace | 118 | 0 |
| Harold Schenker | 471 | 0 |
| Scott Place | 236 | 0 |
| Scott Furgerson | 118 | 0 |
| Eric Seager | 236 | 0 |
| Sean Brandel | 142 | 0 |
| Z D | 118 | 0 |
| Sean Gibson | 118 | 0 |
| Sean Winner | 118 | 0 |
| Joseph Sebo | 471 | 0 |
| James R. Caraway | 118 | 0 |
| Stanton E. Collins | 118 | 0 |
| Sharon LeSage | 118 | 0 |
| William Pettit | 471 | 0 |
| Stanley Forwand | 95 | 0 |
| John Rose | 471 | 0 |
| Shakil Khan | 471 | 0 |
| Shakil Aslam | 118 | 0 |
| Shashin Patel | 1413 | 0 |
| Shawn Myers | 95 | 0 |
| Shawn Teo | 236 | 0 |
| SHE. EVENT INDY CO. (66) | 354 | 0 |
| Shelley FRANKLIN | 118 | 0 |
| Shiny Liu | 95 | 0 |
| Shirish Agarwal | 471 | 0 |
| Cody Shotkoski | 236 | 0 |
| John Thomas | 118 | 0 |
| Frantz Jacques | 118 | 0 |
| Jose Martinez | 95 | 0 |
| Silvia Greeno | 95 | 0 |
| Siva Kumar | 4710 | 0 |
| Steven Curtis | 118 | 0 |
| Sunniva Kelly | 48 | 0 |
| Samuel K Ameyaw MD MBA | 501 | 0 |
| Joseph G. Denison | 236 | 0 |
| Shree Krishna Subedi | 1178 | 0 |

---

---

| | | |
|:---|:---|:---|
| Seema Kurup | 354 | 0 |
| Scott Mace | 95 | 0 |
| Scott Monto | 118 | 0 |
| Saravanababu Murugesan | 354 | 0 |
| Shaun Weaver | 471 | 0 |
| Marvin M | 95 | 0 |
| Valtetsiotis Sotirios | 471 | 0 |
| Soyome Getachew | 95 | 0 |
| James Sperr | 471 | 0 |
| Stephen Fortin | 95 | 0 |
| Paul Speich | 95 | 0 |
| Sreeja Poduri | 236 | 0 |
| Sri A | 942 | 0 |
| Sreenath Nampally | 707 | 0 |
| The Sriram and Anjana Revocable Trust (67) | 471 | 0 |
| Steven Karlin | 942 | 0 |
| Scott Theiring | 471 | 0 |
| Stanford Wong | 1178 | 0 |
| Igor Vaysbaum | 942 | 0 |
| RSURMONT RD LLC (68) | 471 | 0 |
| Stephan Tornier | 118 | 0 |
| Steve LaPorta | 942 | 0 |
| Stephen Yang | 118 | 0 |
| Steven Powrozek | 95 | 0 |
| Stephen Kravitz | 283 | 0 |
| Curtis Brown | 118 | 0 |
| Steve and Teri Grundstedt Trust dtd 3/1/2006 (69) | 471 | 0 |
| Lisa Campbell-Johnson | 471 | 0 |
| Susan K Marshall | 942 | 0 |
| Jeremy Zucherman | 118 | 0 |
| Sumant Vidwans | 118 | 0 |
| Suncera Johnson | 1178 | 0 |
| Sunil Kurup | 471 | 0 |
| Johnson Hor | 118 | 0 |
| Tony Yu | 142 | 0 |
| Surya Bahumanyam | 118 | 0 |
| Thomas Kupsco | 1649 | 0 |
| Dor Tache | 754 | 0 |
| Olina Rule | 118 | 0 |
| Tambi Saffran | 118 | 0 |
| Tanzall Walton | 118 | 0 |
| Tariq Aldriwish | 95 | 0 |
| Taylor Rodger | 118 | 0 |
| Toby Autry | 48 | 0 |
| Tracy Benson | 118 | 0 |
| Thomas Buti Shirinda | 118 | 0 |
| Tico Carrazana | 1413 | 0 |
| Teddy Lyons | 118 | 0 |
| Temucin ADIGUZEL | 471 | 0 |
| Terri Butler | 471 | 0 |
| Paddington Bear | 165 | 0 |
| Terry Forde | 212 | 0 |
| Senthamizhan Panneer Selvam | 212 | 0 |
| Al Klug | 101 | 0 |
| Theresa Beach | 236 | 0 |
| Thomas Punnamattathil | 942 | 0 |
| Scott Tilgner | 236 | 0 |
| Timothy Michael Barney | 471 | 0 |
| Tim Novak | 118 | 0 |
| Tmea Tancsa | 236 | 0 |
| Timo Kipp | 11774 | 0 |
| Timothy Dick | 236 | 0 |
| Timothy Lee | 236 | 0 |
| Eric Jaden | 95 | 0 |
| Timothy Laugh | 236 | 0 |
| Todd Gilbert | 1178 | 0 |

---

---

| | | |
|:---|:---|:---|
| Tom Henderson | 236 | 0 |
| Tom Wright | 236 | 0 |
| Tommy Groves | 471 | 0 |
| ZIVORI, LLC (70) | 236 | 0 |
| Tonja O. | 95 | 0 |
| Anthony Esposito | 236 | 0 |
| Thian Poh Chong | 471 | 0 |
| Starlight Dreamers Group | 118 | 0 |
| Tim Trung Nguyen | 707 | 0 |
| Todd Warapius | 471 | 0 |
| Lealand Investment LLC (71) | 2355 | 0 |
| Thomas Ciaffaglione | 707 | 0 |
| Trent Schoenhals | 262 | 0 |
| Antonio Faria | 471 | 0 |
| Trippy Jack | 236 | 0 |
| Patricia Morin | 48 | 0 |
| Tristan Rommel | 236 | 0 |
| Terry R Sellers | 118 | 0 |
| Tyler Samuels | 95 | 0 |
| Tyler Shanholtz | 118 | 0 |
| Todd Soard | 118 | 0 |
| Madhu Tummala | 471 | 0 |
| Todd Jordan | 212 | 0 |
| Thomas W Merritt Jr | 236 | 0 |
| Tyler Pinson | 95 | 0 |
| B P | 283 | 0 |
| Michael James | 118 | 0 |
| James Ramos | 118 | 0 |
| Brian Ouellette | 118 | 0 |
| U Y Weissman | 118 | 0 |
| T Yigo | 236 | 0 |
| Valinda Valcich | 942 | 0 |
| Gerald Van Buren | 95 | 0 |
| Varun Gupta | 118 | 0 |
| Vincent Mach | 330 | 0 |
| Victor Lawson | 566 | 0 |
| Victor Grijalva | 236 | 0 |
| Victor Tabaac | 118 | 0 |
| Vidit William | 236 | 0 |
| Vincent Huebner | 118 | 0 |
| Randy Leo Vittetoe | 236 | 0 |
| Shafeeq Mohd | 95 | 0 |
| Elizabeth Hayslip | 118 | 0 |
| Vladimir Calugaru | 118 | 0 |
| Virgil Jones | 118 | 0 |
| Minh Chau Vo | 236 | 0 |
| Stefanos Voskaridis | 236 | 0 |
| Valory Moore | 236 | 0 |
| Noel Bacquie | 707 | 0 |
| Watina Alexander | 95 | 0 |
| Giles Walger | 236 | 0 |
| William J Warford | 330 | 0 |
| James Watts Jr | 236 | 0 |
| Thomas Goska | 354 | 0 |
| Wei Chih Tseng | 236 | 0 |
| Paul Paetz | 471 | 0 |
| Suriyaa Sundararuban | 118 | 0 |
| Wendy Carson | 236 | 0 |

---

---

| | | |
|:---|:---|:---|
| S. Franklin | 95.0 | 0.0 |
| Bryan Whitlock | 471.0 | 0.0 |
| Whoopi Goldberg | 236.0 | 0.0 |
| Will Beyers | 95.0 | 0.0 |
| Willie Abraham | 95.0 | 0.0 |
| William Miller | 471.0 | 0.0 |
| William Cook | 95.0 | 0.0 |
| William Gray III | 95.0 | 0.0 |
| William Mcandrews | 118.0 | 0.0 |
| Brandt Wimer | 236.0 | 0.0 |
| Amy Wittner | 118.0 | 0.0 |
| William Plauth | 942.0 | 0.0 |
| Wes Hurley | 471.0 | 0.0 |
| Wendy Heppell | 707.0 | 0.0 |
| Xufei Li | 471.0 | 0.0 |
| Xuong T Nguyen | 942.0 | 0.0 |
| Yiannis Bessiris | 264.0 | 0.0 |
| Yaacov S | 236.0 | 0.0 |
| Liusman YAMIN | 471.0 | 0.0 |
| Yash Raj Arab | 236.0 | 0.0 |
| Chi Pang Jackson YIU | 236.0 | 0.0 |
| Yi Jiao | 118.0 | 0.0 |
| Youssef Barbour | 95.0 | 0.0 |
| Yureve Govind | 2355.0 | 0.0 |
| Yuval Bar-Gil | 48.0 | 0.0 |
| Cameron Brown | 118.0 | 0.0 |
| Zahed Hossain | 354.0 | 0.0 |
| Zahra Curtin | 118.0 | 0.0 |
| Zain Ul Abedin Khan | 95.0 | 0.0 |
| Zak Ruffin | 519.0 | 0.0 |
| Anthony Smith | 519.0 | 0.0 |
| Vinay S | 118.0 | 0.0 |
| A Kimberley Bennett | 471.0 | 0.0 |
| Zachary Hansen | 95.0 | 0.0 |
| Philip Adenekan | 189.0 | 0.0 |
| Zovinar Seferian | 118.0 | 0.0 |
| Zubin Zaveri | 354.0 | 0.0 |
| Maureen Sudbay | 236.0 | 0.0 |
| Al Dobron | 1059.0 | 0.0 |
| Boris Levin | 11176.0 | 0.0 |
| Giampiero Mazza | 68791.0 | 0.0 |
| Steven Voorhis | 185205.0 | 0.0 |
| TAM Capital Partners, LL | 23882.0 | 0.0 |
| Lutea Trust | 8845.0 | 0.0 |
| Paul Morin | 8467.0 | 0.0 |
| Bill Heitin | 5292.0 | 0.0 |
| John Haase | 3069.0 | 0.0 |
| ACL Group Limited | 1097.0 | 0.0 |
| Bill Teuber | 5292.0 | 0.0 |
| Stan Shuman | 26888.0 | 0.0 |
| Tom Patterson | 70.0 | 0.0 |
| David Moffit IRA | 309.0 | 0.0 |
| VFTG II LLC | 2117.0 | 0.0 |
| Our Bond III, a series of Wefunder SPV, LLC (73) holds an aggregate of 215,918 shares of Series CF-2 Preferred Stock on behalf of the holders specified below: |  |  |
| Samuel Kakeiye | 91.0 | 0.0 |
| Mike Mutto | 78.0 | 0.0 |
| Tommysue Deem | 259.0 | 0.0 |
| Amber Weiss | 130.0 | 0.0 |
| Bobby Silaphet | 259.0 | 0.0 |
| Sreenath Nampally | 65.0 | 0.0 |
| John Zelenski | 65.0 | 0.0 |
| Henrietta Yanni | 65.0 | 0.0 |
| Jesse Harlan | 65.0 | 0.0 |
| Khalid Sadat | 51.0 | 0.0 |
| David Knight | 65.0 | 0.0 |
| Offe Lac | 65.0 | 0.0 |
| Spike Cohen | 65.0 | 0.0 |
| Michelle Mitcheff | 65.0 | 0.0 |
| Jeffrey Trotier | 130.0 | 0.0 |
| Thomas Punnamattathil | 130.0 | 0.0 |
| Michael Stecher | 518.0 | 0.0 |
| CFS Investment Trust FBO Charles Sullivan (74) | 259.0 | 0.0 |

---

---

| | | |
|:---|:---|:---|
| Greg Beuerle | 167 | 0 |
| George Simons | 65 | 0 |
| Gemechu Getachew | 65 | 0 |
| Amber Blake | 104 | 0 |
| Dylan Smith | 2588 | 0 |
| Richard Horan | 130 | 0 |
| Blake Newman | 647 | 0 |
| Paradeplatz Holdings, LLC (75) | 259 | 0 |
| Wendy Heppell | 259 | 0 |
| Yureve Govind | 65 | 0 |
| Jens Niemann | 259 | 0 |
| Richard Gordon | 65 | 0 |
| Vivek Khandelwal | 259 | 0 |
| Daniel Baig | 65 | 0 |
| Jordana Gresen | 182 | 0 |
| Eric Toone | 65 | 0 |
| Gregory Sainnoval | 5176 | 0 |
| Robert Spohr | 65 | 0 |
| Agent C (76) | 2588 | 0 |
| Paul David Zetterower | 78 | 0 |
| Erica Emmanuel | 65 | 0 |
| Ron Shelton MD | 259 | 0 |
| Tirupala Jakka | 1670 | 0 |
| George A Fidacaro Jr | 130 | 0 |
| Donna Sebastian | 2588 | 0 |
| Dawn Jeffra Sedgley | 1294 | 0 |
| Paul Gogan | 389 | 0 |
| THE KRISHNA SHARIKA TRUST (77) | 5435 | 0 |
| Jeffry and Diane Bernstein Family Trust (78) | 1941 | 0 |
| Diego Tiziani | 130 | 0 |
| David Warshowsky | 65 | 0 |
| Joe Librizzi | 65 | 0 |
| Shaun McDuffee | 5176 | 0 |
| Codjo Akpovo | 508 | 0 |
| James Michael Barth | 259 | 0 |
| John Swapceinski | 130 | 0 |
| Ross Hanson | 389 | 0 |
| David Noble | 1294 | 0 |
| Michael C Chang | 130 | 0 |
| Michael Balle | 104 | 0 |
| Todd Abraham | 259 | 0 |
| David Olsen | 259 | 0 |
| Matloob Siddiqi | 130 | 0 |
| Demoriya James | 259 | 0 |
| Amy Walia | 65 | 0 |
| Brooks Bostic | 259 | 0 |
| Francisco Ceballos | 65 | 0 |
| Donald Johnson | 415 | 0 |
| Tracey Sullivan | 65 | 0 |
| Marcus Askew | 65 | 0 |
| Daniel A Grey | 104 | 0 |
| Karapet Davtyan | 259 | 0 |
| Jared Wiggin | 65 | 0 |
| Steve Wistner | 334 | 0 |
| Chandra Paladugu | 140 | 0 |
| Ashish Sharma | 259 | 0 |
| Steven Kusmin | 65 | 0 |
| Vincent Huebner | 130 | 0 |
| Hendrik Compaan | 130 | 0 |
| Justin Groller | 259 | 0 |

---

---

| | | |
|:---|:---|:---|
| Max Good | 647 | 0 |
| Juliana Esteve Gómez | 777 | 0 |
| Joseph Garzone | 65 | 0 |
| John Hall | 65 | 0 |
| Nahiem Hood | 65 | 0 |
| Black Pillar Investment Group LLC (79) | 389 | 0 |
| James Mullenix | 72 | 0 |
| Cade Joiner | 65 | 0 |
| Sar Sub | 259 | 0 |
| Reuben Johnson | 65 | 0 |
| Kenneth Davis | 65 | 0 |
| Tanya A Croxton | 65 | 0 |
| Alex Russakovsky | 259 | 0 |
| Ashwin Suthrave | 130 | 0 |
| Brian Enden | 65 | 0 |
| Ownersmeet (80) | 130 | 0 |
| Yubing Sun | 1294 | 0 |
| Yash Khanchandani | 65 | 0 |
| Jd Kincaid | 130 | 0 |
| Eliakim Thorpe | 259 | 0 |
| Eve Storm Johnson | 130 | 0 |
| Vic Bozzo | 104 | 0 |
| Kurtis Stauffer | 647 | 0 |
| Brent Goers | 65 | 0 |
| Veronica Sanchez | 259 | 0 |
| George Limen | 259 | 0 |
| Saravanababu Murugesan | 195 | 0 |
| The MAP Funds III LLC (81) | 130 | 0 |
| Francisco Pedro | 65 | 0 |
| Stanly Philipose | 65 | 0 |
| James Watts Jr | 65 | 0 |
| Mami Veza | 65 | 0 |
| Lamont Bush | 39 | 0 |
| Marlisa Kunkel | 259 | 0 |
| Mirko Turrina | 130 | 0 |
| Jayash Kumar | 1294 | 0 |
| Shelby Thuruthumalil | 65 | 0 |
| Manoj Kumar Barman | 65 | 0 |
| Jose A Munoz | 65 | 0 |
| Richard Watkins | 65 | 0 |
| DD Holding AS (82) | 1553 | 0 |
| Michael Stecher | 777 | 0 |
| Collins Offor | 65 | 0 |
| Bob Hughes | 1294 | 0 |
| Ben Bradley | 130 | 0 |
| Leonard Ghee | 453 | 0 |
| Benjamin Brooks | 130 | 0 |
| Philip Merriweather | 65 | 0 |
| Brian Remas | 65 | 0 |
| John Jones | 259 | 0 |
| Reginald Odom | 1294 | 0 |
| Jerry Irwin | 65 | 0 |
| Gordon Williford | 1294 | 0 |
| Ronald Heath | 130 | 0 |
| Aaron Cherry | 167 | 0 |
| Mark Velko | 65 | 0 |
| John Allison | 324 | 0 |
| Lokesh Allam | 130 | 0 |
| Matthew Rowland | 259 | 0 |

---

---

| | | |
|:---|:---|:---|
| Michaela Lingenberg | 647 | 0 |
| Everything IsFree | 65 | 0 |
| Brian Wells | 647 | 0 |
| Andrew John Clinch | 130 | 0 |
| Gay Williams | 130 | 0 |
| Kevin Kem | 130 | 0 |
| Sean Schubert | 389 | 0 |
| Manmohan Tuli | 647 | 0 |
| Melissa Breitenfeldt | 259 | 0 |
| Austin CORNELIUS | 65 | 0 |
| James Wozniak | 259 | 0 |
| Ryan Onishi | 259 | 0 |
| Robert Mc Garvey Jr | 130 | 0 |
| Remi Dahl Finjord | 259 | 0 |
| Ken Carrasco | 65 | 0 |
| Thomas Goska | 65 | 0 |
| David Chamberlain | 65 | 0 |
| Charles Keith Paxton | 518 | 0 |
| Linda Rizzuto | 65 | 0 |
| Gary J Pawelko | 78 | 0 |
| Dee Bond | 259 | 0 |
| Philip A. Edwards | 65 | 0 |
| Jackie McCutchen | 259 | 0 |
| Don SCHIMA | 259 | 0 |
| Debbie Pryse | 66 | 0 |
| David Knight | 65 | 0 |
| William Heckeroth | 65 | 0 |
| Stephen Paul NORWICK | 1294 | 0 |
| James Cave | 130 | 0 |
| Jonathan Kempel | 65 | 0 |
| Joel Frigon | 78 | 0 |
| William Hughes | 647 | 0 |
| Rijkele Woudwijk Trust (83) | 2588 | 0 |
| Daniel Hoffman | 65 | 0 |
| Gerald Gunderson | 65 | 0 |
| Jason Davis | 65 | 0 |
| Marc Alfarano | 65 | 0 |
| Allen Barth | 65 | 0 |
| Felipe Barreto | 65 | 0 |
| Syed Khan | 259 | 0 |
| Brandt Robison | 259 | 0 |
| Chris Schoenherr | 130 | 0 |
| Khalid Sadat | 65 | 0 |
| Michael Costello | 130 | 0 |
| Thomas Johnson | 259 | 0 |
| Steve Wistner | 334 | 0 |
| Arun Senapati | 65 | 0 |
| Tevis Smothers | 259 | 0 |
| Srinivasa Kalyan Reddy | 65 | 0 |
| Ronny Brown | 337 | 0 |
| Gillian Berman | 65 | 0 |
| Ranganatha P Saddala | 78 | 0 |
| Fat Guy | 725 | 0 |
| Joshua McGrath | 65 | 0 |
| Steven M Cook | 65 | 0 |
| Jose Gonzalez | 259 | 0 |
| Tony Yu | 130 | 0 |
| J Jameson Julyen | 65 | 0 |

---

---

| | | |
|:---|:---|:---|
| Shashin Patel | 259 | 0 |
| Stewart Weaver | 259 | 0 |
| Scott Helfrich | 130 | 0 |
| Yegor Zadorozhnyi | 259 | 0 |
| Robert Williams | 182 | 0 |
| Reid Surles | 234 | 0 |
| Donald Bowden | 65 | 0 |
| Greg Krisher | 130 | 0 |
| Arjav Ezekiel | 259 | 0 |
| Daniel Lindsay | 130 | 0 |
| Lynn Mickey | 65 | 0 |
| Cindy Mendoza | 65 | 0 |
| James Carter | 195 | 0 |
| Vamshi Krishna Nalla | 65 | 0 |
| Gregory Imbrie | 647 | 0 |
| Sandy Thoyer | 2588 | 0 |
| Christos Vatalidis | 65 | 0 |
| Bruce Havel | 647 | 0 |
| Edward Gardner | 259 | 0 |
| Daniel Morin | 130 | 0 |
| Sandra Morin | 130 | 0 |
| Joe Rotondo | 65 | 0 |
| Caroland Forde | 65 | 0 |
| Sunil Vallamkonda | 259 | 0 |
| James Dreibelbis | 259 | 0 |
| Joni Hermansen | 65 | 0 |
| Piotr Kloda | 259 | 0 |
| Terry A. Suggs | 130 | 0 |
| Jojo Abraham | 65 | 0 |
| Javier Cote-Sierra | 259 | 0 |
| Jeff Su | 65 | 0 |
| Miroslav Randa | 259 | 0 |
| Mark Gatlin | 2588 | 0 |
| Jay Skabo | 518 | 0 |
| Daniel Poor | 647 | 0 |
| Alyssa Forde | 65 | 0 |
| Dencil Smith | 259 | 0 |
| Eugene Mc Elroy | 65 | 0 |
| Marco Leonardic | 389 | 0 |
| Sreenath Nampally | 130 | 0 |
| Christopher Carvin | 65 | 0 |
| David Grim | 130 | 0 |
| Sean S Armin | 2588 | 0 |
| Joanne Pantaleo | 130 | 0 |
| Sergio Kri | 259 | 0 |
| Greg Beuerle | 167 | 0 |
| Vimal Bhakta | 2588 | 0 |
| Christian B Young | 130 | 0 |
| Matthew Setzer | 65 | 0 |
| Anise Khan | 272 | 0 |
| Russell Xavier | 78 | 0 |
| Mustafa Kathawala | 1294 | 0 |
| Samuel Stein | 68 | 0 |
| Julie Urrunaga | 130 | 0 |
| York Huang | 65 | 0 |
| Roland Chow | 259 | 0 |
| Bryan‚ ÄúDillon‚ Äù Boscia (84) | 130 | 0 |
| VALTO VENTURES INC (85) | 647 | 0 |

---

---

| | | |
|:---|:---|:---|
| Gnanavel Sambandam | 259 | 0 |
| Dave Johnson | 259 | 0 |
| Terry Teruo Mayeda | 466 | 0 |
| Samuel Jones | 259 | 0 |
| Neal Clements | 647 | 0 |
| Mehmet Gonullu | 65 | 0 |
| Kap Cung | 65 | 0 |
| Ravi Vythilingam | 65 | 0 |
| Mirmehdi Hussain | 130 | 0 |
| Tiffany Kang | 1294 | 0 |
| Abbas Chothia | 1294 | 0 |
| Dr. Paul Adjei | 3339 | 0 |
| J Ason A. Morris | 259 | 0 |
| Alexander Kyle Bseiso | 78 | 0 |
| Barbara Fatina | 1294 | 0 |
| Justin Brad Gregory | 259 | 0 |
| Lawrence Blake | 259 | 0 |
| Peter Tseng | 647 | 0 |
| Shanker Dev | 65 | 0 |
| Victor Gonzalez | 65 | 0 |
| M33 P L0rO | 65 | 0 |
| Daniel A Grey | 156 | 0 |
| Taj Alexander | 130 | 0 |
| Robert Fegan | 130 | 0 |
| Srikant Venkatesh | 1294 | 0 |
| Brandt Wimer | 130 | 0 |
| Terry Forde | 65 | 0 |
| Moni Mosharaf D.D.S. | 647 | 0 |
| ROMANS MURAVSKIS | 156 | 0 |
| Matthew C. Smith | 65 | 0 |
| Matthew igen | 230 | 0 |
| Jefrin Easow | 65 | 0 |
| Tico Carrazana | 518 | 0 |
| Lamont Bush | 65 | 0 |
| Brent Fykes | 2588 | 0 |
| John Jubelt | 65 | 0 |
| Jason Kulas | 518 | 0 |
| Antoine Chamaa | 65 | 0 |
| Mitchell Womack | 259 | 0 |
| Vitor Oliveira | 65 | 0 |
| Kaprena Wheatman | 65 | 0 |
| John BRUDERLIN | 940 | 0 |
| Krishna Ammini | 130 | 0 |
| Brynda Fowler | 65 | 0 |
| Ann L. Morin | 65 | 0 |
| Chrisdon Hall | 130 | 0 |
| Michael Woore (86) | 51692 | 0 |
| Alex Seery (87) | 648 | 0 |
| Seema Kurup (88) | 260 | 0 |
| Asra Horton (89) | 130 | 0 |
| Charles Lee (90) | 260 | 0 |
| Charles LaRue (91) | 1294 | 0 |
| Mickey Christakos (92) | 260 | 0 |
| Yehoshua Starrett (93) | 130 | 0 |
| David Higgins (94) | 518 | 0 |
| Mike Ryan (95) | 130 | 0 |
| Adithan Sundaram (96) | 1294 | 0 |

---

---

| | | |
|:---|:---|:---|
| Jesudas Chinnathampi (97) | 130 | 0 |
| Andre Nel (98) | 130 | 0 |
| Jerry Lefevre (99) | 130 | 0 |
| Marcus Davis (100) | 1036 | 0 |
| Robert A Ball Revocable Trust dtd Oct 23, 2013 (101) | 518 | 0 |
| Kalyan Chakravarthy (102) | 130 | 0 |
| Lauren Bibby (103) | 518 | 0 |
| Tam Kemabonta (104) | 260 | 0 |
| Michelle Mitcheff (105) | 130 | 0 |
| Howard Kohn (106) | 130 | 0 |
| Taha Kazmie (107) | 130 | 0 |
| Shane Da Silva (108) | 5176 | 0 |
| Charles Albert (109) | 260 | 0 |
| Be The Code Code, Security, Tech, Vr And On And On (110) | 130 | 0 |
| Nathaniel Chapman (111) | 130 | 0 |
| Vimal Desai (112) | 518 | 0 |
| Rik Woudwijk (113) | 5176 | 0 |
| Dimitri Galani (114) | 518 | 0 |
| Kenneth Thurmond (115) | 156 | 0 |
| Jennifer Achord (116) | 260 | 0 |
| Jesse Thompson (117) | 130 | 0 |
| Emrah Ozturk (118) | 130 | 0 |
| John Haase (119) | 1036 | 0 |
| William Gray III (120) | 130 | 0 |
| Andrew Guziec (121) | 156 | 0 |
| Senthil Kumar Palaniswamy (122) | 1036 | 0 |
| W Kim Colich (123) | 134 | 0 |
| Satish Kotamraju (124) | 130 | 0 |
| Paul Montenegro (125) | 260 | 0 |
| Donald Johnson (126) | 1036 | 0 |
| Marc A. Simon (127) | 522 | 0 |
| Gerard Griffin (128) | 260 | 0 |
| The Dean William Decker Trust (129) | 5176 | 0 |
| Amy Maher (130) | 260 | 0 |
| Geoff ZHANG (131) | 1060 | 0 |
| Kevin Marion (132) | 752 | 0 |
| JJ Anthony (133) | 130 | 0 |
| Richard Horan (134) | 518 | 0 |
| Barry Morin (135) | 260 | 0 |
| Valtetsiotis Sotirios (136) | 266 | 0 |
| Thomas Cusick (137) | 5176 | 0 |
| Steve Robison (138) | 2588 | 0 |
| Clayton C Gorton (139) | 260 | 0 |
| Richard Negvesky (140) | 182 | 0 |
| Allen Bernier (141) | 1294 | 0 |
| Aaron Czysz (142) | 2588 | 0 |
| Youssef Barbour (143) | 130 | 0 |
| Vijayabhaskar Allam (144) | 3366 | 0 |
| John McKeagney (145) | 260 | 0 |
| John Szymanski (146) | 2588 | 0 |
| Surya Bahumanyam (147) | 260 | 0 |
| Tom Henderson (148) | 778 | 0 |
| Shelley FRANKLIN (149) | 364 | 0 |
| Jason Sudmann (150) | 778 | 0 |
| Robert J Rose (151) | 5176 | 0 |
| Adam Forster (152) | 3106 | 0 |
| Ken Yu (153) | 518 | 0 |
| Badr Naif Alotaibi (154) | 260 | 0 |

---

---

| | | |
|:---|:---|:---|
| Jim Jackson (155) | 130 | 0 |
| Joshua Gupta (156) | 130 | 0 |
| Glenn Burney (157) | 330 | 0 |
| Adam Draizin (158) | 2588 | 0 |
| Dana Tache (159) | 172 | 0 |
| DSEA 88 Texas III LP (160) | 4142 | 0 |
| Tom Patterson (161) | 518 | 0 |
| Terry R Sellers (162) | 130 | 0 |
| Lu Zhang (163) | 130 | 0 |
| Stefan Penkov (164) | 170 | 0 |
| Patrick Daum (165) | 130 | 0 |
| Roger Evans (166) | 518 | 0 |
| BR G (167) | 664 | 0 |
| Dor Tache (168) | 1658 | 0 |
| Mario Johnson (169) | 312 | 0 |
| Chut Sombutmai (170) | 260 | 0 |
| William Teuber (171) | 2588 | 0 |
| Fred Hawkins III (172) | 520 | 0 |
| Totao Yigo (173) | 130 | 0 |
| Boris Levin (174) | 3624 | 0 |
| David Lowe (175) | 1294 | 0 |
| Mikhail Gurevich (176) | 1294 | 0 |
| Susmitha Kakkera (177) | 130 | 0 |
| Danny Wilson (178) | 260 | 0 |
| Alexander Clarence McIntosh (179) | 518 | 0 |
| Al Dobron (180) | 1554 | 0 |
| Lovell Holdings Trust (181) | 1036 | 0 |
| Radek Sousek (182) | 2588 | 0 |
| Steven Voorhis (183) | 20702 | 0 |
| Pegasus Management Inc (184) | 2588 | 0 |
| Paul A. Morin (185) | 3106 | 0 |
| William Heitin (186) | 2588 | 0 |
| Gaige Powers (187) | 130 | 0 |
| Christine M Makori (188) | 3494 | 0 |
| Felipe Barreto | 65 | 0 |
| Jason Davis | 65 | 0 |
| Stephen Paul NORWICK | 1294 | 0 |
| Debbie Pryse | 66 | 0 |
| Don SCHIMA | 259 | 0 |
| Kurtis Stauffer | 647 | 0 |
| Joseph Garzone | 65 | 0 |
| Amber Weiss | 130 | 0 |
| Eva Green Horizons LLC (189) | 65 | 0 |
| Giampiero Mazza | 10093 | 0 |

---

(1) 9,419 shares of Series CF-1 Preferred Stock are owned by KingsCrowd Capital (Fund I), over which Mr. Joshua Cowdin has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(2) 94,188 shares of Series CF-1 Preferred Stock are owned by Radek Sousek. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(3) 11,774 shares of Series CF-1 Preferred Stock are owned by Christopher Scott Fedewa. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(4) 470,937 shares of Series CF-1 Preferred Stock are owned by DSEA 88 Texas III LP, over which Mr. Dennis Wong has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(5) 47,094 shares of Series CF-1 Preferred Stock are owned by Peter Mawn. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(6) 47,094 shares of Series CF-1 Preferred Stock are owned by David Klaskin. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(7) 11,774 shares of Series CF-1 Preferred Stock are owned by Therese Hendricks. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(8) 94,188 shares of Series CF-1 Preferred Stock are owned by Yelnats, LLC, over which Mr. Martin J. Gross has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(9) 70,641 shares of Series CF-1 Preferred Stock are owned by John B. Diamond Trust, over which Mr. John Diamond has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(10) 164,828 shares of Series CF-1 Preferred Stock are owned by Schwartz Consolidated, LLC, over which Mr. David Schwartz has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(11) 47,094 shares of Series CF-1 Preferred Stock are owned by Marilyn R. Diamond 2021 Gift Trust, over which Mr. Terry Diamond has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(12) 47,094 shares of Series CF-1 Preferred Stock are owned by Renaissance Charitable Foundation Inc., over which Mr. Gregory W. Baker has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(13) 23,547 shares of Series CF-1 Preferred Stock are owned by David Lowe. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(14) 47,094 shares of Series CF-1 Preferred Stock are owned by Chuck Piluso. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(15) On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, which are convertible into a total of 1,626,800 shares of Common Stock, and warrants to purchase 1,333,335 shares of Common Stock to Ascent Partners Fund LLC. Ascent Partners Fund LLC ("***Ascent***"), a Delaware limited liability company, beneficially owns the shares listed on this table. Each of Mikhail Gurevich and Gennadiy Gurevich manages Dominion Capital Holdings LLC ("***DCH***") and Dominion Capital GP LLC ("***Dominion GP***"), each a Delaware limited liability company, Dominion Capital LLC ("***DC***"), a Connecticut limited liability company, Ascent Partners LLC ("***AP***"), a Delaware limited liability company and Ascent. DCH manages DC, Dominion GP, AP and Ascent. Dominion GP manages DC, AP and Ascent. DC manages AP and Ascent. Alon Brenner manages Masada Group Holdings LLC ("***Masada***"), a Florida limited liability company, AP and Ascent. Masada manages AP and Ascent. AP manages Ascent. Ascent has the power to dispose of and the power to vote the shares beneficially owned by it. Each of Mikhail Gurevich, Gennadiy Gurevich, DCH, Dominion GP, DC, Alon Brenner, Masada and AP may be deemed to beneficially own, and have the power to vote, the shares beneficially owned by Ascent and the other companies they are listed above as managing. However, due to a limitation on conversion specified in the certificate of designation of Series C Preferred Stock, Ascent cannot convert shares if such conversion would result in Ascent beneficially owning more than 9.99% of the total outstanding shares of Common Stock following the conversion.

(16) On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001, which are convertible into a total of 1,477,857 shares of Common Stock to Eastward Fund Management, LLC, over which Mr. Dennis Cameron has sole voting and investment control. However, due to a limitation on conversion specified in the certificate of designation of Series E Preferred Stock, Eastward cannot convert shares if such conversion would result in Eastward beneficially owning more than 9.99% of the total outstanding shares of Common Stock following the conversion.

(17) 3,651 shares of Series CF-1 Preferred Stock are owned by Al Dobron. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(18) 38,556 shares of Series CF-1 Preferred Stock are owned by Boris Levin. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(19) 237,319 shares of Series CF-1 Preferred Stock are owned by Giampiero Mazza. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(20) 638,934 shares of Series CF-1 Preferred Stock are owned by Steven Voorhis. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(21) 82,389 shares of Series CF-1 Preferred Stock are owned by TAM Capital Partners, LL, over which Mr. Tom Cusick has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(22) 30,513 shares of Series CF-1 Preferred Stock are owned by Lutea Trust, over which Mr. Mark Kelly has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(23) 29,209 shares of Series CF-1 Preferred Stock are owned by Paul Morin. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(24) 18,256 shares of Series CF-1 Preferred Stock are owned by Bill Heitin. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(25) 10,588 shares of Series CF-1 Preferred Stock are owned by John Haase. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(26) 3,785 shares of Series CF-1 Preferred Stock are owned by ACL Group Limited, over which Mr. Ali Amiri has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(27) 18,256 shares of Series CF-1 Preferred Stock are owned by Bill Teuber. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(28) 92,759 shares of Series CF-1 Preferred Stock are owned by Stan Shuman. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(29) 241 shares of Series CF-1 Preferred Stock are owned by Tom Patterson. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(30) 1,067 shares of Series CF-1 Preferred Stock are owned by David Moffit IRA. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(31) 7,302 shares of Series CF-1 Preferred Stock are owned by VFTG II LLC, over which Mr. Doron Kempel has sole voting and investment control. These were issued pursuant to the Regulation D offering of our Series CF-1 Preferred Stock by way of private placement.

(32) Pursuant to Regulation CF, the Company engaged Wefunder and created a new series of Wefunder SPV, LLC, namely Our Bond I, specifically for the private placement of Series CF-1 Preferred Stock. Wefunder SPV, LLC currently holds all the Series CF-1 Preferred Stock sold by the Company, and each Series CF-1 Preferred Stock investor has received an interest in Our Bond I proportional to the size of their investment. Prior to the initial listing of the Company's shares of Common Stock on Nasdaq, the Company will dissolve Our Bond I and issue all shares of Series CF-1 Preferred Stock to each investor. After this dissolution and the Conversion, each investor who holds Common Stock will be listed herein as a Registered Shareholder.

(33) 95 shares are owned by 3K Brothers, LLC, over which Mr. Adrian Najar has sole voting and investment control.

(34) 707 shares are owned by SurfRogue, LLC, over which Ms. Jill Jaton has sole voting and investment control.

(35) 4,710 shares are owned by Viaenet LLC, over which Mr. Akram Hosain has sole voting and investment control.

(36) 118 shares are owned by GO-Jac, LLC, over which Mr. Herman Allred has sole voting and investment control.

(37) 118 shares are owned by The Parmar Family Trust Dated, June 1 2017, over which Mr. Alpesh Parmar has sole voting and investment control.

(38) 352,025 shares are owned by Pegasus Management Inc, over which Mr. Doron Kempel has sole voting and investment control.

(39) 95 shares are owned by The Knox Family Trust, dated December 28th, 2022, over which Mr. Angelo Knox has sole voting and investment control.

(40) 236 shares are owned by A.S.L Innovations LLC, over which Mr. Troy Gilmore has sole voting and investment control.

(41) 471 shares are owned by CFS Investment Trust FBO Charles Sullivan, over which Mr. Charles Sullivan has sole voting and investment control.

(42) 942 shares are owned by Frostbyte Investments, LLC, over which Mr. Denzil Frost has sole voting and investment control.

(43) 95 shares are owned by AURION CAPITAL VENTURES, over which Mr. Ali Diallo has sole voting and investment control.

(44) 118 shares are owned by Ingenium Capital LLC, over which Mr. Andre Dillenseger has sole voting and investment control.

(45) 848 shares are owned by Blackhurst Family Trust, over which Mr. Don Blackhurst has sole voting and investment control.

(46) 354 shares are owned by Listgains, LLC, over which Mr. Sergey Bogdan has sole voting and investment control.

(47) 118 shares are owned by KGN Holdings, LLC, over which Mr. Eric Kagan has sole voting and investment control.

(48) 3,768 shares are owned by Gordon and Irene Calvert Family Trust, over which Mr. Gordon R. Calvert has sole voting and investment control.

(49) 118 shares are owned by Passive Investments, over which Mr. Carson Jones has sole voting and investment control.

(50) 2,355 shares are owned by JAY COBB and LISA COBB, Co-Trustees of the COBB FAMILY TRUST, over which Mr. Jay Cobb has sole voting and investment control.

(51) 2,143 shares are owned by Lovell Holdings Trust, over which Mr. Matt Lovell has sole voting and investment control.

(52) 95 shares are owned by Mach 10 Ventures, LLC, over which Mr. Joshua Chodniewicz has sole voting and investment control.

(53) 236 shares are owned by James E Russ Retirement Fund, LLC, over which Mr. [INSERT NAME] has sole voting and investment control.

(54) 118 shares are owned by GDPR PLUS d.o.o., over which Mr. Klemen Misic has sole voting and investment control.

(55) 236 shares are owned by Aboagye Ventures, over which Mr. Kwame Kyei has sole voting and investment control.

(56) 2355 shares are owned by The Miguel Angel Ramos Rodriguez Trust, over which Mr. Miguel Ramos has sole voting and investment control.

(57) 1,178 shares are owned by Scott R Maddox Living Trust Dated April 13, 2017, over which Mr. Scott M. has sole voting and investment control.

(58) 1,413 shares are owned by Mbawine Consultant Services, LLC, over which Mr. Mba- Akuribila has sole voting and investment control.

(59) 1,178 shares are owned by Paradeplatz Holdings, LLC, over which Mr. Marc Broidy has sole voting and investment control.

(60) 118 shares are owned by Moonshot DisruptX, over which Mr. Nareshkumar Venkatrajulu has sole voting and investment control.

(61) 471 shares are owned by SRIPATHY PRAKASH REVOCABLE TRUST Dated 06/27/2013, over which Mr. Prakash Sripathy has sole voting and investment control.

(62) 118 shares are owned by 30sec Sport Sportswear & Equipment LLC Beddingfield Founder, over which Mr. Rufus T Beddingfield has sole voting and investment control.

(63) 23,547 shares are owned by Barber Family Trust 10232023, over which Mr. Robert Houchin has sole voting and investment control.

(64) 118 shares are owned by FAST HOUSE BUYERS LLC, over which Ms. Rosa E. Tejado Otalora has sole voting and investment control.

(65) 48 shares are owned by Bennett Technologies Pvt Ltd, over which Mr. Ranjan Soni has sole voting and investment control.

(66) 354 shares are owned by SHE. EVENT INDY CO., over which Ms. Katina Washington has sole voting and investment control.

(67) 471 shares are owned by The Sriram and Anjana Revocable Trust, over which Mr. Sriram Sundararajan has sole voting and investment control.

(68) 471 shares are owned by RSURMONT RD LLC, over which Mr. Richard Surmont has sole voting and investment control.

(69) 471 shares are owned by Steve and Teri Grundstedt Trust dtd 3/1/2006, over which Mr. Steven H. Grundstedt has sole voting and investment control.

(70) 236 shares are owned by ZIVORI, LLC, over which Mr. Thomas Rochefort has sole voting and investment control.

(71) 2,355 shares are owned by Lealand Investment LLC, over which Mr. Che Butler has sole voting and investment control.

(73) Pursuant to Regulation CF, the Company engaged Wefunder and created a new series of Wefunder SPV, LLC, namely Our Bond III, specifically for the private placement of Series CF-2 Preferred Stock. Wefunder SPV, LLC intends to hold all the Series CF-2 Preferred Stock which shall be sold by the Company, and each Series CF-2 Preferred Stock investor shall receive an interest in Our Bond III proportional to the size of their investment. Prior to the initial listing of the Company's shares of Common Stock on Nasdaq, the Company will dissolve Our Bond III and issue all shares of Series CF-2 Preferred Stock to each investor. After this dissolution and the Conversion, each investor who holds Common Stock will be listed herein as a Registered Shareholder.

(74) 259 shares are owned by CFS Investment Trust FBO Charles Sullivan., over which Mr. Charles Sullivan has sole voting and investment control.

(75) 259 shares are owned by Paradeplatz Holdings, LLC, over which Mr. Marc Broidy has sole voting and investment control.

(76) 2,588 shares are owned by Agent C, over which Mr. Takashi Cheng has sole voting and investment control.

(77) 5,435 shares are owned by THE KRISHNA SHARIKA TRUST, over which Ms. Archana Bhan has sole voting and investment control.

(78) 1,941 shares are owned by Jeffry and Diane Bernstein Family Trust, over which Mr. Jeffry Bernstein has sole voting and investment control.

(79) 389 shares are owned by Black Pillar Investment Group LLC, over which Mr. Eric Chapman has sole voting and investment control.

(80) 130 shares are owned by Ownersmeet, over which Mr. Shymir Xeitindu has sole voting and investment control.

(81) 130 shares are owned by The MAP Funds III LLC, over which Mr. Mark Peck has sole voting and investment control.

(82) 1,553 shares are owned by DD Holding AS., over which Mr. Damir Dunderovic has sole voting and investment control.

(83) 1,294 shares are owned by Rijkele Woudwijk Trust, over which Mr. [●] has sole voting and investment control.

(84) 130 shares are owned by Bryan‚ ÄúDillon‚ Äù Boscia, over which Mr. Bryan Boscia has sole voting and investment control.

(85) 647 shares are owned by VALTO VENTURES INC., over which Mr. Jesus Toledo has sole voting and investment control.

(86) Michael Woore owns 25,846 shares of Series CF-2 Preferred Stock and 25,846 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(87) Alex Seery owns 324 shares of Series CF-2 Preferred Stock and 324 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(88) Seema Kurup owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(89) Asra Horton owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(90) Charles Lee owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(91) Charles LaRue owns 647 shares of Series CF-2 Preferred Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(92) Mickey Christakos owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(93) Yehoshua Starrett owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(94) David Higgins owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(95) Mike Ryan owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(96) Adithan Sundaram owns 647 shares of Series CF-2 Preferred Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(97) Jesudas Chinnathampi owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(98) Andre Nel owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(99) Jerry Lefevre owns 518 shares of Series CF-2 Preferred Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(100) Marcus Davis owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(101) 518 shares are owned by Robert A Ball Revocable Trust dtd Oct 23, 2013, over which Mr. Robert Ball has sole voting and investment control. Robert A Ball Revocable Trust dtd Oct 23, 2013 owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(102) Kalyan Chakravarthy owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(103) Lauren Bibby owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(104) Tam Kemabonta owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(105) Michelle Mitcheff owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(106) Howard Kohn owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(107) Taha Kazmie owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(108) Shane Da Silva owns 2,588 shares of Series CF-2 Preferred Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(109) Charles Albert owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(110) Be The Code Code, Security, Tech, Vr And On And On owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(111) Nathaniel Chapman owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(112) Vimal Desai owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(113) Rik Woudwijk owns 2,588 shares of Series CF-2 Preferred Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(114) Dimitri Galani owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(115) Kenneth Thurmond owns 78 shares of Series CF-2 Preferred Stock and 78 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(116) Jennifer Achord owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(117) Jesse Thompson owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(118) Emrah Ozturk owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(119) John Haase owns 518 shares of Series CF-2 Preferred Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(120) William Gray III owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(121) Andrew Guziec owns 78 shares of Series CF-2 Preferred Stock and 78 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(122) Senthil Kumar Palaniswamy owns 518 shares of Series CF-2 Preferred Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(123) W Kim Colich owns 67 shares of Series CF-2 Preferred Stock and 67 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(124) Satish Kotamraju owns 78 shares of Series CF-2 Preferred Stock and 78 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(125) Paul Montenegro owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(126) Donald Johnson owns 518 shares of Series CF-2 Preferred Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(127) Marc A. Simon owns 261 shares of Series CF-2 Preferred Stock and 261 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(129) Gerard Griffin owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(129) 5,176 shares are owned by The Dean William Decker Trust, over which Mr. The Dean William Decker Trust has sole voting and investment control. The Dean William Decker Trust owns 2,588 shares of Series CF-2 Preferred Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(130) Amy Maher owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(131) Geoff ZHANG owns 530 shares of Series CF-2 Preferred Stock and 530 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(132) Kevin Marion owns 376 shares of Series CF-2 Preferred Stock and 376 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(133) JJ Anthony owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(134) Richard Horan owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(135) Barry Morin owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(136) Valtetsiotis Sotirios owns 133 shares of Series CF-2 Preferred Stock and 133 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(137) Thomas Cusick owns 2,588 shares of Series CF-2 Preferred Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(138) Steve Robison owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(139) Clayton C Gorton owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(140) Richard Negvesky owns 91 shares of Series CF-2 Preferred Stock and 91 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(141) Allen Bernier owns 647 shares of Series CF-2 Preferred Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(142) Aaron Czysz owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(143) Youssef Barbour owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(144) Vijayabhaskar Allam owns 1,683 shares of Series CF-2 Preferred Stock and 1,683 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(145) John McKeagney owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(146) John Szymanski owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(147) Surya Bahumanyam owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(148) Tom Henderson owns 389 shares of Series CF-2 Preferred Stock and 389 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(149) Shelley FRANKLIN owns 182 shares of Series CF-2 Preferred Stock and 182 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(150) Jason Sudmann owns 389 shares of Series CF-2 Preferred Stock and 389 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(151) Robert J Rose owns 2,588 shares of Series CF-2 Preferred Stock and 2,588 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(152) Adam Forster owns 1,553 shares of Series CF-2 Preferred Stock and 1,553 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(153) Ken Yu owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(154) Badr Naif Alotaibi owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(155) Jim Jackson owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(156) Joshua Gupta owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(157) Glenn Burney owns 165 shares of Series CF-2 Preferred Stock and 165 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(158) Adam Draizin owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(159) Dana Tache owns 86 shares of Series CF-2 Preferred Stock and 86 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(160) 4,142 shares are owned by DSEA 88 Texas III LP, over which Mr. Dennis Wong has sole voting and investment control. DSEA 88 Texas III LP owns 2,071 shares of Series CF-2 Preferred Stock and 2,071 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(161) Tom Patterson owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(162) Terry R Sellers owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(163) Lu Zhang owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(164) Stefan Penkov owns 85 shares of Series CF-2 Preferred Stock and 85 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(165) Patrick Daum owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(166) Roger Evans owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(167) BR Gowns 332 shares of Series CF-2 Preferred Stock and 332 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(168) Dor Tache owns 829 shares of Series CF-2 Preferred Stock and 829 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(169) Mario Johnson owns 156 shares of Series CF-2 Preferred Stock and 156 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(170) Chut Sombutmai owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(171) William Teuber owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(172) Fred Hawkins III owns 260 shares of Series CF-2 Preferred Stock and 260 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(173) Totao Yigo owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(174) Boris Levin owns 1,812 shares of Series CF-2 Preferred Stock and 1,812 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(175) David Lowe owns 647 shares of Series CF-2 Preferred Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(176) Mikhail Gurevich owns 647 shares of Series CF-2 Preferred Stock and 647 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(177) Susmitha Kakkera owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(178) Danny Wilson owns 130 shares of Series CF-2 Preferred Stock and 130 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(179) Alexander Clarence McIntosh owns 259 shares of Series CF-2 Preferred Stock and 259 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(180) Al Dobron owns 777 shares of Series CF-2 Preferred Stock and 777 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(181) 1,036 shares are owned by Lovell Holdings Trust, over which Mr. Matt Lovell has sole voting and investment control. Lovell Holdings Trust owns 518 shares of Series CF-2 Preferred Stock and 518 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(182) Radek Sousek owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(183) Steven Voorhis owns 10,351 shares of Series CF-2 Preferred Stock and 10,351 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(184) 2,588 shares are owned by Pegasus Management Inc., over which Mr. Doron Kempel has sole voting and investment control. Pegasus Management Inc owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(185) Paul A. Morin owns 1,553 shares of Series CF-2 Preferred Stock and 1,553 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(186) William Heitin owns 1,294 shares of Series CF-2 Preferred Stock and 1,294 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(187) Gaige Powers owns 65 shares of Series CF-2 Preferred Stock and 65 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(188) Christine M Makori owns 1,747 shares of Series CF-2 Preferred Stock and 1,747 shares of Common Stock issuable upon exercise of warrants to purchase Common Stock issued as part of the Series CF-2 Preferred Stock offering.

(189) 65 shares are owned by Eva Green Horizons LLC, over which Mr. [INSERT NAME] has sole voting and investment control.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of beneficial owner** | **Common Stock beneficially owned prior to offering** | **Percentage of Beneficial Ownership** | **Percentage of Voting Power** | **Shares of Common Stock being registered** | **Shares of Common Stock beneficially owned after offering** |
| **Executive Officers and Directors** |  |  |  |  |  |
| Doron Kempel (1) | 7381917 | 71.61% | 99.28% |  |  |
| Amit Hod (2) | 145272 | 4.31% | 0% |  |  |
| Joseph DeSalvo (3) | 35239 | 1.08% | 0% |  |  |
| Michael Lambert (4) | 86472 | 2.61% | 0% |  |  |
| Adam Draizin |  |  |  |  |  |
| Paul Morin (5) | 66707 | 2.03% | 2.03% |  |  |
| Randy Boutin |  |  |  |  |  |
| **Executive Officers and Directors as a Group (8 persons) (6)** | 7715607 | 72.51% | 99.29% |  |  |
| **5% Stockholders** |  |  |  |  |  |
| Doron Kempel (1) | 7381917 | 71.61% | 99.28% |  |  |
| ProdActive II LLC (7) | 9063796 | 81.47% | 81.47% |  |  |
| Radek Sousek (8) | 2164417 | 40.45% | 40.45% |  |  |
| Trustees of the DK 2017 Non-US Trust (9) | 189029 | 5.54% | 5.54% |  |  |
| Trustees of the DK 2017 Brothers Trust (10) | 180620 | 5.32% | 5.32% |  |  |
| Trustees of the DK 2017 Parents Trust (11) | 188180 | 5.55% | 5.55% |  |  |
| David A. Novak (12) | 216449 | 6.40% | 6.40% |  |  |
| JVP VIII, L.P. (13) | 1365433 | 32.64% | 32.64% |  |  |
| JVP VII Opportunity, L.P. (14) | 727330 | 19.46% | 19.46% |  |  |
| JVP VII Opportunity (Israel), L.P. (15) | 190312 | 5.68% | 5.68% |  |  |
| A Participations Ltd. (16) | 608530 | 16.78% | 16.78% |  |  |
| Fersen S.A. (17) | 365118 | 10.53% | 10.53% |  |  |
| 12.64 Fund L.P. (18) | 178078 | 5.23% | 5.23% |  |  |
| Dennis Cameron (19) | 170936 | 5.03% | 5.03% |  |  |
| FDC Bond SPV LLC (20) | 401790 | 11.07% | 11.07% |  |  |
| Maxim Partners LLC (21) | 180241 | 5.58% | 5.58% |  |  |
| Ascent Partners Fund LLC (22) | 322503 | 9.08% | 0% |  |  |
| Eastward Fund Management, LLC (23) | 4387237 | 57.90% | 56.48% |  |  |

---

\* Less than 1%

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 301,852 shares of our Common Stock, which includes the following: (i) 165,780 shares which he owns himself and over which he has sole voting and investment control; and (ii) 136,072 shares owned by VFTG, L.P., over which Mr. Kempel has sole voting and investment control. The address of VFTG, L.P. is 292 Newbury Street, #485 Boston, MA 02115;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 2,367,359 shares of our shares of Common Stock, issuable upon conversion of 2,367,359 shares of Series B-2 Preferred Stock, owned by VFTG, L.P.;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) 3,334 shares of our shares of Common Stock, issuable upon conversion of 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes, which he owns himself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) 1,176,491 shares of our Common Stock issuable upon the exercise of 2,801,168 outstanding options within 60 days of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amit Hod beneficially owns 145,272 shares of our Common Stock issuable upon the exercise of 209,919 outstanding options within 60 days of this prospectus. Mr. Hod has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Joseph DeSalvo beneficially owns 35,239 shares of our Common Stock issuable upon the exercise of 251,707 outstanding options within 60 days of this prospectus. Mr. DeSalvo has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Michael Lambert beneficially owns 86,472 shares of our Common Stock issuable upon the exercise of 138,922 outstanding options within 60 days of this prospectus. Mr. Lambert has sole voting and investment control over such shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Includes (A) 303,767 shares of Common Stock, (B) 3,114,460 shares of Series B-1 Preferred Stock, (C) 2,367,359 shares of Series B-2 Preferred Stock; (D) 483,213 shares of Series B-3 Preferred Stock; (E) 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes and (F) 1,443,474 shares of Common Stock issuable upon the exercise of 3,401,716 outstanding options within 60 days of this prospectus, all amounts mentioned herein held by the directors and executive officers as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ProdActive II LLC, beneficially owns 9,063,796 shares of Common Stock which includes (A) 1,166,113 shares of Common Stock; and (B) 7,897,683 shares of Common Stock issuable upon conversion of (i) 133,330 shares of Series B-1 Preferred Stock; (ii) 4,658,292 shares of Series B-2 Preferred Stock; and (iii) 3,106,061 shares of Series B-3 Preferred Stock. DK 2019 Irrevocable Trust has sole voting and investment control over stocks beneficially owned by ProdActive II LLC. DK 2019 Irrevocable Trust is governed by unanimous consent of a distribution committee, namely: Jonathan Kempel, Koby Kempel, Jay Hachigian, Susan Aharonian and Paul Morin. The address of ProdActive II LLC is 292 Newbury Street, #485 Boston, MA 02115.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Trustees of the DK 2017 Non-US Trust beneficially owns 189,029 shares of Common Stock which includes (A) 8,216 shares of Common Stock; and (B) 180,813 shares of Common Stock issuable upon conversion of 180,813 shares of Series B-2 Preferred Stock. Mr. Jonathan Kempel has sole voting and investment control over stocks beneficially owned by Trustees of the DK 2017 Non-US Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Trustees of the DK 2017 Brothers Trust beneficially owns 180,620 shares of Common Stock which includes (A) 16,521 shares of Common Stock; and (B) 164,099 shares of Common Stock issuable upon conversion of 164,099 shares of Series B-2 Preferred Stock. Ms. Amanda Gallagher has sole voting and investment control over stocks beneficially owned by Trustees of the DK 2017 Brothers Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Trustees of the DK 2017 Parents Trust beneficially owns 188,180 shares of Common Stock which includes (A) 28,639 shares of Common Stock; and (B) 159,541 shares of Common Stock issuable upon conversion of 159,541 shares of Series B-2 Preferred Stock. Ms. Amanda Gallagher has sole voting and investment control over stocks beneficially owned by Trustees of the DK 2017 Parents Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. David A. Novak beneficially owns 216,449 shares of Common Stock which includes (A) 62,793 shares of Common Stock; and (B) 153,656 shares of Common Stock issuable upon conversion of 153,656 shares of Series B-3 Preferred Stock. David A. Novak has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. JVP VIII, L.P. beneficially owns 1,365,433 shares of Common Stock which includes (A) 410,531 shares of Common Stock; and (B) 954,902 shares of Common Stock issuable upon conversion of 954,902 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VIII, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. JVP VII Opportunity, L.P. beneficially owns 727,330 shares of Common Stock which includes (A) 218,679 shares of Common Stock; and (B) 508,651 shares of Common Stock issuable upon conversion of 508,651 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VII Opportunity, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. JVP VII Opportunity (Israel), L.P. beneficially owns 190,312 shares of Common Stock which includes (A) 65,460 shares of Common Stock; and (B) 124,852 shares of Common Stock issuable upon conversion of 124,852 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VII Opportunity (Israel), L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. A Participations Ltd. beneficially owns 608,530 shares of Common Stock which includes (A) 209,309 shares of Common Stock; and (B) 399,221 shares of Common Stock issuable upon conversion of 399,221 shares of Series B-3 Preferred Stock. Mr. Stefano Pessina has sole voting and investment control over stocks beneficially owned by A Participations Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Fersen S.A. beneficially owns 365,118 shares of Common Stock which includes (A) 125,586 shares of Common Stock; and (B) 239,532 shares of Common Stock issuable upon conversion of 239,532 shares of Series B-3 Preferred Stock. Mr. Simonetta Guerra has sole voting and investment control over stocks beneficially owned by Fersen S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. 12.64 Fund L.P. beneficially owns 178,078 shares of Common Stock issuable upon conversion of 178,078 shares of Series B-3 Preferred Stock. [INSER NAME] has sole voting and investment control over stocks beneficially owned by 12.64 Fund L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Dennis Cameron beneficially owns 170,936 shares of Common Stock issuable upon conversion of 170,936 shares of Series B-1 Preferred Stock. Mr. Dennis Cameron has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. FDC Bond SPV LLC beneficially owns 401,790 shares of Common Stock issuable upon conversion of 401,790 shares of Series B-3 Preferred Stock. Mr. Andrew Spellman has sole voting and investment control over stocks beneficially owned by FDC Bond SPV LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Maxim Partners LLC beneficially owns 180,241 shares of Common Stock. MJR Holdings LLC is the managing member of Maxim Partners LLC. Cliff Teller is the Chief Executive Officer of MJR Holdings LLC and, has dispositive power over the securities held by Maxim Partners. Mr. Teller disclaims beneficial ownership over any securities owned by Maxim Partners LLC and MJR Holdings LLC except to the extent of his pecuniary interest therein. The address of Maxim Partners LLC is 300 Park Ave 16th Floor, New York, NY 10022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Ascent Partners Fund LLC (the "***Ascent***"), a Delaware limited liability company, beneficially owns 322,503 shares of Common Stock issuable upon conversion of 65,374 shares of Series C Preferred Stock. Ascent Partners Fund LLC ("***Ascent***"), a Delaware limited liability company, beneficially owns the shares listed on this table. Each of Mikhail Gurevich and Gennadiy Gurevich manages Dominion Capital Holdings LLC ("***DCH***") and Dominion Capital GP LLC ("***Dominion GP***"), each a Delaware limited liability company, Dominion Capital LLC ("***DC***"), a Connecticut limited liability company, Ascent Partners LLC ("***AP***"), a Delaware limited liability company and Ascent. DCH manages DC, Dominion GP, AP and Ascent. Dominion GP manages DC, AP and Ascent. DC manages AP and Ascent. Alon Brenner manages Masada Group Holdings LLC ("***Masada***"), a Florida limited liability company, AP and Ascent. Masada manages AP and Ascent. AP manages Ascent. Ascent has the power to dispose of and the power to vote the shares beneficially owned by it. Each of Mikhail Gurevich, Gennadiy Gurevich, DCH, Dominion GP, DC, Alon Brenner, Masada and AP may be deemed to beneficially own, and have the power to vote, the shares beneficially owned by Ascent and the other companies they are listed above as managing. For the avoidance of doubt, Ascent owns 329,671 shares of Series C Preferred Stock which are convertible into 1,626,800 shares of common stock and warrants to purchase 1,333,335 shares of Common Stock, issued as part of the Series C Preferred Stock offering, however, the Certificate of Designation for the Series C Preferred Stock contains a beneficial ownership limitation on conversion of the Series C Preferred Stock in excess of 9.99% of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Eastward Fund Management, LLC beneficially owns (A) 37,620 shares of Common Stock, and (B) 4,349,617 shares of Common Stock issuable upon conversion of (i) 4,102,472 shares of Series B-1 Preferred Stock and (ii) 247,145 shares of Series B-1 Preferred Stock issuable upon exercise of 741,435 Series B-1 Warrants. Mr. Dennis Cameron has sole voting and investment control over stocks beneficially owned by Eastward Fund Management, LLC. The address of Eastward Fund Management, LLC is 432 Cherry Street West Newton, MA 02465. For the avoidance of doubt, Eastward Fund Management, LLC owns 682,770 shares of Series E Preferred Stock which are convertible into 1,477,857 shares of Common Stock, however, the Certificate of Designation for the Series E Preferred Stock contains a beneficial ownership limitation on conversion of the Series R Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock. Additionally, Eastward Fund Management, LLC owns 37,620 shares of Common Stock, issued as dividend pursuant to the Certificate of Designation of Series E Preferred Stock as of October 6, 2025 which are not being registered for resale.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | | | | | |
| **Name of beneficial**<br>**owner** | **B-1** | **B-2** | **B-3** | **F** | **C** | **E** | **Voting preferred stock beneficially owned prior to**<br>**offering** | **Percentage of beneficial**<br>**ownership** | **Percentage of voting**<br>**power** | **Shares of common stock being**<br>**registered** | **Shares of common stock beneficially owned after**<br>**offering** |
| **Executive Officers and Directors** |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 | 2367359 | 418421 | 10000 |  |  | 5910240 | 23.79% | 95.62% |  |  |
| Amit Hod |  |  |  |  |  |  |  |  |  |  |  |
| Joseph DeSalvo |  |  |  |  |  |  |  |  |  |  |  |
| Michael Lambert |  |  |  |  |  |  |  |  |  |  |  |
| Adam Draizin |  |  |  |  |  |  |  |  |  |  |  |
| Paul Morin (2) |  |  | 64792 |  |  |  | 64792 | 0.26% | 0.04% |  |  |
| Randy Boutin |  |  |  |  |  |  |  |  |  |  |  |
| **Executive Officers and Directors as a Group (4 persons) (3)** | 3114460 | 2367359 | 483213 | 10000 |  |  | 5975032 | 24.05% | 95.63% |  |  |
| **5% Stockholders** |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 | 2367359 | 418421 | 10000 |  |  | 5910240 | 23.79% | 95.62% |  |  |
| ProdActive II LLC (4) | 133330 | 4658292 | 3106061 |  |  |  | 7897683 | 31.80% | 5.00% |  |  |
| Radek Sousek (5) | 683746 | 1332552 | 106257 |  |  |  | 2122555 | 8.55% | 1.34% |  |  |
| Eastward Fund Management, LLC (6) | 4349617 |  |  |  |  |  | 4349617 | 17.34% | 2.60% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Doron Kempel beneficially owns 5,903,574 shares of our Common Stock issuable upon conversion of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 2,367,359 shares of Series B-2 Preferred Stock, owned by VFTG, L.P.;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Includes (i) 5,968,366 shares of Common Stock issuable upon conversion of the Preferred Stock entitled to vote held by the Directors and Executive Officers as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ProdActive II LLC beneficially owns 7,897,683 shares of Common Stock issuable upon conversion of (A) 133,330 shares of Series B-1 Preferred Stock; (B) 4,658,292 shares of Series B-2 Preferred Stock; and (C) 3,106,061 shares of Series B-3 Preferred Stock.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Eastward Fund Management, LLC beneficially owns 4,349,617 shares of Common Stock issuable upon conversion of (A) 4,102,472 shares of Series B-1 Preferred Stock and (B) 247,145 shares of Series B-1 Preferred Stock issuable upon exercise of 247,145 Series B-1 Warrants. For the avoidance of doubt, Eastward Fund Management, LLC owns 682,770 shares of Series E Preferred Stock which are convertible into 1,477,857 shares of Common Stock, however, the Certificate of Designation for the Series E Preferred Stock contains a beneficial ownership limitation on conversion of the Series R Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock.

**DIVIDEND POLICY**

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

**CAPITALIZATION**

The following table sets forth our cash and cash equivalents and capitalization as of June 30, 2025, on an actual and pro-forma basis. The pro-forma table provides for issuance of an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 to Eastward by converting an outstanding amount of approximately $6,827,698.

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

---

| | | |
|:---|:---|:---|
|  | As of June 30, 2025 | As of June 30, 2025 |
|  | Actual | Pro-forma |
| *(in thousands, except per share numbers)* | *(in thousands, except per share numbers)* | *(in thousands, except per share numbers)* |
| Debt: |  |  |
| &nbsp;&nbsp;&nbsp;Loan | 13512 | 6756 |
| &nbsp;&nbsp;&nbsp;Convertible Revolving Promissory Note (Related Party) | 1577 | 1577 |
| Total indebtedness | 15089 | 8333 |
| Mezzanine Equity |  |  |
| Series C convertible Preferred Stock | 2746 | 2746 |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, $0.0001 par value per share; 150,000,000 shares authorized; 27,888,937 shares issued and outstanding (actual) and 29,366,794 (pro-forma) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value per share; 200,000,000 shares authorized; 3,164,758 shares issued and outstanding | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Non-Voting Common Stock, $0.0001 par value per share; 50,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
| Additional paid-in capital | 115057 | 121813 |
| Accumulated other comprehensive income | (14) | (14) |
| Accumulated deficit | (133267) | (133267) |
| Total stockholders' deficit | (18220) | (11464) |
| Total Capitalization | (385) | (385) |

---

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

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

● 7,406,952 shares of Common Stock reserved for issuance under our TG-17, Inc. Amended and Restated 2017 Equity Plan, as amended from time to time (the "  ***Amended and Restated Equity Plan*** ").

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

 

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

 

**Overview**

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

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

---

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

---

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

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

Corporate Organization

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

![](chart_001.jpg)

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

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

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

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

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

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

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

**Components of Results of Operations** 

*Net Revenues.*

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

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

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

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

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

● DTC: selling directly to consumers.

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

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

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

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

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

*Cost of Services Sold.*

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

*Operating Expenses*.

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

**Results of Operations**

***Comparison of the six-month period ended June 30, 2025 to the six-month period ended June 30, 2024***

*Net Revenues*

The majority of our net revenues for the six-month period ended June 30, 2025 and 2024, were generated from our B2B services. In six-month period ended June 30, 2025, 16% of our revenue was generated from cloud-based SaaS services, while 84% came from our physical service offerings. This compares to 13.5% and 86.5%, respectively, in the six-month period ended June 30, 2024.

Total revenue increased by $134, or approximately 3% to $4,658 for the six-month period ended June 30, 2025, compared to approximately $4,524 for the six-month period ended June 30, 2024. This increase is due to expansion of our customer base and higher demand for our security services during the six-month period ended June 30, 2025 compared to the same period in 2024.

*Cost of Services Sold.*

Our cost of services sold increased slightly by $71, or approximately 2% to $4,116 for the six-month period ended June 30, 2025 compared to $4,045 for the six-month period ended June 30, 2024. This modest change is not considered significant and primarily reflects the Company's continued global expansion and the use of outsourced services to support its growth initiatives.

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| | | |
|:---|:---|:---|
|  | **Six-Month Period Ended June 30,** | **Six-Month Period Ended June 30,** |
|  | **2025** | **2024** |
| Command Center Operations | $999 | $914 |
| Security Services | $3117 | $3131 |
|  | $4116 | $4045 |

---

 

*Operating Expenses.*

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

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| | | |
|:---|:---|:---|
|  | **Six-Month Period Ended June 30,** | **Six-Month Period Ended June 30,** |
|  | **2025** | **2024** |
| General and Administrative | $2596 | $2590 |
| Research and Development | $1219 | $1208 |
| Sales and Marketing | $1115 | $1076 |
|  | $4930 | $4874 |

---

Our operating expenses for the six-month period ended June 30, 2025, were approximately $4,930 compared to approximately $4,874 for the six-month period ended June 30, 2024, an increase of approximately $56 or approximately 1.1%.

The largest component of our operating expenses were general and administrative expenses, which were approximately $2,596 for the six-month period ended June 30, 2025 compared to approximately $2,590 for the six-month period ended June 30, 2024, an increase of approximately $6 or approximately 0.2%.

The second largest component of our operating expenses were research and development ("***R&D***"). R&D expenses were approximately $1,219 for six-month period ended June 30, 2025 compared to approximately $1,208 for the six-month period ended June 30, 2024, a decrease of approximately $11 or approximately 0.1%.

The remainder of our operating expenses were primarily comprised of sales and marketing expenses, which were approximately $1,115 for six-month period ended June 30, 2025 compared to approximately $1,076 for six-month period ended June 30, 2024, an increase of approximately $39 or approximately 3.6%.

*Net Profit/Loss*

As a result of the foregoing, the Company suffered a net loss of $5,197 for the six-month period ended June 30, 2025, compared to a net loss of $4,992 for the six-month period ended June 30, 2024, a difference of approximately 4%.

**Off-Balance Sheet Arrangements**

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

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

*Net Revenues*

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

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

*Cost of Services Sold.*

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

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

---

 

*Operating Expenses.*

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

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

---

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

The largest component of our operating expenses were general and administrative expenses, which were approximately $6,162 for the year ended December 31, 2024 compared to approximately $5,787 for the year ended December 31, 2023, an increase of approximately $375 or approximately 6.5%. This increase in general and administrative expenses was primarily due to (a) increases in stock option expenses, salaried staff, commissions, and insurance. Stock options expenses of approximately $488, salaried staff of approximately $250, commissions of approximately $149, insurance of approximately $100, and other general operating expenses of approximately $147,000; (b) decrease of approximately $759 related to a legal claim filed against the Company which were recorded in 2023 (see below under *legal proceedings*').

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

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

*Net Profit/Loss*

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

**Off-Balance Sheet Arrangements**

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

**Liquidity and Capital Resources** 

 

*Overview*

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

*Summary of Cash Flows*

 

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

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| | | |
|:---|:---|:---|
| (*in thousands*) | **Six-Month Period Ended June 30,** | **Six-Month Period Ended June 30,** |
|  | **2025** | **2024** |
| Net cash (used in) operating activities | $(2995) | $(4103) |
| Net cash (used in) investing activities | (8) | (44) |
| Net cash provided by financing activities | 5179 | 3200 |
| Effect of exchange rate changes on cash | (57) | (10) |
| Cash and cash equivalents at end of period | $2845 | $480 |

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

 

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

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*Operating Activities.*

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

Net cash used in operating activities for the year ended December 31, 2024 was approximately $8,157 which reflects our net loss of $11,017. Net cash used in operating activities for the six-month period ended June 30, 2025 was approximately $6,995 which reflects our net loss of $5,197.

*Investing Activities*

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

Net cash used in investing activities for the year ended December 31, 2024 was approximately $62 which was entirely attributable to purchases of IT and other Electronic equipment. Net cash used in investing activities for the six-month period ended June 30, 2025 was approximately $8 which was entirely attributable to purchases of IT and other Electronic equipment.

 

*Financing Activities*

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Issuance of Series F Preferred Stock**

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

**Issuance of Series C Preferred Stock**

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

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

Our net cash provided by financing activities for the six-month period ended June 30, 2025 was approximately $5,197 compared to approximately $6,780 for the six-month period ended June 30, 2024, an increase of approximately $1,979 or 61.8%. This increase in cash provided by financing activities is principally the result of the Reg CF and Reg D506(c).

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

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| | | |
|:---|:---|:---|
|  | **Six-Month Period Ended June 30,** | **Six-Month Period Ended June 30,** |
|  | **2025** | **2024** |
| Proceeds from Related Party Loans, net | $(319) | $200 |
| Issuance of Series B-1 Preferred Stock | $- | $3000 |
| Issuance of Series CF-1 Preferred Stock | $2798 |  |
| Issuance of Series CF-1 Preferred Stock fundraising fees | (46) |  |
| Issuance of Series C Preferred Stock | 3000 |  |
| Issuance of Series C Preferred Stock fundraising fees | (254) | - |
|  | $5179 | $3200 |

---

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

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

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**Contractual Obligations and Commitments**

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

**Critical Accounting Estimates**

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

*Emerging Growth Company Status*

 ****

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

**Cash and Cash Equivalents**

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

**Fair Value of Financial Instruments**

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

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

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

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

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

**Accounts Receivable**

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

**Property and Equipment, Net**

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

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

**Leases**

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

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

**Impairment of Long-Lived Assets**

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

**Research and Development Costs**

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

**Severance Pay**

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

**Income Taxes**

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

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

**Stock-Based Compensation**

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

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

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

**Net Income per Share**

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

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

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

**Comprehensive Loss**

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

**The JOBS Act**

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

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

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

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

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

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

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

**BUSINESS**

**Overview**

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

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

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

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

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

● Location accuracy.

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

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

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

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

● Innovative data privacy and data security technologies and processes.

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

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

**Our Mission**

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

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

**Our Solution**

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

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

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

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

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

 ****

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

***Other Services***

 ****

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

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

 

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

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

 

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

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

 

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

**Our Business Model**

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

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

**Our Market**

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

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

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

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

**Our Competition**

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

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

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

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

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

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

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

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

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

**Our Customer Base**

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

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

**Our Employees**

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

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

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

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

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

---

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

---

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

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

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

None of our employees are represented by labor unions or covered by collective bargaining agreements. We consider the relationship with our employees to be good. We generally enter into agreements with our employees that contain confidentiality provisions to control access to, and invention or work product assignment provisions to clarify ownership of, our proprietary information.

**Outsourcing**

We currently outsource a number of our key functions to third parties, including some software development, legal and payroll.

In addition, we host our Bond Preventative Personal Security Platform on cloud platforms provided by Amazon Web Services (AWS) Amazon.com, Inc.

An additional investment is associated with the various ecosystem relationships and partnerships in 28 countries, enabling Bond to work harmoniously with local first responders, and other service providers (roadside assistance, transportation, bodyguards on demand and access to doctors). We estimate this investment as $2M.

In parallel to the services that are offered to end-users via the Bond App, we are developing its physical world services that include a Drone First Responder (DFR) solution (meant to assist Bond members by dispatching a Bond drone to their location) and security guards as well as bodyguards. The long-term vision is that all such services will eventually be automated and "robotic", orchestrated via the Bond Command Center. Bond's relationship with its customers often allows it to offer multiple solutions and services.

**Plan for Development and Expansion**

Plans & Strategies

Bond plans to continue expanding into new markets through the provision of its Bond App services to both travelers and residents. Bond currently intends to invest approximately $1,000,000 over the next two years into developing partnerships with governments and local service providers in additional countries, which will enable Bond to provide its services to residents of those countries as well as visitors.

Bond is also investing approximately $5,000,000 into product development, including the development of physical services that include a Drone First Responder (DFR) solution (meant to assist Bond members by dispatching a Bond drone to their location) and security guards as well as bodyguards. The long-term vision is that all such services will eventually be automated and "robotic", orchestrated via the Bond Command Center.

Bond intends to raise the funds needed for these investments through a combination of bridge financing and equity lines of credit.

**Regulatory Environment**

We are subject to a number of U.S. federal and state and non-U.S. laws and regulations that involve matters central to our business. These laws and regulations involve security services, privacy, data protection, intellectual property, other subjects. We are subject to a number of U.S. state occupational licensing laws that apply to security agencies and private security officers, as well as similar regulations in France regarding the license to practice physical protection of persons. Any liability we may have from our failure to comply with these regulations may materially affect our business by restricting our operations and subjecting us to substantial penalties. In addition, our current and future operations may be subject to additional regulation as a result of, among other factors, new statutes and regulations and changes in the manner in which existing statutes and regulations are or may be interpreted. In addition, any new licensing requirements, if introduced, could be burdensome and expensive or even impose requirements that we are unable to meet. In the ordinary course of business we and customers using our solutions access, collect, store, analyze, transmit and otherwise process certain types of data, including personal information, which subjects us and our customers to certain privacy and information security laws in the United States and internationally, including, for example, the California Consumer Privacy Act (the "***CCPA***"), which took effect January 1, 2020, and the California Privacy Rights Act (the "***CPRA***") which took effect January 1, 2023, and which significantly amended the CCPA, and imposes additional data protection obligations on companies doing business in California, including additional consumer rights processes and opt outs for certain uses of sensitive data and imposes significant data privacy and potential statutory damages related to data protection for the data of California residents.

The CPRA also created a new California data protection agency specifically tasked to enforce the law, which will likely result in increased regulatory scrutiny of California businesses in the areas of data protection and security and may increase our compliance costs and potential liability. In addition to the CCPA, numerous other states' legislatures have passed or are considering similar laws that will require ongoing compliance efforts and investment. For example, Virginia passed the Virginia Consumer Data Protection Act, and Colorado passed the Colorado Privacy Act, both of which differ from the CPRA and became effective in 2023. Similar laws have been proposed in other states as well and at the federal level. Other international laws are also in place or pending, and such laws may have potentially conflicting requirements that would make compliance challenging.

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

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

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

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

● constraints on using data to profile users;

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

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

Other foreign jurisdictions in which the Company operates, or in which it has its services available, have implemented, or are considering implementing, data privacy laws and regulations, many of which are similar to the GDPR.

Under these data protection and privacy laws, we and our customers are required to maintain appropriate technical and organizational measures to ensure the security and protection of personal data and information, and we must comply (either directly or indirectly in support of our customers' compliance efforts, as may be provided for the agreements we enter into with our customers) with a number of requirements with respect to individuals whose personal data or information we collect and process. Many of these laws and regulations are still evolving and being tested in courts and could be interpreted in ways that could harm our business. In addition, the application and interpretation of these laws and regulations are often uncertain, particularly in the new and rapidly evolving industry in which we operate.

**Intellectual Property**

Similar to other companies (like e-Bay, Uber or Facebook) that developed a platform for service delivery, much of Bond's technology stack is not patented. Frequently, while the platform design and the technology require great skill and talent to create and develop, it is not eligible for a patent. For Bond, some of our technologies and solutions are purposefully not patented as filing a patent allows would-be competitors to learn about the manner in which a technology is designed and find a method to deliver the same function in a different process. In such cases, Bond preferred to maintain such capabilities as trade secrets, not even publishing that such functionality exists, rather than explaining that it exists and how Bond developed it.

That said, Bond does have patents and pending patents and applications around some of the areas of its technology stack.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Case Number** | **Billing**<br> **Number** | **App**<br> **Client**<br> **Ref** | **Country** | **Case Type** | **Application**<br> **Status** | **App Title** | **App**<br> **Number** | **Filing**<br> **Date** | **Patent**<br> **Number** | **Issue**<br> **Date** |
| 092418-593660 | 092418-593660 | T017-7000US1 | US | ORD | Granted | System and method for threat monitoring, detection, and response | 15/956,456 | April 18, 2018 | 10600295 | March 24, 2020 |
| 092418-597726 | 092418-597726 | T017-7001US1 | US | ORD | Granted | System and method for real-time decoding and monitoring for encrypted instant messaging and other information exchange applications | 16/002,820 | June 7, 2018 | 10637674 | April 28, 2020 |
| 092418-618715 | 092418-618715 | T017-7004US0 | US | CIP | Granted | Systems and methods for real-time adjustment of neural networks for autonomous tracking and localization of moving subject | 16/416,887 | May 20, 2019 | 11216954 | January 4, 2022 |
| 092418-630858 | 092418-630858 | T017-7003US1 | US | ORD | Granted | Systems and methods for autonomous machine tracking and localization of mobile objects | 16/519,996 | July 23, 2019 | 11125563 | September 21, 2021 |
| 092418-639739 | 092418-639739 | T017-7000CA | CA | PCT | TBA-In Process | System and method for threat monitoring, detection, and response | 3062459 | November 4, 2019 |  |  |
| 092418-639741 | 092418-639741 | T017-7000IL0 | IL | PCT | Granted | System and method for threat monitoring, detection, and response | 270310 | October 30, 2019 | 270310 | September 1, 2020 |
| 092418-679510 | 092418-679510 | T017-7003CA0 | CA | PCT | Granted | Systems and methods for autonomous machine tracking and localization of mobile objects | 3107374 | January 21, 2021 | 3107374 | September 27, 2022 |
| 092418-679526 | 092418-679526 | T017-7003IL0 | IL | PCT | Granted | Systems and methods for autonomous machine tracking and localization of mobile objects | 280328 | January 21, 2021 | 280328 | December 1, 2021 |
| 092418-706033 | 092418-706033 | T017-7006US1 | US | ORD | Granted | Systems and methods for generating emergency response | 17/512,952 | October 28, 2021 | 11653192 | May 16, 2023 |
| 092418-722181 | 092418-722181 | T017-7007US1 | US | ORD | Granted | System and method to register improved accuracy geofences | 17/704,489 | March 25, 2022 | 12200564 | January 14, 2025 |

---

We also rely on confidentiality procedures, contractual commitments, and other legal rights to establish and protect our intellectual property. We generally enter into agreements with our employees and consultants that contain confidentiality provisions to control access to, and invention or work product assignment provisions to clarify ownership of, our proprietary information.

**Property**

Our mailing address is 85 Broad St. New-York, NY 10004, which is at a private office space. The space serves as the location of our corporate headquarters. We also lease spaces at NJ, Israel, UK and France on a month-to-month basis or a 12-month lease period for a total of $20 per month, which serves as our local Command Centers and development offices.

We believe that our facilities are adequate for our current and anticipated near-term needs and that suitable additional or substitute space would be available if needed.

**Legal Proceedings**

In July 2022, the Israeli Subsidiary gave the lessor advanced notice of its intention to exercise the exit point on December 31, 2022, while negotiating the fifth-year terms. The parties were unable to reach agreements and in July 2023 the subsidiary vacated the leased premises. In February 2025 a lawsuit was filed against the Company for a total of $1,600. Given the preliminary stage in which the lawsuit is at, the Israeli Subsidiary's lawyers cannot reasonably assess the likelihood of the claims to be accepted by court. Given that Company's plan to litigate the case, and given the dynamics of such trials in Israel, a decision by a court is not anticipated until 2027.

From time to time, we may be party to litigation arising in the ordinary course of business. Except as described above, as of the date of this prospectus, we are not subject to any material legal proceedings nor, to the best of our knowledge, are any material legal proceedings pending or threatened against us.

**MANAGEMENT**

**Executive Officers and Directors**

The following table sets forth certain information, as of the date of this prospectus, concerning our executive officers:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Doron Kempel | 61 | Chief Executive Officer and Director |
| Amit Hod | 41 | Chief Financial Officer, Head of Corporate Operations and Director |
| Joseph DeSalvo | 59 | Head of Global Security |
| Michael Lambert | 52 | Head of Commercial Operations |
| Adam Draizin | 55 | Independent Director Nominee |
| Paul Morin | 80 | Independent Director Nominee |
| Randy Boutin | 56 | Independent Director Nominee |

---

The following is a biographical summary of the experience of our executive officers.

**Doron Kempel**

Doron Kempel is Chairman, CEO and a non-independent director at Bond. Prior to founding Bond in 2017, Doron was Founder and CEO of SimpliVity Corporation, which pioneered hyper converged IT infrastructure, a novel cloud architecture that radically simplified IT infrastructure and was eventually acquired by HPE. Previously, was co-founder, Chairman and CEO at Diligent Technologies, which was eventually acquired by IBM. Doron holds an MBA from Harvard Business School, as well as Law and Philosophy degrees from Tel-Aviv University. Additionally, he served for approximately ten (10) years in the Israeli Defense Forces.

**Amit Hod**

Amit Hod is Chief Financial Officer, Head of Corporate Operations and will be a non-independent director at Bond. In this role, he leads the company's daily activities across functions such as finance, IT, and regulatory compliance. Prior to Bond, Amit was the Chief Financial Officer at BCM where he led the company's acquisition. Before, he was a senior auditor at PwC, managing financial audits of start-ups in the high-tech and online arenas, private and listed companies. Amit holds a B.A in accounting and information technologies and M.A in law. Additionally, he served for eight (8) years in the ministry of defense.

**Joseph DeSalvo**

Joseph DeSalvo was most recently Chief Security Officer of Blackstone and has more than twenty (20) years of experience in corporate security and investigations. Based in New York, he oversaw security for Blackstone's facilities, employees and assets, business continuity, crisis management, duty of care and executive protection for all offices globally. A former FBI Special Agent and United States Army veteran, Mr. DeSalvo has held similar roles at Charles Schwab & Co., Bankers Trust Company and Iron Mountain. Mr. DeSalvo earned his MBA from the University of Hartford, and he holds executive leadership certifications from Georgetown University and the Kellogg School of Management at Northwestern University.

**Michael Lambert**

Michael Lambert is Head of Commercial Operations at Bond. A multilingual enterprise sales leader with an unbroken string of organizational success stories, Michael is a board-facing executive who joined Bond most recently from Vectra AI, a pre-IPO cybersecurity market disruptor, where he established and grew the top-performing regional sales team globally. Prior to this, Michael was the VP/GM of the Americas at MSC Software, leading a cross-functional team through a turnaround success that enabled the company to exit private equity with an attractive multiple. Formative sales experiences at PTC and IBM prepared him to step into the MSC role. Michael spent five (5) years active duty in the US Marine Corps after he graduated with honors from the US Naval Academy. He speaks, reads and writes Japanese and Spanish.

**Adam Draizin**

Adam Draizin has been nominated to serve as an independent director at Bond and the Audit Committee Chair upon the Company's listing on Nasdaq. In this role, he will oversee the integrity of financial reporting, effectiveness of internal controls and the performance of internal and external auditors. He is a private equity investor and advisor wherein he manages a diverse investment portfolio across multiple sectors and has served on boards of both, private and public companies, offering governance oversight and growth-focused advisory. Before, he was the Co-Founder and an executive officer at Verra Mobility (formerly American Traffic Solutions), managing the fleet services division and building the leading toll and violation management platform. Additionally, he served for six (6) years as the CFO of Verra Mobility. Adam holds an M.B.A from Harvard Business School, as well as a History degree from Washington University in St. Louis.

**Paul Morin**

Paul Morin has been nominated to serve as an independent director at Bond and the Compensation Committee Chair upon the Company's listing on Nasdaq. In this role, he will lead the oversight of executive compensation policies, ensuring alignment with company performance and shareholder interests. Prior to Bond, he was the owner of Cardinal Program Management Services wherein he provided business operations consulting to two high-tech startups and acted as the Operations VP and managed the HR, IT, facilities, legal, planning, and financial departments in the U.S. and Israel. Before, he was the VP Global Business Operations at Diligent Technologies Corporation, managing the global business operations of a tech start-up from founding to acquisition by IBM. Additionally, he served as the Director of Operations at EMC Corporation for two (2) years. Paul holds an executive business degree from Carnegie Mellon University, as well as a Bachelor of Science degree from Northeastern University.

**Randy Boutin**

Randy Boutin has been nominated to serve as an independent director at Bond and the Nominating and Corporate Governance Committee Chair upon the Company's listing on Nasdaq. In this role, he will lead the selection of board candidates and oversee corporate governance practices to ensure effective board functioning. Currently, he is the General Manager at Amazon Web Services, wherein is responsible for the AWS Edge Data Services exceeding $300 million ARR and optimizing data management to help customers accelerate workflows and projects. Before, he was the Co-Founder and CEO of Tuono, a public cloud infrastructure automation platform, developing and managing the platform to help enterprise customers adopt and manage public cloud computing and accelerating productivity. Additionally, he served for five (5) years as the VP of Cloud Services & Customer Success at SimpliVity. Randy holds an M.B.A from Columbia Business School, as well as a Bachelor of Science degree from Rensselaer Polytechnic Institute.

**Family Relationships**

There are no family relationships among any of our directors or executive officers.

**Board of Directors**

Our board of directors currently consists of two (2) directors and will expand to six (6) directors upon our anticipated listing on Nasdaq. Our bylaws provide that, subject to the rights of holders of any series of our preferred stock to elect directors, the number of directors on our board of directors shall be fixed from time to time solely by resolution of the board of directors.

Pursuant to our bylaws, subject to the preferential rights of holders of any series of our preferred stock, any newly created directorship that results from an increase in the number of directors or any vacancy on our board of directors can only be filled by the affirmative vote of a majority of the total number of directors then in office, even if less than a quorum, or by a sole remaining director. Further, any member of our board of directors or our entire board of directors may be removed by the stockholders holding a majority of the shares then entitled to vote at an election of directors with or without cause.

When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

**Director Independence**

Our board of directors has determined that all members of our board of directors and nominees for our board of directors, except Doron Kempel and Amit Hod, are independent directors for purposes of the rules of Nasdaq and the SEC. In making this determination, our board of directors considered the relationships that each non-employee director has with us and all other facts and circumstances that our board of directors deemed relevant, including the beneficial ownership of our Common Stock by each non-employee director. Upon the effectiveness of the registration of which this prospectus forms a part, we expect that the composition and functioning of our board of directors and each of our committees will comply with all applicable requirements of Nasdaq and the rules and regulations of the SEC, subject to applicable phase-in periods for committees.

**Board Leadership Structure**

Our board of directors is currently chaired by Doron Kempel. Our corporate governance guidelines further provide the flexibility for our board of directors to modify our leadership structure in the future as it deems appropriate.

**Committees of our Board of Directors**

Our board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee, each of which operates pursuant to a charter adopted by our board of directors. Our board of directors may also establish other committees from time to time to assist the board of directors. Upon the effectiveness of the registration of which this prospectus forms a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act, Nasdaq and SEC rules and regulations. Upon our listing on Nasdaq, each committee's charter will be available on our website.

**Audit Committee**

Effective upon our listing on the Nasdaq, the members of our Audit Committee will be Adam Draizin, Paul Morin and Randy Boutin. Adam Draizin will serve as the chairperson of the committee. Each of the audit committee members satisfy the independence requirements of Rule 5605(a)(2) of the NASDAQ Stock Market listing rules and SEC Rule 10A-3 nominees. Our board has affirmatively determined that Adam Draizin will be designated as the "audit committee financial expert." The designation shall not impose on Adam Draizin any duties, obligations or liabilities that are greater than those generally imposed on members of our Audit Committee and the board members. The audit committee's responsibilities include:

● appointing, approving the compensation of and assessing the independence of our independent registered public accounting firm;

● pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

● reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

● reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

● coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

● establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns;

● recommending based upon the audit committee's review and discussions with management and our independent registered public accounting firm whether our audited financial statements shall be included in our annual report on Form 10-K;

● monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

● preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

● reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

● reviewing quarterly earnings releases.

**Compensation Committee**

Effective upon our listing on the Nasdaq, the members of the compensation committee will be Paul Morin, Adam Draizin and Randy Boutin. Paul Morin will serve as the chairperson of the committee. Our board of directors has determined that each member of the compensation committee is "independent" as that term is defined in Nasdaq rules and is a "non-employee director" under Rule 16b-3 under the Exchange Act. In addition, our board of directors has determined that each member of the compensation committee meets the heightened independence requirements for compensation committee purposes under Section 10C of the Exchange Act and related SEC and Nasdaq rules. The compensation committee's responsibilities include:

● reviewing and approving our philosophy, policies and plans with respect to the compensation of our chief executive officer;

● making recommendations to our board of directors with respect to the compensation of our chief executive officer and our other executive officers;

● reviewing and assessing the independence of compensation advisors;

● overseeing and administering our equity incentive plans;

● reviewing and making recommendations to our board of directors with respect to director compensation; and

● preparing the compensation committee reports required by the SEC, including our "compensation discussion and analysis" disclosure.

**Nominating and Corporate Governance Committee**

Effective upon our listing on the Nasdaq, the members of our nominating and corporate governance committee will be Randy Boutin, Adam Draizin and Paul Morin. Randy Boutin will serve as the chairperson of the committee. Our board of directors has determined that each member of the nominating and corporate governance committee is "independent" as defined in Nasdaq rules. The nominating and corporate governance committee's responsibilities include:

● developing and recommending to the board of directors criteria for board and committee membership;

● establishing procedures for identifying and evaluating board of director candidates, including nominees recommended by shareholders;

● reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us;

● identifying and screening individuals qualified to become members of the board of directors;

● recommending to the board of directors the persons to be nominated for election as directors and to each of the board's committees;

● developing and recommending to the board of directors a code of business conduct and ethics and a set of corporate governance guidelines; and

● overseeing the evaluation of our board of directors and management.

**Code of Conduct**

We have adopted a written code of ethics and business conduct, that applies to our directors, officers and employees, including our chief executive officer, head of finance, head of global security or persons performing similar functions. In connection with the effectiveness of the registration statement of which this prospectus forms a part, a current copy of the code will be posted on our website. If we make any substantive amendments to, or grant any waivers from, the code of ethics and business conduct for any officer or director, we will disclose the nature of such amendment or waiver on our website or in a Current Report on Form 8-K.

**EXECUTIVE AND DIRECTOR COMPENSATION**

**Executive Compensation**

This section discusses the material components of the executive compensation program for our executive officers who are named in the "*2024 Summary Compensation Table*" below. For the fiscal year ended December 31, 2024, our "named executive officers" and their positions were as follows:

● Doron Kempel, Chief Executive Officer and Director;

● Amit Hod, Head of Corporate Operations and Finance;

● Joseph DeSalvo, Head of Global Security; and

● Michael Lambert, Head of Commercial Operations.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt following the completion of this offering may differ materially from the currently planned programs summarized in this discussion. As an "emerging growth company" and a "smaller reporting company," each as defined under SEC rules, we are not required to include a compensation discussion and analysis section and have elected to comply with the scaled disclosure requirements applicable to emerging growth companies and smaller reporting companies.

**2024 Summary Compensation Table**

The following table represents information regarding the total compensation awarded to, earned by or paid to our named executive officers during the fiscal years ended December 31, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary ($)** | **Bonus ($)** | **Option Awards (1) ($)** |  | **Total ($)** |
| Doron Kempel | 2024 | 31200 |  | 1298195 |  | 1329395 |
| Chief Executive Officer and Director | 2023 | 31200 |  |  |  | 31200 |
| Amit Hod | 2024 | 153000 |  | 427257 | (2) | 580257 |
| Head of Corporate Operations and Finance | 2023 | 153000 |  |  |  | 153000 |
| Joseph DeSalvo | 2024 | 315000 | 337500 | 761842 |  | 1414342 |
| Head of Global Security | 2023 | 283500 |  |  |  | 283000 |
| Michael Lambert | 2024 | 225000 | 250000 | 97364 |  | 572364 |
| Head of Commercial Operations | 2023 |  |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In accordance with SEC rules, amounts in this column reflect the aggregate grant date fair value of stock options for shares of Common Stock granted computed in accordance with ASC 718, rather than the amounts paid or realized by the named individual. We provide information regarding the assumptions used to calculate the value of the stock options granted in Note 4 to our audited financial statements included elsewhere in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The exercise price for the option awards awarded to our named executive officers was modified pursuant to a reverse stock split on November 11, 2023 and September 19, 2025 except in relation to the exercise price for the option awards awarded to Mr. Hod.

**2024 Salaries**

In 2024, our named executive officers received an annual base salary to compensate them for services rendered to us. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role, and responsibilities.

For the fiscal year ended December 31, 2024, the annual base salary of the following executive officers remained consistent with salaries paid in the fiscal year ended December 31, 2023: Mr. Kempel at $31,200 and Mr. Hod at $153,000.

Mr. Lambert joined the Company in the fiscal year ended December 31, 2024 with an annual base salary of $225,000.

**2023 Salaries**

In 2023, our named executive officers received an annual base salary to compensate them for services rendered to us. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role, and responsibilities.

**2024 Bonuses**

For the fiscal year ended December 31, 2024, Mr. DeSalvo and Mr. Lambert were eligible to earn a bonus based on the achievement of goals and milestones, as determined by the Company in its sole discretion. For the fiscal year ended December 31, 2024, both Mr. DeSalvo and Mr. Lambert received bonuses amounting to $385,000 and $215,000 respectively.

**2023 Bonuses**

For the fiscal year ended December 31, 2023, none of the executive officers were eligible for or earned a bonus based on the achievement of goals and milestones, as determined by the Company in its sole discretion.

**Equity Compensation**

Our named executive officers received stock options to purchase shares of Common Stock that were granted in 2024 pursuant to the Company's Amended and Restated Equity Plan. No stock options were granted in 2023.

In 2024, the named executive officers were awarded stock options to purchase the following number of shares of Common Stock: Mr. Kempel - 3,090,943, Mr. Hod - 192,559, Mr. DeSalvo - 251,707 and Mr. Lambert - 231,821.

In 2023, the named executive officers were awarded stock options to purchase the following number of shares of Common Stock: Mr. Hod - 20,189 and Mr. DeSalvo - 35,801. In 2023, no stock options were awarded to Mr. Kempel.

Many of the stock options granted to our named executive officers in 2024 vest over four (4) years, with a 1/4 on the first anniversary date of the vesting commencement date and 1/48<sup>th</sup> each month thereafter until fully vested, subject to continued service. All of the stock options granted vest over a period of time not to exceed ten (10) years from the grant date

For additional information about the Amended and Restated Equity Plan, please see the section titled "—*Equity Compensation Plans*" below.

**Other Elements of Compensation**

**Retirement Plans**

We participate in the TG-17, Inc. 401(k) Plan, which is available to all of our employees, including our named executive officers. Our named executive officers are eligible to participate in the TG-17, Inc. 401(k) Plan on the same terms as other full-time employees. As per the TG-17, Inc. 401(k) Plan, the Company may, in its sole discretion, provide matching funds to any employee.

**Employee Benefits and Perquisites**

*Health/Welfare Plans.* All of our full-time employees, including our named executive officers, are eligible to participate in the Company's health and welfare plans, including:

 

● medical, dental and vision benefits;

● health and dependent care flexible spending accounts;

● short-term and long-term disability insurance;

● life and accidental death and dismemberment coverage;

● voluntary employee paid life insurance; and

● employee paid specified disease.

We believe that the employee benefits described above are necessary and appropriate to provide a competitive compensation package to our named executive officers and employees.

**Employment Agreements with our Named Executive Officers**

**Doron Kempel Employment Agreement**

We entered into an employment agreement with Mr. Kempel, dated August 15, 2018, pursuant to which Mr. Kempel serves as our Chief Executive Officer. Mr. Kempel's employment pursuant to the agreement is "at-will" and is terminable by either party for any reason and with or without notice.

Pursuant to his agreement, Mr. Kempel was entitled to receive an initial base salary of $25,000 per year, which was increased to $31,200 in 2023. In addition, the agreement provides that Mr. Kempel is eligible to participate in Company sponsored benefit plans, as and when established. All reasonable business expenses that were documented by Mr. Kempel and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

**Amit Hod Employment Agreement**

We, through our TG- 17 (Israel) Ltd. subsidiary, entered into an employment agreement with Mr. Hod, dated May 25, 2017, pursuant to which Mr. Hod serves as our Chief Financial Officer and Head of Corporate Operations. Mr. Hod's employment pursuant to the agreement is "at-will" and is terminable by either party for any reason and with a prior written notice of 30 days.

Pursuant to his agreement, Mr. Hod was entitled to receive an initial base salary of $7,820 per month and an overtime payment of $1,955 per month, which was increased to a monthly base salary of $11,290 and an overtime payment of $2,820 per month in 2022. In addition, the agreement provides that Mr. Hod shall receive (i) eligibility to participate in Company sponsored benefit plans, as and when established, including the continuous excellence and alignment objectives ("***CEAO***") bonus program, (ii) pension insurance, and (iii) 616 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated Sub-Plan: Israel. Under the CEAO bonus program, Mr. Hod was entitled to receive an initial gross payout of $6,200, awarded in four (4) equal quarterly payments based on subjective and objective criteria as determined by the Chief Executive Officer and Vice-President of the employee's department of the Company. In 2022, the gross payout under the CEAO bonus program was increased to $31,200 and Mr. Hod was awarded (i) a one-time cash bonus of one (1) month's salary and (ii) an additional 868 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated Sub-Plan: Israel. All reasonable business expenses that were documented by Mr. Hod and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

**Joseph DeSalvo Employment Agreement**

We entered into an employment agreement with Mr. DeSalvo, dated July 19, 2021, pursuant to which Mr. DeSalvo serves as our Head of Global Security. Mr. DeSalvo's employment pursuant to the agreement is "at-will" and is terminable by either party for any reason and with or without notice.

Pursuant to his agreement, Mr. DeSalvo was entitled to receive an initial base salary of $285,000 per year. In addition, the agreement provides that Mr. DeSalvo shall receive (i) eligibility to participate in Company sponsored benefit plans, as and when established, including the CEAO bonus program, (ii) commission incentives and bookings bonus for the first twelve (12) months of employment as per the agreement, and subsequently as determined by the Company, (iii) 35,801 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated 2017 Equity Plan, and (iv) three (3) months' severance benefits in the event of termination other than for cause or for a good reason as defined under the agreement. Under the CEAO bonus program, Mr. DeSalvo was entitled to receive an initial gross payout of $15,000, awarded in four (4) equal quarterly payments based on subjective and objective criteria as determined by the Chief Executive Officer of the Company. All reasonable business expenses that were documented by Mr. DeSalvo and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

**Michael Lambert Employment Agreement**

We entered into an employment agreement with Mr. Lambert, dated January 2, 2024, pursuant to which Mr. Lambert serves as our Head of Commercial Operations. Mr. Lambert's employment pursuant to the agreement was "at-will" and was terminable by either party for any reason and with or without notice.

Pursuant to his agreement, Mr. Lambert was entitled to receive an initial base salary of $240,000 per year, which was decreased to $225,000 in 2024. In addition, the agreement provides that Mr. Lambert shall receive (i) eligibility to participate in Company sponsored benefit plans, as and when established, including the CEAO bonus program, (ii) commission incentives of up to $250,000, (iii) 2,31,821 options to purchase common stock of the Company under the TG-17, Inc. Amended and Restated 2017 Equity Plan, and (iv) three (3) months' severance benefits in the event of termination other than for cause. Under the CEAO bonus program, Mr. Lambert was entitled to receive an initial gross payout of $10,000, awarded in four (4) equal quarterly payments based on subjective and objective criteria as determined by the Chief Executive Officer of the Company. In 2024, the gross payout under the CEAO bonus program was reduced to $0. All reasonable business expenses that were documented by Mr. Lambert and incurred in the ordinary course of business were to be reimbursed in accordance with the Company's standard policies and procedures.

The foregoing description of the employment agreements with our named executive officers are qualified in their entirety by reference to the individual employment agreements, copies of which are filed as Exhibits 10.5, 10.6, 10.7 and 10.8 hereto and incorporated by reference herein.

**Equity Compensation Plans**

The following summarizes the material terms of the Amended and Restated Equity Plan.

**Stock Option Plan**

On May 26, 2017, our board of directors adopted, and our stockholders approved, our Amended and Restated Equity Plan. On June 29, 2018, this plan was amended to reflect the Company's conversion from a Delaware limited liability company to a Delaware corporation. On June 19, 2025, this plan was further amended to increase the number of shares authorized for issuance under the plan by reserving an additional 5,866,923 shares of the Common Stock resulting in an aggregate of 22,220,855 shares of the Common Stock reserved for issuance.

On May 26, 2017, our board of directors adopted, and our stockholders approved, our TG-17, Inc. Amended and Restated Sub-Plan: Israel applicable only for residents of the State of Israel or those who are deemed to be residents of the State of Israel for the payment of tax. This sub-plan is to be read as a continuation of the Amended and Restated Equity Plan and only modifies those options that are governed by the sub-plan to ensure compliance with the requirements of the applicable Israeli laws.

The Amended and Restated Equity Plan provides for the grant of incentive stock options and non-statutory stock options. The Amended and Restated Equity Plan, through the grant of stock awards, is intended to help us secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for our success. Through December 31, 2024, we have issued the equivalent of 5,032,974 options at the strike price and as per the vesting schedule specified in the corresponding award agreement to employees and directors under Amended and Restated Equity Plan.

As of December 31, 2024, there were the equivalent of 216,058 shares available for future issuance under the Amended and Restated Equity Plan.

The foregoing description of the TG-17, Inc. Amended and Restated 2017 Equity Plan and the TG-17, Inc. Amended and Restated Sub-Plan: Israel are qualified in its entirety by reference to the TG-17, Inc. Amended and Restated 2017 Equity Plan and the TG-17, Inc. Amended and Restated Sub-Plan: Israel, copies of which are filed as Exhibits 10.2 and 10.3 hereto and incorporated by reference herein.

**Outstanding Equity Awards at December 31, 2024**

The following table presents information regarding outstanding equity awards held by our named executive officers as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Number of Securities Underlying Unexercised Options Exercisable** | **Number of Securities Underlying Unexercised Options Unexercisable** | **Weighted Average Option Exercise Price** |  | **Option Expiration Date** |
| Doron Kempel | 24469967 | 6439467 | $0.14 |  | 2034 |
| Amit Hod | 1293367 | 632223 | $0.74 | (1) | 2027-2034 |
| Joseph DeSalvo | 161023 | 906834 | $0.14 |  | 2031-2034 |
| Michael Lambert | 0 | 231821 | $0.14 |  | 2034 |

---

(1) The exercise price for the option awards awarded to our named executive officers was modified pursuant to a reverse stock split on November 11, 2023 except in relation to the exercise price for the option awards awarded to Mr. Hod.

**Director Compensation**

**Non-employee Director Compensation Table**

We did not have any non-employee members on our board of directors during the fiscal year ended December 31, 2024 and therefore, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any non-employee members of our board of directors in 2024.

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

The following table lists, as of the date of this prospectus, the number of shares of common stock beneficially owned by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each person, entity or group (as that term is used in Section 13(d)(3) of the Exchange Act) known to the Company to be the beneficial owner of more than 5% of the outstanding common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each of our Named Executive Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all executive officers and directors as a group.

Information relating to beneficial ownership of Common Stock by our principal stockholders and management is based upon information furnished by each person using "beneficial ownership" concepts under the rules of the Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person directly or indirectly has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to dispose or direct the disposition of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary interest.

We have based percentage of beneficial ownership for the following table on 3,164,758 shares of Common Stock and 24,513,805 shares in the aggregate of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock and Series F Preferred Stock on an as converted to Common Stock basis, which cast a total of 424,510,471 on an as converted to Common Stock basis, for a total of 427,675,229 shares entitled to vote, and does not include 3,368,466 shares of Series CF-1 Preferred Stock and 215,918 shares of Series CF-2 Preferred Stock, 329,671 shares of Series C Preferred Stock and 682,770 shares of Series E Preferred Stock, which are non-voting, outstanding as of September 30, 2025. In addition, in accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities issuable within 60 days of September 30, 2025. As such, shares of Common Stock issuable pursuant to options and warrants that may be exercised or settled within 60 days of September 30, 2025 are deemed to be outstanding for purposes of computing the percentage of the class beneficially owned by the person holding such securities but are not deemed to be outstanding for purposes of computing the percentage of the class beneficially owned by any other person.

Each share of our Common Stock is entitled to one vote per share on all matters submitted to a vote of the stockholders, including the election of directors.

Unless otherwise indicated, the business address of each of the individuals and entities named below is c/o TG-17, Inc., 85 Broad Street, New York, NY 10004.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of beneficial owner** | **Common Stock beneficially owned prior to offering** | **Percentage of Beneficial Ownership** | **Percentage of Voting Power** | **Shares of Common Stock being registered** | **Shares of Common Stock beneficially owned after offering** |
| **Executive Officers and Directors** |  |  |  |  |  |
| Doron Kempel (1) | 7381917 | 71.61% | 99.28% |  |  |
| Amit Hod (2) | 145272 | 4.31% | 0% |  |  |
| Joseph DeSalvo (3) | 35239 | 1.08% | 0% |  |  |
| Michael Lambert (4) | 86472 | 2.61% | 0% |  |  |
| Adam Draizin |  |  |  |  |  |
| Paul Morin (5) | 66707 | 2.03% | 2.03% |  |  |
| Randy Boutin |  |  |  |  |  |
| **Executive Officers and Directors as a Group (8 persons) (6)** | 7715607 | 72.51% | 99.29% |  |  |
| **5% Stockholders** |  |  |  |  |  |
| Doron Kempel (1) | 7381917 | 71.61% | 99.28% |  |  |
| ProdActive II LLC (7) | 9063796 | 81.47% | 81.47% |  |  |
| Radek Sousek (8) | 2164417 | 40.45% | 40.45% |  |  |
| Trustees of the DK 2017 Non-US Trust (9) | 189029 | 5.54% | 5.54% |  |  |
| Trustees of the DK 2017 Brothers Trust (10) | 180620 | 5.32% | 5.32% |  |  |
| Trustees of the DK 2017 Parents Trust (11) | 188180 | 5.55% | 5.55% |  |  |
| David A. Novak (12) | 216449 | 6.40% | 6.40% |  |  |
| JVP VIII, L.P. (13) | 1365433 | 32.64% | 32.64% |  |  |
| JVP VII Opportunity, L.P. (14) | 727330 | 19.46% | 19.46% |  |  |
| JVP VII Opportunity (Israel), L.P. (15) | 190312 | 5.68% | 5.68% |  |  |
| A Participations Ltd. (16) | 608530 | 16.78% | 16.78% |  |  |
| Fersen S.A. (17) | 365118 | 10.53% | 10.53% |  |  |
| 12.64 Fund L.P. (18) | 178078 | 5.23% | 5.23% |  |  |
| Dennis Cameron (19) | 170936 | 5.03% | 5.03% |  |  |
| FDC Bond SPV LLC (20) | 401790 | 11.07% | 11.07% |  |  |
| Maxim Partners LLC (21) | 180241 | 5.58% | 5.58% |  |  |
| Ascent Partners Fund LLC (22) | 322503 | 9.08% | 0% |  |  |
| Eastward Fund Management, LLC (23) | 4387237 | 57.90% | 56.48% |  |  |

---

\* Less than 1%

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) 301,852 shares of our Common Stock, which includes the following: (i) 165,780 shares which he owns himself and over which he has sole voting and investment control; and (ii) 136,072 shares owned by VFTG, L.P., over which Mr. Kempel has sole voting and investment control. The address of VFTG, L.P. is 292 Newbury Street, #485 Boston, MA 02115;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) 2,367,359 shares of our shares of Common Stock, issuable upon conversion of 2,367,359 shares of Series B-2 Preferred Stock, owned by VFTG, L.P.;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) 3,334 shares of our shares of Common Stock, issuable upon conversion of 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes, which he owns himself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) 1,176,491 shares of our Common Stock issuable upon the exercise of 2,801,168 outstanding options within 60 days of this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amit Hod beneficially owns 145,272 shares of our Common Stock issuable upon the exercise of 209,919 outstanding options within 60 days of this prospectus. Mr. Hod has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Joseph DeSalvo beneficially owns 35,239 shares of our Common Stock issuable upon the exercise of 251,707 outstanding options within 60 days of this prospectus. Mr. DeSalvo has sole voting and investment control over such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Michael Lambert beneficially owns 86,472 shares of our Common Stock issuable upon the exercise of 138,922 outstanding options within 60 days of this prospectus. Mr. Lambert has sole voting and investment control over such shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Includes (A) 303,767 shares of Common Stock, (B) 3,114,460 shares of Series B-1 Preferred Stock, (C) 2,367,359 shares of Series B-2 Preferred Stock; (D) 483,213 shares of Series B-3 Preferred Stock; (E) 10,000 shares of Series F Preferred Stock, each share entitled to cast 40,000 votes and (F) 1,443,474 shares of Common Stock issuable upon the exercise of 3,401,716 outstanding options within 60 days of this prospectus, all amounts mentioned herein held by the directors and executive officers as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ProdActive II LLC, beneficially owns 9,063,796 shares of Common Stock which includes (A) 1,166,113 shares of Common Stock; and (B) 7,897,683 shares of Common Stock issuable upon conversion of (i) 133,330 shares of Series B-1 Preferred Stock; (ii) 4,658,292 shares of Series B-2 Preferred Stock; and (iii) 3,106,061 shares of Series B-3 Preferred Stock. DK 2019 Irrevocable Trust has sole voting and investment control over stocks beneficially owned by ProdActive II LLC. DK 2019 Irrevocable Trust is governed by unanimous consent of a distribution committee, namely: Jonathan Kempel, Koby Kempel, Jay Hachigian, Susan Aharonian and Paul Morin. The address of ProdActive II LLC is 292 Newbury Street, #485 Boston, MA 02115.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Trustees of the DK 2017 Non-US Trust beneficially owns 189,029 shares of Common Stock which includes (A) 8,216 shares of Common Stock; and (B) 180,813 shares of Common Stock issuable upon conversion of 180,813 shares of Series B-2 Preferred Stock. Mr. Jonathan Kempel has sole voting and investment control over stocks beneficially owned by Trustees of the DK 2017 Non-US Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Trustees of the DK 2017 Brothers Trust beneficially owns 180,620 shares of Common Stock which includes (A) 16,521 shares of Common Stock; and (B) 164,099 shares of Common Stock issuable upon conversion of 164,099 shares of Series B-2 Preferred Stock. Ms. Amanda Gallagher has sole voting and investment control over stocks beneficially owned by Trustees of the DK 2017 Brothers Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Trustees of the DK 2017 Parents Trust beneficially owns 188,180 shares of Common Stock which includes (A) 28,639 shares of Common Stock; and (B) 159,541 shares of Common Stock issuable upon conversion of 159,541 shares of Series B-2 Preferred Stock. Ms. Amanda Gallagher has sole voting and investment control over stocks beneficially owned by Trustees of the DK 2017 Parents Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. David A. Novak beneficially owns 216,449 shares of Common Stock which includes (A) 62,793 shares of Common Stock; and (B) 153,656 shares of Common Stock issuable upon conversion of 153,656 shares of Series B-3 Preferred Stock. David A. Novak has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. JVP VIII, L.P. beneficially owns 1,365,433 shares of Common Stock which includes (A) 410,531 shares of Common Stock; and (B) 954,902 shares of Common Stock issuable upon conversion of 954,902 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VIII, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. JVP VII Opportunity, L.P. beneficially owns 727,330 shares of Common Stock which includes (A) 218,679 shares of Common Stock; and (B) 508,651 shares of Common Stock issuable upon conversion of 508,651 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VII Opportunity, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. JVP VII Opportunity (Israel), L.P. beneficially owns 190,312 shares of Common Stock which includes (A) 65,460 shares of Common Stock; and (B) 124,852 shares of Common Stock issuable upon conversion of 124,852 shares of Series B-3 Preferred Stock. Mr. Erel Margalit has sole voting and investment control over stocks beneficially owned by JVP VII Opportunity (Israel), L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. A Participations Ltd. beneficially owns 608,530 shares of Common Stock which includes (A) 209,309 shares of Common Stock; and (B) 399,221 shares of Common Stock issuable upon conversion of 399,221 shares of Series B-3 Preferred Stock. Mr. Stefano Pessina has sole voting and investment control over stocks beneficially owned by A Participations Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Fersen S.A. beneficially owns 365,118 shares of Common Stock which includes (A) 125,586 shares of Common Stock; and (B) 239,532 shares of Common Stock issuable upon conversion of 239,532 shares of Series B-3 Preferred Stock. Mr. Simonetta Guerra has sole voting and investment control over stocks beneficially owned by Fersen S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. 12.64 Fund L.P. beneficially owns 178,078 shares of Common Stock issuable upon conversion of 178,078 shares of Series B-3 Preferred Stock. [INSER NAME] has sole voting and investment control over stocks beneficially owned by 12.64 Fund L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Dennis Cameron beneficially owns 170,936 shares of Common Stock issuable upon conversion of 170,936 shares of Series B-1 Preferred Stock. Mr. Dennis Cameron has sole voting and investment control over stocks beneficially owned by him.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. FDC Bond SPV LLC beneficially owns 401,790 shares of Common Stock issuable upon conversion of 401,790 shares of Series B-3 Preferred Stock. Mr. Andrew Spellman has sole voting and investment control over stocks beneficially owned by FDC Bond SPV LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Maxim Partners LLC beneficially owns 180,241 shares of Common Stock. MJR Holdings LLC is the managing member of Maxim Partners LLC. Cliff Teller is the Chief Executive Officer of MJR Holdings LLC and, has dispositive power over the securities held by Maxim Partners. Mr. Teller disclaims beneficial ownership over any securities owned by Maxim Partners LLC and MJR Holdings LLC except to the extent of his pecuniary interest therein. The address of Maxim Partners LLC is 300 Park Ave 16th Floor, New York, NY 10022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Ascent Partners Fund LLC (the "***Ascent***"), a Delaware limited liability company, beneficially owns 322,503 shares of Common Stock issuable upon conversion of 65,374 shares of Series C Preferred Stock. Ascent Partners Fund LLC ("***Ascent***"), a Delaware limited liability company, beneficially owns the shares listed on this table. Each of Mikhail Gurevich and Gennadiy Gurevich manages Dominion Capital Holdings LLC ("***DCH***") and Dominion Capital GP LLC ("***Dominion GP***"), each a Delaware limited liability company, Dominion Capital LLC ("***DC***"), a Connecticut limited liability company, Ascent Partners LLC ("***AP***"), a Delaware limited liability company and Ascent. DCH manages DC, Dominion GP, AP and Ascent. Dominion GP manages DC, AP and Ascent. DC manages AP and Ascent. Alon Brenner manages Masada Group Holdings LLC ("***Masada***"), a Florida limited liability company, AP and Ascent. Masada manages AP and Ascent. AP manages Ascent. Ascent has the power to dispose of and the power to vote the shares beneficially owned by it. Each of Mikhail Gurevich, Gennadiy Gurevich, DCH, Dominion GP, DC, Alon Brenner, Masada and AP may be deemed to beneficially own, and have the power to vote, the shares beneficially owned by Ascent and the other companies they are listed above as managing. For the avoidance of doubt, Ascent owns 329,671 shares of Series C Preferred Stock which are convertible into 1,626,800 shares of common stock and warrants to purchase 1,333,335 shares of Common Stock, issued as part of the Series C Preferred Stock offering, however, the Certificate of Designation for the Series C Preferred Stock contains a beneficial ownership limitation on conversion of the Series C Preferred Stock in excess of 9.99% of the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Eastward Fund Management, LLC beneficially owns (A) 37,620 shares of Common Stock, and (B) 4,349,617 shares of Common Stock issuable upon conversion of (i) 4,102,472 shares of Series B-1 Preferred Stock and (ii) 247,145 shares of Series B-1 Preferred Stock issuable upon exercise of 741,435 Series B-1 Warrants. Mr. Dennis Cameron has sole voting and investment control over stocks beneficially owned by Eastward Fund Management, LLC. The address of Eastward Fund Management, LLC is 432 Cherry Street West Newton, MA 02465. For the avoidance of doubt, Eastward Fund Management, LLC owns 682,770 shares of Series E Preferred Stock which are convertible into 1,477,857 shares of Common Stock, however, the Certificate of Designation for the Series E Preferred Stock contains a beneficial ownership limitation on conversion of the Series R Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock. Additionally, Eastward Fund Management, LLC owns 37,620 shares of Common Stock, issued as dividend pursuant to the Certificate of Designation of Series E Preferred Stock as of October 6, 2025 which are not being registered for resale.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | **Series of voting preferred stock beneficially owned prior to offering** | | | | | |
| **Name of beneficial**<br>**owner** | **B-1** | **B-2** | **B-3** | **F** | **C** | **E** | **Voting preferred stock beneficially owned prior to**<br>**offering** | **Percentage of beneficial**<br>**ownership** | **Percentage of voting**<br>**power** | **Shares of common stock being**<br>**registered** | **Shares of common stock beneficially owned after**<br>**offering** |
| **Executive Officers and Directors** |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 | 2367359 | 418421 | 10000 |  |  | 5910240 | 23.79% | 95.62% |  |  |
| Amit Hod |  |  |  |  |  |  |  |  |  |  |  |
| Joseph DeSalvo |  |  |  |  |  |  |  |  |  |  |  |
| Michael Lambert |  |  |  |  |  |  |  |  |  |  |  |
| Adam Draizin |  |  |  |  |  |  |  |  |  |  |  |
| Paul Morin (2) |  |  | 64792 |  |  |  | 64792 | 0.26% | 0.04% |  |  |
| Randy Boutin |  |  |  |  |  |  |  |  |  |  |  |
| **Executive Officers and Directors as a Group (4 persons) (3)** | 3114460 | 2367359 | 483213 | 10000 |  |  | 5975032 | 24.05% | 95.63% |  |  |
| **5% Stockholders** |  |  |  |  |  |  |  |  |  |  |  |
| Doron Kempel (1) | 3114460 | 2367359 | 418421 | 10000 |  |  | 5910240 | 23.79% | 95.62% |  |  |
| ProdActive II LLC (4) | 133330 | 4658292 | 3106061 |  |  |  | 7897683 | 31.80% | 5.00% |  |  |
| Radek Sousek (5) | 683746 | 1332552 | 106257 |  |  |  | 2122555 | 8.55% | 1.34% |  |  |
| Eastward Fund Management, LLC (6) | 4349617 |  |  |  |  |  | 4349617 | 17.34% | 2.60% |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Doron Kempel beneficially owns 5,903,574 shares of our Common Stock issuable upon conversion of:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 2,367,359 shares of Series B-2 Preferred Stock, owned by VFTG, L.P.;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Includes (i) 5,968,366 shares of Common Stock issuable upon conversion of the Preferred Stock entitled to vote held by the Directors and Executive Officers as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ProdActive II LLC beneficially owns 7,897,683 shares of Common Stock issuable upon conversion of (A) 133,330 shares of Series B-1 Preferred Stock; (B) 4,658,292 shares of Series B-2 Preferred Stock; and (C) 3,106,061 shares of Series B-3 Preferred Stock.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Eastward Fund Management, LLC beneficially owns 4,349,617 shares of Common Stock issuable upon conversion of (A) 4,102,472 shares of Series B-1 Preferred Stock and (B) 247,145 shares of Series B-1 Preferred Stock issuable upon exercise of 247,145 Series B-1 Warrants. For the avoidance of doubt, Eastward Fund Management, LLC owns 682,770 shares of Series E Preferred Stock which are convertible into 1,477,857 shares of Common Stock, however, the Certificate of Designation for the Series E Preferred Stock contains a beneficial ownership limitation on conversion of the Series R Preferred Stock in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock.

**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

The following is a summary of transactions or series of transactions since inception, or currently proposed transactions or series of transactions, to which we were, or will be, a party, in which the amount involved exceeded, or will exceed, $120,000, and in which any of our directors, executive officers, or to our knowledge, beneficial owners of 5% or more of our capital stock, or any member of the immediate family of, or entities affiliated with, any of the foregoing persons, had, or will have, a direct or indirect material interest.

Since the Company's establishment, the Company's founder and CEO has also been the largest investor who participated in all funding rounds and convertible notes in a total amount of approximately $34.2 million.

In December 2021, the Company entered into an Unsecured Grid Note agreement with its main shareholder, who is also the Chief Executive Officer (the "Main Shareholder") in the amount of up to $1,000,000. The Company received three installments of $300,000 each on December 3, 2021, December 10, 2021, and December 13, 2021.

In May 2022, the Company entered into another Unsecured Grid Note agreement with the Main Shareholder in the amount of up to $1,000 under the same terms. The Company received two installments of $400,000 and $350,000 on May 5, 2022, and May 26, 2022.

In June 2022, the Company entered into a third Unsecured Grid Note agreement with the Main Shareholder in the amount of up to $5,000,000 under the same terms. The Company received sixteen installments for a total of $4,625,000.

In October 2022, the Company entered into a fourth Unsecured Grid Note agreement with the Main Shareholder in the amount of up to $5,000,000 under the same terms. The Company received six installments for a total of $1,650,000.

In 2022, the related party loans in the amount of $6,275,000 were reassigned to a Convertible Promissory Note.

In 2023, $1,450,000 were reassigned to the Convertible Promissory Note and $200,000 were reassigned to the Unsecured Convertible Revolving Promissory Note entered into by the Company in July 2023. The Company entered into Unsecured Convertible Revolving Promissory Note with its main shareholder in the amount of up to $2,000,000. The principal amount was increased to $3,000,000 in October 2023.

In 2025, the Company issued an aggregate of 10,000 shares of Series F Preferred Stock with par value of $0.0001 to Doron Kempel in exchange for his surrender of an equal number of shares of Common Stock.

The total interest expenses recorded as of June 30, 2025 was $26,000, December 31, 2024 was $85,000 and December 31, 2023 was $35,000. As of June 30, 2025, December 31, 2024 and 2023, the Revolving Promissory Note outstanding balance was 1,577,000, $1,870,000 and $1,585,000 respectively.

**DESCRIPTION OF CAPITAL STOCK**

**General**

The following description summarizes certain important terms of our capital stock, as they are expected to be in effect in connection with the effectiveness of the registration statement of which this prospectus forms a part. This description summarizes the provisions of our articles of incorporation, bylaws and individual certificates of designation for each series of our Preferred Stock. Because it is only a summary, it does not contain all the information that may be important to you. For a complete description of the matters set forth in this section titled "*Description of Capital Stock*," you should refer to our articles of incorporation, our bylaws and individual certificates of designation for each series of our Preferred Stock, which are included as exhibits to the registration statement of which this prospectus forms a part, and to the applicable provisions of Nevada law.

We are authorized to issue 400,000,000 shares of capital stock, which will consist of: (i) 200,000,000 shares of Common Stock, par value $0.0001 per share, (ii) 150,000,000 shares of Preferred Stock, par value $0.0001 per share and (iii) 50,000,000 shares of Non-Voting Common Stock, par value $0.0001 per share.

Pursuant to our articles of incorporation, subject to the provisions of any certificate of designation of any series of Preferred Stock, any increase or decrease in the authorized shares of Common Stock requires an affirmative vote of all the holders of a majority in voting power of capital stock that are entitled to vote.

**Common Stock**

Our articles of incorporation provides that**:**

● holders of Common Stock will have the right to participate and vote in the Company's stockholders meeting except with respect to amendments to our articles of incorporation that relate solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled to vote on such an amendment;

● holders of Common Stock will be entitled to one vote per share on matters to be voted on by stockholders and also will be entitled to receive such dividends, if any, as may be declared from time to time out of funds legally available therefor;

● the payment of dividends, if any, on the Common Stock will be subject to rights of the holders of Preferred Stock; and

● upon our liquidation or dissolution, the holders of Common Stock will be entitled to receive pro rata all assets remaining available for distribution, subject to stockholders rights of the holders of Preferred Stock.

**Preferred Stock**

Our certificates of designation for each series of our Preferred Stock categorize Preferred Stock into the following designations: Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, Series CF-2 Preferred Stock, Series F Preferred Stock, Series C Preferred Stock and Series E Preferred Stock (together, the "**Preferred Stock**").

**Ranking**

With respect to the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company,

● All shares of capital stock of the Company except for Series C Preferred Stock and Series E Preferred Stock shall be junior in rank to Series C Preferred Stock and Series E Preferred Stock, each of which rank equal,

● Series B-3 Preferred Stock shall be junior in rank to Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series CF-1 Preferred Stock, and Series CF-2 Preferred Stock, each of which rank equal,

● Common Stock and Series F Preferred Stock shall be junior in rank to all other shares of capital stock, and

● Common Stock and Series F Preferred Stock shall rank equal.

**Overview of each series of Preferred Stock**:

The following is the summary of our various series of our Preferred Stock:

**Series B Preferred Stock**

**Description**

This consists of shares of Series B-1 Preferred Stock, Series B-2 Preferred Stock and Series B-3 Preferred Stock (together, the "**Series B Preferred Stock**").

**Conversion**

Each share of Series B Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the applicable original issuance price by the applicable conversion price in effect at the time of conversion.

Each share of Series B Preferred Stock shall automatically be converted into Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in our applicable certificate of designation), as such or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the applicable Series B Preferred Stock, the applicable conversion price for the applicable Series B Preferred Stock shall be readjusted to reflect the lower consideration paid for the applicable Series B Preferred Stock as set forth in our applicable certificate of designation.

**Voting Rights**

The holders of Series B Preferred Stock are entitled to one vote for each share of Common stock on an as-converted basis and shall vote together, along with holders of other Preferred Stock entitled to vote thereon (together, the "**Voting Preferred Stock**"), with the holders of Common Stock as a single class. The holders of the Series B Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

**Preferred Return; Dividends and Distributions**

The holders of Series B Preferred Stock have a right to participate in any dividend paid by the Company of an amount equal to the dividend payable on each share of Common stock on an as-converted basis. Further, the Company is not allowed to pay or set aside any such dividend unless the holders of Series B Preferred Stock are paid, either first or simultaneously, their share of the dividend, subject to rights of other series of Preferred Stock.

**Liquidation Preference**

The Company's Series B Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock (along with holders of Series CF Preferred Stock on a *pari-passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend and subsequently (ii) the holders of Series B-3 Preferred Stock shall be paid before any payment is paid to holders of Common Stock and Series F Preferred Stock, of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

**Redemption Right**

Other than in a deemed liquidation event as provided for under the applicable certificate of designation, the Series B Preferred Stock is not redeemable at the option of the holder or the Corporation.

**Covenants**

For so long as at least 6,187,498 shares of Voting Preferred Stock remain outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock, or increase the authorized number of shares of Series B Preferred Stock, unless the same ranks junior to the Series B Preferred Stock with respect to its rights, preferences and privileges and we will not enter into certain fundamental transactions (including, without limitation, mergers, business combinations or similar transactions) without the prior written consent of the holders of a majority of the holders of Voting Preferred Stock.

**Series B-1 Preferred Stock Protection Covenants**

For so long as at least 2,051,236 shares of Series B-1 Preferred Stock remain outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock unless the same ranks pari passu with or junior to, or increase the authorized number of shares of Series B-1 Preferred Stock unless the same ranks junior to, the Series B-1 Preferred Stock with respect to its rights, preferences and privileges without the prior written consent of the holders of at least 60% of the holders of Series B-1 Preferred Stock.

**Registration Rights**

Pursuant to the terms of the Third Amended and Restated Stockholders' Agreement dated June 24, 2024 (the "**Stockholders' Agreement**"), the holders of our Preferred Stock entitled to vote therein will be entitled to certain demand registration rights. At any time beginning six (6) months after the effectiveness of the Company's first firm commitment underwritten public offering of its securities under the Act, the holders of at least 50% of the shares registrable under the Stockholders Agreement can request that we register the offer and sale of their shares. Such request for registration must cover securities with an anticipated aggregate offering price of at least $30 million. We are obligated to effect only three (3) such registrations. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than once in any twelve-month period, for a period of up to 90 days. Additionally, we will not be required to effect a demand registration during the period beginning 60 days prior to the public filing of a registration statement, and ending on a date 180 days following the effectiveness of a registration statement.

**Piggyback Registration Rights**

If we propose to register the offer and sale of any of our Common Stock or any other securities under the Act, then in connection with the public offering of such Common Stock or any other securities solely for cash, we expect that the holders of up to 28,090,905 shares of our Common Stock (issuable upon conversion of our Series B Preferred Stock and Series CF Preferred Stock) will be entitled to certain "piggyback" registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a demand registration, (ii) a registration related to any employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (iii) a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the shares registrable under the Stockholders Agreement or (iv) a registration in which the only Common Stock or Non-Voting Common Stock being registered is issuable upon conversion of debt securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Series CF Preferred Stock**:

**Description**

This consists of shares of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock (together, the "**Series CF Preferred Stock**").

**Conversion**

Each share of Series CF Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Non-Voting Common Stock as is determined by terms of the applicable certificates of designation.

Each share of Series CF Preferred Stock shall automatically be converted into Non-Voting Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in our applicable certificate of designation), as such or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the applicable Series CF Preferred Stock, the applicable conversion price for the applicable Series CF Preferred Stock shall be readjusted to reflect the lower consideration paid for the applicable Series CF Preferred Stock as set forth in our applicable certificate of designation.

On June 19, 2025, our board of directors and stockholders approved the automatic conversion of all our Non-Voting Common Stock, issued or issuable upon the conversion of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, into Common Stock concurrently with the listing on the Nasdaq Stock Exchange.

**Voting Rights**

The holders of Series CF Preferred Stock are not entitled to any voting rights.

**Preferred Return; Dividends and Distributions**

The holders of Series CF Preferred Stock have a right to participate in any dividend paid by the Company of an amount equal to the dividend payable on each share of Non-Voting Common stock on an as-converted basis. Further, the Company is not allowed to pay or set aside any such dividend unless the holders of Series CF Preferred Stock are paid, either first or simultaneously, their share of the dividend, subject to rights of other series of Preferred Stock.

**Liquidation Preference**

The Company's Series CF Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series CF Preferred Stock (along with holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock on a *pari-passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

**Redemption Right**

Other than in a deemed liquidation event as provided for under the applicable certificate of designation, the Series CF Preferred Stock is not redeemable at the option of the holder or the Corporation.

**Covenants**

For so long as at least 6,187,498 shares of Voting Preferred Stock remain outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock, or increase the authorized number of shares of Series CF Preferred Stock, unless the same ranks junior to the Series CF Preferred Stock with respect to its rights, preferences and privileges and we will not enter into certain fundamental transactions (including, without limitation, mergers, business combinations or similar transactions) without the prior written consent of the holders of a majority of the holders of Voting Preferred Stock.

**Registration Rights**

Pursuant to the terms of the Stockholders' Agreement, the holders of our Preferred Stock entitled to vote therein will be entitled to certain demand registration rights. At any time beginning six (6) months after the effectiveness of the Company's first firm commitment underwritten public offering of its securities under the Act, the holders of at least 50% of the shares registrable under the Stockholders Agreement can request that we register the offer and sale of their shares. Such request for registration must cover securities with an anticipated aggregate offering price of at least $30 million. We are obligated to effect only three (3) such registrations. If we determine that it would be seriously detrimental to us and our stockholders to effect such a demand registration, we have the right to defer such registration, not more than once in any twelve-month period, for a period of up to 90 days. Additionally, we will not be required to effect a demand registration during the period beginning 60 days prior to the public filing of a registration statement, and ending on a date 180 days following the effectiveness of a registration statement.

**Piggyback Registration Rights**

If we propose to register the offer and sale of any of our Common Stock or any other securities under the Act, then in connection with the public offering of such Common Stock or any other securities solely for cash, we expect that the holders of up to 28,090,905 shares of our Common Stock (issuable upon conversion of our Series B Preferred Stock and Series CF Preferred Stock) will be entitled to certain "piggyback" registration rights allowing the holders to include their shares in such registration, subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities Act, other than with respect to (i) a demand registration, (ii) a registration related to any employee benefit plan or a corporate reorganization or other transaction covered by Rule 145 promulgated under the Securities Act, (iii) a registration on any registration form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the shares registrable under the Stockholders Agreement or (iv) a registration in which the only Common Stock or Non-Voting Common Stock being registered is issuable upon conversion of debt securities that are also being registered, the holders of these shares are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Series F Preferred Stock**:

**Description**

This consists of shares of Series F Preferred Stock.

**Conversion**

Each share of Series F Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into one (1) share of fully paid and non-assessable Common Stock.

**Voting Rights**

The holders of Series F Preferred Stock are entitled to cast 40,000 votes for each one (1) share of Series F Preferred Stock and shall vote together, along with holders of other Preferred Stock entitled to vote thereon, with the holders of Common Stock as a single class. The holders of the Series F Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

**Preferred Return; Dividends and Distributions**

The holders of Series F Preferred Stock have a right to participate in any dividend paid by the Company of an amount equal to the dividend payable on each share of Common stock on an as-converted basis. Further, the Company is not allowed to pay or set aside any such dividend unless the holders of Series F Preferred Stock are paid, either first or simultaneously, their share of the dividend, subject to rights of other series of Preferred Stock.

**Liquidation Preference**

The Company's Series F Preferred Stock are entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the holders of the Common Stock. For the purposes of such distribution, holders of Series F Preferred Stock shall be treated as if all shares of Series F Preferred Stock had been converted to Common Stock immediately prior to the distribution.

**Redemption Right**

The Series F Preferred Stock is not redeemable at the option of the holder or the Corporation.

**Registration Rights**

The Series F Preferred Stock are not entitled to demand registration rights.

**Piggyback Registration Rights**

The Series F Preferred Stock are not entitled to "piggyback" registration rights.

**Series C Preferred Stock**:

**Description**

This consists of shares of Series C Preferred Stock.

**Conversion**

Each share of Series C Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the conversion amount by the conversion price in effect at the time of conversion. The certificate of designation provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**Voting Rights**

The holders of Series C Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

**Preferred Return; Dividends and Distributions**

The holders of Series C Preferred Stock are entitled to a monthly dividend at a rate of 8% of the stated value (as defined under the Series C certificate of designation) which commences accumulating on the initial issuance date and is computed on the basis of 360-day year and twelve (12) 30-day months.

**Liquidation Preference**

The holders of Series C Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series C Preferred Stock first (along with holders of Series E Preferred Stock as described below) who shall be paid before any payment is paid to the remaining stockholders, of an amount per share equal to the greater of (i) 200% of stated value (as defined therein) or (ii) the amount the holder would receive if such holder converted such Series C Preferred Stock into Common Stock immediately prior to the date of such payment.

**Redemption Right**

Upon the occurrence of a triggering event as defined in the certificate of designation which cannot be cured, each holder has a right to redeem the eligible shares of Series C Preferred Stock at the price stated in the terms therein.

Additionally, upon the occurrence of a bankruptcy triggering event as defined in the certificate of designation, we shall immediately redeem, in cash, each of the Series C Preferred Stock then outstanding at a redemption price stated in the terms therein.

If a direct listing has occurred, each holder, from and after the date of the direct listing, has a right to require the Company to redeem shares of Series C Preferred Stock at a purchase price equal to 100% of the conversion amount in an amount equal to 50% of the net proceeds received by the Company from any new issuance of public or private equity or debt securities.

If a direct listing has not occurred, each holder, from and after the 10<sup>th</sup> business day prior to the outside date (as defined in the certificate of designation), has a right to require the Company to redeem shares of Series C Preferred Stock at a purchase price equal to 110% of the conversion amount.

At any time that no equity conditions failure exists (as defined in the certificate of designation), the Company has a right to redeem all, but not less than all, of the shares of Series C Preferred Stock then outstanding at a price equal to 200% of the stated value (as defined in the certificate of designation) plus all accrued and unpaid dividends thereon if before the direct listing, and 110% of the stated value plus all accrued and unpaid dividends thereon if after the direct listing.

**Series C Protective Provisions**

We will use commercially reasonable efforts to not enter into corporate transactions (as defined in the certificate of designation) unless the successor entity is a qualified entity as per the certificate of designation, we will deliver a change of control notice as per the stated timeline and any failure to do so would result in a redemption right, any transfer constituting more than 50% of the outstanding Common Stock of the Company will entitle each holder with a tag-along right.

In the event that the Company grants, issues or sells any securities or rights to purchase securities, each holder is entitled to purchase rights on an as-converted to Common Stock basis. If the Company issues any new securities, for a consideration per stock lower than the conversion price, the conversion price for the Series C Preferred Stock shall be readjusted to reflect the lower consideration paid for the Series C Preferred Stock as set forth in our certificate of designation.

Additionally, we are restricted from amending our articles of incorporation, bylaws or take any other action to avoid the observance or performance of any of the terms of the certificate of designation. We are required to reserve sufficient authorized and unissued Common Stock to give effect to conversion of all shares of Series C Preferred Stock into Common Stock.

**Covenants**

We have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we shall not (a) incur any indebtedness other than the permitted debt, (b) incur any liens other than permitted liens, (c) make any restricted payments, (d) enter into restricted asset transfers, (e) mature or accelerate any existing debt, (f) change the nature of our business, (g) maintain our existence, properties, intellectual property and insurance, and (h) issue any Series C Preferred Stock without the consent of the holders of sixty-five percent (65%) in aggregate principal amount of the Series C Preferred Stock then outstanding.

Additionally, (a) we shall not amend or repeal our articles of incorporation, bylaws or any certificates of designation that may adversely affect the preferences, rights and privileges of Series C Preferred Stock, (b) increase or decrease the authorized number of Series C Preferred Stock, (c) create or authorize any new class or series of shares that has a preference over or is on a parity with Series C Preferred Stock, (d) purchase, repurchase or redeem any shares junior in rank to the Series C Preferred Stock, (e) pay dividends or make any other distribution on any shares junior in rank to the Series C Preferred Stock, and (f) issue any Series C Preferred Stock other than pursuant to the securities purchase agreement executed between the holders and the Company.

**Registration Rights**

The Company entered into a Registration Rights Agreement dated June 25, 2025 with Ascent ("**Registration Rights Agreement**") under which, the Company shall file an initial registration statement within 90 days from June 25, 2025 relating to the resale of all qualified securities (as described therein) held by the holders of Series C Preferred Stock. If the all the qualified securities cannot be registered under such initial registration statement, the Company shall (a) use its best efforts to file amendments to such registration statement to cover the maximum number of qualified securities permitted, or (b) file an additional registration statement within the specified date therein covered the qualified securities.

Additionally, the holders of Series C Preferred Stock are entitled to demand registration rights, subject to certain limitations, for all or a portion of qualified securities, other than securities that are already covered under another previously filed registration statement or that such holder has requested to be included in another registration statement. We are obligated to effect only two (2) such registrations.

**Piggyback Registration Rights**

Under the Registration Rights Agreement, if there is no effective registration statement that covers all qualified securities as specified above and the Company intends to prepare and file a registration statement relating to an offering for its own account or the account of others, then the holders of Series C Preferred Stock are entitled to notice of the registration and have the right, subject to certain limitations, to include their shares in the registration.

**Series E Preferred Stock**:

**Description**

This consists of shares of Series E Preferred Stock.

**Conversion**

Each share of Series E Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the Stated Value (as defined under the Series E certificate of designation) by a conversion price of either (i) $4.62 per share, prior to the Ascent Minimum Recovery Date (as defined under the Series E certificate of designation), and (ii) $3.75 per share at all times after to the Ascent Minimum Recovery Date. The certificate of designation provides a limitation on conversion in the event the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Common Stock upon such conversion.

**Voting Rights**

The holders of Series E Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

**Preferred Return; Dividends and Distributions**

The holders of Series E Preferred Stock are entitled to dividends at an annual rate of the greater of: (i) the Prime Rate, plus 6.5%, or (ii) 12%, payable monthly in arrears on the stated value (the "***Dividend Rate***"). Each of Series E Preferred Stock is entitled to a monthly dividend equal to Dividend Rate times the stated value commencing from its issuance date.

**Liquidation Preference**

The holders of Series E Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series E Preferred Stock (along with holders of Series C Preferred Stock as described above) first who shall be paid before any payment is paid to the remaining stockholders.

**Redemption Right**

Upon the occurrence of a redemption triggering event as defined in the certificate of designation, the Company can redeem outstanding shares of Series E Preferred Stock in cash, as described under the certificate of designation. Additionally, the Company, at its sole discretion, can redeem, in whole or in one or more parts, outstanding shares of Series E Preferred Stock in cash by payment to the holder of the stated value thereof, plus all accrued but unpaid dividends thereon.

**Series E Protective Provisions**

As long as any shares of Series E Preferred Stock are issued and outstanding, we have agreed to comply with a number of covenants restricting our ability to take certain actions or engage in certain activities, which are typical for transactions of this type. In particular, we will not create or reclassify any capital stock, or increase the authorized number of shares of Series E Preferred Stock, unless the same ranks junior to the Series E Preferred Stock with respect to its rights, preferences and privileges and we will not enter into certain fundamental transactions (including, without limitation, mergers, business combinations or similar transactions) without the prior written consent of the holders of a majority of the holders of Series E Preferred Stock.

**Registration Rights**

The Series E Preferred Stock are not entitled to demand registration rights.

**Piggyback Registration Rights**

The Series E Preferred Stock are not entitled to "piggyback" registration rights.

**Anti-Takeover Effects of our Articles of Incorporation, Bylaws and Nevada Law**

**Exclusive Forum**

Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provision in our articles of incorporation. Our choice of forum provision may impose additional litigation costs on stockholders in pursuing claims and may limit a stockholder's ability to bring a claim in a judicial forum that it believes to be favorable for disputes with us or any of our directors, officers or other employees, which may discourage lawsuits with respect to such claims.

**Limitation of Liability and Indemnification of Directors and Officers**

Our articles of incorporation and bylaws provide that our directors and officers will be indemnified by us to the fullest extent authorized by Nevada law.

These provisions may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. We believe that these provisions and insurance are necessary to attract and retain talented and experienced directors and officers. In addition, in connection with the effectiveness of the registration statement of which this prospectus forms a part, we intend to enter into separate indemnification agreements with each of our directors and executive officers.

**NRS 78.411 to NRS 78.444**

As a Nevada corporation, we will be subject to the provisions of NRS 78.411 through NRS 78.444. These statutes prevents certain Nevada corporations, under certain circumstances, from engaging in a "business combination" with an "interested stockholder." In general, NRS 78.423 defines an "interested stockholder" as an entity or person who, together with the person's affiliates and associates, beneficially owns 10% or more of the outstanding voting stock of the corporation. A "combination" includes a merger or sale of (i) more than 5% of the aggregate market value of (A) all our assets, or (B) all our outstanding voting shares, or (ii) more than 10% of our net income. However, the above provisions of NRS 78.423 do not apply if:

● the business combination takes place more than four years after the interested stockholder became an "interested stockholder;"

● our board of directors approves the transaction that made the stockholder an "interested stockholder" prior to the date of the transaction;

● on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least 60% of the outstanding voting stock not owned by the interested stockholder; or

● the corporation's original articles of incorporation contain a provision expressly electing not to be governed by NRS 78.411 through NRS 78.444.

Our original articles of incorporation in the State of Nevada, adopted in connection with our re-domicile to the State of Nevada in August of 2025, contain a provision expressly electing not to be governed by NRS 78.411 through NRS. These provisions are therefore not applicable to us.

**Listing**

We have applied to list our Common Stock on the Nasdaq Global Market under the symbol "OBAI".

**Transfer Agent and Registrar**

The transfer agent and registrar for our Common Stock is VStock Transfer, LLC. The transfer agent and registrar's address is 18 Lafayette Place, Woodmere, New York 11598. The transfer agent and registrar can be contacted by phone at: 212-828-8436.

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to the listing of our Common Stock on Nasdaq, there has been no public market for our Common Stock. Sales of a substantial number of shares our Common Stock in the public market following our listing on Nasdaq, or the perception that such sales could occur, could adversely affect the public price of our Common Stock and may make it more difficult for you to sell your shares at a time and price that you deem appropriate. We will have no input if and when any Registered Stockholders may, or may not, elect to sell their shares or the prices at which any such sales may occur.

After the Direct Listing, a total of 6,775,021 shares of our Common Stock will be outstanding, including 3,764,625 shares of our Common Stock registered for resale under the registration statement of which this prospectus forms a part and no shares of our Non-Voting Common Stock will be outstanding. Any shares not registered hereunder will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. These restricted securities are eligible for public sale only if they are registered under the Securities Act, including, but not limited to, the shares registered hereunder, or if they qualify for an exemption from registration, including under Rules 144 or 701 under the Securities Act, which are summarized below. Restricted securities also may be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S-K. With the exception of shares owned by our directors, officers and certain stockholders, substantially all of our Common Stock may be sold after our initial listing on Nasdaq, either by the Registered Stockholders pursuant to this prospectus or by our other existing stockholders in accordance with Rule 144 of the Securities Act.

**Rule 144**

In general, under Rule 144 as currently in effect, once we have been subject to and in compliance with public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, an eligible shareholder is entitled to sell such shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. To be an eligible shareholder under Rule 144, such shareholder must not be deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of Common Stock proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates. If such a person has beneficially owned the shares of Common Stock proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then such person is entitled to sell such shares without complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling Common Stock on behalf of our affiliates are entitled to sell shares 90 days after we become a reporting company. Within any three-month period, such shareholders may sell a number of shares that does not exceed the greater of:

● 1% of the number of shares of Common Stock then outstanding, which will equal approximately shares immediately after our registration; or

● the average weekly trading volume of our Common Stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to such sale.

Sales under Rule 144 by our affiliates or persons selling shares of Common Stock on behalf of our affiliates also are subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

**Rule 701**

Rule 701 generally allows a shareholder who was issued shares under a written compensatory plan or contract and who is not deemed to have been our affiliate during the immediately preceding 90 days, to sell these shares in reliance on Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits our affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after we become a reporting company before selling those shares under Rule 701.

**Registration Statements on Form S-8**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our Common Stock subject to outstanding stock options or reserved for issuance under our Amended and Restated Equity Plan, as soon as permitted under the Securities Act. Such registration statements will automatically become effective upon filing with the SEC. However, shares registered on Form S-8 may be subject to the volume limitations and the manner of sale, notice, and public information requirements of Rule 144.

**Lock-up Agreements**

None.

**Registration Rights**

Pursuant to our Stockholders Agreement, the holders of up to 28,090,905 shares of our Common Stock issuable after the Conversion are entitled to certain piggyback registration rights with respect the registration statement of which this prospectus forms a part. See the section titled "*Description of Capital Stock — Registration Rights*" for a description of these registration rights. If the offer and sale of these shares is registered, the shares will be freely tradable without restriction under the Securities Act and a large number of shares may be sold into the public market.

**SALE PRICE HISTORY OF OUR CAPITAL STOCK**

We have applied to list our Common Stock on Nasdaq. Prior to the listing of our Common Stock on Nasdaq, there has been no public market for our Common Stock. Our Common Stock has a limited history of trading in private transactions.

**Issuance of Preferred Stock:**

There have been no changes in the sales prices of any series of our Preferred Stock, as each was sold at a fixed price.

**Series Seed Preferred Units**

 

On June 28, 2017, we issued an aggregate of 60,000,000 shares of series seed preferred units in a private placement for gross proceeds of $3,000,000 at $0.05000 per share (1).

On January 9, 2018, we issued an aggregate of 21,261,249 shares of series seed preferred units in a private placement for gross proceeds of $3,000,999 at $0.14110 per share (1).

On June 19, 2018, we issued an aggregate of 3,009,328 shares of series seed preferred units in a private placement for gross proceeds of $1,000,000 at $0.283323 per share (1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Following the Company's reverse stock splits in 2023 and 2025, these shares (Series Seed Preferred Units and Series A Preferred Stock) would represent an aggregate of 988,868 shares of Common Stock, upon adjustment as of September 30, 2025.

**Series A Preferred Stock**

 

On October 1, 2018, we issued an aggregate of 1,747,749 shares of Series A preferred stock in a private placement for gross proceeds of $41,748,419, representing a price of $23.88696 per share after retroactive adjustment for reverse splits undertaken in 2023 and 2025.

**Series B Preferred Stock**

 

On November 17, 2023, we issued an aggregate of 22,702,513 shares of preferred stock in a private placement under Rule 506(c) of Regulation D to accredited investors for gross proceeds of $44,977,011 (including the amount of debt converted which was outstanding under convertible notes) as follows:

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

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

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

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

**Series B-1 Warrants**

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

Each share of Series B-1 Warrant shall be convertible, at the option of the holder, at any time after the date on which such warrant was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant (meaning aggregate fair market value of warrants less the aggregate exercise price of warrant) at the time the conversion by the fair market value of one warrant share, as defined therein.

Each share of Series B-1 Warrant shall automatically (i) convert into Common Stock upon a merger or sale of assets where the fair market value of one warrant share is greater than exercise price, unless the warrant holder prior to such an event elects otherwise, (ii) convert into Common Stock upon the expiration date, if the fair market value of one warrant share is greater than exercise price, or (iii) expire upon a merger or sale of assets where the fair market value of one warrant share is less than exercise price, and the warrant holder does not exercise the warrants upon notice.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the Series B-1 Warrants, the applicable conversion price for the Series B-1 Warrants shall be readjusted to reflect the lower consideration paid for the Series B-1 Warrants.

**Series CF-1 Preferred Stock**

On June 21, 2024, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered up to 2,354,681 Series CF-1 Preferred Stock, $0.0001 par value per Share at a purchase price of $2.12343 per share with a maximum amount of $5,000,000 to be raised.

The offering was closed on April 30, 2025, and we issued an aggregate of 957,102 shares of Series CF-1 Preferred Stock for gross proceeds of $2,032,000.

On September 2024, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors. The offering was closed on June 17, 2025, we issued an aggregate of 2,411,364 shares of Series CF-1 Preferred Stock for gross proceeds of $5,120,000.

**Series CF-2 Preferred Stock**

On July 9, 2025, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered up to 219,955 Series CF-2 Preferred Stock, $0.0001 par value per Share at a purchase price of $3.864435 per share with a maximum amount of $850,000 to be raised.

The offering was closed on September 5, 2025, and we issued an aggregate of 215,918 shares of Series CF-2 Preferred Stock for gross proceeds of approximately $833,794.

On July 18, 2025, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors.

The offering was closed on September 5, 2025 without the issuance of any shares of Series CF-2 Preferred Stock.

**Series F Preferred Stock**

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

**Series C Preferred Stock and Warrants**

On June 25, 2025, we issued an aggregate of 329,671 shares of Series C Preferred Stock with par value of $0.0001, together with warrants to purchase 1,333,335 shares of Common Stock, for an aggregate consideration of $3,000,000 to Ascent Partners Fund LLC resulting in an average price of 0.67550 per share. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date.

The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder.

The foregoing description of the Series C Preferred Stock and warrants are qualified in their entirety by reference to the Securities Purchase Agreement, Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock, and three (3) warrants to purchase shares of Common Stock, copies of which are filed as Exhibits 3.6, 4.4, 4.5, 4.6 and 10.4 hereto and incorporated by reference herein.

**Series E Preferred Stock**

On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 to Eastward by converting an outstanding amount of approximately $6,827,698.

The foregoing description of the Series E Preferred Stock is qualified in its entirety by reference to the Securities Purchase and Conversion Agreement, Waiver and Twenty-Seventh Amendment to Loan and Security Agreement and Certificate of Designations, Preferences and Rights of the Series E Convertible Preferred Stock, copies of which are filed as Exhibits 10.10, 10.9 and 3.10 hereto, respectively, and are incorporated by reference herein.

While Maxim Group LLC, in its capacity as our financial advisor, is expected to consider this information in connection with setting the opening public price of our Common Stock, this information may have little or no relation to broader market demand for our Common Stock and thus the opening public price and subsequent public price of our Common Stock on Nasdaq. As a result, you should not place undue reliance on these historical private sale prices as it may differ materially from the opening public price and subsequent public price of our Common Stock on Nasdaq.

On the day that our shares of Common Stock are initially listed on Nasdaq, Maxim Group LLC, in its capacity as our financial advisor, will determine when our shares of Common Stock are ready to trade and to approve proceeding with the opening of trading at the Current Reference Price. If the Maxim does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), Maxim will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS OF OUR COMMON STOCK**

The following discussion is a summary of the material U.S. federal income tax consequences to non-U.S. holders (as defined below) of the acquisition, ownership, and disposition of our Common Stock. This discussion is not a complete analysis of all potential U.S. federal income tax consequences relating thereto, does not address the potential application of the Medicare contribution tax on net investment income or the alternative minimum tax, and does not address any estate or gift tax consequences or any tax consequences arising under any state, local, or foreign tax laws, or any other U.S. federal tax laws. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "***Code***"), Treasury regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the Internal Revenue Service (the "***IRS***"), all as in effect as of the date of this prospectus. These authorities are subject to differing interpretations and may change, possibly retroactively, resulting in U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This discussion is limited to non-U.S. holders who purchase our Common Stock pursuant to this prospectus and who hold our Common Stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all of the U.S. federal income tax consequences that may be relevant to a particular holder in light of such holder's particular circumstances. This discussion also does not consider any specific facts or circumstances that may be relevant to holders subject to special rules under the U.S. federal income tax laws, including:

● certain former citizens or long-term residents of the United States;

● partnerships or other pass-through entities (and investors therein);

● "controlled foreign corporations;"

● "passive foreign investment companies;"

● corporations that accumulate earnings to avoid U.S. federal income tax;

● banks, financial institutions, investment funds, insurance companies, brokers, dealers, or traders in securities;

● tax-exempt organizations and governmental organizations;

● tax-qualified retirement plans;

● persons subject to special tax accounting rules under Section 451(b) of the Code;

● persons who hold or receive our Common Stock pursuant to the exercise of any employee stock option or otherwise as compensation;

● "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds;

● persons that own, or have owned, actually or constructively, more than 5% of our Common Stock;

● persons who have elected to mark securities to market; and

● persons holding our Common Stock as part of a hedging or conversion transaction or straddle, or a constructive sale, or other risk reduction strategy or integrated investment.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds our Common Stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partnerships holding our Common Stock and the partners in such partnerships are urged to consult their own tax advisors about the particular U.S. federal income tax consequences to them of holding and disposing of our Common Stock.

**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT ADVICE. PROSPECTIVE INVESTORS SHOULD CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES TO THEM OF ACQUIRING, OWNING, AND DISPOSING OF OUR COMMON STOCK, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, OR FOREIGN TAX LAWS AND ANY OTHER U.S. FEDERAL TAX LAWS. IN ADDITION, SIGNIFICANT CHANGES IN U.S. FEDERAL TAX LAWS WERE RECENTLY ENACTED. PROSPECTIVE INVESTORS SHOULD ALSO CONSULT WITH THEIR TAX ADVISORS WITH RESPECT TO SUCH CHANGES IN U.S. TAX LAW AS WELL AS POTENTIAL CONFORMING CHANGES IN STATE TAX LAWS.**

**Definition of Non-U.S. Holder**

For purposes of this discussion, a non-U.S. holder is any beneficial owner of our Common Stock that is not a "U.S. person" or a partnership (including any entity or arrangement treated as a partnership) for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

● an individual who is a citizen or resident of the United States;

● a corporation (or any entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

● a trust (i) whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

**Distributions on Our Common Stock**

As described under the section titled "*Dividend Policy*," we have never declared or paid dividends on our Common Stock and do not anticipate paying dividends in the foreseeable future. However, if we make cash or other property distributions on our Common Stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts that exceed such current and accumulated earnings and profits and, therefore, are not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and will first be applied against and reduce a holder's tax basis in our Common Stock, but not below zero. Any excess amount distributed will be treated as gain realized on the sale or other disposition of our Common Stock and will be treated as described under the section titled "—*Gain On Disposition of Our Common Stock*" below.

Subject to the discussion below regarding effectively connected income, backup withholding and FATCA (as defined under the section titled "—Withholding on Foreign Entities" below), dividends paid to a non-U.S. holder of our Common Stock generally will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty. To receive the benefit of a reduced treaty rate, a non-U.S. holder must furnish us or our withholding agent a valid IRS Form W-8BEN or IRS Form W-8BEN-E (or applicable successor form) certifying such holder's qualification for the reduced rate. This certification must be provided to us or our withholding agent before the payment of dividends and must be updated periodically. If the non-U.S. holder holds the stock through a financial institution or other agent acting on the non-U.S. holder's behalf, the non-U.S. holder will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our withholding agent, either directly or through other intermediaries.

If a non-U.S. holder holds our Common Stock in connection with the conduct of a trade or business in the United States, and dividends paid on our Common Stock are effectively connected with such holder's U.S. trade or business (and are attributable to such holder's permanent establishment or fixed base in the United States if required by an applicable tax treaty), the non-U.S. holder will be exempt from U.S. federal withholding tax. To claim the exemption, the non-U.S. holder must generally furnish a valid IRS Form W-8ECI (or applicable successor form) to the applicable withholding agent.

However, any such effectively connected dividends paid on our Common Stock generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items.

Non-U.S. holders that do not provide the required certification on a timely basis, but that qualify for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

Non-U.S. holders should consult their own tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Gain on Disposition of Our Common Stock**

Subject to the discussion below regarding backup withholding and FATCA, a non-U.S. holder generally will not be subject to U.S. federal income tax on any gain realized on the sale or other disposition of our Common Stock, unless:

● the gain is effectively connected with the non-U.S. holder's conduct of a trade or business in the United States and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by the non-U.S. holder in the United States;

● the non-U.S. holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition, and certain other requirements are met; or

● our Common Stock constitutes a "United States real property interest" by reason of our status as a United States real property holding corporation ("  ***USRPHC*** "), for U.S. federal income tax purposes at any time within the shorter of the five-year period preceding the disposition or the non-U.S. holder's holding period for our Common Stock, and our Common Stock is not regularly traded on an established securities market during the calendar year in which the sale or other disposition occurs.

Determining whether we are a USRPHC depends on the fair market value of our U.S. real property interests relative to the fair market value of our other trade or business assets and our foreign real property interests. We believe that we are not currently and do not anticipate becoming a USRPHC for U.S. federal income tax purposes, although there can be no assurance we will not in the future become a USRPHC.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular U.S. federal income tax rates in the same manner as if such holder were a resident of the United States. A non-U.S. holder that is a foreign corporation also may be subject to an additional branch profits tax equal to 30% (or such lower rate specified by an applicable income tax treaty) of its effectively connected earnings and profits for the taxable year, as adjusted for certain items. Gain described in the second bullet point above will be subject to U.S. federal income tax at a flat 30% rate (or such lower rate specified by an applicable income tax treaty), but may be offset by certain U.S.-source capital losses (even though the individual is not considered a resident of the United States), provided that the non-U.S. holder has timely filed U.S. federal income tax returns with respect to such losses. Gain described in the third bullet point above will generally be subject to U.S. federal income tax in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business (subject to any provisions under an applicable income tax treaty), except that the branch profits tax generally will not apply. Non-U.S. holders should consult their tax advisors regarding any applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Annual reports are required to be filed with the IRS and provided to each non-U.S. holder indicating the amount of dividends on our Common Stock paid to such holder and the amount of any tax withheld with respect to those dividends. These information reporting requirements apply even if no withholding was required because the dividends were effectively connected with the holder's conduct of a U.S. trade or business, or withholding was reduced or eliminated by an applicable income tax treaty. This information also may be made available under a specific treaty or agreement with the tax authorities in the country in which the non-U.S. holder resides or is established. Backup withholding, currently at a 24% rate, generally will not apply to payments to a non-U.S. holder of dividends on or the gross proceeds of a disposition of our Common Stock provided the non-U.S. holder furnishes the required certification for its non-U.S. status, such as by providing a valid IRS Form W-8BEN, IRS Form W-8BEN-E, or IRS Form W-8ECI (or applicable successor form), or certain other requirements are met. Backup withholding may apply if the payor has actual knowledge, or reason to know, that the holder is a U.S. person who is not an exempt recipient.

Backup withholding is not an additional tax. If any amount is withheld under the backup withholding rules, the non-U.S. holder should consult with a U.S. tax advisor regarding the possibility of and procedure for obtaining a refund or a credit against the non-U.S. holder's U.S. federal income tax liability, if any.

**Withholding on Foreign Entities**

Sections 1471 through 1474 of the Code and the Treasury regulations promulgated thereunder (collectively, "***FATCA***") impose a U.S. federal withholding tax of 30% on certain payments made to a "foreign financial institution" (as specially defined under these rules) unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding certain U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or an exemption applies. FATCA also generally will impose a U.S. federal withholding tax of 30% on certain payments made to a non-financial foreign entity unless such entity either certifies that it does not have any "substantial United States owners" as defined in the Code or provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. The withholding provisions described above currently apply to payments of dividends on our Common Stock. Prior to the issuance of proposed Treasury regulations described below, withholding taxes under FATCA would have also applied to gross proceeds from sales or other disposition of our Common Stock. However, the U.S. Treasury Department's proposed regulations that, if finalized in their present form, would eliminate the federal withholding tax of 30% applicable to the gross proceeds of a sale or other disposition of our Common Stock. In its preamble to such proposed regulations, the U.S. Treasury Department stated that taxpayers (including withholding agents) may generally rely on the proposed regulations until they are revoked or final regulations are issued.

Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. Prospective investors should consult with their own tax advisors regarding the possible implications of FATCA on an investment in our Common Stock.

**PLAN OF DISTRIBUTION**

The Registered Stockholders, and their pledgees, donees, transferees, assignees, or other successors in interest may sell their shares of Common Stock covered hereby pursuant to brokerage transactions on Nasdaq, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after the Common Stock are listed for trading. We are not party to any arrangement with any Registered Stockholder or any broker-dealer with respect to sales of shares of Common Stock by the Registered Stockholders, except we have engaged a financial advisor with respect to certain other matters relating to the registration of our Common Stock and listing of our Common Stock, as further described below. As such, we do not anticipate receiving notice as to if and when any Registered Stockholder may, or may not, elect to sell their shares of Common Stock or the prices at which any such sales may occur, and there can be no assurance that any Registered Stockholders will sell any or all of their shares of Common Stock covered by this prospectus.

We will not receive any proceeds from the sale of shares of Common Stock by the Registered Stockholders. We will recognize costs related to this Direct Listing and our transition to a publicly-traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as they would be in an initial public offering.

We have engaged the Advisor to advise and assist us with respect to certain matters relating to our Direct Listing. The services expected to be performed by the Advisor will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning the Direct Listing, developing and assisting with our investor communication strategy in relation to the Direct Listing, and being available to consult with Nasdaq, including on the day that our shares of Common Stock are initially listed on the Nasdaq Global Market.

In addition, the Advisor will determine when our shares of Common Stock are ready to trade and to approve proceeding with the opening of trading at the Current Reference Price (as defined below). However, the Advisor has not been engaged to participate in investor meetings or to otherwise facilitate or coordinate price discovery activities or sales of our Common Stock in consultation with us, except as described herein.

On the day that our shares of Common Stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute "Display Only" period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the "Display Only" period, a "Pre-Launch" period begins, during which the Advisor, in its capacity as our financial advisor to perform the functions under Nasdaq Rule 4120(c)(8), must notify Nasdaq that our shares are "ready to trade." Once the Advisor has notified Nasdaq that our shares of Common Stock are ready to trade, Nasdaq will calculate the Current Reference Price for our shares of Common Stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, Nasdaq will conduct a price validation test in accordance with Nasdaq Rule 4120(c)(8). If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade. As part of conducting such price validation test, Nasdaq may consult with the Advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will then be executed at such price and regular trading of our shares of Common Stock on Nasdaq will commence.

Under Nasdaq rules, the "Current Reference Price" means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (*i.e*. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (*i.e*. the specified price entered in an order by a customer to buy or sell) at which our shares of Common Stock will remain unmatched (*i.e*. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the Advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

In determining the Current Reference Price, Nasdaq's cross algorithms will match orders that have been entered into and accepted by Nasdaq's system. This occurs with respect to a potential Current Reference Price when orders to buy shares of Common Stock at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of shares of Common Stock at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if Nasdaq's cross algorithms matched all accepted orders as described above, and two limit orders remained—a limit order to buy 500 shares of Common Stock at an entered bid price of $10.01 per share and a limit order to sell 200 shares of Common Stock at an entered asking price of $10.00 per share—the Current Reference Price would be selected as follows:

● Under clause (i), if the Current Reference Price is $10.00, then the maximum number of additional shares that can be matched is 200. If the Current Reference Price is $10.01, then the maximum number of additional shares that can be matched is also 200, which means that the same maximum number of additional shares would be matched at the price of either $10.00 or $10.01.

● Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the price that minimizes the imbalance between orders to buy or sell (i.e., minimizes the number of shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create the same imbalance in the limit orders that cannot be matched, because at either price 300 shares would not be matched.

● Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be the entered price at which orders for shares of Common Stock at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 shares of the 500-share limit order with the entered price of $10.01 to remain unmatched, compared to choosing $10.00, where all 200 shares of the limit order with the entered price of $10.00 would be matched, and no shares at such entered price remain unmatched. Thus, Nasdaq would select $10.01 as the Current Reference Price, because orders for shares at such entered price will remain unmatched. The above example (including the prices) is provided solely by way of illustration.

The Advisor, as the designated financial advisor under Nasdaq Rule 4120(c)(8), will determine when our shares of Common Stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the Advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade.

Further, in the highly unlikely event that Nasdaq consults with the Advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that Nasdaq delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under Nasdaq rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute "Display Only" period during which market participants may enter quotes and orders in shares of our Common Stock in Nasdaq systems. In addition, beginning at 4:00 a.m., market participants may enter orders in shares of our Common Stock on Nasdaq. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute "Display Only" period, our Common Stock will enter a "Pre-Launch" period of indeterminate duration. The "Pre-Launch" period will end and shares of our Common Stock will be released for trading by Nasdaq when certain conditions are met, including Nasdaq's receipt of notice from the Advisor that our shares of Common Stock are ready to trade, after which the Nasdaq system will calculate the Current Reference Price at that time and display it to the Advisor. If the Advisor then approves proceeding, the Nasdaq system will conduct certain validation checks. The Advisor, with concurrence of Nasdaq, may determine at any point during the delay process up through the conclusion of the "Pre-Launch" period to postpone and reschedule the Direct Listing. Neither we nor the Registered Stockholders will be involved in Nasdaq's price-setting mechanism nor will we or they coordinate or be in communication with the Advisor including with respect to any decision by the Advisor to delay or proceed with trading.

Similar to a Nasdaq-listed firm-commitment underwritten initial public offering, in connection with the listing of our shares of Common Stock, buyers and sellers who have subscribed will have access to Nasdaq's Order Imbalance Indicator (the "Net Order Imbalance Indicator"), a widely available, subscription-based data feed, prior to submitting buy or sell orders. Nasdaq's electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of shares of Common Stock that can be paired off the Current Reference Price, the number of shares of Common Stock that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed.

However, because this is not an initial public offering being conducted on a firm-commitment underwritten basis, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level – the "book"). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold shares of Common Stock to the public, as there would be in a firm-commitment underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, the public price of our shares of Common Stock may be more volatile than in an initial public offering underwritten on a firm-commitment basis and could, upon being listed on Nasdaq, decline significantly and rapidly.

In addition, to list on Nasdaq, we are also required to have at least three registered and active market makers. We expect that the Advisor will act as a registered and active market maker and will engage other market makers.

In addition to sales made pursuant to this prospectus, the shares of Common Stock covered by this prospectus may be sold by the Registered Stockholders in private transactions exempt from the registration requirements of the Securities Act. Under the securities laws of some states, shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers.

A Registered Stockholder may from time to time transfer, distribute (including distributions in kind by Registered Stockholders that are investment funds), pledge, assign, or grant a security interest in some or all the shares of Common Stock owned by it and, if it defaults in the performance of its secured obligations, the transferees, distributees, pledgees, assignees, or secured parties may offer and sell the shares of Common Stock from time to time under this prospectus, or under an amendment to this prospectus under applicable provisions of the Securities Act amending the list of the Registered Stockholders to include the transferee, distributee, pledgee, assignee, or other successors in interest as Registered Stockholders under this prospectus. The Registered Stockholders also may transfer the shares in other circumstances, in which case the transferees, distributes, pledgees, or other successors in interest will be the registered beneficial owners for purposes of this prospectus.

A Registered Stockholder that is an entity may elect to make an in-kind distribution of Common Stock to its members, partners, or stockholders pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus.

If any of the Registered Stockholders utilize a broker-dealer in the sale of the shares of Common Stock being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions or commissions from such Registered Stockholder or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal.

In connection with its engagement as our financial advisor, the Advisor received 180,241 shares of our Common Stock. The Advisor will also be entitled to an expense reimbursement for all reasonable, documented expenses incurred by the Advisor in connection with its engagement, provided that such expenses, other than legal fees, may not exceed $10,000 without our prior authorization.

In addition, pursuant to our agreement with the Advisor, for a period of 18 months from the date of the consummation of the Direct Listing, if we propose to (i) effect a public offering of our securities on a major U.S. exchange, (ii) effect a private placement of our securities, (iii) enter into certain financing transactions with third parties introduced to us by the Advisor or (iv) propose to enter into certain other transactions with third parties introduced to us by the Advisor, including, without limitation, a merger, acquisition or sale of stock or assets, or other similar transaction, we are obligated to offer to retain the Advisor as our lead underwriter and book running manager, our lead placement or sales agent, or our lead, as applicable, in connection with such financing or transaction, upon such reasonable and customary terms as the Advisor and we may mutually agree, with such terms to be set forth in a separate engagement letter or other agreement between the Advisor and us.

The Advisor will not be engaged to otherwise facilitate or coordinate price discovery activities or the solicitation or sales of shares of our Common Stock in consultation with us, and will not be permitted to, and will not be instructed by us to, plan or actively participate in any investor education activities, except as described herein.

Prior to the financial advisory services provided by the Advisor to us in connection with the listing of our securities, neither the Advisor nor any affiliates of the Advisor have provided services of any kind to us.

**LEGAL MATTERS**

The validity of the shares of Common Stock offered hereby and certain other legal matters will be passed upon for the registrant by The Crone Law Group, P.C., New York, New York.

**EXPERTS**

The financial statements for the years ended December 31, 2024 and 2023 included in this prospectus have been audited by M&K CPAs PLLC, an independent registered public accounting firm, as set forth in their report appearing herein, and included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act, with respect to the shares of Common Stock covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and our Common Stock, we refer you to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance, we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. The SEC maintains a website that contains reports, proxy, and information statements, and other information regarding registrants that file electronically with the SEC. The address of the website is <u>www.sec.gov</u>.

Immediately upon the effectiveness of the registration statement of which this prospectus forms a part, we will become subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, will file periodic reports, proxy statements, and other information with the SEC. These periodic reports, proxy statements, and other information will be available for inspection and copying at the website of the SEC referred to above. We also maintain a website at <u>https://www.ourbond.com/</u>. Upon the effectiveness of the registration statement of which this prospectus forms a part, you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The inclusion of our website address in this prospectus is an inactive textual reference only. The information contained in or accessible through our website is not part of this prospectus or the registration statement of which this prospectus forms a part, and investors should not rely on such information in making a decision to purchase shares of our Common Stock.

**INDEX TO FINANCIAL STATEMENTS**

**TG-17, Inc.**

**FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#AK_007) | F-2 |
| [Consolidated Balance Sheets as of December 31, 2024 and 2023](#AK_001) | F-3 |
| [Consolidated Statements of Operations for the Years ended December 31, 2024 and 2023](#AK_002) | F-4 |
| [Consolidated Statements of Changes in Shareholders' Equity (Deficit) for the Years ended December 31, 2024 and 2023](#AK_004) | F-6 |
| [Consolidated Statements of Cash Flows for the Years ended December 31, 2024 and 2023](#AK_005) | F-7 |
| [Notes to Consolidated Financial Statements](#AK_006) | F-8 |
| [Consolidated Balance Sheets as of June 30, 205 (unaudited) and December 31, 2024](#ttg_001) | F-29 |
| [Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024 (unaudited)](#ttg_002) | F-30 |
| [Consolidated Statements of Comprehensive Loss for the six months ended June 30, 2025 and 2024 (unaudited)](#ttg_003) | F-31 |
| [Consolidated Statements of Stockholders' Deficit as of June 30, 2025 (unaudited)](#ttg_004) | F-32 |
| [Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)](#ttg_005) | F-33 |
| [Notes to the Consolidated Financial Statements](#ttg_006) | F-34 |

---

![](audit_001.jpg)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of Our Bond (TG-17), Inc. and subsidiaries

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Our Bond (TG-17), Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, stockholders' deficit and statements cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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

**Critical Audit Matter**

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

***Revenue Recognition***

 ****

As discussed in note 4 to the financial statements, the Company recognizes revenue upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Auditing management's evaluation of agreements with customers involves significant judgment, given the fact that some agreements require management's evaluation and allocation of the standalone transaction prices to the performance obligations. To evaluate the appropriateness and accuracy of the assessment by management, we evaluated management's assessment in relationship to the relevant agreements.

**/s/ M&K CPAS, PLLC**

We have served as the Company's auditor since 2025.

Woodlands, TX

June 10, 2025, except for the effects of the reverse stock splits described in Note 11, as to which the date is October 5, 2025.

PCAOB ID #2738

**TG-17 INC.**

**CONSOLIDATED BALANCE SHEETS**

(U.S. dollars in thousands, except per share and share amounts)

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $726 | $1437 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 2231 | 3001 |
| Prepaid expenses and other current assets | 435 | 104 |
| Total current assets | 3392 | 4542 |
| Property and equipment, net | 105 | 129 |
| Total assets | $3497 | $4671 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2590 | $3319 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current | 776 | 279 |
| &nbsp;&nbsp;&nbsp;Related party loan | 1870 | 1585 |
| &nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 1967 | 1867 |
| Total current liabilities | 7203 | 7050 |
| Loan | 12808 | 11303 |
| Total liabilities | 20011 | 18353 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;Series preferred stock, $0.0001 par value; 88,400,879 shares and 74,999,971 shares authorized, at December 31, 2024 and 2023, respectively, 26,560,564 and 22,459,576 shares issued and outstanding as of December 31, 2024 and 2023 respectively | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 112,000,000 and 105,263,084 shares authorized at December 31, 2024 and 2023, respectively; 2,963,695 and 2,923,915 shares issued and outstanding as of December 31, 2024 and 2023 respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 111509 | 103292 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 44 | 76 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (128070) | (117054) |
| Total stockholders' deficit | (16513) | (13682) |
| Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $3497 | $4671 |

---

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(U.S. dollars in thousands, except per share data)

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Revenue | $9736 | $7192 |
| Cost of revenues | 9027 | 6086 |
| Gross profit | 709 | 1106 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 2713 | 2980 |
| &nbsp;&nbsp;&nbsp;General and administrative | 6162 | 5787 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 1417 | 885 |
| Total operating expenses | 10292 | 9652 |
| Loss from operations | (9583) | (8546) |
| Other income (expense), net: |  |  |
| &nbsp;&nbsp;&nbsp;Financial expense, net | (1340) | (3962) |
| &nbsp;&nbsp;&nbsp;Other income |  | 331 |
| Income before income taxes | (10923) | (12177) |
| Income tax expense | 94 | 80 |
| Net income (loss) | $(11017) | $(12257) |
| Net loss per share – basic and diluted | $(3.75) | $(10.39) |
| Weighted average number of common shares outstanding – basic and diluted | 2938 | 1180 |

---

 

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(U.S. dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Net income (loss) | $(11017) | $(12257) |
| Foreign currency translation adjustments, net of tax | (32) | (4) |
| Comprehensive loss | $(11049) | $(12261) |

---

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series Preferred Stock** | **Series Preferred Stock** | **Common Stock** | **Common Stock** | | | | |
| **(U.S. dollars in thousands)** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**<br> Paid-in Capital** | **Accumulated Other Comprehensive Income**<br>**(Loss)** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** |
| **Balance as of January 1, 2023** | 2108701 | $23 | 940509 | $1 | $54780 | $80 | $(104796) | $(49912) |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 365 |  |  | 365 |
| &nbsp;&nbsp;&nbsp;Exercise of options |  |  | 290 | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Conversion of Shares as part of series B round | (2108701) | (23) | 2108701 |  | 23 |  |  |  |
| &nbsp;&nbsp;&nbsp;Repurchase of Common Shares |  |  | (125585) | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into Series B-1 Preferred Stock | 1947075 | \* |  |  | 2847 |  |  | 2847 |
| &nbsp;&nbsp;&nbsp;Conversion of Loan Facility into Series B-1 Preferred Stock | 2155399 | \* |  |  | 3153 |  |  | 3153 |
| &nbsp;&nbsp;&nbsp;Issuance of Series B-1 Preferred Stock | 2051575 | \* |  |  | 3006 |  |  | 3006 |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into B-2 Preferred Stock | 9154388 | 2 |  |  | 12052 |  |  | 12054 |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into Series B-3 Preferred Stock | 7151139 | 1 |  |  | 27066 |  |  | 27067 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (4) |  | (4) |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | (12257) | (12257) |
| **Balance as of December 31, 2023** | 22459576 | $3 | 2923915 | $1 | $103292 | $76 | $(117054) | $(13682) |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 961 |  |  | 961 |
| &nbsp;&nbsp;&nbsp;Exercise of options |  |  | 39780 | —<sup>\*</sup> |  |  |  | —<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;Issuance of Series B-1 Preferred Stock | 2050895 | —<sup>\*</sup> |  |  | 3000 |  |  | 3000 |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF Preferred Stock | 2050093 | —<sup>\*</sup> |  |  | 4256 |  |  | 4256 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (32) |  | (32) |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (11017) | (11017) |
| **Balance as of December 31, 2024** | 26560564 | $3 | 2963695 | $1 | $111509 | $44 | $(128070) | $(16513) |

---

 

*\** *Represents less than $1*

 

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

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(U.S. dollars in thousands)

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(11017) | $(12257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash flows used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 961 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 58 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital loss from sale of property and equipment |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest related to Convertible Promissory Notes and Loan Facility | 1506 | 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 770 | (2673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable and prepaid expenses | (303) | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (729) | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 497 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 98 | 1503 |
| &nbsp;&nbsp;&nbsp;Net cash flows used in operating activities | (8157) | (6995) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of property and equipment |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases and sell of property and equipment | (62) | (89) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in by investing activities | (62) | (86) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party loans | 1195 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments as part of related party loans | (910) | (1000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Convertible Promissory Notes, net |  | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series B-1 Preferred Stock | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF Preferred Stock | 4352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF Preferred Stock fundraising fees | (97) |  |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by financing activities | 7540 | 6780 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (32) | (4) |
| &nbsp;&nbsp;&nbsp;Change in cash, cash equivalents and restricted cash | (711) | (306) |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash beginning of period | 1437 | 1743 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash end of period | $726 | $1437 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $48 | $36 |
| &nbsp;&nbsp;&nbsp;Conversion of related party loans to Convertible Promissory Notes |  | 1450 |
| &nbsp;&nbsp;&nbsp;Conversion of Convertible Promissory Notes into B-1, B-2, B-3 Preferred Stocks |  | 40527 |
| &nbsp;&nbsp;&nbsp;Conversion of Loan Facility to convertible B-1 Preferred Stocks |  | 3153 |

---

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

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 – Nature of Operations**

Headquartered in New-York, NY, TG-17 INC. (the "Company", "Our Bond" or "TG-17") was incorporated in Delaware, U.S, on April 11, 2017. In June 2018, TG-17 LLC changed its name to TG-17 INC.

In April 2017, TG-17 Ltd. ("Israeli subsidiary") was established. The Company holds 100% of its Common stock. The Israeli subsidiary provides research and development services to the Company as well as command center and personal security agents to the Company's US based clients and worldwide.

In November 2023, TG-17 (UK) Ltd. ("UK subsidiary") was established. The Company holds 100% of its Common stock. The UK subsidiary provides command center and personal security agents services to the Company's US based clients and worldwide.

In May 2024, TG-17 (France) ("FR subsidiary") was established. The Company holds 100% of its Common stock. The FR subsidiary provides command center and personal security agents services to the Company's US based clients and worldwide.

In August 2025, TG-17, Inc., submitted the necessary filings to re-domicile as a Nevada corporation on August 27, 2025.

The Company has developed a new tier of preventative personal security platform enabled by artificial intelligence combined with its security personnel agents who are available 24/7 through the Bond App. Since its inception, TG-17 has dedicated resources to research and development activities that support its current projects and future development efforts.

**Note 2 – Basis of Presentation**

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year presentation. These changes in presentation do not affect previously reported results.

The accompanying financial statements have been prepared on a going concern basis. However, the Company has incurred recurring losses and negative operating cash flows, and its current liabilities exceed its current assets as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management is pursuing several strategies to mitigate these conditions, including capital raising, and believes that these actions will provide the necessary liquidity for at least the next twelve months. Nevertheless, there can be no assurance that such plans will be successfully implemented or yield the intended financial benefits.

Accordingly, there is a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern, and therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

***Use of Estimates***

 ****

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, income taxes, litigation, non-marketable equity securities, other contingencies, property, plant, and equipment, revenue recognition, and stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known. Actual results could significantly differ from those estimates.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

***Functional Currency in U.S. Dollars***

The functional currency of the Company is the U.S. dollar, as the U.S. dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.

The transactions and balances of the Company denominated in U.S. dollars ("dollars") are presented at their original amounts. Non-dollar transactions and balances have been re measured to U.S. dollars in thousands in accordance with Accounting Standards Codification No. 830, "Foreign Currency Matters" ("ASC 830"). Accordingly, amounts in currencies other than U.S. dollars have been translated as follows:

Monetary balances - at the exchange rate in effect on the balance sheet date.

Non-monetary balances - at the historical rate in effect as of the date of recognition of the transaction.

Costs - at the exchange rate in effect as of the date of recognition of the transaction.

All transaction exchange gains and losses from the remeasurement mentioned above are reflected in the statement of operations in financial income, net

**Note 3 – Recent Accounting Pronouncements**

***Recently Adopted Accounting Pronouncement***

In November 2023, the FASB issued ASU 2023-07 *Segment Reporting - Improvements to Reportable Segment Disclosures*, which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The guidance is effective for the Company's annual periods beginning in 2024 and interim periods beginning in the first quarter of fiscal year 2025. The Company adopted the standard on December 31, 2024. For further information, refer to Note 6 in the accompanying notes to the consolidated financial statements.

***Recent Accounting Pronouncements Not Yet Adopted***

In December 2023, the FASB issued ASU No. 2023-09 *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. For all other entities, the standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03 *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03") a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We expect to adopt this standard in our fiscal year 2028 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 4 – Significant Accounting Policies**

**Risks and Uncertainties**

Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company believes that the quality of financial instruments minimizes the exposure to concentration of credit risk. The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed insurance limits set by the Federal Deposit Insurance Corporation ("FDIC"). The Company has not historically experienced any losses due to such concentration of credit risk.

The Company has no significant off-balance sheet risk, such as foreign exchange contracts, options contracts, or other hedging arrangements.

The Company believes its credit policies are prudent and reflect normal industry terms and business risk. The Company's exposure to credit risk for accounts receivable is indicated by the carrying value of its accounts receivable. The Company does not require customers to provide collateral to support accounts receivable. If deemed necessary, credit reviews of significant customers may be performed prior to extending credit. The determination of a customer's ability to pay requires judgment, and failure to collect from a customer can adversely affect revenue, cash, and net earnings. Expected credit losses for uncollectible receivable balances consider both current conditions and reasonable and supportable forecasts of future conditions. Current conditions considered include predefined aging criteria, as well as specified events that indicate the balance due is not collectible. Reasonable and supportable forecasts used in determining the probability of future collections consider publicly available macroeconomic data and whether future credit losses are expected to differ from historical losses. The Company currently does not have an allowance for credit losses and expects to collect the full balance of accounts receivable.

Customer Concentration

Revenue from significant customers, meaning those representing 10% or more of total revenue, was composed of one customer (one of the top three (3) private equity firms in the world) accounting for 63.6% of the Company's revenue for the year ended December 31, 2024. Two customers accounted for 53.9% (the same private equity firm identified above) and 19.3% (family office of one of the top ten (10) most affluent families of USA) of the Company's revenue for the year ended December 31, 2023. Accounts receivable from significant customers, those representing 10% or more of the total accounts receivable, was composed of one customer accounting for 69.5% of the Company's accounts receivable balance as of December 31, 2024. One customer accounted for 88.2% of the Company's accounts receivable balance as of December 31, 2023.

Other Risks and Uncertainties

The Company is subject to certain other risks and uncertainties, including, but not limited to, changes in any of the following areas that the Company believes could have a material adverse effect on its future financial position or results of operations: the Company's ability to advance the development its products; market acceptance of its products; competition from other companies with greater financial resources or expertise; protection of intellectual property; litigation or claims brought by or made against the Company relating to intellectual property or other factors; and its ability to attract and retain employees necessary to support its growth.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The Company's business and operations may be affected by worldwide economic conditions, which may continue to be impacted by global macroeconomic challenges, such as the effects of the uncertainty in the financial markets, including disruptions in the banking industry and inflationary trends.

 ****

**Revenue recognition**

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

The Company provides comprehensive security solutions. The company's flagship offering is a cloud-based Software-as-a-Service (SaaS) that delivers a preventative personal security solution platform. Additionally, the Company offers comprehensive and customized services designed to protect clients. These services include, but not limited to, on/off premise guards, assets protection, threat assessments and monitoring and other tailored made security services. Typically, the on-premise security personnel are stationed at client sites to control access, deter threats and respond to incidents in real time, off-premise guards provide mobile or remote surveillance and rapid response support for properties not requiring constant physical presence, asset protection involves securing high-value items, equipment or sensitive materials and threat assessments and monitoring include identifying potential risks, evaluating vulnerabilities and tracking suspicious activities. Revenue is recognized either over time or at a point in time, depending on the nature of each customer's agreement. For its subscription-based SaaS solution through the Company's platform, revenue is typically recognized over time as services are delivered. In contrast, for performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied at a point of time.

The services included in a Bond monthly subscription are: Video Monitor Me, Track Me On The Go, Ready An Agent, Run a Security Check on me, Chat, Audio call, Video call, Activate Siren, Location Services, and Activate the SOS services. Our Physical Bodyguards, Cars To Pick You Up, Roadside Assistance, and Telemedicine services are provided by third parties, and the Company passes the cost of those services (in some cases with a small markup) through to the customers, on top of their membership payment. The Company does not have a revenue sharing arrangement with third-party providers and the revenues generate in financial year 2024 were not substantial and amounted to less than $10,000.

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

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

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

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

Transaction price may be comprised of fixed consideration and variable consideration. The Company's contracts are typically for fixed consideration. Customers engaging in a B2B or B2G arrangement are not entitled to any refunds and remain contractually obligated for the entire duration specified in the agreement. In DTC offering, if a customer does not wish to continue being charged on a recurring monthly or annual basis, they can cancel the applicable paid service before the end of the current billing term and the member will receive a prorated refund for the unused portion of the subscription.

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

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Cash and Cash Equivalents**

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

**Fair Value of Financial Instruments**

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

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

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

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

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

**Accounts Receivable**

The Company has trade receivables which are recorded at the invoiced amount and do not bear interest. The Company evaluates the collectability of accounts receivable on a regular basis based on economic assessment of market conditions and review of customer financial history. The Company have a history of 100% collection and there was no allowance for credit losses recorded as of December 31, 2024 and 2023.

**Property and Equipment, Net**

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

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

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

Schedule of Estimated Useful Lives Property and Equipment

---

| | |
|:---|:---|
| **Asset Category** | **Useful Life (Years)** |
| Computer equipment | 3 |
| Furniture and fixtures | 14 |
| Electronic equipment | 3 – 7 |
| Leasehold improvements | Lesser of estimated useful life or remaining lease term |

---

Estimated useful lives are periodically assessed to determine if changes are appropriate.

**Leases**

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

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

**Impairment of Long-Lived Assets**

The Company assesses the recoverability of its long-lived assets, including property and equipment and right-of-use assets, for indicators of impairment. If events or changes in circumstances indicate impairment, the Company measures recoverability by a comparison of the asset's carrying amount to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. When quoted market prices are not available, the Company uses the expected future cash flows discounted at a rate commensurate with the risks associated with the recovery of the asset as an estimate of fair value. No impairment of long-lived assets was identified for the years ended December 31, 2024 and 2023.

**Research and Development Costs**

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

The Company expenses software development costs before technological feasibility is reached. Technological feasibility is typically reached shortly before the release of such products and as a result, development costs that meet the criteria for capitalization were not material for the periods presented.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

**Severance Pay**

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

**Income Taxes**

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

The Company uses the "more likely than not" criterion for recognizing the income tax benefit of uncertain income tax positions and to establish measurement criteria for income tax benefits. The Company has evaluated the impact of its tax positions and believes its income tax filing positions and deductions will be sustained upon examination. Accordingly, no reserves for uncertain income tax positions or related accruals for interest and penalties have been recorded as of December 31, 2024. In the event the Company should need to recognize interest and penalties related to unrecognized tax liabilities, this amount will be recorded as an accrued liability and an increase to income tax expense.

The Company's net deferred income tax assets as of December 31, 2024, and December 31, 2023, were $25 million and $22 million, respectively, which have been fully offset by a valuation allowance, as their realization is not reasonably assured. These deferred income tax assets consist primarily of net operating losses and R&D tax credits that may be carried forward to offset future income tax liabilities. The Company has federal and state net operating loss carryforwards of approximately $84 million and $67 million, respectively, as of December 31, 2024. Federal net operating losses may be carried forward indefinitely. The state net operating loss carryforwards begin to expire in 2035. As of December 31, 2024, the Company also had federal research and development income tax credits of approximately $0.3 million. The federal tax credits may be carried forward until 2039.

Section 382 and 383 of the Code limits the annual use of net operating loss and income tax credit carryforwards, respectively. In addition, Section 382 further limits the use of net operating losses in certain situations where changes occur in the stock ownership of a company.

If the Company should have an ownership change of more than 50% of the value of the Company's capital stock, utilization of these net operating loss carryforwards could be restricted. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. The Company is subject to examination by the Internal Revenue Service, or IRS, and various state tax authorities. The Company remains subject to examination of its federal income tax returns and various state income tax returns for the periods since inception.

For tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 requires taxpayers to capitalize and amortize research and development costs pursuant to IRC Section 174. Section 174 requires taxpayers to capitalize research and development costs and amortize them over 5 years for expenditures attributed to domestic research and 15 years for expenditures attributed to foreign research. During the year ended December 31, 2024, the Company capitalized research and development expenses under Section 174. Although Congress is considering legislation that would reinstate and extend Section 174 expensing for certain research and experimental expenditures, the possibility that this will happen is uncertain.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Stock-Based Compensation**

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

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

The risk-free interest rate is based on the yield from U.S. treasury zero-coupon bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.

The fair value for options granted in 2024 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:

Schedule of Black-Scholes Option Pricing Model Weighted Average Assumptions

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;Risk-free interest | 4.57% |  |
| &nbsp;&nbsp;&nbsp;Dividend yields | 0% |  |
| &nbsp;&nbsp;&nbsp;Volatility | 45.09-45.81% |  |
| &nbsp;&nbsp;&nbsp;Expected option term (years) | 5.00-6.12 |  |

---

No options were granted in 2023.

**Net Income per Share**

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

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

The functional currency of the Company's wholly owned subsidiaries in Isreal, U.K. and France are the New Israeli Shekel, Pound Sterling and Euro, respectively. Accordingly, asset and liability accounts of the subsidiaries are translated into U.S. dollars using the current exchange rate in effect at the balance sheet date and equity accounts are translated into U.S. dollars using historical rates. The revenues and expenses are translated using the average exchange rates in effect during the period, and gains and losses from foreign currency translation adjustments are included as a component of accumulated other comprehensive income in the consolidated balance sheet. Foreign currency translation adjustments are recorded in other comprehensive loss in the consolidated statements of operations and comprehensive loss and were $32 and $4 during the years ended December 31, 2024 and 2023, respectively.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Foreign currency transaction gains and losses are included in financial expense, net, in the consolidated statements of operations and comprehensive loss and were not material during the years ended December 31, 2024 and 2023.

**Comprehensive Loss**

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

**Note 5 – Revenue**

 ****

***Disaggregation of Revenue***

The Company recognizes revenue classified in services and other either at a point in time or over time. Revenue by point in time and over time was as follows (in thousands):

Schedule of Disaggregation of Revenue

---

| | | |
|:---|:---|:---|
|  | **Years Ended** <br> **December 31,** | **Years Ended** <br> **December 31,** |
|  | **2024** | **2023** |
| SaaS revenue recognized over time | $1432 | $1327 |
| Services and other revenue recognized point in time | 8304 | 5865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $9736 | $7192 |

---

The deferred revenue balance represents payments received for performance obligations not yet satisfied. The following table shows the changes in deferred revenue during the years ended December 31, 2024, and 2023 respectively (in thousands):

Schedule of Deferred Revenue

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Balance at beginning of period | $279 | $29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue additions during period | 1326 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue recognized during period | (829) | (753) |
| Balance at end of period | $776 | $279 |

---

Revenue recognized during the year ended December 31, 2024 that was included in deferred revenue as of December 31, 2023 was $279,000. Revenue recognized during the year ended December 31, 2023 that was included in deferred revenue as of December 31, 2022 was $29,000.

Revenue allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, will be recognized within one year or less.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Note 6 – Segment and Geographical Information**

The Company's security solutions are substantially similar in nature and as a result the Company operates as one operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company's CODM evaluates the financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. The CODM evaluates performance based on income (loss) from operations, which is calculated as revenues less cost of sales and operating expenses. This measure excludes interest income (expense), other income (expense) and income taxes. The CODM reviews income (loss) from operations on a monthly basis to assess the Company's ability to generate earnings from its core activities and to monitor operating efficiency. This analysis includes comparisons of current results to budgeted amounts, prior periods and internal forecasts. Based on these evaluations, the CODM determines whether to adjust operating plans, modify pricing strategies, implement cost-control initiatives or adjust resource levels in specific functional areas. In addition, the CODM uses income (loss) from operations to make decisions about the allocation of resources, including approving capital expenditures, prioritizing research and development initiatives, adjusting headcount in specific departments and determining marketing spend. The CODM also considers this measure when evaluating the performance of the management team and establishing annual incentive compensation targets. Income/loss from operations is the Company's primary measure of profit or loss, and all costs and expenses categories on the Company's consolidated statement of operations, as well as stock-based compensation, depreciation and amortization expenses, are significant. Refer to Note 12 for additional information about the Company's stock-based compensation expense.

Revenue by geographic area is designated based upon the billing location of the customer. As of December 31, 2024 and 2023, all of the Company's revenue was located in the United States.

Property and equipment by geographic areas was as follows (in thousands):

Schedule of Property and Equipment by Geographic Area

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| United States | $29 | $72 |
| Isreal | 76 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment | $105 | $129 |

---

**Note 7 – Earnings Per Share**

Basic net loss per share is computed by dividing reported net loss by the weighted-average number of common shares outstanding for the reported period. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be antidilutive. Since the Company was in a net loss for all periods presented in these consolidated financial statements, diluted net loss per share was the same as basic net loss per share.

Schedule of Earnings Per Share Basic and Diluted

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Numerator: | (in thousands, except per share data) | (in thousands, except per share data) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(11017) | $(12257) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding | 2938 | 1180 |
| Net loss per common share | $(3.75) | $(10.39) |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The following potential common share equivalents were excluded from the calculation of diluted net income per share in FY 2024 because their effect would have been anti-dilutive in the period presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Convertible preferred stock | 26560 | 22460 |
| Stock options | 5027 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total potential common stock excluded from net loss per share | 31587 | 22638 |

---

**Note 8 – Balance Sheet Detail**

Prepaid expenses and other current assets consisted of the following (in thousands):

Schedule of Prepaid Expenses and Other Current Assets

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Prepaid expenses | $20 | $21 |
| Receivables for Investment | 312 |  |
| Other current assets | 103 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $435 | $104 |

---

Property and equipment, net consisted of the following (in thousands):

Schedule of Property and Equipment, Net

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Computers and peripheral equipment | $377 | $333 |
| Office furniture and equipment | 46 | 46 |
| Electronic equipment | 290 | 300 |
| Leasehold improvements | 18 | 18 |
|  | 731 | 697 |
| Less: accumulated depreciation | (626) | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment, net | $105 | $129 |

---

Depreciation expenses for the years ended December 31, 2024 and 2023 amounted to $58 and $42, respectively.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Accrued and other current liabilities was composed of the following (in thousands):

Schedule of Accrued and Other Current Liabilities

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Employee and related accruals | $627 | $287 |
| Accrued expenses | 1271 | 1550 |
| Other | 69 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accrued and other current liabilities | $1967 | $1867 |

---

**Note 9 – Loan and Convertible Promissory Note**

**Loan:** 

In June 2019 the Company entered into Loan and Security agreement (the "Loan Facility") in the amount of $9,999. The principal amount outstanding under each Advance shall accrue at the following rate per annum rate equal to the greater of six and one-half percentage points (6.50%) above the Prime Rate of 12.00%, which interest shall be payable monthly. Immediately upon the occurrence and during the continuance of an event of default as defined in the contract, the Obligations shall bear interest at a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto. Additionality, concurrently with the grant of the loan, the Company issued warrants to 1,872,993 shares of preference Series A, per value $0.0001 per share, and exercise price of $0.2803 per share. The Warrants expiration date was settled as the earlier of (1) the date that is ten (10) years after the original Issue Date, (2) the Initial Public Offering and (3) a Liquid Acquisition.

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

In years 2022-2024 the Loan Facility agreement was further amended to restructure the payments due on January 2022 to December 2024.The forbearance period was extended until the earlier of December 31, 2025 and Company's closing of an equity financing of at least $20,000 where all Deferred Payments including principal shall be repay in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In November 2023, a total of $3,152 from the loan were converted into 2,155,398 Series B-1 Preferred Stock of $0.0001 par value as part of Series B Preferred Stock Purchase Agreement. Additionally, the warrants mentioned above were cancelled and replaced by a new 247,145 Series B-1 warrant, per value $0.0001 per share, and exercise price of $0.4875 per share.

The total interest expenses and accrued interest for the year ended December 31, 2024 were $1,505 and $2,808, respectively, and as for year ended December 31, 2023, were $1,931 and $1,303, respectively. Any unpaid interest was accrued as part of the loan.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Convertible Promissory Note:** 

In July 2020, the Company entered into Convertible Promissory Note agreements (the "Convertible Promissory Note") with its existing investors in an aggregate amount of $11,419. Deferred loan issuance costs in the amount of $14 were recorded net of the loan and will be recognized as additional interest expense over the life of the loan.

The principal amount bear 7% interest per annum. According to the terms of the Convertible Promissory Note agreements, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the Investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for equity securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803.

If the Notes remain outstanding at the maturity date, then, effective upon the maturity date (January 21, 2022), the majority noteholders may elect to convert the outstanding principal amount of the Notes and any unpaid accrued interest, into shares of the Company's Series A Preferred Stock at a conversion price equal to the $0.2803 series A price per share.

In July 2021, the Company entered into Second Convertible Promissory Note agreements (the "Second Convertible Promissory Note") with its existing investors in an aggregate amount of $6,100. The principal amount bear 7% interest per annum. According to the terms of the Second Convertible Promissory Note agreements, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the Investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for equity securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803.

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

In January 2022, June 2022 and in November 2022 the Company entered into three additional Convertible Promissory Note agreements with its existing investors in an aggregate amount of $6,000, $2,000 and $7,517, respectively. The principal amount bear 7% interest per annum. According to the terms of the Third, Fourth and Fifth Convertible Promissory Note agreements, the entire amount of the outstanding principal and any unpaid accrued interest shall automatically convert in whole without any further action by the holder into Common Stock of the Company, at a conversion price equal to the cash price paid per share for the equity securities by the Investors in the qualified financing at a conversion price equal to the lesser of (i) the cash price paid per share for Equity Securities by the Investors in the Qualified Financing multiplied by 0.75, and (ii) $0.2803.

If the Notes remain outstanding at the maturity date, then, effective upon the maturity date (January 1, 2024), the Majority Noteholders may elect to convert the outstanding principal amount of the Notes and any unpaid accrued interest, into shares of the Company's Series A Preferred Stock at a conversion price equal to the $0.2803 Series A Price Per Share.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In November 2022, in anticipation of a new equity financing and/or corporate restructuring, the Company entered into omnibus amendment and waiver of convertible notes and participation direction with its existing investors that combines multiple modifications and waivers related to certain terms and conditions of all previously issued Convertible Promissory Note agreements. The primary modifications extend all note maturity dates to March 31, 2025 and establish new conversion mechanics tied to a future equity financing round of at least $3 million, where noteholders will receive either common shares or preferred stock at the company's discretion depending on whether the company undergoes a recapitalization.

During 2023 there were no interest payments. The total interest expenses recorded in 2023 were $2,206.

In November 2023 and upon closing an equity financing of $3 million, all Convertible Promissory Notes (principal and interest) were converted into 1,947,073 Series B-1 Preferred Stock for a total consideration of $2,847, 9,154,383 B-2 Preferred Stock for a total consideration of $12,054 and into 7,151,130 Series B-3 Preferred Stock for a total consideration of $10,797. This conversion ratio resulted in a $16,270 million capital gain to the Company due to the new conversion terms defined in the 2022 omnibus agreement.

Upon the direct listing, the Series B-1 Warrants shall remain outstanding, and the holder shall have the option, at any time, to convert each warrant into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant (meaning aggregate fair market value of warrants less the aggregate exercise price of warrant) at the time the conversion by the fair market value of one warrant share, as defined therein.

**Note 10 – Related Party**

Since the company's establishment, the company's founder and CEO has also been the largest investor who participated in all funding rounds and convertible notes in a total amount of approximately $34.2 million.

In December 2021, the Company entered into Unsecured Grid Note agreement (the "Note") with its main shareholder in the amount of up to $1,000. Company received three installments of $300 each on December 3, 2021, December 10, 2021, and December 13, 2021 (Collectively "the related party loans" and individually each a "Loan").

The unpaid principal of each Loan bear simple interest of 5% per annum from the date of borrowing. According to the terms of the Note, the Loans shall be due and payable on demand by Lender (the "Maturity Date"). In the event that (i) the Company issues and sells any debt, equity or other securities of the Company, or any combination thereof, to investors in a bona-fide arms-length transaction for aggregate consideration (including conversion of any outstanding indebtedness) of at least $2,000 and (ii) this Note has not been paid in full, then the entire outstanding principal balance and all unpaid accrued interest of this Note shall automatically convert in whole without any further action by the Lender into such debt, equity or other securities of the Company issued pursuant to such financing transaction on the same terms and conditions as given to the investors.

In May 2022, the Company entered into Unsecured Grid Note agreement (the "Second Note") with its main shareholder in the amount of up to $1,000 under the same terms. Company received two installments of $400 and 350 on May 5, 2022, and May 26, 2022 (Collectively ""the related party loans" and individually each a "Loan").

In June 2022, the Company entered into Unsecured Grid Note agreement (the "Third Note") with its main shareholder in the amount of up to $5,000 under the same terms. Company received sixteen installments for a total of $4,625 (Collectively "the related party loans" and individually each a "Loan").

In October 2022, the Company entered into Unsecured Grid Note agreement (the "Fourth Note") with its main shareholder in the amount of up to $5,000 under the same terms. Company received six installments for a total of $1,650 (Collectively "the related party loans" and individually each a "Loan").

In 2022, the related party loans in the amount of $6,275 were reassigned to the Convertible Promissory Note.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In 2023, 1,450 were reassigned to the Convertible Promissory Note and 200 were reassigned to the Unsecured Convertible Revolving Promissory Note. See below.

In July 2023, the Company entered into Unsecured Convertible Revolving Promissory Note (the "Second Note") with its main shareholder in the amount of up to $2,000. At any time, the Noteholder may, in its sole discretion, lend to the Company from time to time until the first-year anniversary of the Effective Date such amounts as may be requested by the Company in accordance with the terms and conditions of this Second Note. The principal amount outstanding under this Second Note from time to time shall bear interest at a rate per annum equal to the Applicable Federal Rate. In October 2023, the Second Note was amended whereby principal amount was increased up to $3,000. During 2023, Company received a total of $2,350 and repaid $1,000 from the outstanding balance. During 2024, Company received a total of $1,110 and repaid $910 from the outstanding balance.

The total interest expenses recorded in 2024 and 2023 were $85 and $35, respectively.

As of December 31, 2024 and 2023, the Revolving Promissory Note outstanding balance was $1,870 and $1,585 ,respectively.

**Note 11 – Preferred Stock and Common Stock**

**Stock reverse split**

On November 11, 2023, in connection with the Series B financing, the Company filed an Amended and Restated Certificate of Incorporation which, among other things, affected a reverse stock split by which every 28.40643 shares of Common Stock issued and outstanding immediately prior to such filing was automatically combined into 1 share of Common Stock.

All shares of Common stock and Preferred Stock, options and exercise prices have been adjusted retroactively for all periods presented in these financial statements to reflect the 28.40643-for 1 reverse split.

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

**Composition of stock capital**

The stock capital of the Company as of December 31, 2024 and 2023 is comprised of stock of $0.0001 par value each, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Authorized** | **Issued and outstanding** | **Authorized** | **Issued and outstanding** |
| Common Stock | 112000000 | 2963695 | 105263084 | 2923915 |
| Series B-1 Preferred Stock | 25356256 | 8204944 | 25364831 | 6154045 |
| Series B-2 Preferred Stock | 27463149 | 9154388 | 27463154 | 9154388 |
| Series B-3 Preferred Stock | 21453390 | 7151139 | 22171986 | 7151139 |
| Series CF Preferred Stock | 14128084 | 2049795 | - | - |
|  | 200400879 | 29523961 | 180263055 | 25383487 |

---

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Common Stock**

Common Stock confer upon their holders the right, among others, to participate and vote in the Company's stockholders meeting, participation in the Company's distributable earnings and participation in the distribution of the Company's assets upon its liquidation. The stockholders' liability is limited to the redemption of the par value of their stock.

**Preferred Stock**

Preferred stock has been designated into Voting Preferred Stock (consisting of Series B-1 Preferred Stock, Series B-2 Preferred Stock and Series B-3 Preferred Stock) and Non-Voting Preferred Stock (consisting of Series CF Preferred Stock). Voting Preferred Stock and Non-Voting Preferred Stock confer upon their holders all the rights of Common stock, with the exception of voting rights in the case of Non-Voting Preferred Stock. In addition, they bear the following rights:

*Voting rights:*

 

Holders of Voting Preferred Stock are entitled to one vote for each share of Common stock into which such Voting Preferred Stock is convertible. The holders of the Voting Preferred Stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote, with the exception of election of the Common stock director (as specified in the Company's Articles of Incorporation).

*Liquidation preference:*

The Company's Preferred stock are entitled to a Non-Participating Liquidation preference.

In the event of liquidation, subject to the Preferred stock liquidation preference, assets or proceeds shall be distributed among the holders of Common stock and Preferred stock and on an as converted basis, based on the number of stocks held by each such holder.

*Conversion:*

 

Each share of Voting Preferred Stock and Non-Voting Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such Voting Preferred Stock and Non-Voting Preferred Stock was issued by the Company, into such number of fully paid and non-assessable Common stock and Non-Voting Common stock, respectively as is determined by dividing the applicable original issuance price by the applicable conversion price (original issue price for each series of Preferred Stock, subject to adjustment based on certain anti-dilution protections) in effect at the time of conversion.

Each share of Voting Preferred Stock and Non-Voting Preferred Stock shall automatically be converted into Common stock and Non-Voting Common stock, respectively immediately upon the earlier of (i) the closing of a Qualified Public Offering, or (ii) written consent or written agreement of the Requisite Holders, as defined in the Company's Articles of Incorporation. The Company has reserved Common stock and Non-Voting Common stock that will be sufficient to affect the conversion of all outstanding stock of Preferred stock.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the applicable Preferred stock, the applicable conversion price for the applicable Preferred stock shall be adjusted to reflect the lower consideration paid for the applicable Preferred stock as set forth in the Company's articles of incorporation.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Issuance of Preferred Stock**

On November 17, 2023, the Company entered into a Series B Preferred Stock Purchase Agreement (the "Series B SPA") with new and existing investors. According to the Series B SPA, the Company issued 2,051,574 Series B-1 Preferred Stock for total consideration of $3,006 with par value of $0.0001 each, at a price per stock of $1.462533;

In 2024 the Company had five additional closings for a total consideration of $3,000 and issued 2,050,897 Series B-1 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.4672533.

On June 2024, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. As of December 31, 2024, the Company had raised a total of $1,368 and issued 644,226 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343; The total fees recorded in 2024 were $97. While the total fee to be paid to the intermediary under this Reg CF offering was 6.9% of the total amount raised, the fee due as of December 31, 2024 were based on the amount raised as of that date.

On September 2024, in parallel to Reg CF and under the same terms, the Company started to offer and sell securities under rule 506(c) of regulation D to accredited investors. As of December 31, 2024, the Company had raised a total of $2,985 and issued 1,405,569 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343.

All previous preferred stock were converted to Common Shares.

**Note 12 – Stock-Based Compensation**

The Equity Incentive Plan provides for the Company to grant ISOs, and NSOs to employees, advisers, and directors. As of December 31, 2024 there were 5,235,253 equity awards authorized including awards that were exercised to common stock.

 ****

***Stock Options***

Stock options represent the right to purchase shares of common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of the common stock on the date of grant. Options vest over a period of time not to exceed 10 years from the grant date. For the years ended December 31, 2024 and 2023, the Company recorded stock-based compensation expense of $961 and $335, respectively.

The terms of the plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement. The shares of restricted stock granted upon early exercise of the options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not been vested are subject to repurchase by the Company upon termination of the purchaser's employment, at the price paid by the purchaser. Such shares are not deemed to be issued for accounting purposes until they vest.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The following table summarizes the Company's stock option activity and related information:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Exercise Price** | **Aggregate Intrinsic Value (in thousands)** | **Weighted Average Remaining Life** |
| Outstanding, as of January 1, 2023 | 272844 | $11.70 | **-** | 8.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised during period | 290 | $4.02 | **-** | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | 94722 | $16.23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired | - | - | **-** | **-** |
| Outstanding, as of December 31, 2023 | 177832 | $10.08 | $- | 7.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 4854476 | $0.42 | $- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised during period |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | 5418 | $0.42 | $- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired | - | - |  |  |
| Outstanding as of December 31, 2024 | 5026890 | $0.42 | $- | 9.30 |

---

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company's shares of common stock for those options that had exercise prices lower than the fair value of the Company's shares of common stock.

The weighted-average grant date fair value of options granted was $0.42 for the year ended December 31, 2024.

As of December 31, 2024 and 2023, the total remaining unrecognized compensation expense related to non-vested stock options was $411 and $401, respectively, which will be amortized over the weighted-average period of 1.59 years and 1.84 years, respectively.

The fair value of each option award is determined on the date of grant using the Black-Scholes option-pricing model. The calculation of fair value includes several assumptions that require management's judgment. The absence of a public market for the Company's common stock requires the Company's board of directors with assistance from management and external valuation experts, to estimate the fair value of its common stock for purposes of granting options and for determining stock-based compensation expense by using a reasonable method of valuation and considering several objective and subjective factors, including obtaining contemporaneous independent third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of redeemable convertible preferred stock and common stock, and transactions involving the Company's stock. The fair value of the Company's common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

The estimated fair value of stock options was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Schedule of Stock Options Valuation Assumptions

---

| | | |
|:---|:---|:---|
|  | **Years Ended** <br> **December 31,** | **Years Ended** <br> **December 31,** |
|  | **2024** | **2023** |
| Expected term of options (years) | 5-6.12 |  |
| Expected volatility (%) | 45.09-45.81 |  |
| Risk-free interest rate (%) | 4.57 |  |
| Expected dividend yield (%) |  |  |

---

No options were granted in 2023.

*Expected term:* The expected term of the stock options represents the period of time stock options are expected to be outstanding and is based on the "simplified method." Under this method, the term is estimated using the midpoint between the requisite service period and the contractual term of the option. This method is used due to the lack of sufficient historical exercise data.

 

*Expected volatility:* The expected volatility is a measure of the amount by which a financial variable, such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have a sufficient history of its own volatility, the Company has identified several public entities of similar complexity and industry and calculates historical volatility based on the volatilities of these companies.

 

*Risk-free interest rate:* The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant.

 

*Expected dividend yield:* No dividends have been paid or expected to be paid by the Company.

Total stock-based compensation expense for years ended December 31, 2024 and 2023 was as follows (in thousands):

Schedule of Stock Based Compensation Expenses

---

| | | |
|:---|:---|:---|
|  | **Years Ended**<br> **December 31,** | **Years Ended**<br> **December 31,** |
|  | **2024** | **2023** |
| Cost of sales | 4 | 3 |
| Research and development | 153 | 123 |
| Sales and marketing | 115 | 66 |
| General and administrative | 689 | 143 |
| Total stock-based compensation expense | 961 | 335 |

---

**Note 13 – Income Taxes** Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

Net deferred tax items consist of the following components as of December 31, 2024 and 2023 (in thousands):

Schedule of Components of Deferred Tax Assets

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryover | $17736 | $15976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carryover - States | 4471 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&D credit carryforward | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 390 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;R&D capitalization | 2210 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 |  |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | (48) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | (13) |
| Valuation allowance | (25090) | (22525) |
| Net deferred tax asset | $— | $— |

---

The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the year ended December 31, 2024 due to the following (in thousands):

Schedule of Reconciliation of Statutory Federal Income Tax Rate

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Book income (loss) | $(2320) | $(2575) |
| Non deductible other expenses (M&E 50% and penalties) | 1 | 1 |
| State income taxes, net of federal tax benefit  | (246) |  |
| Valuation allowance | 2565 | 2574 |
|  | $— | $— |

---

At December 31, 2024, the Company had net operating loss carryforwards of approximately $84 million that may be offset against future taxable income varying from the year 2024 through indefinitely. No tax benefit has been reported in the December 31, 2024, financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. NOLs arising in tax years beginning in 2018 may be carried forward indefinitely.

**Note 14 – Commitments and Contingencies**

In August 2018, The Israeli subsidiary entered into a lease agreement for a 60-month period beginning January 1, 2019. The subsidiary may terminate the lease agreement on December 31 of each year with 6-month advance written notice to the lessor. If the subsidiary to terminate the lease agreement at the first 48-month period, then an exit penalty of $241 will apply.

In May 2021, the lease agreement was amended where Subsidiary and lessor agreed to convert fifty percent from February-December 2021 monthly rent payments into fully vested warrants to purchase 18,775 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on April 30, 2026.

**TG-17 INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

In August 2021, the lease agreement was further amended where the Subsidiary and lessor agreed to convert fifty percent from 2022 monthly rent payments into a warrants to purchase 21,005 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on September 30, 2026. On August 22, 2024 all the warrants held by the lesser were exercised and accordingly, 39,780 Common Stock were issued.

In July 2022, the Israeli Subsidiary gave the lessor advanced notice of its intention to exercise the exit point on December 31, 2022, while negotiating the fifth-year terms. The parties were unable to reach agreements and in July 2023 the subsidiary vacated the leased premises. In February 2025 a lawsuit was filed against the Company for a total of $1,600. Given the preliminary stage in which the lawsuit is at, the Israeli Subsidiary lawyers cannot reasonably assess the likelihood of the claims to be accepted. The company accounted for $1,600 and the amount is included in Accrued and other current liabilities.

**Note 16 – Subsequent Events**

The Company has evaluated all transactions through May 28, 2025, the date these consolidated financial statements were available to be issued and has determined that there are no other events, other than the following, that would require disclosure in or adjustment to these financial statements.

**TG-17 INC.**

**CONSOLIDATED BALANCE SHEETS**

(U.S. dollars in thousands, except per share and share amounts)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2845 | $726 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 1616 | 2231 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 248 | 435 |
| Total current assets | 4709 | 3392 |
| Property and equipment, net | 88 | 105 |
| Total assets | $4797 | $3497 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2425 | $2590 |
| &nbsp;&nbsp;&nbsp;Deferred revenue, current | 793 | 776 |
| &nbsp;&nbsp;&nbsp;Related party loan | 1577 | 1870 |
| &nbsp;&nbsp;&nbsp;Accrued and other current liabilities | 1964 | 1967 |
| Total current liabilities | 6759 | 7203 |
| Loan | 13512 | 12808 |
| Total liabilities | 20271 | 20011 |
| Commitments and contingencies (Note 14) |  |  |
| Mezzanine Equity |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stock, $0.0001 par value; 329,671 shares and 0 shares authorized, at June 30, 2025 and December 31, 2024, respectively, 329,671 and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively | 2746 |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;Series preferred stock, $0.0001 par value; 150,000,000 shares and 88,400,879 shares authorized, at June 30, 2025 and December 31, 2024, respectively, 27,888,937 and 26,560,564 shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 200,000,000 and 112,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 3,164,758 and 2,963,695 shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid in capital | 115057 | 111509 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | (14) | 44 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (133267) | (128070) |
| Total stockholders' deficit | (18220) | (16513) |
| Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $4797 | $3497 |

---

 

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

 

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(U.S. dollars in thousands, except per share data)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| Revenue | $4524 | $4658 |
| Cost of revenues | 4116 | 4045 |
| Gross profit | 408 | 613 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 1219 | 1208 |
| &nbsp;&nbsp;&nbsp;General and administrative | 2596 | 2590 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 1115 | 1076 |
| Total operating expenses | 4930 | 4874 |
| Loss from operations | (4522) | (4261) |
| Other income (expense), net: |  |  |
| &nbsp;&nbsp;&nbsp;Financial expense, net | (746) | (768) |
| &nbsp;&nbsp;&nbsp;Other income | 71 | 87 |
| Income before income taxes | (5197) | (4942) |
| Income tax expense |  | 50 |
| Net income (loss) | $(5197) | $(4992) |
| Net loss per share – basic and diluted | $(1.75) | $(1.71) |
| Weighted average number of common shares outstanding – basic and diluted | 2977 | 2924 |

---

 

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

 

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(U.S. dollars in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| Net income (loss) | $(5197) | $(4992) |
| Foreign currency translation adjustments, net of tax | (57) | (10) |
| Comprehensive loss | $(5254) | $(5002) |

---

 

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

 

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

(unaudited)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Stockholders' Deficit** | **Mezzanine Equity** | **Mezzanine Equity** |
| | **Series Preferred Stock** | **Series Preferred Stock** | **Common Stock** | **Common Stock** | | | | | **Series Preferred Stock** | **Series Preferred Stock** |
| <br>**(U.S. dollars in thousands)** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional Paid-in**<br>**Capital** | **Accumulated Other Comprehensive**<br>**Income (Loss)** | **Accumulated**<br>**Deficit** | **Total Stockholders'**<br>**Deficit** | **Shares** | **Amount** |
| **Balance as of December 31, 2024** | 26560564 | $3 | 2963695 | $1 | $111509 | $44 | $(128070) | $(16513) |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 362 |  |  | 362 |  |  |
| &nbsp;&nbsp;&nbsp;Exercise of options and vesting of early exercise |  |  | 609 | —<sup>\*</sup> | —<sup>\*</sup> |  |  | —<sup>\*</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  | 203788 | —<sup>\*</sup> | 433 |  |  | 433 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series CF preferred stock | 1318373 |  |  |  | 2753 |  |  | 2753 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series C convertible preferred stock- net of issuance costs |  |  |  |  |  |  |  |  | 329671 | 2746 |
| &nbsp;&nbsp;&nbsp;Issuance of Series F preferred stock | 10000 | —<sup>\*</sup> | (3334) | —<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (58) |  | (57) |  |  |
| &nbsp;&nbsp;&nbsp;Net income |  |  |  |  |  |  | (5197) | (5197) |  |  |
| **Balance as of June 30, 2025** | 27888937 | $3 | 3164758 | $1 | $115057 | $(14) | $(133267) | $(18220) | 329671 | 2746 |
| **Balance as of December 31, 2023** | 22459576 | $3 | 2923915 | $1 | $103292 | $76 | $(117054) | $(13682) |  |  |
| &nbsp;&nbsp;&nbsp;Stock based compensation related to options granted to employees and non-employees |  |  |  |  | 477 |  |  | 477 |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series B preferred stock | 2050896 | —<sup>\*</sup> |  |  | 3000 |  |  | 3000 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments, net of tax |  |  |  |  |  | (10) |  | (10) |  |  |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (4992) | (4992) |  |  |
| **Balance as of June 30, 2024** | 24510472 | $3 | 2923915 | $1 | $106769 | $66 | $(122046) | $(15207) |  |  |

---

 

*\** *Represents less than $1*

 

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

 

 

**TG-17 INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

(U.S. dollars in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(5197) | $(4992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash flows used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 362 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 25 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest related to convertible promissory notes and loan facility | 730 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued for legal and other services | 433 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 615 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts receivable and prepaid expenses | 187 | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (164) | (1439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 17 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other current liabilities | (3) | (285) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in operating activities | (2995) | (4103) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (8) | (44) |
| &nbsp;&nbsp;&nbsp;Net cash flows used in by investing activities | (8) | (44) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from related party loans | 451 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments as part of related party loans | (770) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series B-1 preferred stock |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF preferred stock | 2798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series CF preferred stock fundraising fees | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series C preferred stock | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Series C preferred stock fundraising fees | (254) |  |
| &nbsp;&nbsp;&nbsp;Net cash flows provided by financing activities | 5179 | 3200 |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate on cash | (57) | (10) |
| &nbsp;&nbsp;&nbsp;Change in cash, cash equivalents and restricted cash | 2119 | (957) |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash beginning of period | 726 | 1437 |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash end of period | $2845 | $480 |
| **SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for income taxes, net | $58 | $25 |

---

 

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

 

 

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 1 – Nature of Operations**

Headquartered in New-York, NY, TG-17 INC. (the "Company", "Our Bond" or "TG-17") was incorporated in Delaware, U.S, on April 11, 2017. In June 2018, TG-17 LLC changed its name to TG-17 INC. The Company has subsidiaries in Isreal, UK, France, Belgium and Canada to provide command center and personal security agent services to the Company's US based Clients and worldwide.

The Company developed a new tier of preventative personal security platform enabled by artificial intelligence combined with security personnel agents who are available 24/7 through the Bond Personal Security phone application.

**Note 2 – Basis of Presentation**

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation. Certain amounts reported in the prior year financial statements have been reclassified to conform to the current year presentation. These changes in presentation do not affect previously reported results.

The accompanying financial statements have been prepared on a going concern basis. However, the Company has incurred recurring losses and negative operating cash flows, and its current liabilities exceed its current assets as of June 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Management is pursuing several strategies to mitigate these conditions, including capital raising, and believes that these actions will provide the necessary liquidity for at least the next twelve months. Nevertheless, there can be no assurance that such plans will be successfully implemented or yield the intended financial benefits.

Accordingly, there is a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern, and therefore it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

***Use of Estimates***

 ****

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

On an on-going basis, we evaluate our estimates, including those related to accounts receivable, cash equivalents and marketable securities, income taxes, litigation, non-marketable equity securities, other contingencies, property, plant, and equipment, revenue recognition, and stock-based compensation. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts, and experience. Changes in estimates are recorded prospectively in the period in which they become known. Actual results could significantly differ from those estimates.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

***Functional Currency in U.S. Dollars***

 ****

The functional currency of the Company is the U.S. dollar, as the U.S. dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.

The transactions and balances of the Company denominated in U.S. dollars ("dollars") are presented at their original amounts. Non-dollar transactions and balances have been re measured to U.S. dollars in thousands in accordance with Accounting Standards Codification No. 830, "Foreign Currency Matters" ("ASC 830"). Accordingly, amounts in currencies other than U.S. dollars have been translated as follows:

Monetary balances - at the exchange rate in effect on the balance sheet date.

Non-monetary balances - at the historical rate in effect as of the date of recognition of the transaction.

Costs - at the exchange rate in effect as of the date of recognition of the transaction.

All transaction exchange gains and losses from the remeasurement mentioned above are reflected in the statement of operations in financial income, net

**Note 3 – Recent Accounting Pronouncements**

***Recent Accounting Pronouncements Not Yet Adopted***

 ****

In December 2023, the FASB issued ASU No. 2023-09 *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. For all other entities, the standard is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03 *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03") a new accounting standard requiring disclosures of certain additional expense information on an annual and interim basis, including, among other items, the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We expect to adopt this standard in our fiscal year 2027 annual report. We do not expect the adoption of this standard to have a material impact on our Consolidated Financial Statements other than additional disclosures.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 4 – Significant Accounting Policies**

There have been no significant changes during the six months ended June 30, 2025 and 2024 to the items disclosed in "Significant Accounting Policies" in Note 4 of the Company's audited consolidated financial statements for the years ended December 31, 2024 and 2023, other than as described below:

 ****

**Risks and Uncertainties**

Customer Concentration

Revenue from significant customers, meaning those representing 10% or more of total revenue, was composed of three customers accounting for 52.71%, 11.77 and 10.00% of the Company's revenue for the six months ended June 30, 2025. One customer accounted for 60.68% of the Company's revenue for the six months ended June 30, 2024. Accounts receivable from significant customers, those representing 10% or more of the total accounts receivable, was composed of one customer accounting for 72.43% of the Company's accounts receivable balance as of June 30, 2025. One customer accounted for 69.5% of the Company's accounts receivable balance as of December 31, 2024.

**Note 5 – Revenue**

***Disaggregation of Revenue***

 ****

The Company recognizes revenue classified in services and other either at a point in time or over time. Revenue by point in time and over time was as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| SaaS revenue recognized over time | $724 | $631 |
| Services and other revenue recognized point in time | 3800 | 4027 |
| &nbsp;&nbsp;&nbsp;Total revenue | $4524 | $4658 |

---

The deferred revenue balance represents payments received for performance obligations not yet satisfied. The following table shows the changes in deferred revenue during the six months ended June 30, 2025, and 2024 respectively (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| Balance at beginning of period | $776 | $279 |
| &nbsp;&nbsp;&nbsp;Deferred revenue additions during period | 604 | 546 |
| &nbsp;&nbsp;&nbsp;Revenue recognized during period | (587) | (391) |
| Balance at end of period | $793 | $434 |

---

Revenue recognized during the six months ended June 30, 2025 that was included in deferred revenue as of December 31, 2024 was $587. Revenue recognized during the six months ended June 30, 2024 that was included in deferred revenue as of December 31, 2023 was $391.

Revenue allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods, will be recognized within one year or less.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 6 – Segment and Geographical Information**

The Company's security solutions are substantially similar in nature and as a result the Company operates as one operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker ("CODM"), which is the Company's Chief Executive Officer, in deciding how to allocate resources and assess performance. The Company's CODM evaluates the financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. Income (loss) is the Company's primary measure of profit or loss, and all costs and expenses categories on the Company's consolidated statement of operations, as well as stock-based compensation, depreciation and amortization expenses, are significant. Refer to Note 12 for additional information about the Company's stock-based compensation expense.

Revenue by geographic area is designated based upon the billing location of the customer as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| United States | $4490 | $4658 |
| Israel | 17 |  |
| France | 17 |  |
| &nbsp;&nbsp;&nbsp;Total revenue | $4524 | $4658 |

---

Property and equipment by geographic areas was as follows (in thousands):

Schedule of Property and Equipment by Geographic Area

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| United States | $&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Isreal | 68 | 76 |
| &nbsp;&nbsp;&nbsp;Total property and equipment | $88 | $105 |

---

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 7 – Earnings Per Share**

Basic net loss per share is computed by dividing reported net loss by the weighted-average number of common shares outstanding for the reported period. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be antidilutive. Since the Company was in a net loss for all periods presented in these consolidated financial statements, diluted net loss per share was the same as basic net loss per share.

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
|  | (in thousands, except per share data) | (in thousands, except per share data) |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders | $(5197) | $(4992) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding | 2977 | 2924 |
| Net loss per common share | $(1.75) | $(1.71) |

---

The following potential common share equivalents were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive in the period presented (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| Convertible preferred stock | 29509 | 24511 |
| Stock options | 7104 | 5117 |
| &nbsp;&nbsp;&nbsp;Total potential common stock excluded from net loss per share | 36613 | 29628 |

---

**Note 8 – Balance Sheet Detail**

Prepaid expenses and other current assets consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Prepaid expenses | $41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| Receivables for Investment |  | 312 |
| Other current assets | 207 | 103 |
| &nbsp;&nbsp;&nbsp;Total prepaid expenses and other current assets | $248 | $435 |

---

Property and equipment, net consisted of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Computers and peripheral equipment | $385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 |
| Office furniture and equipment | 46 | 46 |
| Electronic equipment | 290 | 290 |
| Leasehold improvements | 18 | 18 |
|  | 739 | 731 |
| Less: accumulated depreciation | (651) | (626) |
| &nbsp;&nbsp;&nbsp;Total property and equipment, net | $88 | $105 |

---

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

Depreciation expenses for the six months ended June 30, 2025 and 2024 amounted to $25,023 and $34,954, respectively.

Accrued and other current liabilities was composed of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31,<br> 2024** |
| Employee and related accruals | $631 | $627 |
| Accrued expenses | 1251 | 1271 |
| Other | 82 | 69 |
| &nbsp;&nbsp;&nbsp;Total accrued and other current liabilities | $1964 | $1967 |

---

**Note 9 – Loan**

In June 2019 the Company entered into Loan and Security agreement (the "Loan Facility") in the amount of $9,999. The principal amount outstanding under each Advance shall accrue at the following rate per annum rate equal to the greater of six and one-half percentage points (6.50%) above the Prime Rate of 12.00%, which interest shall be payable monthly. Immediately upon the occurrence and during the continuance of an event of default as defined in the contract, the Obligations shall bear interest at a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto. Additionality, concurrently with the grant of the loan, the Company issued warrants to 1,872,993 shares of preference Series A, per value $0.0001 per share, and exercise price of $0.2803 per share. The Warrants expiration date was settled as the earlier of (1) the date that is ten (10) years after the original Issue Date, (2) the Initial Public Offering and (3) a Liquid Acquisition.

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

In years 2022-2024 the Loan Facility agreement was further amended to restructure the payments due on January 2022 to December 2024.The forbearance period was extended until the earlier of December 31, 2025 and Company's closing of an equity financing of at least $20,000 where all Deferred Payments including principal shall be repay in twenty-two (22) consecutive equal monthly payments as to the first $5,000 advance and twenty-five (25) consecutive equal monthly payments as to the second $5,000 advance.

In November 2023, a total of $3,152 from the loan were converted into 2,155,398 Series B-1 Preferred Stock of $0.0001 par value as part of Series B Preferred Stock Purchase Agreement. Additionally, the warrants mentioned above were cancelled and replaced by a new 247,145 Series B-1 warrant, per value $0.0001 per share, and exercise price of $1.4625 per share. The Series B-1 Warrants shall be convertible, at the option of the holder, at any time after the date on which such warrant was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

The total interest expenses for the six months ended June 30, 2025 and 2024 were $0.7 million each and accrued interest for June 30, 2025 and December 31, 2024 were $3.5 million and $2.8 million, respectively. Any unpaid interest was accrued as part of the loan. See also note 15.

**Note 10 – Related Party**

Since the company's establishment, the company's founder and CEO has also been the largest investor who participated - either directly or through entities under his control - in all funding rounds and convertible notes in a total amount of approximately $44.67 million.

In July 2023, the Company entered into Unsecured Convertible Revolving Promissory Note (the "Second Note") with its main shareholder in the amount of up to $2,000. At any time, the Noteholder may, in its sole discretion, lend to the Company from time to time until the first-year anniversary of the Effective Date such amounts as may be requested by the Company in accordance with the terms and conditions of this Second Note. The principal amount outstanding under this Second Note from time to time shall bear interest at a rate per annum equal to the Applicable Federal Rate. In October 2023, the Second Note was amended whereby principal amount was increased up to $3,000. During 2025, Company received a total of $451 and repaid $770 from the outstanding balance.

The total interest expenses recorded for the six months ended June 30, 2025, and 2024 were $26 and $42 respectively.

As of June 30, 2025, and December 31, 2024, the Revolving Promissory Note outstanding balance was approximately $1.58 million and $1.87 million, respectively.

**Note 11 – Preferred Stock and Common Stock**

**Composition of stock capital**

The stock capital of the Company as of June 30, 2025 and 2024 is comprised of stock of $0.0001 par value each, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Authorized** | **Issued and outstanding** | **Authorized** | **Issued and outstanding** |
| Common Stock | 200000000 | 3164758 | 112000000 | 2963695 |
| Preferred Stock |  |  |  |  |
| Series B-1 preferred stock | 25356256 | 8452086 | 25356256 | 8204944 |
| Series B-2 preferred stock | 27463149 | 9154383 | 27463149 | 9154388 |
| Series B-3 preferred stock | 21453390 | 7151139 | 21453390 | 7151139 |
| Series CF-1 preferred stock | 14128084 | 3368466 | 14128084 | 2049795 |
| Series CF-2 preferred stock | 2900000 |  |  |  |
| Series F preferred stock | 10000 | 10000 |  |  |
| Series C convertible preferred stock | 329671 | 329671 |  |  |
| Non-designated preferred stock | 58359450 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total preferred stock | 150000000 | 28465745 | 88400879 | 26560266 |

---

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**Common Stock**

Common Stock confer upon their holders the right, among others, to participate and vote in the Company's stockholders meeting, participation in the Company's distributable earnings and participation in the distribution of the Company's assets upon its liquidation. The stockholders' liability is limited to the redemption of the par value of their stock.

**Preferred Stock**

Preferred stock has been designated into several classes, consisting of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock, Series CF-2 Preferred Stock, Series C Preferred Stock and Series F Preferred Stock.

Series B-1, B-2, and B-3 Preferred Stock

*Voting rights:*

 

The holders of Series B Preferred Stock are entitled to one vote for each share of Common stock on an as-converted basis and shall vote together, along with holders of other Preferred Stock entitled to vote thereon with the holders of Common Stock as a single class. The holders of the Series B Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

*Conversion:*

Each share of Series B Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the applicable original issuance price by the applicable conversion price in effect at the time of conversion. Each share of Series B Preferred Stock shall automatically be converted into Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in the applicable certificate of designation), as such or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter. In the event that the Company issues any new securities, for a consideration per share lower than the applicable conversion price of the applicable Series B Preferred Stock, the applicable conversion price for the applicable Series B Preferred Stock shall be readjusted to reflect the lower consideration paid for the applicable Series B Preferred Stock as set forth in the applicable certificate of designation.

*Liquidation preference:*

The Company's Series B Preferred Stock is entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock (along with holders of Series CF Preferred Stock on a *pari passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend and subsequently (ii) the holders of Series B-3 Preferred Stock shall be paid before any payment is paid to holders of Common Stock and Series F Preferred Stock, of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

Series CF-1 and CF-2 Preferred Stock

*Voting rights:*

 

The holders of Series CF Preferred Stock are not entitled to any voting rights.

*Conversion:*

Each share of Series CF Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into such number of fully paid and non-assessable shares of Non-Voting Common Stock as is determined by terms of the applicable certificates of designation. Each share of Series CF Preferred Stock shall automatically be converted into Non-Voting Common Stock immediately upon the earlier of (i) the closing of a Qualified IPO (as such term is defined in our applicable certificate of designation), or (ii) written consent or agreement of the majority of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis that are entitled to vote on such matter. All Non-Voting Common Stock, issued or issuable upon the conversion of Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, will automatically convert to Common Stock concurrently with the listing of the Company on the Nasdaq Stock Exchange.

*Liquidation preference:*

The Company's Series CF Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed as follows: (i) the holders of Series CF Preferred Stock (along with holders of Series B-1 Preferred Stock and Series B-2 Preferred Stock on a *pari passu* basis) shall be paid before any payment is paid to the remaining stockholders (other than holders of Series C Preferred Stock), of an amount per share equal to two (2) times their original issue price and any unpaid dividend.

Series C Preferred Stock

*Voting rights:*

 

The holders of Series C Preferred Stock shall have no voting rights, except as required by law and as expressly provided in the certificate of designation.

*Conversion:*

Shares of Series C Preferred Stock have a stated value of $10.00 per shares and are convertible to the common stock at a price of $2.0265 per share of common stock. Conversions of Series C Preferred Stock are limited such that no conversion will be allowed to the extent that, immediately following the conversion, the holder, its affiliates or any other person acting as a group, would beneficially own in excess of 9.99% of the Company's issued and outstanding common stock

*Liquidation preference:*

The holders of Series C Preferred Stock are entitled to a non-participating liquidation preference. In the event of any liquidation, dissolution or winding up of the Company, assets or proceeds shall be distributed to the holders of Series C Preferred Stock first who shall be paid before any payment is paid to the remaining stockholders, of an amount per share equal to the greater of (i) 200% of stated value (as defined therein) or (ii) the amount the holder would receive if such holder converted such Series C Preferred Stock into Common Stock immediately prior to the date of such payment.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

Series F Preferred Stock

*Voting rights:*

 

The holders of Series F Preferred Stock are entitled to cast 40,000 votes for each one (1) share of Series F Preferred Stock and shall vote together, along with holders of other Preferred Stock entitled to vote thereon, with the holders of Common Stock as a single class. The holders of the Series F Preferred stock shall be entitled to vote on all matters on which holders of Common stock are entitled to vote.

*Conversion:*

Each share of Series F Preferred Stock shall be convertible, at the option of the holder, at any time after the date on which such stock was issued by the Company, into one (1) share of fully paid and non-assessable Common Stock.

*Liquidation preference:*

The Company's Series F Preferred Stock are entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the holders of the Common Stock. For the purposes of such distribution, holders of Series F Preferred Stock shall be treated as if all shares of Series F Preferred Stock had been converted to Common Stock immediately prior to the distribution.

**Issuance of Preferred Stock and Warrants**

On November 2023, the Company entered into a Series B Preferred Stock Purchase Agreement (the "Series B SPA") with new and existing investors. According to the Series B SPA, the Company issued 2,051,574 Series B-1 Preferred Stock for total consideration of $3,006 with par value of $0.0001 each, at a price per stock of $1.462533;

In 2024 the Company had five additional closings for a total consideration of $3,000 and issued 2,050,897 Series B-1 Preferred Stock with par value of $0.0001 each, at a price per stock of $1.462533.

On June 2024, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. On April 2025 the Company closed the financing round, raising a total of $2,031 and issued 957,102 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343; The total fundraising fees recorded were $140.

On September 2024, in parallel to Reg CF and under the same terms, the Company started to offer and sell securities under rule 506(c) of regulation D to accredited investors. On June 2025 the Company closed the financing round, raising a total of $5,120 and issued 2,411,364 Series CF Preferred Stock with par value of $0.0001 each, at a price per stock of $2.12343.

On June 2025, the Company designated a new class of Series F Preferred Stock consisting of 10,000 authorized shares (the "Series F Preferred Stock"). 10,000 shares of Series F Preferred Stock were issued through the conversion of an equivalent number of shares of the Company's founder and CEO Common Stock and is entirely held by him. Each share of Series F Preferred Stock entitles the holder to cast 40,000 votes on all matters submitted to the Company's shareholders or acted upon by written consent. In addition, each share is convertible, at the option of the holder, into shares of the Company's Common Stock.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

On June 2025, the Company entered into a Series C Preferred Stock Purchase Agreement (the "Series C SPA") with a new investor. According to the Series C SPA, Company issued an aggregate of 329,671 shares of Series C Preferred Stock, par value $0.0001 per share, together with warrants to purchase 1,333,335 shares of common stock, for an aggregate consideration of $3,000,000. Series C Preferred Stock features a stated value of $10.00 per share and is convertible to common stock at a price of $2.0265 per share. The warrants are exercisable at a price of $3.2475 per share, with expiration dates as follows: 333,334 warrants have an expiration date of eight (8) months, 333,334 warrants have an expiration date of sixteen (16) months, and 666,667 warrants have an expiration date of two (2) years from the issuance date. The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder.

**Note 12 – Stock-Based Compensation**

The Equity Incentive Plan provides for the Company to grant ISOs, and NSOs to employees, advisers, and directors. As of June 30, 2025 there were 7,311,788 equity awards authorized including 207,836 awards that were exercised to common stock.

***Stock Options***

 ****

Stock options represent the right to purchase shares of common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of the common stock on the date of grant. Options vest over a period of time not to exceed 10 years from the grant date. For the six months ended June 30, 2025 and 2024, the Company recorded stock-based compensation expense of $362 and $477, respectively.

The terms of the plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. Upon early exercise, the awards become subject to a restricted stock agreement. The shares of restricted stock granted upon early exercise of the options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not been vested are subject to repurchase by the Company upon termination of the purchaser's employment, at the price paid by the purchaser. Such shares are not deemed to be issued for accounting purposes until they vest.

The following table summarizes the Company's stock option activity and related information:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Weighted Average Exercise Price** | **Aggregate Intrinsic Value (in thousands)** | **Weighted Average Remaining Life** |
| Outstanding, as of January 1, 2025 | 5026890 | $0.42 | $3693765 | 9.30 |
| &nbsp;&nbsp;&nbsp;Granted | 2079029 | $1.17 | $- |  |
| &nbsp;&nbsp;&nbsp;Exercised during period | 809 | $0.42 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | 1359 | $0.75 | $- |  |
| &nbsp;&nbsp;&nbsp;Expired | - | - | - | - |
| Outstanding as of June 30, 2025 | 7103751 | $0.87 | $3679037 | 9.15 |

---

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the stock options and the fair value of the Company's shares of common stock for those options that had exercise prices lower than the fair value of the Company's shares of common stock.

The weighted-average grant date fair value of options granted was $0.42 for the year ended December 31, 2024, and $1.17 as of June 30, 2025.

As of December 31, 2024, the total remaining unrecognized compensation expense related to non-vested stock options was approximately $411, which will be amortized over the weighted-average period of 1.59 years, and as of June 30, 2025, the total remaining unrecognized compensation expense was approximately $1,214, which will be amortized over the weighted-average period of 3.80 years.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

The fair value of each option award is determined on the date of grant using the Black-Scholes option-pricing model. The calculation of fair value includes several assumptions that require management's judgment. The absence of a public market for the Company's common stock requires the Company's board of directors with assistance from management and external valuation experts, to estimate the fair value of its common stock for purposes of granting options and for determining stock-based compensation expense by using a reasonable method of valuation and considering several objective and subjective factors, including obtaining contemporaneous independent third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of redeemable convertible preferred stock and common stock, and transactions involving the Company's stock. The fair value of the Company's common stock was determined in accordance with applicable elements of the American Institute of Certified Public Accountants guide, Valuation of Privately Held Company Equity Securities Issued as Compensation.

The estimated fair value of stock options was determined using the Black-Scholes option-pricing model with the following weighted-average assumptions:

Schedule of Stock Options Valuation Assumptions

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
| Expected term of options (years) | 5-6.65 | 5-6.12 |
| Expected volatility (%) | 41.87-45.07 | 45.09-45.81 |
| Risk-free interest rate (%) | 3.83-3.99 | 4.57 |
| Expected dividend yield (%) |  |  |

---

*Expected term:* The expected term of the stock options represents the period of time stock options are expected to be outstanding and is based on the "simplified method." Under this method, the term is estimated using the midpoint between the requisite service period and the contractual term of the option. This method is used due to the lack of sufficient historical exercise data.

*Expected volatility:* The expected volatility is a measure of the amount by which a financial variable, such as a share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. As the Company does not yet have a sufficient history of its own volatility, the Company has identified several public entities of similar complexity and industry and calculates historical volatility based on the volatilities of these companies.

*Risk-free interest rate:* The risk-free interest rate is based on U.S. Treasury yield curve in effect at the time of grant.

*Expected dividend yield:* No dividends have been paid or expected to be paid by the Company.

Total stock-based compensation expense for six months ended on June 30, 2025 and 2024 was as follows (in thousands):

Schedule of Stock Based Compensation Expenses

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| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30,** | **Six Months Ended<br> June 30,** |
|  | **2025** | **2024** |
| Cost of sales | 8 | 4 |
| Research and development | 99 | 107 |
| Sales and marketing | 58 | 44 |
| General and administrative | 197 | 322 |
| Total stock-based compensation expense | 362 | 477 |

---

**Note 13 – Income Taxes**

The Company's quarterly tax provision and estimate of its annual effective tax rate is subject to variation due to several factors, including variability in pre-tax income (or loss), the mix of jurisdictions to which such income (or loss) relates, changes in how the Company does business, and tax law developments. The Company's estimated effective tax rate for the year differs from the U.S. statutory rate of 21% primarily as a result of not benefiting U.S. losses as those losses are not more likely than not to be realized, as well as its foreign operations, which are subject to tax rates that differ from those in the United States.

The Company recorded an income tax expense of nil and approximately $50 for the six months ended June 30, 2025 and 2024, respectively.

**Note 14 – Commitments and Contingencies**

In August 2018, The Israeli subsidiary entered into a lease agreement for a 60-month period beginning January 1, 2019. The subsidiary may terminate the lease agreement on December 31 of each year with 6-month advance written notice to the lessor. If the subsidiary to terminate the lease agreement at the first 48-month period, then an exit penalty of $241 will apply.

In May 2021, the lease agreement was amended where Subsidiary and lessor agreed to convert fifty percent from February-December 2021 monthly rent payments into fully vested warrants to purchase 18,775 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on April 30, 2026.

In August 2021, the lease agreement was further amended where the Subsidiary and lessor agreed to convert fifty percent from 2022 monthly rent payments into a warrants to purchase 21,005 shares of the Company's common stock issuable upon exercise of this warrant and exercise price of 0.0001$ per share. The warrants will expire on September 30, 2026.

On August 22, 2024 the warrants were exercised by the lessor and accordingly, 39,780 common Stock were issued.

In July 2022, the Israeli Subsidiary gave the lessor advanced notice of its intention to exercise the exit point on December 31, 2022, while negotiating the fifth-year terms. The parties were unable to reach agreements and in July 2023 the subsidiary vacated the leased premises. In February 2025 a lawsuit was filed against the Company for a total of $1.6 million. Given the preliminary stage in which the lawsuit is at, the Israeli Subsidiary lawyers cannot reasonably assess the likelihood of the claims to be accepted. The company accounted for $1.6 million and the amount is included in Accrued and other current liabilities.

**TG-17 INC.**

**NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS**

**Note 15 – Subsequent Events**

On July 2025, the Company entered into a listing agreement, under regulation Crowdfunding (also known as Reg CF), whereby the Company agrees to sell securities to eligible investors through the funding portal through special purpose vehicle. As of August 19, 2025, the Company had raised a total of $664 and issued 171,870 Series CF-2 Preferred Stock with par value of $0.0001 each, at a price per stock of $3.8643; The total fees recorded were $46.

On August 6, 2025, the Company entered into a Securities Purchase and Conversion Agreement. Pursuant to the Agreement, the Company converted 50% of its outstanding loan obligations, totaling approximately $6.8 million, into 682,770 shares of its Series E Convertible Preferred Stock ("Series E Preferred"), stated value $10.00 per share. The Series E Preferred is convertible into shares of the Company's common stock and accrues dividends on the stated value thereof at the same rate as the original loan (see Note 9). Dividends are payable, at the Company's election, in cash or shares of common stock. The initial conversion price for the Series E Preferred is $4.62 per share. Upon the holder of the Company's Series C Preferred Stock receiving a return of capital in the minimum amount of $8,000,000, the conversion price for the Series E Preferred will adjust to $3.75 per share. Concurrently with the Securities Purchase and Conversion Agreement, the Company entered into a Waiver and Twenty-seventh Amendment to Loan and Security Agreement (the "Amendment") with the holder of its senior secured debt. Under the Amendment, the remaining approximately $6.8 million in loan obligations are subject to a modified repayment schedule. Upon the earlier of: (i) the Company closing one or more equity financings yielding an aggregate amount of net cash proceeds of at least $20,000,000; or (ii) June 30, 2026, the Company shall make twenty-four (24) consecutive equal monthly installments of principal and interest based on a thirty-six (36) month amortization period, with the balance of the obligation due and payable on the 25<sup>th</sup> month.

The Company has evaluated all transactions through August 22, 2025 , the date these consolidated financial statements were available to be issued and has determined that there are no other events, other than the following, that would require disclosure in or adjustment to these financial statements.

![](logo_001.jpg)

**The date of this Prospectus is October 7, 2025**

Through and including [_____, 2025] (the 25th day after the listing date of our common stock), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

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| | |
|:---|:---|
| ***Item 13.*** | ***Other Expenses of Issuance and Distribution*** |

---

 ****

The following table sets forth the costs and expenses payable by us in connection with this registration statement and the listing of our Common Stock. All amounts shown are estimates except for the SEC registration fee and the Nasdaq listing fee.

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| | |
|:---|:---|
| SEC registration fee | $15687.87 |
| Nasdaq listing fee | 295000 |
| Legal fees and expenses | 200000 |
| Accounting fees and expenses | \* |
| Advisory fee | \* |
| Printing and engraving expenses | 8000 |
| Transfer agent fees and expenses | 2500 |
| Miscellaneous expenses | \* |
| Total | $\* |

---

 ****

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| | |
|:---|:---|
| ***Item 14.*** | ***Indemnification of Directors and Officers*** |

---

We are incorporated under the laws of the State of Nevada. NRS 78.7502 provides that a Nevada corporation may and shall, respectively, indemnify any person who was or is, or is threatened to be made, a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful, among other requirements.

NRS 78.7502 also provides that Nevada corporation may indemnify any person who was or is, or is threatened to be made, a party to any threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is or was serving at the request of such corporation as a director, officer, employee or agent of another corporation partnership, joint venture, trust or other enterprise or as a manager of a limited-liability company, against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification of any claim, issue or matter is permitted without judicial approval if such person is adjudged to be liable to the corporation.

Under the NRS, where a present or former officer or director is successful on the merits or otherwise in the defense of any action referred to above, or in defense of any claim, issue or matter therein, the corporation must indemnify such present or former officer or director against the expenses (including attorney's fees) which such present or former officer or director actually and reasonably incurred in connection with such action (or claim, issue or matter therein).

Under NRS 78.138(7) a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, unless:

● the presumption established by NRS 78.138(3) has been rebutted; and

● tt is proven that: (i) the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer, and (ii) such breach involved intentional misconduct, fraud or a knowing violation of law.

Our articles of incorporation contain a provision that precludes any director of ours from being personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except for the aforementioned liabilities which we are not permitted to eliminate or limit under NRS 78.138(7).

In addition, our articles of incorporation and bylaws require us to indemnify, and advance expenses to, to the fullest extent permitted by law, any person who was or is, or is threatened to be made, a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that the person is or was our director, officer, employee or agent, or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

Our bylaws further authorizes us to purchase and maintain insurance on behalf of any person who is or was our director, officer, employee or agent, or is or was serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or nonprofit entity against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not we would have the power to indemnify such person against such liability under the provisions of the NRS.

We plan to purchase an insurance policy covering our officers and directors with respect to certain liabilities, including liabilities arising under the Securities Act, or otherwise. In addition, in connection with the effectiveness of the registration statement of which this prospectus forms a part, we intend to enter into separate indemnification agreements with each of our directors and executive officers.

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| | |
|:---|:---|
| ***Item 15.*** | ***Recent Sales of Unregistered Securities*** |

---

The following sets forth information regarding all unregistered securities we have issued since 2021. Also included is the consideration received by us for such shares and information relating to the section of the Securities Act, or rule of the SEC, under which exemption from registration was claimed:

**Issuance of Preferred Stock:**

**Series B Preferred Stock**

 

On November 17, 2023, we issued an aggregate of 22,702,513 shares of preferred stock in a private placement under Rule 506(c) of Regulation D to accredited investors for gross proceeds of $44,977,011 (including the amount of debt converted which was outstanding under convertible notes) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● (i) 2,051,574 shares of Series B-1 Preferred Stock were issued for total consideration of $3,006,000 at $1.462533 per share as part of the initial closing, (ii) 2,155,398 shares of Series B-1 Preferred Stock were issued upon the conversion of debt amounting to $3,152,340 into equity, at a price per stock of $1.462533, and (iii) 1,947,073 shares of Series B-1 Preferred Stock were issued upon the conversion of Convertible Promissory Notes amounting to $2,847,659, at a price per stock of $1.462533;

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

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

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

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

**Series B-1 Warrants**

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

Each share of Series B-1 Warrant shall be convertible, at the option of the holder, at any time after the date on which such warrant was issued by the Company, into such number of fully paid and non-assessable Common Stock as is determined by dividing the value of the warrant (meaning aggregate fair market value of warrants less the aggregate exercise price of warrant) at the time the conversion by the fair market value of one warrant share, as defined therein.

Each share of Series B-1 Warrant shall automatically (i) convert into Common Stock upon a merger or sale of assets where the fair market value of one warrant share is greater than exercise price, unless the warrant holder prior to such an event elects otherwise, (ii) convert into Common Stock upon the expiration date, if the fair market value of one warrant share is greater than exercise price, or (iii) expire upon a merger or sale of assets where the fair market value of one warrant share is less than exercise price, and the warrant holder does not exercise the warrants upon notice.

In the event that the Company issues any new securities, for a consideration per stock lower than the applicable conversion price of the Series B-1 Warrants, the applicable conversion price for the Series B-1 Warrants shall be readjusted to reflect the lower consideration paid for the Series B-1 Warrants.

**Series CF-1 Preferred Stock**

On June 21, 2024, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered 2,354,681 Series CF-1 Preferred Stock, $0.0001 par value per Share at a purchase price of $2.12343 per share with a maximum amount of $5,000,000 to be raised from crowdfunding.

The offering was closed on April 30, 2025, and we issued an aggregate of 957,102 shares of Series CF-1 Preferred Stock for gross proceeds of $2,032,000.

On September 2024, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors. The offering was closed on June 17, 2025, we issued an aggregate of 2,411,364 shares of Series CF-1 Preferred Stock for gross proceeds of $5,120,000.

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

**Series CF-2 Preferred Stock**

On July 9, 2025, we entered into a listing agreement, under Regulation Crowdfunding whereby the Company agreed to sell securities to eligible investors through a funding portal by way of a special purpose vehicle. As part of the offering, we offered up to 219,955 Series CF-2 Preferred Stock, $0.0001 par value per Share at a purchase price of $3.864435 per share with a maximum amount of $850,000 to be raised from crowdfunding.

The offering was closed on September 5, 2025, and we issued an aggregate of 215,918 shares of Series CF-2 Preferred Stock for gross proceeds of approximately $833,794.

On July 18, 2025, in parallel to Reg CF and under the same terms, the Company offered to sell securities under Rule 506(c) of Regulation D to accredited investors.

The offering was closed on September 5, 2025 without the issuance of any shares of Series CF-2 Preferred Stock.

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

**Series F Preferred Stock**

On June 19, 2025, we issued an aggregate of 10,000 shares of Series F Preferred Stock with par value of $0.0001 to Doron Kempel in exchange for his surrender of an equal number of shares of Common Stock. For a description of conversion terms, please refer the section titled "*<u>Description of Capital Stock, Series F Preferred Stock</u>*."

**Series C Preferred Stock**

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

The warrants may not be exercised on a cashless basis unless, upon the listing of the Company's common stock on any recognized stock exchange pursuant to an effective registration statement, there is no effective registration statement covering, or no current prospectus available for, the free resale of the warrant exercise shares by the holder. Upon the direct listing, the warrants to purchase 1,333,335 shares of Common Stock shall remain outstanding and the holder shall have the option, at any time to exercise their warrant and register them for resale under the direct listing.

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

**Series E Preferred Stock**

On August 6, 2025, we issued an aggregate of 682,770 shares of Series E Preferred Stock with par value of $0.0001 by converting an outstanding amount of approximately $6,827,698 to Eastward Fund Management, LLC resulting in an average price of $4.62000 per share.

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

None of the foregoing transactions involved any underwriters, underwriting discounts or commissions or any public offering. Unless otherwise specified above, we believe these transactions were exempt from registration under the Securities Act in reliance on Section 4(2) of the Securities Act (and Regulation D or Regulation Crowdfunding promulgated thereunder) as transactions by an issuer not involving any public offering. The recipients of the securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were placed on the share certificates issued in these transactions. All recipients had adequate access, through their relationships with us, to information about us. The sales of these securities were made without any general solicitation or advertising.

***Exhibits***

 ****

See the Exhibit Index immediately preceding the signature page hereto for a list of exhibits filed as part of this registration statement, which Exhibit Index is incorporated herein by reference.

***Financial Statement Schedules***

 ****

All financial statement schedules are omitted because the information called for is not required or is shown either in the financial statements or in the accompanying notes.

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| | |
|:---|:---|
| ***Item 17.*** | ***Undertakings*** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act, that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Articles of Incorporation of the registrant, as currently in effect.](ex3-1.htm) |
| 3.3 | [Certificate of Designations of Preferences and Rights of Series B-1 Preferred Stock.](ex3-3.htm) |
| 3.4 | [Certificate of Designations of Preferences and Rights of Series B-2 Preferred Stock.](ex3-4.htm) |
| 3.5 | [Certificate of Designations of Preferences and Rights of Series B-3 Preferred Stock.](ex3-5.htm) |
| 3.6 | [Certificate of Designations of Preferences and Rights of Series C Preferred Stock.](ex3-6.htm) |
| 3.7 | [Certificate of Designations of Preferences and Rights of Series CF-1 Preferred Stock.](ex3-7.htm) |
| 3.8 | [Certificate of Designations of Preferences and Rights of Series CF-2 Preferred Stock.](ex3-8.htm) |
| 3.9 | [Certificate of Designations of Preferences and Rights of Series F Preferred Stock.](ex3-9.htm) |
| 3.10 | [Certificate of Designations of Preferences and Rights of Series E Preferred Stock](ex3-10.htm) |
| 3.11 | [Bylaws of the registrant, as currently in effect.](ex3-11.htm) |
| 4.1 | [Third Amended and Restated Stockholders' Agreement among the registrant and certain holders of its capital stock, dated as of June 24, 2024.](ex4-1.htm) |
| 4.2 | [Loan and Security Agreement, dated as of June 5, 2019, between Eastward Fund Management, LLC and the registrant, as amended.](ex4-2.htm) |
| 4.3 | [Second Amended and Restated Warrant to Purchase Stock between Eastward Fund Management, LLC and the registrant with an effective date of June 5, 2019.](ex4-3.htm) |
| 4.4 | [Eight Month Warrant, dated June 25 2025](ex4-4.htm) |
| 4.5 | [Sixteen Month Warrant, dated June 25 2025](ex4-5.htm) |
| 4.6 | [Two Year Warrant, dated June 25 2025](ex4-6.htm) |
| 5.1 | [Opinion of The Crone Law Group, P.C.](ex5-1.htm) |
| 10.1 | [Form of Master Agreement](ex10-1.htm) |
| 10.2# | [TG-17, Inc. Amended and Restated 2017 Equity Plan.](ex10-2.htm) |
| 10.3# | [TG-17, Inc. Amended and Restated Sub-Plan: Israel.](ex10-3.htm) |
| 10.4 | [Securities Purchase Agreement, dated June 25 2025, by and among TG-17, Inc. and the purchasers identified on the signature pages hereto](ex10-4.htm) |
| 10.5 | [Employment Agreement, dated August 15, 2018, as may be amended, between Company and Doron Kempel.](ex10-5.htm) |
| 10.6 | [Employment Agreement, dated May 25, 2017, as may be amended, between Company and Amit Hod.](ex10-6.htm) |
| 10.7 | [Employment Agreement, dated July 19, 2021, as may be amended, between Company and Joseph DeSalvo.](ex10-7.htm) |
| 10.8 | [Employment Agreement, dated January 2, 2024, as may be amended, between Company and Michael Lambert.](ex10-8.htm) |
| 10.9 | [Twenty-seventh Amendment to Loan and Security Agreement](ex10-9.htm) |
| 10.10 | [Securities Purchase and Conversion Agreement](ex10-10.htm) |
| 21.1 | [List of subsidiaries of the registrant.](ex21-1.htm) |
| 23.1 | [Consent of M&K CPAs PLLC.](ex23-1.htm) |
| 23.2 | [Consent of The Crone Law Group, P.C. (included in Exhibit 5.1)](ex5-1.htm) |
| 24.1 | [Power of Attorney (included in the signature page to this registration statement).](#pa_001) |
| 99.1 | [Consent of Director Nominee Randy Boutin](ex99-1.htm) |
| 99.2 | [Consent of Director Nominee Paul Morin](ex99-2.htm) |
| 99.3 | [Consent of Director Nominee Adam Draizin](ex99-3.htm) |
| 107 | [Filing Fee Table](ex107.htm) |

---

# Indicates management contract or compensatory plan or arrangement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of New York, New York, on October 7, 2025.

---

| | |
|:---|:---|
| **TG-17, INC.** | **TG-17, INC.** |
| By: | */s/ Doron Kempel* |
|  | Doron Kempel |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Doron Kempel* | Chief Executive Officer, Director | October 7, 2025 |
| Doron Kempel | *(Principal Executive Officer)* |  |
| */s/ Amit Hod* | Chief Financial Officer, Head of Corporate Operations and Director | October 7, 2025 |
| Amit Hod | *(Principal Financial and Accounting Officer)* |  |
| */s/ Doron Kempel* | Director | October 7, 2025 |
| Doron Kempel |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

**ARTICLES OF INCORPORATION**

**OF**

**TG-17, INC.**

**FIRST:** The name of the corporation is TG-17, Inc. (hereinafter called the "***Corporation***").

**SECOND:** The address of the registered office of the Corporation in the State of Nevada is 701, South Carson Street, Suite 200, Carson City, Nevada, 89701. The name of the registered agent of the Corporation in the State of Nevada at such address is The Corporation Trust Company.

**THIRD:** The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized and incorporated under the Nevada Revised Statutes of the State of Nevada or any applicable successor act thereto, as the same may be amended from time to time (the "***NRS***").

**FOURTH:** The total number of shares of all classes of capital stock that the Corporation is authorized to issue is 400,000,000 shares, consisting of (i) 200,000,000 shares of common stock, par value $0.0001 per share (the "***Common Stock***"), (ii) 50,000,000 shares of non-voting common stock, par value $0.0001 per share (the "***Non-Voting Common Stock***"), and (iii) 150,000,000 shares of preferred stock, par value $0.0001 per share (the "***Preferred Stock***"). Except as otherwise provided in any certificate of designation of any series of Preferred Stock , the number of authorized shares of any of the Common Stock, Non-Voting Common Stock or Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting power of the capital stock of the Corporation entitled to vote thereon irrespective of the provisions of NRS 78.207(3), and no vote of the holders of any of the Common Stock or Preferred Stock voting separately as a class shall be required therefor.

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Common Stock and Non-Voting Common Stock</u>. The powers, preferences and relative participating,
 optional or other special rights, and the qualifications, limitations and restrictions of
 the Common Stock and Non-Voting Common Stock are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Ranking</u>.
 The voting, dividend and liquidation rights of the holders of the Common Stock and Non-Voting
 Common Stock are subject to and qualified by the rights of the holders of the Preferred Stock
 of any series as may be designated by the Board of Directors of the Corporation (the "  ***Board*** ")
 upon any issuance of the Preferred Stock of any series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as otherwise provided by law or by the resolution or resolutions providing for the issue
 of any series of Preferred Stock, the holders of outstanding shares of Common Stock shall
 have the exclusive right to vote for the election and removal of directors and for all other
 purposes. Notwithstanding any other provision of these Articles of Incorporation (as amended
 from time to time, including the terms of any Preferred Stock Designation (as defined below),
 these "  ***Articles of Incorporation***") to the contrary, the holders
 of Common Stock shall not be entitled to vote on any amendment to these Articles of Incorporation
 (including any Preferred Stock Designation) that relates solely to the terms of one or more
 outstanding series of Preferred Stock if the holders of such affected series are entitled,
 either separately or together as a class with the holders of one or more other such series,
 to vote thereon pursuant to these Articles of Incorporation (including any Preferred Stock
 Designation) or the NRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 as otherwise provided by law, the holders of outstanding shares of Non-Voting Common Stock
 shall have no voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Dividends</u>.
 Subject to the rights of the holders of Preferred Stock, holders of shares of Common Stock
 and Non-Voting Common Stock shall be entitled to receive such dividends and distributions
 and other distributions in cash, stock or property of the Corporation when, as and if declared
 thereon by the Board from time to time out of assets or funds of the Corporation legally
 available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Liquidation</u>.
 Subject to the rights of the holders of Preferred Stock, shares of Common Stock and Non-Voting
 Common Stock shall be entitled to receive the assets and funds of the Corporation available
 for distribution in the event of any liquidation, dissolution or winding up of the affairs
 of the Corporation, whether voluntary or involuntary. A liquidation, dissolution or winding
 up of the affairs of the Corporation, as such terms are used in this <u>Section A.4</u>,
 shall not be deemed to be occasioned by or to include any consolidation or merger of the
 Corporation with or into any other person or a sale, lease, exchange or conveyance of all
 or a part of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Conversion of Non-Voting Common Stock to Common Stock Upon Exchange Listing</u>. Concurrently with a
 listing of the Common Stock on the Nasdaq Stock Exchange or any other national securities
 exchange, all issued and outstanding shares of Non-Voting Common Stock and all shares of
 any other designated class or series of stock which are, by their terms, convertible to shares
 of Non-Voting Common Stock, shall automatically convert to shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Preferred Stock</u>. Shares of Preferred Stock may be issued from time to time in one or more series.
 The Board is hereby authorized to provide by resolution or resolutions from time to time
 for the issuance, out of the unissued shares of Preferred Stock, of one or more series of
 Preferred Stock, without stockholder approval, by filing a certificate pursuant to the applicable
 law of the State of Nevada (the "  ***Preferred Stock Designation*** "),
 setting forth such resolution and, with respect to each such series, establishing the number
 of shares to be included in such series, and fixing the voting powers, full or limited, or
 no voting power of the shares of such series, and the designation, preferences and relative,
 participating, optional or other special rights, if any, of the shares of each such series
 and any qualifications, limitations or restrictions thereof. The powers, designation, preferences
 and relative, participating, optional and other special rights of each series of Preferred
 Stock, and the qualifications, limitations and restrictions thereof, if any, may differ from
 those of any and all other series at any time outstanding. The authority of the Board with
 respect to each series of Preferred Stock shall include, but not be limited to, the determination
 of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 designation of the series, which may be by distinguishing number, letter or title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 number of shares of the series, which number the Board may thereafter (except where otherwise
 provided in the Preferred Stock Designation) increase or decrease (but not below the number
 of shares thereof then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the
 amounts or rates at which dividends will be payable on, and the preferences, if any, of shares
 of the series in respect of dividends, and whether such dividends, if any, shall be cumulative
 or noncumulative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the
 dates on which dividends, if any, shall be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the
 redemption rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the
 terms and amount of any sinking fund, if any, provided for the purchase or redemption of
 shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. the
 amounts payable on, and the preferences, if any, of shares of the series in the event of
 any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
 Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. whether
 the shares of the series shall be convertible into or exchangeable for, shares of any other
 class or series, or any other security, of the Corporation or any other corporation, and,
 if so, the specification of such other class or series or such other security, the conversion
 or exchange price or prices or rate or rates, any adjustments thereof, the date or dates
 at which such shares shall be convertible or exchangeable and all other terms and conditions
 upon which such conversion or exchange may be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. restrictions
 on the issuance of shares of the same series or any other class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. the
 voting rights, if any, of the holders of shares of the series generally or upon specified
 events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. any
 other powers, preferences and relative, participating, optional or other special rights of
 each series of Preferred Stock, and any qualifications, limitations or restrictions of such
 shares,

all as may be determined from time to time by the Board and stated in the resolution or resolutions providing for the issuance of such Preferred Stock.

Without limiting the generality of the foregoing, the resolutions providing for issuance of any series of Preferred Stock may provide that such series shall be superior or rank equally or be junior to any other series of Preferred Stock to the extent permitted by law.

**FIFTH:** The business and affairs of the Corporation shall be managed by or under the direction of the Board, except as otherwise provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Number of Directors; Election of Directors</u>. Subject to the rights of holders of any series of
 Preferred Stock to elect directors, the number of directors of this corporation shall be
 determined in the manner set forth in the Bylaws of the Corporation.

The name and address of the director constituting the initial board of directors at the time of the Corporation's conversion to a Nevada corporation is Doron Kempel; 18 West 18th Street, 6th Floor, New York, NY 10011.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Terms of Office</u>. Except as provided in this <u>Section 5.B</u>, directors shall be elected
 at each annual meeting of shareholders to hold office until the next annual meeting of shareholders.
 Each director, including a director elected to fill a newly created directorship or vacancy,
 shall hold office until the annual meeting at which such director's term expires and
 his or her successor is duly elected and qualified, or until his or her earlier death, resignation,
 disqualification or removal. No decrease in the number of directors shall shorten the term
 of any incumbent director. Any director may resign at any time upon written notice or by
 electronic transmission to the Corporation, the Board or its chairperson. Subject to the
 rights of the holders of any series of Preferred Stock to elect directors, the entire Board
 or any individual director may be removed from office at any time by the stockholders of
 the Corporation as provided in NRS 78.335.

&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Vacancies</u>.
 Subject to the rights of holders of any series of Preferred Stock, any newly created directorship
 that results from an increase in the number of directors or any vacancy on the Board that
 results from the death, disability, resignation, disqualification or removal of any director
 or from any other cause shall be filled solely by the affirmative vote of a majority of the
 total number of directors then in office, even if less than a quorum, or by a sole remaining
 director and shall not be filled by the stockholders. Any director elected to fill a vacancy
 not resulting from an increase in the number of directors shall hold office for the remaining
 term of his or her predecessor.

&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Removal</u>.
 Any director may be removed from office by the stockholders of the Corporation as provided
 in NRS 78.335.

&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Committees</u>.
 Pursuant to the Amended and Restated Bylaws of the Corporation (the "  ***Bylaws*** "),
 the Board may establish one or more committees to which may be delegated any or all of the
 powers and duties of the Board to the full extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Stockholder Nominations and Introduction of Business</u>. Advance notice of stockholder nominations for
 election of directors and other business to be brought by stockholders before a meeting of
 stockholders shall be given in the manner provided by the Bylaws.

**SIXTH:** Unless and except to the extent that the Bylaws shall so require, the election of directors of the Corporation need not be by written ballot.

**SEVENTH:** The personal liability of directors and officers of the Corporation for monetary damages for breach of fiduciary duty as a director or officer shall be eliminated or limited to the fullest extent permitted by the NRS. If the NRS is amended to further eliminate or limit or authorize corporate action to further eliminate or limit the liability of directors or officers, the liability of directors and officers of the Corporation shall be eliminated or limited to the fullest extent permitted by the NRS, as so amended from time to time. No repeal or modification of this Article SEVENTH shall apply to or have any adverse effect on any right or protection of, or any limitation of the liability of, a director or officer of the Corporation existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

**EIGHTH:** The Corporation may indemnify, and advance expenses to, to the fullest extent permitted by law, any person who was or is a party to or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that the person is or was 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, partnership, joint venture, trust or other enterprise.

**NINTH:** Subject to the terms of any series of Preferred Stock, any action required or permitted to be taken by the stockholders of the Corporation must be effected either (i) at an annual or special meeting of the stockholders called in accordance with the Bylaws; or (ii) by written consent in lieu of a meeting.

**TENTH:** Special meetings of stockholders for any purpose or purposes may be called at any time by the majority of the Board, the chairman of the Board or the Chief Executive Officer of the Corporation, and may not be called by another other person or persons. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting.

**ELEVENTH:** If any provision or provisions of these Articles of Incorporation shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of these Articles of Incorporation (including, without limitation, each portion of any paragraph of these Articles of Incorporation containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (ii) to the fullest extent possible, the provisions of these Articles of Incorporation (including, without limitation, each such portion of any paragraph of these Articles of Incorporation containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service or for the benefit of the Corporation to the fullest extent permitted by law.

The Corporation reserves the right at any time from time to time to amend, alter, change or repeal any provision contained in these Articles of Incorporation, and any other provisions authorized by the NRS may be added or inserted, in the manner now or hereafter prescribed by law; and all rights, preferences and privileges of whatsoever nature conferred upon stockholders, directors or any other persons whomsoever by and pursuant to these this Articles of Incorporation in its present form or as hereafter amended are granted subject to the right reserved in this Article ELEVENTH. Notwithstanding any other provision of these Articles of Incorporation or any provision of law that might otherwise permit a lesser vote or no vote, but in addition to any affirmative vote of the holders of any series of Preferred Stock required by law, by these Articles of Incorporation or by any Preferred Stock Designation, the affirmative vote of the holders of a majority in voting power of the stock of the Corporation entitled to vote thereon shall be required to amend, alter, change or repeal any provision of these Articles of Incorporation, or to adopt any new provision of these Articles of Incorporation; <u>provided</u>, however, that the affirmative vote of the holders of at least 66 2/3% in voting power of the stock of the Corporation entitled to vote thereon shall be required to amend, alter, change or repeal, or adopt any provision inconsistent with, any of Article FIFTH, Article SEVENTH, Article EIGHTH, Article NINTH, Article TENTH, Article TWELFTH, Article THIRTEENTH, and this sentence of these Articles of Incorporation, or in each case, the definition of any capitalized terms used therein or any successor provision (including, without limitation, any such article or section as renumbered as a result of any amendment, alteration, change, repeal or adoption of any other provision of these Articles of Incorporation). Any amendment, repeal or modification of any of Article SEVENTH, Article EIGHTH, and this sentence shall not adversely affect any right or protection of any person existing thereunder with respect to any act or omission occurring prior to such repeal or modification.

**TWELFTH:** In furtherance and not in limitation of the powers conferred upon it by law, the Board is expressly authorized and empowered to adopt, amend and repeal the Bylaws by the affirmative vote of a majority of the Board.

**THIRTEENTH:** 

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Forum Selection</u>. Unless the Corporation consents in writing to the selection of an alternative
 forum, any state court located within the State of Nevada or, if no court located within
 the State of Nevada has jurisdiction, the federal district court for the State of Nevada
 shall, to the fullest extent permitted by law, be the sole and exclusive forum for (1) any
 derivative action or proceeding brought on behalf of the Corporation, (2) any action asserting
 a claim of breach of a fiduciary duty owed by any director, officer or other employee of
 the Corporation to the Corporation or the Corporation's stockholders, (3) any action
 arising pursuant to any provision of the NRS or these Articles of Incorporation or the Bylaws
 (as either may be amended from time to time), or (4) any action asserting a claim governed
 by the internal affairs doctrine. Unless the Corporation consents in writing to the selection
 of an alternative forum, the federal district courts of the United States of America shall
 be the exclusive forum for the resolution of any complaint asserting a cause of action arising
 under the Securities Act of 1933, as amended. Any person or entity purchasing or otherwise
 acquiring or holding any interest in shares of capital stock of the Corporation shall be
 deemed to have notice of and consented to the provisions of this Article THIRTEENTH.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Personal Jurisdiction</u>. If any action the subject matter of which is within the scope of <u>Section A</u> immediately above is filed in a court other than a court located within the State of
 Nevada (a "  ***Foreign Action***") in the name of any stockholder, such
 stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state
 and federal courts located within the State of Nevada in connection with any action brought
 in any such court to enforce <u>Section A</u> immediately above (an "  ***FSC Enforcement Action***") and (ii) having service of process made upon such stockholder in any
 such FSC Enforcement Action by service upon such stockholder's counsel in the Foreign
 Action as agent for such stockholder.

**FOURTEENTH:**

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Control Share Acquisition Exemption</u>. The corporation elects not to be governed by the provisions
 of NRS.§78.378 through NRS.§78.3793, inclusive, generally known as the "Control
 Share Acquisition Statute."

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Combinations With Interested Stockholders</u>. The corporation elects not to be governed by the provisions
 of NRS §78.411 through NRS §78.444, inclusive.

**IN WITNESS WHEREOF**, the undersigned has executed these Articles of Incorporation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By | |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

[*Signature page to the Articles of Incorporation of TG-17, Inc.]*

## Exhibit 3.3

**Exhibit 3.3**

**TG-17, INC.**

**CERTIFICATE OF DESIGNATION OF** 

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES B-1 PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, INC., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation is authorized to issue 150,000,000 shares of preferred stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On June 19, 2025, the following resolutions were duly adopted by the board of directors of the Corporation (the "<u>Board of Directors</u>"):

**WHEREAS**, the Corporation's Articles of Incorporation authorizes the issuance of 150,000,000 shares of undesignated preferred stock, $0.0001 par value per share, issuable from time to time in one or more series;

**WHEREAS**, the Board of Directors is authorized to divide the preferred stock into any number of series, fix the number of shares constituting such series and the designation of such series, and the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series; and

**WHEREAS**, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the designation and number of a series of the preferred stock and to determine the designation, relative rights, preferences and limitations thereof, which shall consist of 25,356,256 shares of the preferred stock which the Corporation has the authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On August 12, 2025, the following resolution was duly adopted by the Board of Directors, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

<u>Section 1</u>. <u>Definitions</u>. For the purposes hereof, the following terms shall have the following meanings:

"<u>Articles of Incorporation</u>" means the Corporation's articles of incorporation, as amended and restated from time to time.

"<u>Available Proceeds</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Bylaws</u>" means the Corporation's bylaws, as amended and restated from time to time.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Conversion Price</u>" shall have the meaning set forth in <u>Section 6.1.1</u>.

"<u>Deemed Liquidation Event</u>" shall have the meaning set forth in <u>Section 5.3</u>.

"<u>Holder</u>" shall have the meaning set forth in <u>Section 3</u>.

"<u>Junior Securities</u>" means, collectively, the Common Stock and any other class of securities that is specifically designated as junior to the Series B-1 Preferred Stock.

"<u>Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Merger Agreement</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Next Equity Financing</u>" shall have the meaning set forth in <u>Section 4.4.4</u>.

"<u>Non-Voting Common Stock</u>" means the Corporation's non-voting common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>NRS</u>" means the Nevada Revised Statutes, as amended from time to time.

"<u>Original Issue Date</u>" means November 17, 2023.

"<u>Original Issue Price</u>" shall mean $0.487511 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock.

"<u>Pari Passu Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Preferred Stock</u>" shall have the meaning set forth in <u>Section 2</u>.

"<u>Purchase Agreement</u>" means the Series B Preferred Stock Purchase Agreement, dated as of November 17, 2023, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Requisite Holders</u>" shall have the meaning set forth in <u>Section 4.3</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Senior Liquidation Multiple</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.1.1</u>.

"<u>Series B-1 Requisite Holders</u>" shall have the meaning set forth in <u>Section 4.4</u>.

"<u>Tokens</u>" shall have the meaning set forth in <u>Section 4.3.4</u>.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Pink Open Market, OTCQB or the OTCQX (or any successors to any of the foregoing).

"<u>Voting Preferred Stock</u>" shall have the meaning set forth in <u>Section 4.1</u>.

"<u>Waterfall Adjustment Event</u>" shall have the meaning set forth in <u>Section 5.1</u>.

<u>Section 2</u>. <u>Designation, Amount and Par Value</u>. The series of preferred stock shall be designated as Series B-1 Preferred Stock (the "<u>Preferred Stock</u>") and the number of shares so designated shall be 25,356,256. Each share of Preferred Stock shall have a par value of $0.0001 per share.

<u>Section 3</u>. <u>Dividends</u>. The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock and Non-Voting Common Stock payable in shares of Common Stock or Non-Voting Common Stock as applicable) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Designation) the holders of the outstanding shares of the Preferred Stock (each, a "<u>Holder</u>" and collectively, the "<u>Holders</u>") shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock in an amount at least equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a dividend on Common Stock or Non-Voting Common Stock or any class or series that is convertible into Common Stock or Non-Voting Common Stock, that dividend per share as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock or Non-Voting Common Stock and (2) the number of shares of Common Stock issuable upon conversion of a share of Preferred Stock, calculated on the record date for determination of holders entitled to receive such dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a dividend on any class or series that is not convertible into either Common Stock or Non-Voting Common Stock, at a rate per share of Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Original Issue Price; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the Holders pursuant to this <u>Section 3</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest dividend to the Holders.

<u>Section 4</u>. <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>General</u>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each Holder shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such Holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law, the Articles of Incorporation, Bylaws or by the other provisions of this Certificate of Designation, holders of Preferred Stock, along with holders of other series of preferred stock issued by the Corporation and entitled to vote as per their respective certificate of designation (together with Preferred Stock, the "<u>Voting Preferred Stock</u>") shall vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Election of Directors</u>. The Holders will vote on election of directors as per the Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Voting Preferred Stock Protective Provisions</u>. At any time when at least 18,562,493 shares of Voting Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Voting Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or statutory conversion, by transfer, domestication or continuance into a foreign jurisdiction, or otherwise, do any of the following without (in addition to any other vote required by law, the Articles of Incorporation or the Bylaws) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Voting Preferred Stock voting together on an as-converted to Common Stock basis (the "<u>Requisite Holders</u>") given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any statutory conversion, effect any transfer, domestication or continuance into a foreign jurisdiction, effect any merger or consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. amend, alter or repeal any provisions of Articles of Incorporation, Bylaws, this Certificate of Designation, or any other Certificate of Designation in a manner that adversely affects the powers, preferences or rights of the preferred stock issued by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3. (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4. cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain based assets (collectively, "<u>Tokens</u>"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5. purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (a) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (b) dividends or other distributions payable on the Common Stock or Non-Voting Common Stock solely in the form of additional shares of Common Stock or Non-Voting Common Stock, as applicable, and (c) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof or (d) as approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6. create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan or amend or waive any of the terms of any option or other grant pursuant to any such plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.7. increase or decrease the authorized number of directors constituting the Board of Directors, change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with this Certificate of Designation.

&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. <u>Series B-1 Preferred Stock Protective Provisions</u>. At any time when at least 6,153,708 shares of Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or statutory conversion, by transfer, domestication or continuance into a foreign jurisdiction, or otherwise, do any of the following without (in addition to any other vote required by law, the Articles of Incorporation or the Bylaws) the written consent or affirmative vote of the holders of at least sixty percent (60%) of the outstanding shares of Preferred Stock voting together on an as-converted to Common Stock basis (the "<u>Series B-1 Requisite Holders</u>") given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1. alter or change the rights, privileges or preferences of the preferred stock, as then in effect, in a way that adversely and disproportionately affects the Preferred Stock: <u>provided</u>, <u>however</u>, that any amendment to the Articles of Incorporation, Bylaws or this Certificate of Designation in connection with the Next Equity Financing (as defined below), including but not limited to any amendment of the liquidation preference set forth in <u>Section 5</u> of this Certificate of Designation, shall not (a) be deemed as an adverse or disproportionate amendment affecting the Preferred Stock or (b) require the affirmative vote or written consent of the holders of the Preferred Stock pursuant to this <u>Section 4.4</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks *pari passu* with or junior to the Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Preferred Stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges; provided, however, that neither of the foregoing subsections (a) or (b) shall require the affirmative vote or written consent of the holders of the Preferred Stock pursuant to this <u>Section 4.4</u> in connection with the Next Equity Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.3. amend, alter or repeal any provision of this <u>Section 4.4</u> of this Certificate of Designation: provided, however, that any such amendment to <u>Section 4.4</u> in connection with the Next Equity Financing shall not require the affirmative vote or written consent of the holders of the Preferred Stock pursuant to this <u>Section 4.4</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.4. cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any Tokens, including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens.

"<u>Next Equity Financing</u>" shall mean the completion of a bona fide transaction or series of transactions after the Original Issue Date with the principal purposes of raising capital, pursuant to which the Corporation issues and sells preferred equity at a fixed valuation that results in an aggregate amount of gross proceeds received from the sale of preferred equity in such transaction or series of transactions to equal or exceed $7,500,000 (no more than $2,500,000 of which may consist of the principal and interest (if applicable) of any convertible instruments converting into the Corporation's preferred equity in connection with any such sale and issuance of such preferred equity).

<u>Section 5</u>. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Preferential Payments to Holders of Preferred Stock prior to a Waterfall Adjustment Event</u>. Prior to the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with this <u>Section 5.1</u>. From and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with <u>Section 5.2</u> below. A "<u>Waterfall Adjustment Event</u>" shall mean the vote or written consent of (x) the Requisite Holders and the Series B-1 Requisite Holders (as defined below) agreeing to a Senior Liquidation Multiple equal to one (1) times the Original Issue Price and (y) the holders of a majority of the outstanding shares of Junior Securities entitled to vote as per their respective certificate of designation, agreeing to a liquidation multiple equal to one (1) times the applicable original issue price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>Preferential Payments to Holders</u>. Subject to <u>Section 5.1</u> and <u>Section 5.2</u>, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, (i) after and subject to the payment in full of all amounts required to be distributed to the holders of another class or series of stock of the Corporation ranking on liquidation prior and in preference to the Preferred Stock, (ii) ratably with any class or series of stock designated as ranking on liquidation on parity with the Preferred Stock (including, without limitation, series B-2 preferred stock and series CF-1 preferred stock issued by the Corporation) and (iii) in preference and priority to the holders of the shares of Junior Securities, an amount per share equal to the greater of (i) two (2) times the Original Issue Price (the "<u>Senior Liquidation Multiple</u>"), plus any dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of the Preferred Stock (and all shares of all other series of preferred stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Common Stock pursuant to <u>Section 6</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "<u>Series B-1 Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock, the full amount to which they shall be entitled under this <u>Section 5.1.1</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Preferential Payments to Holders of Preferred Stock following a Waterfall Adjustment Event</u>. Subject to <u>Section 5.1</u>, from and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds, as applicable, on a *pari passu* basis based on their respective Pari Passu Liquidation Amounts (as defined below) and before any payment shall be made to the holders of Common Stock and Non-Voting Common Stock by reason of their ownership thereof, an amount per share of Preferred Stock equal to the greater of (i) the Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock (and all shares of all other series of preferred Stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Common Stock pursuant to <u>Section 5.1.1</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as applicable, as the "<u>Pari Passu Liquidation Amount</u>" and the amount payable pursuant to this <u>Section 5.2</u> or the Series B-1 Liquidation Amount is hereinafter referred to, the "<u>Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the Holders, the full amount to which they shall be entitled under this <u>Section 5.2</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&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. <u>Deemed Liquidation Events</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;5.3.1. <u>Definition</u>. Each of the following events shall be considered a "<u>Deemed Liquidation Event</u>" unless the Requisite Holders elect otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger or consolidation in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, a majority, by voting power, of the capital stock of (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or (ii) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(i)</u> unless the agreement or plan of merger or consolidation for such transaction (the "<u>Merger Agreement</u>") provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(ii)</u> or <u>Section 5.3.l(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the NRS within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each Holder no later than the ninetieth (90<sup>th</sup>) day after the Deemed Liquidation Event advising such Holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii) to require the redemption of shares of Preferred Stock, and (ii) if the Requisite Holders so request in a written instrument delivered to the Corporation not later than one hundred and twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by NRS governing distributions to stockholders (the "<u>Available Proceeds</u>"), on the one hundred and fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to redeem all outstanding shares of Preferred Stock at a price per share equal to the Series B-1 Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder's shares of preferred stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under NRS governing distributions to stockholders. Prior to the distribution or redemption provided for in this <u>Section 5.3.2(b)</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or 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;5.3.3. <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4. <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Section 5.3. l(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "<u>Additional Consideration</u>"), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "<u>Initial Consideration</u>") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Section 5.3.4</u>, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

<u>Section 6</u>. <u>Optional Conversion</u>. The Holders shall have conversion rights as follows (the "<u>Conversion Rights</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Right to Convert</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;6.1.1. <u>Conversion Ratio</u>. Each share of Preferred Stock shall be convertible into Common Stock at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing the applicable Original Issue Price by the Conversion Price (as defined below) in effect at the time of conversion.

The "<u>Conversion Price</u>" applicable to Preferred Stock shall initially be equal to the Original Issue Price of Preferred Stock. The initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock shall be subject to adjustment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. <u>Termination of Conversion Rights</u>. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, to holders of Preferred Stock pursuant to such liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Fractional Shares</u>. No fractional shares of Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the number of shares of Common Stock to be issued upon conversion of the Preferred Stock shall be rounded to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Mechanics of Conversion</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;6.3.1. <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Common Stock, such holder shall (a) provide written notice in the form of conversion notice attached hereto as Annex A to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in which such holder wishes the shares of Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the "<u>Conversion Time</u>"), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate for the number (if any) of the shares of Preferred Stock represented by any surrendered certificate that were not converted into Common Stock, and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Articles of Incorporation, Bylaws and any certificate of designation. Before taking any action which would cause an adjustment reducing the applicable Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common Stock at such adjusted applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3. <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action regardless of the provisions of <u>Section 4.3</u> or <u>Section 4.4</u> above) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4. <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5. <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section 6</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Adjustments to Conversion Price for Diluting Issues</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;6.4.1. <u>Special Definitions</u>. For purposes of this <u>Section 6</u>, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Additional Shares of Common Stock</u>" shall mean all shares of Common Stock and Non-Voting Common Stock issued (or, pursuant to <u>Section 6.4.3</u> below, deemed to be issued) by the Corporation after the Original Issue Date, other than (1) the following shares of Common Stock or Non-Voting Common Stock and (2) shares of Common Stock or Non-Voting Common Stock deemed issued pursuant to the following Options and Convertible Securities (as defined below) (clauses (1) and (2), collectively, "<u>Exempted Securities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any series of preferred stock, shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as a dividend or distribution on such series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock and Non-Voting Common Stock, as applicable, that is covered by <u>Section 6.5</u>, <u>Section 6.6</u>, <u>Section 6.7</u> or <u>Section 6.8</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;(iii) shares of Common Stock, Non-Voting Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) shares of Common Stock, Non-Voting Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock or Non-Voting Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to suppliers or third-party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such issuances are approved by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, original equipment manufacturing, marketing or other similar agreements or strategic partnerships approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Convertible Securities</u>" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock or Non-Voting Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Option</u>" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock, Non-Voting Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. <u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock or Non-Voting Common Stock, as applicable (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number), issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> (either because the consideration per share (determined pursuant to <u>Section 6.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <u>Section 6.4.3(a)</u>) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this <u>Section 6.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this <u>Section 6.4.3</u>). If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this <u>Section 6.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Section 6.4.3</u>), without consideration or for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or deemed issuance, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub> \* (A + B) ÷ (A+ C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>CP<sub>2</sub></u>" shall mean the Conversion Price in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>CP<sub>1</sub></u>" shall mean the Conversion Price in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>A</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including preferred stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>B</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock, as applicable, that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); 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;(e) "<u>C</u>" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5. <u>Determination of Consideration</u>. For purposes of this <u>Section 6.4</u>, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>. Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Section 6.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock and Non-Voting Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6. <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such 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;6.5. <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock or Non-Voting Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. If the Corporation shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock or Non-Voting Common Stock, as applicable, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. Any adjustment under this Section shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Adjustment for Certain Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock or Non-Voting Common Stock, as applicable, entitled to receive, a dividend or other distribution payable on the Common Stock or Non-Voting Common Stock, as applicable, in additional shares of Common Stock or Non-Voting Common Stock, as applicable, then and in each such event the Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 numerator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock or Non-Voting Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this <u>Section 6</u> as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Adjustments for Other Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock and Non-Voting Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock or Non-Voting Common Stock in respect of outstanding shares of Common Stock and Non-Voting Common Stock) or in other property and the provisions of <u>Section 3</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock and Non-Voting Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Section 5.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock or Non-Voting Common Stock (but not any preferred stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Section 6.4</u>, <u>Section 6.6</u> or <u>Section 6.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this <u>Section 6</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section 6</u> (including provisions with respect to changes in and other adjustments of the Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this <u>Section 6</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (a) the Conversion Price then in effect, and (b) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall take a record of the holders of its Common Stock and Non-Voting Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 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) of any capital reorganization of the Corporation, any reclassification of the Common Stock or Non-Voting Common Stock of the Corporation, or any Deemed Liquidation Event; 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;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock), shall be entitled to exchange their shares of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice.

<u>Section 7</u>. <u>Mandatory Conversion</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;7.1. <u>Trigger Events</u>. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least three (3) times Original Issue Price of Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation (a "<u>Qualified IPO</u>"), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "<u>Mandatory Conversion Time</u>"), then (i) all outstanding shares of Preferred Stock shall automatically be converted into shares of Common Stock at the then effective conversion rate as calculated pursuant to <u>Section 6.1.1</u> and (ii) such shares may not be reissued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Procedural Requirements</u>. All holders of record of shares of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this <u>Section 7</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to <u>Section 7.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Section 7.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

<u>Section 8</u> <u>Redemption</u>. Other than as set forth in <u>Section 5.3.2(b)</u>, the Preferred Stock is not redeemable at the option of the holder or the Corporation.

<u>Section 9</u> <u>Redeemed or Otherwise Acquired Shares</u>. Unless otherwise consented to by the Requisite Holders and the Board of Directors, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption, conversion or acquisition.

<u>Section 10</u> <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Waiver</u>. Except as otherwise set forth herein, (a) any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of preferred stock by the affirmative written consent or vote of the Requisite Holders, and (b) at any time more than one series of preferred stock is issued and outstanding, any of the rights, powers, preferences and other terms of Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of at least a majority of the shares of Preferred Stock .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Notices</u>. Any notice required or permitted by the provisions of this Certificate of Designation to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the NRS, and shall be deemed sent upon such mailing or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Waiver</u>. Any waiver by the Corporation or a Holder of any provision of this Certificate of Designation or any breach thereof shall not operate as or be construed to be a waiver of any other provision of this Certificate of Designation or any breach thereof or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Severability</u>. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions hereof.

[***Remainder of Page Intentionally Left Blank***]

**RESOLVED, FURTHER**, that the Chief Executive Officer and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations of Series B-1 Preferred Stock in accordance with the foregoing resolution and the provisions of NRS.

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Designation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

[*Signature page to the Certificate of Designation for Series B-1 Preferred Stock of TG-17, Inc.*]

**ANNEX A**

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of Series B-1 Preferred Stock indicated below into shares of common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), TG-17, Inc., a Nevada corporation (the "<u>Corporation</u>"), according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Purchase Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.

Conversion calculations:

---

| |
|:---|
| Date to Effect Conversion: <br> _____________________________________________ |
| Number of shares of Preferred Stock owned prior to Conversion:<br> _________________ |
| Number of shares of Preferred Stock to be Converted:<br> _________________________ |
| Number of shares of Common Stock to be Issued:<br> ____________________________ |
| Applicable Conversion Price:<br> ____________________________________________ |
| Number of shares of Preferred Stock subsequent to Conversion:<br> _________________ |
| Address for Delivery:<br> ______________________<br><u>or</u><br>DWAC Instructions:<br>Broker no: _________<br> Account no: ___________ |

---

---

| |
|:---|
| [HOLDER] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.4

**Exhibit 3.4**

**TG-17, INC.**

**CERTIFICATE OF DESIGNATION OF** 

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES B-2 PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, INC., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation is authorized to issue 150,000,000 shares of preferred stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On June 19, 2025, the following resolutions were duly adopted by the board of directors of the Corporation (the "<u>Board of Directors</u>"):

**WHEREAS**, the Corporation's Articles of Incorporation authorizes the issuance of 150,000,000 shares of undesignated preferred stock, $0.0001 par value per share, issuable from time to time in one or more series;

**WHEREAS**, the Board of Directors is authorized to divide the preferred stock into any number of series, fix the number of shares constituting such series and the designation of such series, and the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series; and

**WHEREAS**, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the designation and number of a series of the preferred stock and to determine the designation, relative rights, preferences and limitations thereof, which shall consist of 27,463,149 shares of the preferred stock which the Corporation has the authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On August 12, 2025, the following resolution was duly adopted by the Board of Directors, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

<u>Section 1</u>. <u>Definitions</u>. For the purposes hereof, the following terms shall have the following meanings:

"<u>Articles of Incorporation</u>" means the Corporation's articles of incorporation, as amended and restated from time to time.

"<u>Available Proceeds</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Bylaws</u>" means the Corporation's bylaws, as amended and restated from time to time.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Conversion Price</u>" shall have the meaning set forth in <u>Section 6.1.1</u>.

"<u>Deemed Liquidation Event</u>" shall have the meaning set forth in <u>Section 5.3</u>.

"<u>Holder</u>" shall have the meaning set forth in <u>Section 3</u>.

"<u>Junior Securities</u>" means, collectively, the Common Stock and any other class of securities that is specifically designated as junior to the Series B-2 Preferred Stock.

"<u>Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Merger Agreement</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Non-Voting Common Stock</u>" means the Corporation's non-voting common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>NRS</u>" means the Nevada Revised Statutes, as amended from time to time.

"<u>Original Issue Date</u>" means November 17, 2023.

"<u>Original Issue Price</u>" shall mean $0.438760 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock.

"<u>Pari Passu Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Preferred Stock</u>" shall have the meaning set forth in <u>Section 2</u>.

"<u>Purchase Agreement</u>" means the Series B Preferred Stock Purchase Agreement, dated as of November 17, 2023, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Requisite Holders</u>" shall have the meaning set forth in <u>Section 4.3</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Senior Liquidation Multiple</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Certificate of Designation</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Requisite Holders</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-2 Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.1.1</u>.

"<u>Tokens</u>" shall have the meaning set forth in <u>Section 4.3.4</u>.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Pink Open Market, OTCQB or the OTCQX (or any successors to any of the foregoing).

"<u>Voting Preferred Stock</u>" shall have the meaning set forth in <u>Section 4.1</u>.

"<u>Waterfall Adjustment Event</u>" shall have the meaning set forth in <u>Section 5.1</u>.

<u>Section 2</u>. <u>Designation, Amount and Par Value</u>. The series of preferred stock shall be designated as Series B-2 Preferred Stock (the "<u>Preferred Stock</u>") and the number of shares so designated shall be 27,463,149. Each share of Preferred Stock shall have a par value of $0.0001 per share.

<u>Section 3</u>. <u>Dividends</u>. The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock and Non-Voting Common Stock payable in shares of Common Stock or Non-Voting Common Stock as applicable) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Designation) the holders of the outstanding shares of the Preferred Stock (each, a "Holder" and collectively, the "Holders") shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock in an amount at least equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a dividend on Common Stock or Non-Voting Common Stock or any class or series that is convertible into Common Stock or Non-Voting Common Stock, that dividend per share as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock or Non-Voting Common Stock and (2) the number of shares of Common Stock issuable upon conversion of a share of Preferred Stock, calculated on the record date for determination of holders entitled to receive such dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a dividend on any class or series that is not convertible into either Common Stock or Non-Voting Common Stock, at a rate per share of Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Original Issue Price; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the Holders pursuant to this <u>Section 3</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest dividend to the Holders.

<u>Section 4</u>. <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>General</u>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each Holder shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such Holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law, the Articles of Incorporation, Bylaws or by the other provisions of this Certificate of Designation, holders of Preferred Stock, along with holders of other series of preferred stock issued by the Corporation and entitled to vote as per their respective certificate of designation (together with Preferred Stock, the "<u>Voting Preferred Stock</u>") shall vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Election of Directors</u>. The Holders will vote on election of directors as per the Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Voting Preferred Stock Protective Provisions</u>. At any time when at least 18,562,493 shares of Voting Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Voting Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or statutory conversion, by transfer, domestication or continuance into a foreign jurisdiction, or otherwise, do any of the following without (in addition to any other vote required by law, the Articles of Incorporation or the Bylaws) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Voting Preferred Stock voting together on an as-converted to Common Stock basis (the "<u>Requisite Holders</u>") given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any statutory conversion, effect any transfer, domestication or continuance into a foreign jurisdiction, effect any merger or consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. amend, alter or repeal any provisions of Articles of Incorporation, Bylaws, this Certificate of Designation, or any other Certificate of Designation in a manner that adversely affects the powers, preferences or rights of the preferred stock issued by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3. (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4. cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain based assets (collectively, "<u>Tokens</u>"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5. purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (a) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (b) dividends or other distributions payable on the Common Stock or Non-Voting Common Stock solely in the form of additional shares of Common Stock or Non-Voting Common Stock, as applicable, and (c) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof or (d) as approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6. create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan or amend or waive any of the terms of any option or other grant pursuant to any such plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.7. increase or decrease the authorized number of directors constituting the Board of Directors, change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with this Certificate of Designation.

<u>Section 5</u>. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Preferential Payments to Holders of Preferred Stock prior to a Waterfall Adjustment Event</u>. Prior to the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with this <u>Section 5.1</u>. From and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with <u>Section 5.2</u> below. A "<u>Waterfall Adjustment Event</u>" shall mean the vote or written consent of (x) the Requisite Holders and the Series B-1 Requisite Holders (as defined in the certificate of designation of preferences, rights and limitations of series B-1 preferred stock issued by the Corporation (the "<u>Series B-1 Certificate of Designation</u>")) agreeing to a Senior Liquidation Multiple equal to one (1) times the Original Issue Price and (y) the holders of a majority of the outstanding shares of Junior Securities entitled to vote as per their respective certificate of designation, agreeing to a liquidation multiple equal to one (1) times the applicable original issue price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>Preferential Payments to Holders</u>. Subject to <u>Section 5.1</u> and <u>Section 5.2</u>, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, (i) after and subject to the payment in full of all amounts required to be distributed to the holders of another class or series of stock of the Corporation ranking on liquidation prior and in preference to the Preferred Stock, (ii) ratably with any class or series of stock designated as ranking on liquidation on parity with the Preferred Stock (including, without limitation, series B-1 preferred stock and series CF-1 preferred stock issued by the Corporation) and (iii) in preference and priority to the holders of the shares of Junior Securities, an amount per share equal to the greater of (i) two (2) times the Original Issue Price (the "<u>Senior Liquidation Multiple</u>"), plus any dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of the Preferred Stock (and all shares of all other series of preferred stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Common Stock pursuant to <u>Section 6</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "<u>Series B-2 Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock, the full amount to which they shall be entitled under this <u>Section 5.1.1</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Preferential Payments to Holders of Preferred Stock following a Waterfall Adjustment Event</u>. Subject to <u>Section 5.1</u>, from and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds, as applicable, on a *pari passu* basis based on their respective Pari Passu Liquidation Amounts (as defined below) and before any payment shall be made to the holders of Common Stock and Non-Voting Common Stock by reason of their ownership thereof, an amount per share of Preferred Stock equal to the greater of (i) the Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock (and all shares of all other series of preferred Stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Common Stock pursuant to <u>Section 5.1.1</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as applicable, as the "<u>Pari Passu Liquidation Amount</u>" and the amount payable pursuant to this <u>Section 5.2</u> or the Series B-2 Liquidation Amount is hereinafter referred to, the "<u>Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the Holders, the full amount to which they shall be entitled under this <u>Section 5.2</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&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. <u>Deemed Liquidation Events</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;5.3.1. <u>Definition</u>. Each of the following events shall be considered a "<u>Deemed Liquidation Event</u>" unless the Requisite Holders elect otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger or consolidation in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, a majority, by voting power, of the capital stock of (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or (ii) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(i)</u> unless the agreement or plan of merger or consolidation for such transaction (the "<u>Merger Agreement</u>") provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(ii)</u> or <u>Section 5.3.l(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the NRS within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each Holder no later than the ninetieth (90<sup>th</sup>) day after the Deemed Liquidation Event advising such Holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii) to require the redemption of shares of Preferred Stock, and (ii) if the Requisite Holders so request in a written instrument delivered to the Corporation not later than one hundred and twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by NRS governing distributions to stockholders (the "<u>Available Proceeds</u>"), on the one hundred and fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to redeem all outstanding shares of Preferred Stock at a price per share equal to the Series B-2 Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder's shares of preferred stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under NRS governing distributions to stockholders. Prior to the distribution or redemption provided for in this <u>Section 5.3.2(b)</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or 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;5.3.3. <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4. <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Section 5.3. l(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "<u>Additional Consideration</u>"), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "<u>Initial Consideration</u>") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Section 5.3.4</u>, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

<u>Section 6</u>. <u>Optional Conversion</u>. The Holders shall have conversion rights as follows (the "<u>Conversion Rights</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Right to Convert</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;6.1.1. <u>Conversion Ratio</u>. Each share of Preferred Stock shall be convertible into Common Stock at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing the applicable Original Issue Price by the Conversion Price (as defined below) in effect at the time of conversion.

The "<u>Conversion Price</u>" applicable to Preferred Stock shall initially be equal to the Original Issue Price of Preferred Stock. The initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock shall be subject to adjustment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. <u>Termination of Conversion Rights</u>. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, to holders of Preferred Stock pursuant to such liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Fractional Shares</u>. No fractional shares of Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the number of shares of Common Stock to be issued upon conversion of the Preferred Stock shall be rounded to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Mechanics of Conversion</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;6.3.1. <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Common Stock, such holder shall (a) provide written notice in the form of conversion notice attached hereto as Annex A to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in which such holder wishes the shares of Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the "<u>Conversion Time</u>"), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate for the number (if any) of the shares of Preferred Stock represented by any surrendered certificate that were not converted into Common Stock, and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Articles of Incorporation, Bylaws and any certificate of designation. Before taking any action which would cause an adjustment reducing the applicable Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common Stock at such adjusted applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3. <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action regardless of the provisions of <u>Section 4.3</u> or <u>Section 4.4</u> above) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4. <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5. <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section 6</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Adjustments to Conversion Price for Diluting Issues</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;6.4.1. <u>Special Definitions</u>. For purposes of this <u>Section 6</u>, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Additional Shares of Common Stock</u>" shall mean all shares of Common Stock and Non-Voting Common Stock issued (or, pursuant to <u>Section 6.4.3</u> below, deemed to be issued) by the Corporation after the Original Issue Date, other than (1) the following shares of Common Stock or Non-Voting Common Stock and (2) shares of Common Stock or Non-Voting Common Stock deemed issued pursuant to the following Options and Convertible Securities (as defined below) (clauses (1) and (2), collectively, "<u>Exempted Securities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any series of preferred stock, shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as a dividend or distribution on such series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock and Non-Voting Common Stock, as applicable, that is covered by <u>Section 6.5</u>, <u>Section 6.6</u>, <u>Section 6.7</u> or <u>Section 6.8</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;(iii) shares of Common Stock, Non-Voting Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) shares of Common Stock, Non-Voting Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock or Non-Voting Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to suppliers or third-party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such issuances are approved by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, original equipment manufacturing, marketing or other similar agreements or strategic partnerships approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Convertible Securities</u>" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock or Non-Voting Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Option</u>" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock, Non-Voting Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. <u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock or Non-Voting Common Stock, as applicable (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number), issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> (either because the consideration per share (determined pursuant to <u>Section 6.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <u>Section 6.4.3(a)</u>) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this <u>Section 6.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this <u>Section 6.4.3</u>). If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this <u>Section 6.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Section 6.4.3</u>), without consideration or for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or deemed issuance, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub> \* (A + B) ÷ (A+ C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>CP<sub>2</sub></u>" shall mean the Conversion Price in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>CP<sub>1</sub></u>" shall mean the Conversion Price in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>A</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including preferred stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>B</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock, as applicable, that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); 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;(e) "<u>C</u>" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5. <u>Determination of Consideration</u>. For purposes of this <u>Section 6.4</u>, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>. Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Section 6.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock and Non-Voting Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6. <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such 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;6.5. <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock or Non-Voting Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. If the Corporation shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock or Non-Voting Common Stock, as applicable, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. Any adjustment under this Section shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Adjustment for Certain Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock or Non-Voting Common Stock, as applicable, entitled to receive, a dividend or other distribution payable on the Common Stock or Non-Voting Common Stock, as applicable, in additional shares of Common Stock or Non-Voting Common Stock, as applicable, then and in each such event the Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 numerator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock or Non-Voting Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this <u>Section 6</u> as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Adjustments for Other Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock and Non-Voting Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock or Non-Voting Common Stock in respect of outstanding shares of Common Stock and Non-Voting Common Stock) or in other property and the provisions of <u>Section 3</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock and Non-Voting Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Section 5.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock or Non-Voting Common Stock (but not any preferred stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Section 6.4</u>, <u>Section 6.6</u> or <u>Section 6.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this <u>Section 6</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section 6</u> (including provisions with respect to changes in and other adjustments of the Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this <u>Section 6</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (a) the Conversion Price then in effect, and (b) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall take a record of the holders of its Common Stock and Non-Voting Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 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) of any capital reorganization of the Corporation, any reclassification of the Common Stock or Non-Voting Common Stock of the Corporation, or any Deemed Liquidation Event; 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;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock), shall be entitled to exchange their shares of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice.

<u>Section 7</u>. <u>Mandatory Conversion</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;7.1. <u>Trigger Events</u>. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least three (3) times original issue price of series B-1 preferred stock (as defined in Series B-1 Certificate of Designation) (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation (a "<u>Qualified IPO</u>"), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "<u>Mandatory Conversion Time</u>"), then (i) all outstanding shares of Preferred Stock shall automatically be converted into shares of Common Stock at the then effective conversion rate as calculated pursuant to <u>Section 6.1.1</u> and (ii) such shares may not be reissued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Procedural Requirements</u>. All holders of record of shares of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this <u>Section 7</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to <u>Section 7.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Section 7.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

<u>Section 8</u> <u>Redemption</u>. Other than as set forth in <u>Section 5.3.2(b)</u>, the Preferred Stock is not redeemable at the option of the holder or the Corporation.

<u>Section 9</u> <u>Redeemed or Otherwise Acquired Shares</u>. Unless otherwise consented to by the Requisite Holders and the Board of Directors, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption, conversion or acquisition.

<u>Section</u> <u>10 Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Waiver</u>. Except as otherwise set forth herein, (a) any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of preferred stock by the affirmative written consent or vote of the Requisite Holders, and (b) at any time more than one series of preferred stock is issued and outstanding, any of the rights, powers, preferences and other terms of Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of at least a majority of the shares of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Notices</u>. Any notice required or permitted by the provisions of this Certificate of Designation to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the NRS, and shall be deemed sent upon such mailing or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Waiver</u>. Any waiver by the Corporation or a Holder of any provision of this Certificate of Designation or any breach thereof shall not operate as or be construed to be a waiver of any other provision of this Certificate of Designation or any breach thereof or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Severability</u>. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions hereof.

[***Remainder of Page Intentionally Left Blank***]

**RESOLVED, FURTHER**, that the Chief Executive Officer and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations of Series B-2 Preferred Stock in accordance with the foregoing resolution and the provisions of NRS.

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Designation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

[*Signature page to the Certificate of Designation for Series B-2 Preferred Stock of TG-17, Inc.*]

**ANNEX A**

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of Series B-2 Preferred Stock indicated below into shares of common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), TG-17, Inc., a Nevada corporation (the "<u>Corporation</u>"), according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Purchase Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.

Conversion calculations:

---

| |
|:---|
| Date to Effect Conversion: <br> _____________________________________________ |
| Number of shares of Preferred Stock owned prior to Conversion:<br> _________________ |
| Number of shares of Preferred Stock to be Converted:<br> _________________________ |
| Number of shares of Common Stock to be Issued:<br> ____________________________ |
| Applicable Conversion Price:<br> ____________________________________________ |
| Number of shares of Preferred Stock subsequent to Conversion:<br> _________________ |
| Address for Delivery:<br> ______________________<br><u>or</u><br>DWAC Instructions:<br>Broker no: _________<br> Account no: ___________ |

---

---

| |
|:---|
| [HOLDER] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.5

**Exhibit 3.5**

**TG-17, INC.**

**CERTIFICATE OF DESIGNATION OF** 

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES B-3 PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, INC., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation is authorized to issue 150,000,000 shares of preferred stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On June 19, 2025, the following resolutions were duly adopted by the board of directors of the Corporation (the "<u>Board of Directors</u>"):

**WHEREAS**, the Corporation's Articles of Incorporation authorizes the issuance of 150,000,000 shares of undesignated preferred stock, $0.0001 par value per share, issuable from time to time in one or more series;

**WHEREAS**, the Board of Directors is authorized to divide the preferred stock into any number of series, fix the number of shares constituting such series and the designation of such series, and the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series; and

**WHEREAS**, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the designation and number of a series of the preferred stock and to determine the designation, relative rights, preferences and limitations thereof, which shall consist of 21,453,390 shares of the preferred stock which the Corporation has the authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On August 12, 2025, the following resolution was duly adopted by the Board of Directors, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

<u>Section 1</u>. <u>Definitions</u>. For the purposes hereof, the following terms shall have the following meanings:

"<u>Articles of Incorporation</u>" means the Corporation's articles of incorporation, as amended and restated from time to time.

"<u>Available Proceeds</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Bylaws</u>" means the Corporation's bylaws, as amended and restated from time to time.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Conversion Price</u>" shall have the meaning set forth in <u>Section 6.1.1</u>.

"<u>Deemed Liquidation Event</u>" shall have the meaning set forth in <u>Section 5.3</u>.

"<u>Holder</u>" shall have the meaning set forth in <u>Section 3</u>.

"<u>Junior Securities</u>" means, collectively, the Common Stock and any other class of securities that is specifically designated as junior to the Series B-3 Preferred Stock.

"<u>Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Merger Agreement</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Non-Voting Common Stock</u>" means the Corporation's non-voting common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>NRS</u>" means the Nevada Revised Statutes, as amended from time to time.

"<u>Original Issue Date</u>" means November 17, 2023.

"<u>Original Issue Price</u>" shall mean $0.487511 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock.

"<u>Pari Passu Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Preferred Stock</u>" shall have the meaning set forth in <u>Section 2</u>.

"<u>Purchase Agreement</u>" means the Series B Preferred Stock Purchase Agreement, dated as of November 17, 2023, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Requisite Holders</u>" shall have the meaning set forth in <u>Section 4.3</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Senior Liquidation Multiple</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Certificate of Designation</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Requisite Holders</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-3 Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.1.1</u>.

"<u>Tokens</u>" shall have the meaning set forth in <u>Section 4.3.4</u>.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Pink Open Market, OTCQB or the OTCQX (or any successors to any of the foregoing).

"<u>Voting Preferred Stock</u>" shall have the meaning set forth in <u>Section 4.1</u>.

"<u>Waterfall Adjustment Event</u>" shall have the meaning set forth in <u>Section 5.1</u>.

<u>Section 2</u>. <u>Designation, Amount and Par Value</u>. The series of preferred stock shall be designated as Series B-3 Preferred Stock (the "<u>Preferred Stock</u>") and the number of shares so designated shall be 21,453,390. Each share of Preferred Stock shall have a par value of $0.0001 per share.

<u>Section 3</u>. <u>Dividends</u>. The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock and Non-Voting Common Stock payable in shares of Common Stock or Non-Voting Common Stock as applicable) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Designation) the holders of the outstanding shares of the Preferred Stock (each, a "Holder" and collectively, the "Holders") shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock in an amount at least equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a dividend on Common Stock or Non-Voting Common Stock or any class or series that is convertible into Common Stock or Non-Voting Common Stock, that dividend per share as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock or Non-Voting Common Stock and (2) the number of shares of Common Stock issuable upon conversion of a share of Preferred Stock, calculated on the record date for determination of holders entitled to receive such dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a dividend on any class or series that is not convertible into either Common Stock or Non-Voting Common Stock, at a rate per share of Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Original Issue Price; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the Holders pursuant to this <u>Section 3</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest dividend to the Holders.

<u>Section 4</u>. <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>General</u>. On any matter presented to the stockholders of the Corporation for their action or consideration at any meeting of stockholders of the Corporation (or by written consent of stockholders in lieu of meeting), each Holder shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such Holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law, the Articles of Incorporation, Bylaws or by the other provisions of this Certificate of Designation, holders of Preferred Stock, along with holders of other series of preferred stock issued by the Corporation and entitled to vote as per their respective certificate of designation (together with Preferred Stock, the "<u>Voting Preferred Stock</u>") shall vote together with the holders of Common Stock as a single class and on an as-converted to Common Stock basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Election of Directors</u>. The Holders will vote on election of directors as per the Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Voting Preferred Stock Protective Provisions</u>. At any time when at least 18,562,493 shares of Voting Preferred Stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Voting Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or statutory conversion, by transfer, domestication or continuance into a foreign jurisdiction, or otherwise, do any of the following without (in addition to any other vote required by law, the Articles of Incorporation or the Bylaws) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Voting Preferred Stock voting together on an as-converted to Common Stock basis (the "<u>Requisite Holders</u>") given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1. liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any statutory conversion, effect any transfer, domestication or continuance into a foreign jurisdiction, effect any merger or consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2. amend, alter or repeal any provisions of Articles of Incorporation, Bylaws, this Certificate of Designation, or any other Certificate of Designation in a manner that adversely affects the powers, preferences or rights of the preferred stock issued by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3. (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4. cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain based assets (collectively, "<u>Tokens</u>"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.5. purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (a) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (b) dividends or other distributions payable on the Common Stock or Non-Voting Common Stock solely in the form of additional shares of Common Stock or Non-Voting Common Stock, as applicable, and (c) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof or (d) as approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.6. create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan or amend or waive any of the terms of any option or other grant pursuant to any such plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.7. increase or decrease the authorized number of directors constituting the Board of Directors, change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with this Certificate of Designation.

<u>Section 5</u>. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Preferential Payments to Holders of Preferred Stock prior to a Waterfall Adjustment Event</u>. Prior to the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with this <u>Section 5.1</u>. From and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with <u>Section 5.2</u> below. A "<u>Waterfall Adjustment Event</u>" shall mean the vote or written consent of (x) the Requisite Holders and the Series B-1 Requisite Holders (as defined in the certificate of designation of preferences, rights and limitations of series B-1 preferred stock issued by the Corporation (the "<u>Series B-1 Certificate of Designation</u>")) agreeing to a Senior Liquidation Multiple equal to one (1) times the Original Issue Price and (y) the holders of a majority of the outstanding shares of Junior Securities entitled to vote as per their respective certificate of designation, agreeing to a liquidation multiple equal to one (1) times the applicable original issue price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>Preferential Payments to Holders</u>. Subject to <u>Section 5.1</u> and <u>Section 5.2</u>, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, (i) after and subject to the payment in full of all amounts required to be distributed to the holders of another class or series of stock of the Corporation ranking on liquidation prior and in preference to the Preferred Stock (including, without limitation, series B-1 preferred stock, series B-2 preferred stock and series CF-1 preferred stock issued by the Corporation), (ii) ratably with any class or series of stock designated as ranking on liquidation on parity with the Preferred Stock and (iii) in preference and priority to the holders of the shares of Junior Securities, an amount per share equal to the greater of (i) two (2) times the Original Issue Price (the "<u>Senior Liquidation Multiple</u>"), plus any dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of the Preferred Stock (and all shares of all other series of preferred stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Common Stock pursuant to <u>Section 6</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "<u>Series B-3 Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock, the full amount to which they shall be entitled under this <u>Section 5.1.1</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Preferential Payments to Holders of Preferred Stock following a Waterfall Adjustment Event</u>. Subject to <u>Section 5.1</u>, from and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds, as applicable, on a *pari passu* basis based on their respective Pari Passu Liquidation Amounts (as defined below) and before any payment shall be made to the holders of Common Stock and Non-Voting Common Stock by reason of their ownership thereof, an amount per share of Preferred Stock equal to the greater of (i) the Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock (and all shares of all other series of preferred Stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Common Stock pursuant to <u>Section 5.1.1</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as applicable, as the "<u>Pari Passu Liquidation Amount</u>" and the amount payable pursuant to this <u>Section 5.2</u> or the Series B-3 Liquidation Amount is hereinafter referred to, the "<u>Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the Holders, the full amount to which they shall be entitled under this <u>Section 5.2</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&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. <u>Deemed Liquidation Events</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;5.3.1. <u>Definition</u>. Each of the following events shall be considered a "<u>Deemed Liquidation Event</u>" unless the Requisite Holders elect otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger or consolidation in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, a majority, by voting power, of the capital stock of (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or (ii) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(i)</u> unless the agreement or plan of merger or consolidation for such transaction (the "<u>Merger Agreement</u>") provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(ii)</u> or <u>Section 5.3.l(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the NRS within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each Holder no later than the ninetieth (90<sup>th</sup>) day after the Deemed Liquidation Event advising such Holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii) to require the redemption of shares of Preferred Stock, and (ii) if the Requisite Holders so request in a written instrument delivered to the Corporation not later than one hundred and twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by NRS governing distributions to stockholders (the "<u>Available Proceeds</u>"), on the one hundred and fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to redeem all outstanding shares of Preferred Stock at a price per share equal to the Series B-3 Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder's shares of preferred stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under NRS governing distributions to stockholders. Prior to the distribution or redemption provided for in this <u>Section 5.3.2(b)</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or 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;5.3.3. <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4. <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Section 5.3. l(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "<u>Additional Consideration</u>"), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "<u>Initial Consideration</u>") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Section 5.3.4</u>, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

<u>Section 6</u>. <u>Optional Conversion</u>. The Holders shall have conversion rights as follows (the "<u>Conversion Rights</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Right to Convert</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;6.1.1. <u>Conversion Ratio</u>. Each share of Preferred Stock shall be convertible into Common Stock at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Stock as is determined by dividing the applicable Original Issue Price by the Conversion Price (as defined below) in effect at the time of conversion.

The "<u>Conversion Price</u>" applicable to Preferred Stock shall initially be equal to the Original Issue Price of Preferred Stock. The initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Common Stock shall be subject to adjustment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. <u>Termination of Conversion Rights</u>. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, to holders of Preferred Stock pursuant to such liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Fractional Shares</u>. No fractional shares of Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the number of shares of Common Stock to be issued upon conversion of the Preferred Stock shall be rounded to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Mechanics of Conversion</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;6.3.1. <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Common Stock, such holder shall (a) provide written notice in the form of conversion notice attached hereto as Annex A to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in which such holder wishes the shares of Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the "<u>Conversion Time</u>"), and the shares of Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate for the number (if any) of the shares of Preferred Stock represented by any surrendered certificate that were not converted into Common Stock, and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Articles of Incorporation, Bylaws and any certificate of designation. Before taking any action which would cause an adjustment reducing the applicable Conversion Price below the then par value of the shares of Common Stock issuable upon conversion of the Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common Stock at such adjusted applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3. <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action regardless of the provisions of <u>Section 4.3</u> or <u>Section 4.4</u> above) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4. <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Common Stock delivered upon 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5. <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section 6</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Adjustments to Conversion Price for Diluting Issues</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;6.4.1. <u>Special Definitions</u>. For purposes of this <u>Section 6</u>, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Additional Shares of Common Stock</u>" shall mean all shares of Common Stock and Non-Voting Common Stock issued (or, pursuant to <u>Section 6.4.3</u> below, deemed to be issued) by the Corporation after the Original Issue Date, other than (1) the following shares of Common Stock or Non-Voting Common Stock and (2) shares of Common Stock or Non-Voting Common Stock deemed issued pursuant to the following Options and Convertible Securities (as defined below) (clauses (1) and (2), collectively, "<u>Exempted Securities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any series of preferred stock, shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as a dividend or distribution on such series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock and Non-Voting Common Stock, as applicable, that is covered by <u>Section 6.5</u>, <u>Section 6.6</u>, <u>Section 6.7</u> or <u>Section 6.8</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;(iii) shares of Common Stock, Non-Voting Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) shares of Common Stock, Non-Voting Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock or Non-Voting Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to suppliers or third-party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such issuances are approved by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, original equipment manufacturing, marketing or other similar agreements or strategic partnerships approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Convertible Securities</u>" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock or Non-Voting Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Option</u>" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock, Non-Voting Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. <u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock or Non-Voting Common Stock, as applicable (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number), issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> (either because the consideration per share (determined pursuant to <u>Section 6.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <u>Section 6.4.3(a)</u>) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this <u>Section 6.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this <u>Section 6.4.3</u>). If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this <u>Section 6.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Section 6.4.3</u>), without consideration or for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or deemed issuance, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub> \* (A + B) ÷ (A+ C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>CP<sub>2</sub></u>" shall mean the Conversion Price in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>CP<sub>1</sub></u>" shall mean the Conversion Price in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>A</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including preferred stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>B</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock, as applicable, that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); 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;(e) "<u>C</u>" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5. <u>Determination of Consideration</u>. For purposes of this <u>Section 6.4</u>, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>. Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Section 6.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock and Non-Voting Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6. <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such 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;6.5. <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock or Non-Voting Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. If the Corporation shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock or Non-Voting Common Stock, as applicable, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. Any adjustment under this Section shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Adjustment for Certain Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock or Non-Voting Common Stock, as applicable, entitled to receive, a dividend or other distribution payable on the Common Stock or Non-Voting Common Stock, as applicable, in additional shares of Common Stock or Non-Voting Common Stock, as applicable, then and in each such event the Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 numerator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock or Non-Voting Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this <u>Section 6</u> as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Common Stock in a number equal to the number of shares of Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Adjustments for Other Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock and Non-Voting Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock or Non-Voting Common Stock in respect of outstanding shares of Common Stock and Non-Voting Common Stock) or in other property and the provisions of <u>Section 3</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock and Non-Voting Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Section 5.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock or Non-Voting Common Stock (but not any preferred stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Section 6.4</u>, <u>Section 6.6</u> or <u>Section 6.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Common Stock of the Corporation issuable upon conversion of one share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this <u>Section 6</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section 6</u> (including provisions with respect to changes in and other adjustments of the Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this <u>Section 6</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (a) the Conversion Price then in effect, and (b) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall take a record of the holders of its Common Stock and Non-Voting Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 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) of any capital reorganization of the Corporation, any reclassification of the Common Stock or Non-Voting Common Stock of the Corporation, or any Deemed Liquidation Event; 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;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation,

then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock), shall be entitled to exchange their shares of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice.

<u>Section 7</u>. <u>Mandatory Conversion</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;7.1. <u>Trigger Events</u>. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least three (3) times original issue price of series B-1 preferred stock (as defined in Series B-1 Certificate of Designation) (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation (a "<u>Qualified IPO</u>"), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "<u>Mandatory Conversion Time</u>"), then (i) all outstanding shares of Preferred Stock shall automatically be converted into shares of Common Stock at the then effective conversion rate as calculated pursuant to <u>Section 6.1.1</u> and (ii) such shares may not be reissued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Procedural Requirements</u>. All holders of record of shares of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this <u>Section 7</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to <u>Section 7.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Section 7.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

<u>Section 8</u> <u>Redemption</u>. Other than as set forth in <u>Section 5.3.2(b)</u>, the Preferred Stock is not redeemable at the option of the holder or the Corporation.

<u>Section 9</u> <u>Redeemed or Otherwise Acquired Shares</u>. Unless otherwise consented to by the Requisite Holders and the Board of Directors, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption, conversion or acquisition.

<u>Section 10</u> <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Waiver</u>. Except as otherwise set forth herein, (a) any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of preferred stock by the affirmative written consent or vote of the Requisite Holders, and (b) at any time more than one series of preferred stock is issued and outstanding, any of the rights, powers, preferences and other terms of Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of at least a majority of the shares of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Notices</u>. Any notice required or permitted by the provisions of this Certificate of Designation to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the NRS, and shall be deemed sent upon such mailing or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Waiver</u>. Any waiver by the Corporation or a Holder of any provision of this Certificate of Designation or any breach thereof shall not operate as or be construed to be a waiver of any other provision of this Certificate of Designation or any breach thereof or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Severability</u>. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions hereof.

[***Remainder of Page Intentionally Left Blank***]

**RESOLVED, FURTHER**, that the Chief Executive Officer and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations of Series B-3 Preferred Stock in accordance with the foregoing resolution and the provisions of NRS.

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Designation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

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[*Signature page to the Certificate of Designation for Series B-3 Preferred Stock of TG-17, Inc.*]

**ANNEX A**

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of Series B-3 Preferred Stock indicated below into shares of common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), TG-17, Inc., a Nevada corporation (the "<u>Corporation</u>"), according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Purchase Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.

Conversion calculations:

---

| |
|:---|
| Date to Effect Conversion: <br> _____________________________________________ |
| Number of shares of Preferred Stock owned prior to Conversion:<br> _________________ |
| Number of shares of Preferred Stock to be Converted:<br> _________________________ |
| Number of shares of Common Stock to be Issued:<br> ____________________________ |
| Applicable Conversion Price:<br> ____________________________________________ |
| Number of shares of Preferred Stock subsequent to Conversion:<br> _________________ |
| Address for Delivery:<br> ______________________<br><u>or</u><br>DWAC Instructions:<br>Broker no: _________<br> Account no: ___________ |

---

---

| |
|:---|
| [HOLDER] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.6

**Exhibit 3.6**

**CERTIFICATE OF DESIGNATIONS, PREFERENCES AND RIGHTS**

**OF THE SERIES C CONVERTIBLE PREFERRED STOCK OF<br> TG-17, INC.**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

I, Doron Kempel, hereby certify that I am the Chief Executive Officer of TG-17, INC., (the "**Company**"), a corporation incorporated and existing under the Nevada Revised Statutes (the "**NRS**") and further do hereby certify:

That pursuant to the authority expressly conferred upon the Board of Directors of the Company (the "**Board**") by the Company's Articles of Incorporation, as amended (the "**Articles of Incorporation**"), the Board on June 25, 2025 adopted the following resolutions creating a series of shares of preferred stock designated as Series C Convertible Preferred Stock:

**WHEREAS**, the Board desires to designate the Series C Convertible Preferred Stock and the number of shares constituting such series, and fix the rights, powers, preferences, privileges and restrictions relating to such series in addition to any set forth in the Articles of Incorporation.

That, on August 12, 2025, the following resolution was duly adopted by the Board, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF SERIES C CONVERTIBLE PREFERRED STOCK**

1. **Designation and Number of Shares**. There shall hereby be created and established a series of preferred stock of the Company designated as "Series C Convertible Preferred Stock" (the "**Preferred Shares**"). The authorized number of Preferred Shares shall be 329,671 shares (for a purchase price of $3,000,000). Each Preferred Share shall have a par value of $0.0001. Capitalized terms not defined herein shall have the meaning as set forth in Section 33.

2. **Ranking**. Except to the extent that the holders of at least a majority of the outstanding Preferred Shares (the "**Required Holders**") expressly consent to the creation of Parity Stock (as defined below) other than Senior Preferred Stock (as defined below) in accordance with Section 18, all shares of capital stock of the Company shall be junior in rank to all Preferred Shares with respect to the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (such junior stock is referred to herein collectively as "**Junior Stock**"). The rights of all such shares of capital stock of the Company shall be subject to the rights, powers, preferences and privileges of the Preferred Shares. Without limiting any other provision of this Certificate of Designations, without the prior express consent of the Required Holders, voting separate as a single class, the Company shall not hereafter authorize or issue any additional or other shares of capital stock that is (i) of senior rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (collectively, the "**Senior Preferred Stock**"), (ii) of pari passu rank to the Preferred Shares in respect of the preferences as to dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company (collectively, the "**Parity Stock**") or (iii) any Junior Stock having a maturity date (or any other date requiring redemption or repayment of such shares of Junior Stock) that is prior to the Outside Date. In the event of the merger or consolidation of the Company with or into another corporation, the Preferred Shares shall maintain their relative rights, powers, designations, privileges and preferences provided for herein and no such merger or consolidation shall result inconsistent therewith.

3. **Dividends**. From and after the first date of issuance of any Preferred Shares (the "**Initial Issuance Date**"), each holder of a Preferred Share (each, a "Holder" and collectively, the "**Holders**") shall be entitled to receive dividends ("**Dividends**"), which Dividends shall be paid by the Company out of funds legally available therefor, payable, subject to the conditions and other terms hereof, at the Company's option in shares of Common Stock at the Conversion Price after the Direct Listing and when the Equity Conditions are met, or in cash on the Stated Value (as defined below) of such Preferred Share, at the Dividend Rate (as defined below), which shall be cumulative and shall continue to accrue and compound daily whether or not declared and whether or not in any fiscal year there shall be net profits or surplus available for the payment of dividends in such fiscal year. Notwithstanding the foregoing, if the VWAP of the shares of Common Stock is less than the Conversion Price on the Trading Day before such Dividend is paid, then the Company shall pay the Holder the difference between the VWAP and the Conversion Price per Preferred Share in cash on the day that such Dividend is paid. Dividends on the Preferred Shares shall commence accumulating on the Initial Issuance Date and shall be computed on the basis of a 360-day year and twelve 30-day months. Accrued and unpaid Dividends shall be payable on the third Trading Day of each calendar month and either (x) in cash on the Outside Date, or in cash on any applicable Redemption Date or upon any required payment upon any Bankruptcy Triggering Event or (y) with respect to such Dividends attributable to Preferred Shares subject to conversion hereunder, by way of inclusion of such Dividends in the Conversion Amount subject to conversion hereunder. From and after the occurrence and during the continuance of any Triggering Event, the Dividend Rate shall automatically be increased to twenty-four percent (24.0%) per annum. In the event that such Triggering Event is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the calendar day immediately following the date of such cure; **provided**, that the Dividends as calculated and unpaid at such increased rate during the continuance of such Triggering Event shall continue to apply to the extent relating to the days after the occurrence of such Triggering Event through and including the date of such cure of such Triggering Event.

4. **Conversion**. At any time after the Issuance Date, each Preferred Share shall be convertible into validly issued, fully paid and non-assessable shares of Common Stock (as defined below), on the terms and conditions set forth in this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Holder's Conversion Right**. Subject to the provisions of Section 4(d), at any time or times on or after the Issuance Date, each Holder shall be entitled to convert any portion of the outstanding Preferred Shares held by such Holder into validly issued, fully paid and non-assessable shares of Common Stock in accordance with Section 4(c) at the Conversion Rate (as defined below). The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent (as defined below)) that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conversion Rate**. The number of shares of Common Stock issuable upon conversion of any Preferred Share pursuant to Section 4(a) shall be determined by dividing (x) the Conversion Amount of such Preferred Share by (y) the Conversion Price (the "**Conversion Rate**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Conversion Amount**" means, with respect to each Preferred Share, as of the applicable date of determination, the sum of (without duplication) (1) the Stated Value thereof, plus (2) the Additional Amount thereon, plus (3) any accrued and unpaid Late Charges with respect to such Stated Value and Additional Amount as of such date of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Conversion Price**" means, with respect to each Preferred Share, as of any Conversion Date or other date of determination, $0.6755. All such determinations to be appropriately adjusted for any share dividend, share split, share combination, reclassification or similar transaction that proportionately decreases or increases the Common Stock during such Conversion Notice Measuring Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Mechanics of Conversion**. The conversion of each Preferred Share shall be conducted in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Optional Conversion**. To convert a Preferred Share into shares of Common Stock on any date (a "**Conversion Date**"), a Holder shall deliver (whether via facsimile or electronic mail), for receipt on or prior to 11:59 p.m., New York time, on such date, an electronic copy of an executed notice of conversion of the share(s) of Preferred Shares subject to such conversion in the form attached hereto as **Exhibit I** (the "**Conversion Notice**") to the Company. If required by Section 4(c)(iii), within three (3) Trading Days following a conversion of any such Preferred Shares as aforesaid, such Holder, if such Holder is holding a physical certificate, shall surrender such certificate to a nationally recognized overnight delivery service for delivery to the Company the original certificates representing the Preferred Shares (the "**Preferred Share Certificates**") so converted as aforesaid (or an indemnification undertaking with respect to the Preferred Shares in the case of its loss, theft or destruction as contemplated by Section 20). On or before the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation, in the form attached hereto as **Exhibit II**, of receipt of such Conversion Notice to such Holder and the Company's transfer agent (the "**Transfer Agent**"), which confirmation shall constitute an instruction to the Transfer Agent to process such Conversion Notice in accordance with the terms herein. On or before the first (1<sup>st</sup>) Trading Day following the date of receipt of a Conversion Notice (or such earlier date as required pursuant to the 1934 Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such shares of Common Stock issuable pursuant to such Conversion Notice) (the "**Share Delivery Deadline**"), the Company shall (1) provided that the Transfer Agent is participating in the Depository Trust Company ("**DTC**") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which such Holder shall be entitled to such Holder's or its designee's balance account with DTC through its Deposit/Withdrawal at Custodian system, or (2) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver (via reputable overnight courier) to the address as specified in such Conversion Notice, a certificate, registered in the name of such Holder or its designee, for the number of shares of Common Stock to which such Holder shall be entitled. If the number of Preferred Shares represented by the Preferred Share Certificate(s) submitted for conversion pursuant to Section 4(c)(iii) is greater than the number of Preferred Shares being converted, then the Company shall, as soon as practicable and in no event later than three (3) Trading Days after receipt of the Preferred Share Certificate(s) and at its own expense, issue and deliver to such Holder (or its designee) a new Preferred Share Certificate (in accordance with Section 20(d)) representing the number of Preferred Shares not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of Preferred Shares shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Company's Failure to Timely Convert**. If the Company shall fail, for any reason or for no reason, to issue to a Holder on or prior to the applicable Share Delivery Deadline, a certificate for the number of shares of Common Stock to which such Holder is entitled and register such shares of Common Stock on the Company's share register or to credit such Holder's or its designee's balance account with DTC for such number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion of any Preferred Shares (as the case may be) (a "**Conversion Failure**"), then, in addition to all other remedies available to such Holder, such Holder, upon written notice to the Company, (x) may void its Conversion Notice with respect to, and retain or have returned (as the case may be) any Preferred Shares that have not been converted pursuant to such Holder's Conversion Notice, **provided**, that the voiding of a Conversion Notice shall not affect the Company's obligations to make any payments which have accrued prior to the date of such notice pursuant to the terms of this Certificate of Designations or otherwise and (y) the Company shall pay in cash to such Holder on each day, up to a maximum of 10 Trading Days, after the Share Delivery Deadline that the issuance of such shares of Common Stock is not timely effected an amount equal to 2% of the product of (A) the aggregate number of shares of Common Stock not issued to such Holder on a timely basis and to which such Holder is entitled and (B) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the last possible date on which the Company could have issued such shares of Common Stock to such Holder without violating Section 4(c). In addition to the foregoing, if the Direct Listing has occurred and the Company shall fail, for any reason or for no reason, to issue to a Holder on or prior to the Share Delivery Deadline, a certificate to such Holder and register such shares of Common Stock on the Company's share register or credit such Holder's or its designee's balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion hereunder (as the case may be), and if on or after such Share Delivery Deadline such Holder (or any other Person in respect, or on behalf, of such Holder) purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock, issuable upon such conversion that such Holder so anticipated receiving from the Company, then, in addition to all other remedies available to such Holder, the Company shall, within three (3) Business Days after receipt of such Holder's request and in such Holder's discretion, either: (I) pay cash to such Holder in an amount equal to such Holder's total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf, of such Holder) (the "**Buy-In Price**"), at which point the Company's obligation to so issue and deliver such certificate or credit such Holder's balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion hereunder (as the case may be) (and to issue such shares of Common Stock) shall terminate, or (II) promptly honor its obligation to so issue and deliver to such Holder a certificate or certificates representing such shares of Common Stock or credit such Holder's balance account with DTC for the number of shares of Common Stock to which such Holder is entitled upon such Holder's conversion hereunder (as the case may be) and pay cash to such Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (x) such number of shares of Common Stock multiplied by (y) the lowest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Conversion Notice and ending on the date of such issuance and payment under this clause (II).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Registration; Book-Entry**. The Company shall maintain a register (the "**Register**") for the recordation of the names and addresses of the Holders of each Preferred Share and the Stated Value of the Preferred Shares (the "**Registered Preferred Shares**"). The entries in the Register shall be conclusive and binding for all purposes absent manifest error. The Company and each Holder of the Preferred Shares shall treat each Person whose name is recorded in the Register as the owner of a Preferred Share for all purposes (including, without limitation, the right to receive payments and Dividends hereunder) notwithstanding notice to the contrary. A Registered Preferred Share may be assigned, transferred or sold only by registration of such assignment or sale on the Register. Upon its receipt of a written request to assign, transfer or sell one or more Registered Preferred Shares by such Holder thereof, the Company shall record the information contained therein in the Register and issue one or more new Registered Preferred Shares in the same aggregate Stated Value as the Stated Value of the surrendered Registered Preferred Shares to the designated assignee or transferee pursuant to Section 20, **provided**, that, if the Company does not so record an assignment, transfer or sale (as the case may be) of such Registered Preferred Shares within two (2) Business Days of such a request, then the Register shall be automatically deemed updated to reflect such assignment, transfer or sale (as the case may be). Notwithstanding anything to the contrary set forth in this Section 4, following conversion of any Preferred Shares in accordance with the terms hereof, the applicable Holder shall not be required to physically surrender such Preferred Shares to the Company unless (A) the full or remaining number of Preferred Shares represented by the applicable Preferred Share Certificate are being converted (in which event such certificate(s) shall be delivered to the Company as contemplated by this Section 4(c)(iii)) or (B) such Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of Preferred Shares upon physical surrender of the applicable Preferred Share Certificate. Each Holder and the Company shall maintain records showing the Stated Value, Dividends and Late Charges converted and/or paid (as the case may be) and the dates of such conversions and/or payments (as the case may be) or shall use such other method, reasonably satisfactory to such Holder and the Company, so as not to require physical surrender of a Preferred Share Certificate upon conversion. If the Company does not update the Register to record such Stated Value, Dividends and Late Charges converted and/or paid (as the case may be and the dates of such conversions and/or payments (as the case may be) within two (2) Business Days of such occurrence, then the Register shall be automatically deemed updated to reflect such occurrence. In the event of any dispute or discrepancy, such records of such Holder establishing the number of Preferred Shares to which the record holder is entitled shall be controlling and determinative in the absence of manifest error. A Holder and any transferee or assignee, by acceptance of a certificate, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of any Preferred Shares, the number of Preferred Shares represented by such certificate may be less than the number of Preferred Shares stated on the face thereof. Each Preferred Share Certificate shall bear the following legend:

ANY TRANSFEREE OR ASSIGNEE OF THIS CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE CORPORATION'S CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES C CONVERTIBLE PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE, INCLUDING SECTION 4(c)(iii) THEREOF. THE NUMBER OF SHARES OF SERIES C CONVERTIBLE PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES C CONVERTIBLE PREFERRED STOCK STATED ON THE FACE HEREOF PURSUANT TO SECTION 4(c)(iii) OF THE CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES C CONVERTIBLE PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **Pro Rata Conversion; Disputes.** In the event that the Company receives a Conversion Notice from more than one Holder for the same Conversion Date and the Company can convert some, but not all, of such Preferred Shares submitted for conversion, the Company shall convert from each Holder electing to have Preferred Shares converted on such date a pro rata amount of such Holder's Preferred Shares submitted for conversion on such date based on the number of Preferred Shares submitted for conversion on such date by such Holder relative to the aggregate number of Preferred Shares submitted for conversion on such date. In the event of a dispute as to the number of shares of Common Stock issuable to a Holder in connection with a conversion of Preferred Shares, the Company shall issue to such Holder the number of shares of Common Stock not in dispute and resolve such dispute in accordance with Section 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Limitation on Conversion.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Beneficial Ownership**. Notwithstanding anything to the contrary contained in this Certificate of Designations, the Preferred Shares held by a Holder shall not be convertible by such Holder, and the Company shall not effect any conversion of any Preferred Shares held by such Holder, to the extent (but only to the extent) that such Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates (such Persons, "**Attribution Parties**")) would beneficially own in excess of 9.99% (the "**Maximum Percentage**") of the Common Stock. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates <u>and Attribution Parties</u> shall include the number of shares of Common Stock issuable upon conversion of the Preferred Shares with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (i) conversion of the remaining, unconverted principal amount of the Preferred Shares beneficially owned by the Holder or any of its Affiliates or <u>Attribution Parties</u> and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or <u>Attribution Parties</u>. No prior inability of a Holder to convert Preferred Shares, or of the Company to issue shares of Common Stock to such Holder, pursuant to this Section 4(d) shall have any effect on the applicability of the provisions of this Section 4(d) with respect to any subsequent determination of convertibility or issuance (as the case may be). Except as set forth above, for purposes of this Section 4(d), beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. The provisions of this Section 4(d) shall be implemented in a manner otherwise than in strict conformity with the terms of this Section 4(d) to correct this Section 4(d) (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this Section 4(d) shall apply to a successor holder of Preferred Shares. The holders of Common Stock shall be third party beneficiaries of this Section 4(d) and the Company may not waive this Section 4(d) without the consent of holders of a majority of its Common Stock. For any reason at any time, upon the written or oral request of a Holder, the Company shall within one (1) Business Day confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant to this Certificate of Designations or securities issued pursuant to the other Transaction Documents. By written notice to the Company, any Holder may increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; **provided**, that (i) any such increase will not be effective until the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to such Holder sending such notice and not to any other Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Trading Market Regulation**. The Company shall not issue any shares of Common Stock upon conversion of any Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock which the Company may issue upon conversion of the Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations without breaching the Company's obligations under the rules or regulations of the applicable Trading Market (the number of shares which may be issued without violating such rules and regulations, the "**Exchange Cap**"), except that such limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the applicable Trading Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Required Holders. Until such approval or such written opinion is obtained, no Buyer (as defined in the Securities Purchase Agreement) shall be issued in the aggregate, upon conversion of any Preferred Shares or otherwise pursuant to the terms of this Certificate of Designations, shares of Common Stock in an amount greater than the product of (i) the Exchange Cap as of the Issuance Date multiplied by (ii) the quotient of (1) the aggregate original Stated Value of the Preferred Shares issued to such Buyer pursuant to the Securities Purchase Agreement on the Closing Date divided by (2) the aggregate original Stated Value of the Preferred Shares issued to the Buyers pursuant to the Securities Purchase Agreement on the Closing Date (with respect to each Buyer, the "**Exchange Cap Allocation**"). In the event that any Buyer shall sell or otherwise transfer any of such Buyer's Preferred Shares, the transferee shall be allocated a pro rata portion of such Buyer's Exchange Cap Allocation with respect to such portion of such Preferred Shares so transferred, and the restrictions of the prior sentence shall apply to such transferee with respect to the portion of the Exchange Cap Allocation so allocated to such transferee. Upon conversion in full of a holder's Preferred Shares, the difference (if any) between such holder's Exchange Cap Allocation and the number of shares of Common Stock actually issued to such holder upon such holder's conversion in full of such Preferred Shares shall be allocated to the respective Exchange Cap Allocations of the remaining holders of Preferred Shares on a pro rata basis in proportion to the shares of Common Stock underlying the Preferred Shares then held by each such holder of Preferred Shares. In the event that the Company is prohibited from issuing any shares of Common Stock pursuant to this Section 4(d)(ii) (the "**Exchange Cap Shares**") to a Holder, the Company shall pay cash to such Holder in exchange for the redemption of such number of Preferred Shares held by the Holder that are not convertible into such Exchange Cap Shares at a price equal to the sum of (i) the product of (x) such number of Exchange Cap Shares and (y) the Closing Sale Price on the Trading Day immediately preceding the date such Holder delivers the applicable Conversion Notice with respect to such Exchange Cap Shares to the Company and (ii) to the extent such Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of Exchange Cap Shares, brokerage commissions, if any, of such Holder incurred in connection therewith.

5. **Triggering Event Redemptions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Triggering Event**. Each of the following events shall constitute a "**Triggering Event**" and each of the events in clauses (ix), (x) and (xi) shall constitute a "**Bankruptcy Triggering Event**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after the Direct Listing, any of the Preferred Shares or shares of Common Stock issuable upon conversion of the Preferred Shares are not freely tradable without restriction by any of the Holders due to an uncured breach by the Company after the applicable grace period has run;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after the Direct Listing, the suspension from trading or failure of the Common Stock to be trading or listed (as applicable) on an Eligible Market for a period of five (5) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company's written notice to any holder of the Preferred Shares or **Warrants**, including, without limitation, by way of public announcement or through any of its agents, at any time, of its intention not to comply, as required, with a request for exercise of any Warrants for Warrant Shares in accordance with the provisions of the Warrants or a request for conversion of any Preferred Shares into shares of Common Stock that is requested in accordance with the provisions of this Certificate of Designations, other than pursuant to Section 4(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time following the tenth (10th) consecutive day that a Holder's Authorized Share Allocation (as defined in Section 11(a)) is less than 100% of the sum of (A) the number of shares of Common Stock that such Holder would be entitled to receive upon a conversion in full of the Preferred Shares held by such Holder (without regard to any limitations on conversion set forth in this Certificate of Designations) and (B) the number of shares of Common Stock that such Holder would be entitled to receive upon exercise in full of such Holder's Warrants (without regard to any limitations on exercise set forth in the Warrants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company's Board of Directors fails to declare any Dividend to be paid on the applicable Dividend Date in accordance with Section 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Company's failure to pay to any Holder any Dividend (whether or not declared by the Board of Directors) or any other amount when and as due under this Certificate of Designations (including, without limitation, the Company's failure to pay any redemption payments or amounts hereunder), the Securities Purchase Agreement or any other Transaction Document or any other agreement, document, certificate or other instrument delivered in connection with the transactions contemplated hereby and thereby (in each case, as permitted pursuant to the NRS), except, in the case of a failure to pay Dividends and Late Charges when and as due, in each such case only if such failure remains uncured for a period of at least three (3) Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Company, on three or more occasions, either (A) fails to cure a Conversion Failure or a Delivery Failure (as defined in the Warrants) by delivery of the required number of shares of Common Stock within five (5) Trading Days after the applicable Conversion Date or Exercise Date (as defined in the Warrants) (as the case may be) or (B) fails to remove any restrictive legend on any certificate or any shares of Common Stock issued to such Holder upon conversion or exercise (as the case may be) of any Securities (as defined in the Securities Purchase Agreement) acquired by such Holder under the Securities Purchase Agreement as and when required by such Securities or the Securities Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws, and any such failure remains uncured for at least five (5) Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the occurrence of any default under, redemption of or acceleration prior to maturity of at least an aggregate of $250,000 of Indebtedness (as defined in the Securities Purchase Agreement) of the Company or any of its Subsidiaries other than, with respect to unsecured Indebtedness only, an alleged default, redemption, or acceleration prior to maturity contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) and after giving effect to these reserves, each of the Company and its Subsidiaries (and the Company and its Subsidiaries taken as a whole) are Solvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party, shall not be dismissed within thirty (30) days of their initiation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability to pay its debts generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance of any such action or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other similar action under federal, state or foreign law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order, judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order, judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a final judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; **provided**, that any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $250,000 amount set forth above so long as the Company provides each Holder a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to each Holder) to the effect that such judgment is covered by insurance or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity within thirty (30) days of the issuance of such judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Company and/or any Subsidiary, individually or in the aggregate fails to pay, when due, or within any applicable grace period, any payment with respect to any Indebtedness in excess of $250,000 due to any third party (other than, with respect to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with GAAP) or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $250,000, which breach or violation causes the other party thereto to declare a default or otherwise accelerate amounts due thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) other than as specifically set forth in another clause of this Section 5(a), the Company or any Subsidiary breaches any representation or warranty in any material respect (other than representations or warranties subject to material adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of any Transaction Document, except, in the case of a breach of a covenant or other term or condition that is curable, only if such breach remains uncured for a period of five (5) consecutive Trading Days, unless such breach does not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that either (A) the Equity Conditions are satisfied, (B) there has been no Equity Conditions Failure, or (C) as to whether any Triggering Event has occurred, and such Holder suffers economic damage thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any breach or failure in any respect by the Company or any Subsidiary to comply with any provision of Section 15, unless such breach does not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any Material Adverse Effect (as defined in the Securities Purchase Agreement) occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) after the Direct Listing (A) the Common Stock cannot be issued and transferred electronically to third parties via DTC through its Deposit/Withdrawal at Custodian system or (B) the Company has received notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Common Stock, electronic trading or book-entry services by DTC with respect to the Common Stock is being imposed or is contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) failure to have the "Registration Statement" (under as defined in the Registration Rights Agreement) declared effective and remain effective in accordance within the deadline prescribed in, and otherwise accordance with the terms of, the Securities Purchase Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) any breach of any material term of the Securities Purchase Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Notice of a Triggering Event; Redemption Right**. Upon the occurrence of a Triggering Event with respect to the Preferred Shares, the Company shall within one (1) Business Day deliver written notice thereof via facsimile or electronic mail and overnight courier (with next day delivery specified) (a "**Triggering Event Notice**") to each Holder. At any time after the earlier of a Holder's receipt of a Triggering Event Notice and such Holder becoming aware of a Triggering Event (such earlier date, the "**Triggering Event Right Commencement Date**") and ending (such ending date, the "**Triggering Event Right Expiration Date**", and each such period, a "**Triggering Event Redemption Right Period**") on the twentieth (20th) Trading Day after the later of (x) the date such Triggering Event is cured and (y) such Holder's receipt of a Triggering Event Notice that includes (I) a reasonable description of the applicable Triggering Event, (II) a certification as to whether, in the opinion of the Company, such Triggering Event is capable of being cured and, if applicable, a reasonable description of any existing plans of the Company to cure such Triggering Event and (III) a certification as to the date the Triggering Event occurred and, if cured on or prior to the date of such Triggering Event Notice, the applicable Triggering Event Right Expiration Date, such Holder may require the Company to redeem (regardless of whether such Triggering Event has been cured on or prior to the Triggering Event Right Expiration Date) all or any of the Preferred Shares by delivering written notice thereof (the "**Triggering Event Redemption Notice**") to the Company, which Triggering Event Redemption Notice shall indicate the number of the Preferred Shares such Holder is electing to redeem. Each of the Preferred Shares subject to redemption by the Company pursuant to this Section 5(b) shall be redeemed by the Company at a price equal to the greater of (i) if before the Direct Listing, the product of (A) the Conversion Amount to be redeemed multiplied by (B) the Redemption Premium and (ii) if after the Direct Listing, the product of (X) 110% multiplied by (Y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date immediately preceding such Triggering Event and ending on the date the Company makes the entire payment required to be made under this Section 5(b) (the "**Triggering Event Redemption Price**"). Redemptions required by this Section 5(b) shall be made in accordance with the provisions of Section 12. To the extent redemptions required by this Section 5(b) are deemed or determined by a court of competent jurisdiction to be prepayments of the Preferred Shares by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 5(b), but subject to Section 4(d), until the Triggering Event Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for redemption under this Section 5(b) (together with any Late Charges thereon) may be converted, in whole or in part, by such Holder into Common Stock pursuant to the terms of this Certificate of Designations. In the event of the Company's redemption of any of the Preferred Shares under this Section 5(b), a Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption premium due under this Section 5(b) is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder's actual loss of its investment opportunity and not as a penalty. Any redemption upon a Triggering Event shall not constitute an election of remedies by the applicable Holder or any other Holder, and all other rights and remedies of each Holder shall be preserved. For the avoidance of doubt, the original issue discount with respect to the purchase price of the Preferred Shares, as described in the Securities Purchase Agreement (collectively, the "**Trigger Event Conversion Shares**") shall not be redeemed in accordance with this Section 5(b) but may be converted by such Holder into Common Stock pursuant to the terms of this Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Mandatory Redemption upon Bankruptcy Triggering Event**. Notwithstanding anything to the contrary herein, and notwithstanding any conversion that is then required or in process, upon any Bankruptcy Triggering Event, whether occurring prior to or following the Outside Date, the Company shall immediately redeem, in cash, each of the Preferred Shares then outstanding at a redemption price equal to the applicable Triggering Event Redemption Price (calculated as if such Holder shall have delivered the Triggering Event Redemption Notice immediately prior to the occurrence of such Bankruptcy Triggering Event), without the requirement for any notice or demand or other action by any Holder or any other person or entity; **provided**, that a Holder may, in its sole discretion, waive such right to receive payment upon a Bankruptcy Triggering Event, in whole or in part, and any such waiver shall not affect any other rights of such Holder or any other Holder hereunder, including any other rights in respect of such Bankruptcy Triggering Event, any right to conversion, and any right to payment of such Triggering Event Redemption Price or any other Redemption Price, as applicable.

6. **Rights Upon Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Assumption**. The Company shall use its commercially reasonable efforts to not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes in writing all of the obligations of the Company under this Certificate of Designations and the other Transaction Documents in accordance with the provisions of this Section 6(a) pursuant to written agreements in form and substance satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of Preferred Shares in exchange for such Preferred Shares a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Certificate of Designations, including, without limitation, having a stated value and dividend rate equal to the stated value and dividend rate of the Preferred Shares held by the Holders and having similar ranking to the Preferred Shares, and satisfactory to the Required Holders and (ii) the Successor Entity (including its Parent Entity) is a publicly traded corporation whose shares of common stock are quoted on or listed for trading on an Eligible Market. Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designations and the other Transaction Documents referring to the "Company" shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Certificate of Designations and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein and therein. In addition to the foregoing, upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to each Holder confirmation that there shall be issued upon conversion or redemption of the Preferred Shares at any time after the consummation of such Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 7(a) and 17, which shall continue to be receivable thereafter)) issuable upon the conversion or redemption of the Preferred Shares prior to such Fundamental Transaction, such shares of the publicly traded common stock (or their equivalent) of the Successor Entity (including its Parent Entity) which each Holder would have been entitled to receive upon the happening of such Fundamental Transaction had all the Preferred Shares held by each Holder been converted immediately prior to such Fundamental Transaction (without regard to any limitations on the conversion of the Preferred Shares contained in this Certificate of Designations), as adjusted in accordance with the provisions of this Certificate of Designations. Notwithstanding the foregoing, such Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 6(a) to permit the Fundamental Transaction without the assumption of the Preferred Shares. The provisions of this Section 6 shall apply similarly and equally to successive Fundamental Transactions and shall be applied without regard to any limitations on the conversion or redemption of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Change of Control Redemption Right**. No sooner than twenty (20) Trading Days nor later than ten (10) Trading Days prior to the consummation of a Change of Control (the "**Change of Control Date**"), but not prior to the public announcement of such Change of Control, the Company shall deliver written notice thereof via facsimile and overnight courier to each Holder (a "**Change of Control Notice**"). At any time during the period beginning after a Holder's receipt of a Change of Control Notice or such Holder becoming aware of a Change of Control if a Change of Control Notice is not delivered to such Holder in accordance with the immediately preceding sentence (as applicable) and ending on the later of twenty (20) Trading Days after (A) consummation of such Change of Control or (B) the date of receipt of such Change of Control Notice, such Holder may require the Company to redeem all or any portion of such Holder's Preferred Shares by delivering written notice thereof ("**Change of Control Redemption Notice**") to the Company, which Change of Control Redemption Notice shall indicate the number of Preferred Shares such Holder is electing to have the Company redeem. Each Preferred Share subject to redemption pursuant to this Section 6(b) shall be redeemed by the Company in cash at a price equal to the product of the Change of Control Redemption Premium multiplied by the Stated Value (the "Change of Control Redemption Price"). Redemptions required by this Section 6(b) shall have priority to payments to all other stockholders of the Company in connection with such Change of Control. To the extent redemptions required by this Section 6(b) are deemed or determined by a court of competent jurisdiction to be prepayments of the Preferred Shares by the Company, such redemptions shall be deemed to be voluntary prepayments. Notwithstanding anything to the contrary in this Section 6(b), but subject to Section 4(d), until the applicable Change of Control Redemption Price (together with any Late Charges thereon) is paid in full to the applicable Holder, the Preferred Shares submitted by such Holder for redemption under this Section 6(b) may be converted, in whole or in part, by such Holder into Common Stock pursuant to Section 4 or in the event the Conversion Date is after the consummation of such Change of Control, stock or equity interests of the Successor Entity substantially equivalent to the Company's shares of Common Stock pursuant to Section 4. In the event of the Company's redemption of any of the Preferred Shares under this Section 6(b), such Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for a Holder. Accordingly, any redemption premium due under this Section 6(b) is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder's actual loss of its investment opportunity and not as a penalty. The Company shall make payment of the applicable Change of Control Redemption Price concurrently with the consummation of such Change of Control if a Change of Control Redemption Notice is received prior to the consummation of such Change of Control and within two (2) Trading Days after the Company's receipt of such notice otherwise (the "**Change of Control Redemption Date**"). Redemptions required by this Section 6 shall be made in accordance with the provisions of Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Tag Along Rights**. In the event that one or more holders of Common Stock (the "**Selling Stockholders**") propose to Transfer (as defined below), in a single transaction or series of related transactions, shares of Common Stock (or equity interests convertible into or exchangeable for Common Stock) constituting more than 50% of the outstanding Common Stock of the Company (a "**Tag-Along Sale**") to any third party (the "**Proposed Transferee**"), each Holder shall have the right (but not the obligation) to participate in such Tag-Along Sale on a pro rata basis (based on the number of Preferred Shares then held by such Holder on an as-converted basis relative to the aggregate number of shares of Common Stock proposed to be sold by the Selling Stockholders) and on the same terms and conditions as offered to the Selling Stockholders. For purposes of this Section 6(c), "**Transfer**" means any direct or indirect sale, assignment, transfer, pledge, hypothecation, or other disposition, whether voluntary or involuntary, of any equity securities or any legal or beneficial interest therein, including by merger, consolidation, equity exchange or other similar transaction. The Selling Stockholders shall deliver written notice (a "**Tag-Along Notice**") to each Holder not less than twenty (20) Trading Days prior to the expected closing of the Tag-Along Sale, which notice shall include: (i) the name and address of the Proposed Transferee, (ii) the number and type of securities proposed to be Transferred, (iii) the proposed purchase price and form of consideration, and (iv) the other material terms and conditions of the proposed Transfer. Each Holder electing to exercise its tag-along right shall notify the Selling Stockholders and the Company in writing (a "**Tag-Along Election Notice**") within ten (10) Trading Days after receipt of the Tag-Along Notice, specifying the number of shares (on an as-converted basis) such Holder wishes to include in the Tag-Along Sale. If a Holder exercises its tag-along rights, the Selling Stockholders shall use commercially reasonable efforts to cause the Proposed Transferee to purchase the applicable Preferred Shares of such Holder on the same terms and conditions, and for the same per share consideration on an as-converted basis, as the shares of Common Stock to be sold by the Selling Stockholders. If the Proposed Transferee refuses to purchase all of the securities proposed to be sold, the number of shares to be sold by the Selling Stockholders and participating Holders shall be reduced pro rata, and no shares may be Transferred to the Proposed Transferee unless the rights of the participating Holders under this Section 6(c) have been fully complied with.

7. **Rights Upon Issuance of Purchase Rights, Dilutive Issuances, and Other Corporate Events**. From and after the date hereof and until such time as all Preferred Shares shall be issued and there shall be no Preferred Share remaining outstanding and, to the extent application, except with respect to an Exempt Issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Purchase Rights**. If at any time the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all or substantially all of the record holders of any class of Common Stock (the "**Purchase Rights**"), then each Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which such Holder could have acquired if such Holder had held the number of shares of Common Stock acquirable upon complete conversion of all the Preferred Shares (without taking into account any limitations or restrictions on the convertibility of the Preferred Shares) held by such Holder immediately prior to the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (**provided**, that, to the extent that such Holder's right to participate in any such Purchase Right would result in such Holder exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for such Holder until such time or times, if ever, as its right thereto would not result in such Holder exceeding the Maximum Percentage), at which time or times such Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Other Corporate Events**. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a "**Corporate Event**"), the Company shall make appropriate provision to insure that each Holder will thereafter have the right to receive upon a conversion of all the Preferred Shares held by such Holder (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which such Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by such Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of the Preferred Shares contained in this Certificate of Designations) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion, such securities or other assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate Event in such amounts as such Holder would have been entitled to receive had the Preferred Shares held by such Holder initially been issued with conversion rights for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant the proceeding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section 7 shall apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of the Preferred Shares contained in this Certificate of Designations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Dilutive Issuance**. If the Company or any Subsidiary thereof, as applicable, at any time while any of the Preferred Shares is outstanding, shall issue shares of Common Stock or Common Stock Equivalents or sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any shares of Common Stock or Common Stock Equivalents, at an effective price per share less than the Conversion Price then in effect (such lower price, the "**Base Share Price**" and such issuances collectively, a "**Dilutive Issuance**") (it being understood and agreed that if the holder of the shares of Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation of each Dilutive Issuance the Conversion Price shall be reduced and only reduced to the Base Share Price. Such adjustment shall be made whenever such shares of Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 7(c) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any shares of Common Stock or Common Stock Equivalents subject to this Section 5(c), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the "**Dilutive Issuance Notice**"). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 5(c), upon the occurrence of any Dilutive Issuance, each Holder is entitled to receive a number of Conversion Shares based upon the Base Share Price regardless of whether such Holder accurately refers to the Base Share Price in the Notice of Conversion. If the Company enters into a transaction for Variable-Priced Equity-Linked Instruments (as defined in the Purchase Agreement), despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued shares of Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised.

8. **[Reserved].**

9. **Company Optional Redemption**. At any time that no Equity Conditions Failure exists, the Company shall have the right to redeem all, but not less than all, of the Preferred Shares then outstanding (the "**Company Optional Redemption Amount**") on the Company Optional Redemption Date (each as defined below) (a "**Company Optional Redemption**"). The Preferred Shares subject to redemption pursuant to this Section 9 shall be redeemed by the Company in cash at a price (the "**Company Optional Redemption Price**") equal to 200% of the Stated Value plus all accrued and unpaid dividends thereon until the applicable Company Optional Redemption Date if before the Direct Listing and 110% of the Stated Value plus all accrued and unpaid dividends thereon until the applicable Company Optional Redemption Date if after the Direct Listing. The Company may exercise its right to require redemption under this Section 9 by delivering a written notice thereof by facsimile or electronic mail and overnight courier to all, but not less than all, of the Holders (the "**Company Optional Redemption Notice**" and the date all of the Holders received such notice is referred to as the "**Company Optional Redemption Notice Date**"). The Company may deliver only one Company Optional Redemption Notice hereunder and such Company Optional Redemption Notice shall be irrevocable. The Company Optional Redemption Notice shall (x) state the date on which the Company Optional Redemption shall occur (the "**Company Optional Redemption Date**") which date shall not be less than ten (10) Trading Days nor more than one hundred (100) Trading Days following the Company Optional Redemption Notice Date, (y) certify that there has been no Equity Conditions Failure and (z) state the aggregate Conversion Amount of the Preferred Shares which is being redeemed in such Company Optional Redemption from such Holder and all of the other Holders of the Preferred Shares pursuant to this Section 9 on the Company Optional Redemption Date. Notwithstanding anything herein to the contrary, (i) if no Equity Conditions Failure has occurred as of the Company Optional Redemption Notice Date but an Equity Conditions Failure occurs at any time prior to the Company Optional Redemption Date, (A) the Company shall provide each Holder a subsequent notice to that effect and (B) unless such Holder waives the Equity Conditions Failure, the Company Optional Redemption with respect to such Holder shall be cancelled and the applicable Company Optional Redemption Notice shall be null and void and (ii) at any time prior to the date the Company Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted, in whole or in part, by any Holder into shares of Common Stock pursuant to Section 4. All Conversion Amounts converted by a Holder after the Company Optional Redemption Notice Date shall reduce the Company Optional Redemption Amount of the Preferred Shares of such Holder required to be redeemed on the Company Optional Redemption Date. Redemptions made pursuant to this Section 9 shall be made in accordance with Section 12. In the event of the Company's redemption of any of the Preferred Shares under this Section 9, a Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for such Holder. Accordingly, any redemption premium due under this Section 9 is intended by the parties to be, and shall be deemed, a reasonable estimate of such Holder's actual loss of its investment opportunity and not as a penalty. For the avoidance of doubt, the Company shall have no right to effect a Company Optional Redemption if any Triggering Event has occurred and continuing, but any Triggering Event shall have no effect upon any Holder's right to convert Preferred Shares in its discretion.

10. **Noncircumvention**. The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation (as defined in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of Designations, and will at all times in good faith carry out all the provisions of this Certificate of Designations and take all action as may be required to protect the rights of the Holders. Without limiting the generality of the foregoing or any other provision of this Certificate of Designations or the other Transaction Documents, the Company (a) shall not increase the par value of any shares of Common Stock receivable upon the conversion of any Preferred Shares above the Conversion Price then in effect, (b) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the conversion of Preferred Shares and (c) shall, so long as any Preferred Shares are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion of the Preferred Shares, the maximum number of shares of Common Stock as shall from time to time be necessary to effect the conversion of the Preferred Shares then outstanding (without regard to any limitations on conversion contained herein). Notwithstanding anything herein to the contrary, if after the seventy-five (75) calendar day anniversary of the Issuance Date, each Holder is not permitted to convert such Holder's Preferred Shares in full for any reason (other than pursuant to restrictions set forth in Section 4(d)(i)), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining such consents or approvals as necessary to effect such conversion into shares of Common Stock.

11. **Authorized Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Reservation**. So long as any of the Preferred Shares are outstanding, the Company shall take all action necessary to reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of the Preferred Shares, a number of shares of Common Stock, as of any date of determination, for each of the Preferred Shares in accordance with the following formula:

---

| | |
|:---|:---|
| P |  |
| | x 2.5 = Share Reserve |
| (T) |  |

---

P = The aggregate Purchase Price (as defined the Securities Purchase Agreement) of the Preferred Shares issued on or prior to such date of determination;

T = The applicable Conversion Base Price as of such date of determination;

**provided**, that the Share Reserve shall in no event be less than 250% of the number of shares of Common Stock as shall from time to time be necessary to effect the conversion of all of the Preferred Shares then outstanding (without regard to any limitations on conversions) (the "**Required Reserve Amount**"). The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the Holders based on the number of the Preferred Shares held by each Holder on the Initial Issuance Date or increase in the number of reserved shares, as the case may be (the "**Authorized Share Allocation**"). In the event that a Holder shall sell or otherwise transfer any of such Holder's Preferred Shares, each transferee shall be allocated a pro rata portion of such Holder's Authorized Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Preferred Shares shall be allocated to the remaining Holders of Preferred Shares, pro rata based on the number of the Preferred Shares then held by the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Insufficient Authorized Shares.** If, notwithstanding Section 11(a) and not in limitation thereof, while any of the Preferred Shares remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon conversion of the Preferred Shares at least a number of shares of Common Stock equal to the Required Reserve Amount (an "**Authorized Share Failure**"), then the Company shall immediately take all action necessary to increase the Company's authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Preferred Shares then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than forty five (45) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders' approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal. In the event that the Company is prohibited from issuing shares of Common Stock to a Holder upon any conversion due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares of Common Stock (such unavailable number of shares of Common Stock, the "**Authorized Failure Shares**"), in lieu of delivering such Authorized Failure Shares to such Holder, the Company shall pay cash in exchange for the redemption of such portion of the Conversion Amount convertible into such Authorized Failure Shares at a price equal to the sum of (i) the product of (x) such number of Authorized Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any Trading Day during the period commencing on the date such Holder delivers the applicable Conversion Notice with respect to such Authorized Failure Shares to the Company and ending on the date of such issuance and payment under this Section 11(a); and (ii) to the extent such Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Holder of Authorized Failure Shares, any brokerage commissions, if any, of such Holder incurred in connection therewith. Nothing contained in Section 11(a) or this Section 11(b) shall limit any obligations of the Company under any provision of the Securities Purchase Agreement.

12. **Redemptions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. If a Holder has submitted a Triggering Event Redemption Notice in accordance with Section 5(b), the Company shall deliver the applicable Triggering Event Redemption Price and the applicable number of Trigger Event Conversion Shares to such Holder in cash within five (5) Business Days after the Company's receipt of such Holder's Triggering Event Redemption Notice. If a Holder has submitted a Change of Control Redemption Notice in accordance with Section 6(b), the Company shall deliver the applicable Change of Control Redemption Price to such Holder in cash concurrently with the consummation of such Change of Control if such notice is received prior to the consummation of such Change of Control and within five (5) Business Days after the Company's receipt of such notice otherwise. If a Holder has submitted an Outside Date Redemption Notice in accordance with Section 13, the Company shall deliver the applicable Outside Date Redemption Price to such Holder in cash on the applicable Outside Date Redemption Date. If a Holder has submitted a Financing Redemption Notice in accordance with Section 12(c), the Company shall deliver the applicable Financing Redemption Price to such Holder in cash on the applicable Financing Redemption Date. The Company shall deliver the applicable Company Optional Redemption Price to each Holder in cash on the applicable Company Optional Date. In the event of a redemption of less than all of the Preferred Shares, the Company shall promptly cause to be issued and delivered to such Holder a new Preferred Certificate (in accordance with Section 20) representing the number of Preferred Shares which have not been redeemed. In the event that the Company does not pay the applicable Redemption Price to a Holder within the time period required for any reason (except if such payment is prohibited pursuant to the NRS), at any time thereafter and until the Company pays such unpaid Redemption Price in full, such Holder shall have the option, in lieu of redemption, to require the Company to promptly return to such Holder all or any of the Preferred Shares that were submitted for redemption and for which the applicable Redemption Price (together with any Late Charges thereon) has not been paid. Upon the Company's receipt of such notice, (x) the applicable Redemption Notice shall be null and void with respect to such Preferred Shares, (y) the Company shall immediately return the applicable Preferred Share Certificate, or issue a new Preferred Share Certificate (in accordance with Section 20(d)), to such Holder, and in each case the Additional Amount of such Preferred Shares shall be increased by an amount equal to the difference between (1) the applicable Redemption Price (as the case may be, and as adjusted pursuant to this Section 12, if applicable) minus (2) the Stated Value portion of the Conversion Amount submitted for redemption and (z) the Conversion Price of such Preferred Shares shall be automatically adjusted with respect to each conversion effected thereafter by such Holder to the lowest of (A) the Conversion Price as in effect on the date on which the applicable Redemption Notice is voided, (B) 80% of the lowest Closing Bid Price of the Common Stock during the period beginning on and including the date on which the applicable Redemption Notice is delivered to the Company and ending on and including the date on which the applicable Redemption Notice is voided and (C) 75% of the quotient of (I) the sum of the five (5) lowest VWAPs of the Common Stock during the twenty (20) consecutive Trading Day period ending and including the Trading Day immediately preceding the applicable Conversion Date divided by (II) five (5) (it being understood and agreed that all such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period). A Holder's delivery of a notice voiding a Redemption Notice and exercise of its rights following such notice shall not affect the Company's obligations to make any payments of Late Charges which have accrued prior to the date of such notice with respect to the Preferred Shares subject to such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Redemption by Multiple Holders**. Upon the Company's receipt of a Redemption Notice from any Holder for redemption or repayment as a result of an event or occurrence substantially similar to the events or occurrences described in Section 5(b) or Section 6(b), the Company shall immediately, but no later than one (1) Business Day of its receipt thereof, forward to each other Holder by facsimile or electronic mail a copy of such notice. If the Company receives one or more Redemption Notices, during the seven (7) Business Day period beginning on and including the date which is three (3) Business Days prior to the Company's receipt of the initial Redemption Notice and ending on and including the date which is three (3) Business Days after the Company's receipt of the initial Redemption Notice and the Company is unable to redeem all principal, interest and other amounts designated in such initial Redemption Notice and such other Redemption Notices received during such seven (7) Business Day period, then the Company shall redeem a pro rata amount from each Holder based on the principal amount of the Preferred Shares submitted for redemption pursuant to such Redemption Notices received by the Company during such seven (7) Business Day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Redemption Upon Subsequent Financing**. If the Direct Listing has occurred, then at any time from and after the Direct Listing, any Holder may require the Company to redeem (a "**Financing Redemption**") Preferred Shares held by such Holder at a purchase price equal to 100% of the Conversion Amount of such Preferred Shares (the "**Financing Redemption Price**") in an amount equal to fifty percent (50%) of the net proceeds received by the Company (or any of its Subsidiaries) from any new issuance of public or private equity or debt securities (including, for the avoidance of doubt, proceeds from any equity line of credit or committed equity financing facility), by delivery of written notice thereof (the "**Financing Redemption Notice**") to the Company. The Financing Redemption Notice shall state the date the Company is required to pay to such Holder such Financing Redemption Price (the "**Financing Redemption Date**"), which date shall be no earlier than ten (10) Business Days following the date of delivery of such Mandatory Redemption Notice. Such redemption obligation shall apply only if the VWAP of the Common Stock for at least five (5) consecutive Trading Days immediately prior to the Holder's redemption request is less than the Conversion Price then in effect. Redemptions required by this section 12(c) shall be made in accordance with the provisions of Section 12.

13. **Holder Optional Redemption after Outside Date**. If the Direct Listing has not occurred, then at any time from and after the tenth (10th) Business Day prior to the Outside Date, any Holder may require the Company to redeem (a "**Outside Date Redemption**") all or any number of Preferred Shares held by such Holder at a purchase price equal to 110% of the Conversion Amount of such Preferred Shares (the "**Outside Date Redemption Price**") by delivery of written notice thereof (the "**Outside Date Redemption Notice**") to the Company. The Maturity Redemption Notice shall state the date the Company is required to pay to such Holder such Maturity Redemption Price (the "**Outside Date Redemption Date**"), which date shall be no earlier than ten (10) Business Days following the date of delivery of such Mandatory Redemption Notice. Redemptions required by this Section 13 shall be made in accordance with the provisions of Section 12.

14. **Voting Rights**. Holders of Preferred Shares shall have no voting rights, except as required by law (including without limitation, the NRS) and as expressly provided in this Certificate of Designations.

15. **Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Incurrence of Indebtedness**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness (other than Permitted Debt) and shall not modify, waive or replace any Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Existence of Liens**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, allow or suffer to exist any Lien upon or in any property or assets (including accounts and contract rights) owned by the Company or any of its Subsidiaries other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Restricted Payments**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any Indebtedness (other than any amounts payable pursuant to this Certificate of Designations) whether by way of payment in respect of principal of (or premium, if any) or interest on, such Indebtedness if at the time such payment is due or is otherwise made or, after giving effect to such payment, (i) an event constituting a Triggering Event has occurred and is continuing or (ii) an event that with the passage of time and without being cured would constitute a Triggering Event has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Restriction on Asset Transfers**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, enter into any Asset Transfer with respect to any assets or rights of the Company or any Subsidiary owned or hereafter acquired to any Person(s) (including, without limitation, to any foreign Subsidiary), other than (i) Asset Transfers in the ordinary course of business consistent with its past practice and (ii) sales of inventory and product in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Maturity of Indebtedness**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, permit any Indebtedness of the Company or any of its Subsidiaries to mature or accelerate prior to the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Change in Nature of Business**. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, engage in any material line of business substantially different from those lines of business conducted by or publicly contemplated to be conducted by the Company and each of its Subsidiaries on the Subscription Date or any business substantially related or incidental thereto. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their corporate structure or purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Preservation of Existence, Etc**. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business makes such qualification necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Maintenance of Properties, Etc**. The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties which are necessary or useful in the proper conduct of its business in good working order and condition, ordinary wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Maintenance of Intellectual Property**. The Company will, and will cause each of its Subsidiaries to, take all action necessary or advisable to maintain all of the Intellectual Property Rights of the Company and/or any of its Subsidiaries that are necessary or material to the conduct of its business in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Maintenance of Insurance**. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent and business interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto or as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Transactions with Affiliates**. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew, extend or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any Subsidiary or Affiliate, except in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries than would be obtainable in a comparable arm's length transaction with a Person that is not a Subsidiary or Affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Restricted Issuances**. The Company shall not, directly or indirectly, without the prior written consent of the Holders of sixty-five percent (65%) in aggregate principal amount of the Preferred Shares then outstanding, (i) issue any Preferred Shares (other than as contemplated by the Securities Purchase Agreement and this Certificate of Designations) or (ii) issue any other securities that would cause a breach or default under this Certificate of Designations or the Warrants.

16. **Liquidation, Dissolution, Winding-Up**. In the event of a Liquidation Event, the Holders shall be entitled to receive in cash out of the assets of the Company, whether from capital or from earnings available for distribution to its stockholders (the "**Liquidation Funds**"), before any amount shall be paid to the holders of any of shares of Junior Stock, but pari passu with any Parity Stock then outstanding, an amount per Preferred Share equal to the greater of (i) 200% of Stated Value or (ii) the amount the Holder would receive if such Holder converted such Preferred Shares into Common Stock immediately prior to the date of such payment, including accrued and unpaid dividends; **provided**, that, if the Liquidation Funds are insufficient to pay the full amount due to the Holders and holders of shares of Parity Stock, then each Holder and each holder of Parity Stock shall receive a percentage of the Liquidation Funds equal to the full amount of Liquidation Funds payable to such Holder and such holder of Parity Stock as a liquidation preference, in accordance with their respective certificate of designations (or equivalent), as a percentage of the full amount of Liquidation Funds payable to all holders of Preferred Shares and all holders of shares of Parity Stock. To the extent necessary, the Company shall cause such actions to be taken by each of its Subsidiaries so as to enable, to the maximum extent permitted by law, the proceeds of a Liquidation Event to be distributed to the Holders in accordance with this Section 16. All the preferential amounts to be paid to the Holders under this Section 16 shall be paid or set apart for payment before the payment or setting apart for payment of any amount for, or the distribution of any Liquidation Funds of the Company to the holders of shares of Junior Stock in connection with a Liquidation Event as to which this Section 16 applies.

17. **Distribution of Assets**. If the Company shall declare or make any dividend or other distributions of its assets (or rights to acquire its assets) to any or all holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (the "**Distributions**"), then each Holder, as holders of Preferred Shares, will be entitled to such Distributions as if such Holder had held the number of shares of Common Stock acquirable upon complete conversion of the Preferred Shares (without taking into account any limitations or restrictions on the convertibility of the Preferred Shares) immediately prior to the date on which a record is taken for such Distribution or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for such Distributions (**provided**, that, to the extent that such Holder's right to participate in any such Distribution would result in such Holder exceeding the Maximum Percentage, then such Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for such Holder until such time or times as its right thereto would not result in such Holder exceeding the Maximum Percentage, at which time or times, if any, such Holder shall be granted such rights (and any rights under this Section 17 on such initial rights or on any subsequent such rights to be held similarly in abeyance) to the same extent as if there had been no such limitation).

18. **Vote to Change the Terms of or Issue Preferred Shares**. In addition to any other rights provided by law, except where the vote or written consent of the holders of a greater number of shares is required by law or by another provision of the Articles of Incorporation, without first obtaining the affirmative vote at a meeting duly called for such purpose or the written consent without a meeting of the Required Holders, voting together as a single class, the Company shall not: (a) amend or repeal any provision of, or add any provision to, its Articles of Incorporation or Bylaws, or file any certificate of designations or articles of amendment of any series of shares of preferred stock, if such action would adversely alter or change in any respect the preferences, rights, privileges or powers, or restrictions provided for the benefit, of the Preferred Shares, regardless of whether any such action shall be by means of amendment to the Articles of Incorporation or by merger, consolidation or otherwise; (b) increase or decrease (other than by conversion) the authorized number of Preferred Shares; (c) without limiting any provision of Section 2, create or authorize (by reclassification or otherwise) any new class or series of shares that has a preference over or is on a parity with the Preferred Shares with respect to dividends or the distribution of assets on the liquidation, dissolution or winding up of the Company; (d) purchase, repurchase or redeem any shares of capital stock of the Company junior in rank to the Preferred Shares (other than pursuant to equity incentive agreements (that have in good faith been approved by the Board) with employees giving the Company the right to repurchase shares upon the termination of services); (e) without limiting any provision of Section 2, pay dividends or make any other distribution on any shares of any capital stock of the Company junior in rank to the Preferred Shares; (f) issue any Preferred Shares other than pursuant to the Securities Purchase Agreement; or (g) without limiting any provision of Section 9, whether or not prohibited by the terms of the Preferred Shares, circumvent a right of the Preferred Shares.

19. **Transfer of Preferred Shares**. A Holder may transfer some or all of its Preferred Shares without the consent of the Company.

20. **Reissuance of Preferred Certificates**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Transfer**. If any Preferred Shares are to be transferred, the applicable Holder shall surrender the applicable Preferred Share Certificate to the Company, whereupon the Company will forthwith issue and deliver upon the order of such Holder a new Preferred Share Certificate (in accordance with Section 20(d)), registered as such Holder may request, representing the outstanding number of Preferred Shares being transferred by such Holder and, if less than the entire outstanding number of Preferred Shares is being transferred, a new Preferred Share Certificate (in accordance with Section 20(d)) to such Holder representing the outstanding number of Preferred Shares not being transferred. Such Holder and any assignee, by acceptance of the Preferred Share Certificate, acknowledge and agree that, by reason of the provisions of Section 4(c)(i) following conversion or redemption of any of the Preferred Shares, the outstanding number of Preferred Shares represented by the Preferred Shares may be less than the number of Preferred Shares stated on the face of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Lost, Stolen or Mutilated Preferred Share Certificate**. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of a Preferred Share Certificate (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the applicable Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of such Preferred Share Certificate, the Company shall execute and deliver to such Holder a new Preferred Share Certificate (in accordance with Section 20(d)) representing the applicable outstanding number of Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Preferred Share Certificate Exchangeable for Different Denominations**. Each Preferred Share Certificate is exchangeable, upon the surrender hereof by the applicable Holder at the principal office of the Company, for a new Preferred Share Certificate or Preferred Share Certificate(s) (in accordance with Section 20(d)) representing in the aggregate the outstanding number of the Preferred Shares in the original Preferred Share Certificate, and each such new Preferred Share Certificate will represent such portion of such outstanding number of Preferred Shares from the original Preferred Share Certificate as is designated by such Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance of New Preferred Share Certificate**. Whenever the Company is required to issue a new Preferred Share Certificate pursuant to the terms of this Certificate of Designations, such new Preferred Share Certificate (i) shall represent, as indicated on the face of such Preferred Share Certificate, the number of Preferred Shares remaining outstanding (or in the case of a new Preferred Share Certificate being issued pursuant to Section 20(a) or Section 20(c), the number of Preferred Shares designated by such Holder which, when added to the number of Preferred Shares represented by the other new Preferred Share Certificates issued in connection with such issuance, does not exceed the number of Preferred Shares remaining outstanding under the original Preferred Share Certificate immediately prior to such issuance of new Preferred Share Certificate), and (ii) shall have an issuance date, as indicated on the face of such new Preferred Share Certificate, which is the same as the issuance date of the original Preferred Share Certificate.

21. **Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.** The remedies provided in this Certificate of Designations shall be cumulative and in addition to all other remedies available under this Certificate of Designations and any of the other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit any Holder's right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Certificate of Designations. The Company covenants to each Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by a Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holders and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation to a Holder that is reasonably requested by such Holder to enable such Holder to confirm the Company's compliance with the terms and conditions of this Certificate of Designations.

22. **Payment of Collection, Enforcement and Other Costs**. If (a) any Preferred Shares are placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or a Holder otherwise takes action to collect amounts due under this Certificate of Designations with respect to the Preferred Shares or to enforce the provisions of this Certificate of Designations or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors' rights and involving a claim under this Certificate of Designations, then the Company shall pay the costs incurred by such Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation, reasonable attorneys' fees and disbursements.

23. **Construction; Headings**. This Certificate of Designations shall be deemed to be jointly drafted by the Company and the Holders and shall not be construed against any such Person as the drafter hereof. The headings of this Certificate of Designations are for convenience of reference and shall not form part of, or affect the interpretation of, this Certificate of Designations. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include" and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Certificate of Designations instead of just the provision in which they are found. Unless expressly indicated otherwise, all section references are to sections of this Certificate of Designations. Terms used in this Certificate of Designations and not otherwise defined herein, but defined in the other Transaction Documents, shall have the meanings ascribed to such terms on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by the Required Holders.

24. **Failure or Indulgence Not Waiver**. No failure or delay on the part of the Company or a Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party. This Certificate of Designations shall be deemed to be jointly drafted by the Company and all Holders and shall not be construed against any Person as the drafter hereof. Notwithstanding the foregoing, nothing contained in this Section 24 shall permit any waiver of any provision of Section 4(d).

25. **Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Submission to Dispute Resolution.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of a dispute relating to a Closing Bid Price, a Closing Sale Price, a Conversion Price, a VWAP or a fair market value or the arithmetic calculation of a Conversion Rate, or the applicable Redemption Price (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the applicable Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic mail (A) if by the Company, within two (2) Business Days after the occurrence of the circumstances giving rise to such dispute or (B) if by such Holder at any time after such Holder learned of the circumstances giving rise to such dispute. If such Holder and the Company are unable to promptly resolve such dispute relating to such Closing Bid Price, such Closing Sale Price, such Conversion Price, such VWAP or such fair market value, or the arithmetic calculation of such Conversion Rate or such applicable Redemption Price (as the case may be), at any time after the second (2nd) Business Day following such initial notice by the Company or such Holder (as the case may be) of such dispute to the Company or such Holder (as the case may be), then such Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with the first sentence of this Section 25 and (B) written documentation supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which such Holder selected such investment bank (the "Dispute Submission Deadline") (the documents referred to in the immediately preceding clauses (A) and (B) are collectively referred to herein as the "Required Dispute Documentation") (it being understood and agreed that if either such Holder or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and such Holder or otherwise requested by such investment bank, neither the Company nor such Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and such Holder shall cause such investment bank to determine the resolution of such dispute and notify the Company and such Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Miscellaneous**. The Company expressly acknowledges and agrees that (i) this Section 25 constitutes an agreement to arbitrate between the Company and each Holder (and constitutes an arbitration agreement) under §7501, et seq. of the New York Civil Practice Law and Rules ("**CPLR**") and that any Holder is authorized to apply for an order to compel arbitration pursuant to CPLR §7503(a) in order to compel compliance with this Section 25, (ii) the terms of this Certificate of Designations and each other applicable Transaction Document shall serve as the basis for the selected investment bank's resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Certificate of Designations and any other applicable Transaction Documents, (iii) the applicable Holder (and only such Holder with respect to disputes solely relating to such Holder), in its sole discretion, shall have the right to submit any dispute described in this Section 25 to any state or federal court sitting in the City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 25 and (iv) nothing in this Section 25 shall limit such Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described in this Section 25).

26. **Notices; Currency; Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices**. The Company shall provide each Holder of Preferred Shares with prompt written notice of all actions taken pursuant to the terms of this Certificate of Designations, including in reasonable detail a description of such action and the reason therefor. Whenever notice is required to be given under this Certificate of Designations, unless otherwise provided herein, such notice must be in writing and shall be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide each Holder with prompt written notice of all actions taken pursuant to this Certificate of Designations, including in reasonable detail a description of such action and the reason therefore. Without limiting the generality of the foregoing, the Company shall give written notice to each Holder (i) immediately upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; **provided** that, in each case, such information shall be made known to the public prior to or in conjunction with such notice being provided to such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Currency**. All dollar amounts referred to in this Certificate of Designations are in United States Dollars ("**U.S. Dollars**"), and all amounts owing under this Certificate of Designations shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. "**Exchange Rate**" means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Certificate of Designations, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood and agreed that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such period of time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Payments**. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Certificate of Designations, unless otherwise expressly set forth herein, such payment shall be made in lawful money of the United States of America by a certified check drawn on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to the Company in writing (which address, in the case of each of the Buyers, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement); **provided**, that such Holder may elect to receive a payment of cash via wire transfer of immediately available funds by providing the Company with prior written notice setting out such request and such Holder's wire transfer instructions. Whenever any amount expressed to be due by the terms of this Certificate of Designations is due on any day which is not a Business Day, the same shall instead be due on the next succeeding day which is a Business Day. Any amount due under the Transaction Documents which is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the rate of nine percent (9%) per annum from the date such amount was due until the same is paid in full ("Late Charge").

27. **Waiver of Notice**. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Certificate of Designations and the Securities Purchase Agreement.

28. **Governing Law**. This Certificate of Designations shall be construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Certificate of Designations shall be governed by, the internal laws of the State of Nevada, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Nevada or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Nevada. Except as otherwise required by Section 25, the Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall limit, or shall be deemed or construed to limit, any provision of Section 25. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS CERTIFICATE OF DESIGNATIONS OR ANY TRANSACTION CONTEMPLATED HEREBY.

29. **Judgment Currency**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If for the purpose of obtaining or enforcing judgment against the Company in any court in any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 29 referred to as the "**Judgment Currency**") an amount due in U.S. dollars under this Certificate of Designations, the conversion shall be made at the Exchange Rate prevailing on the Trading Day immediately preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date actual payment of the amount due, in the case of any proceeding in the courts of New York or in the courts of any other jurisdiction that will give effect to such conversion being made on such date: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this Section 29(a)(ii) being hereinafter referred to as the "**Judgment Conversion Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If in the case of any proceeding in the court of any jurisdiction referred to in Section 29(a)(ii), there is a change in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange Rate prevailing on the date of payment, will produce the amount of US dollars which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of this Certificate of Designations.

30. **Severability**. If any provision of this Certificate of Designations is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Certificate of Designations so long as this Certificate of Designations as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

31. **Maximum Payments**. Without limiting Section 9(d) of the Securities Purchase Agreement, nothing contained herein shall be deemed to establish or require the payment of a rate of interest or other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited against amounts owed by the Company to the applicable Holder and thus refunded to the Company.

32. **Stockholder Matters; Amendment**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stockholder Matters**. Any stockholder action, approval or consent required, desired or otherwise sought by the Company pursuant to the NRS, the Articles of Incorporation, this Certificate of Designations or otherwise with respect to the issuance of Preferred Shares may be effected by written consent of the Company's stockholders or at a duly called meeting of the Company's stockholders, all in accordance with the applicable rules and regulations of the NRS. This provision is intended to comply with the applicable sections of the NRS permitting stockholder action, approval and consent affected by written consent in lieu of a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Amendment**. This Certificate of Designations or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly called for such purpose, or written consent without a meeting in accordance with the NRS, of the Required Holders, voting separate as a single class, and with such other stockholder approval, if any, as may then be required pursuant to the NRs and the Articles of Incorporation.

33. **Most Favored Nation Protection**. So long as any of the Preferred Shares are outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance), with any term that any Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that any Holder reasonably believes was not similarly provided to the Holders of the Preferred Shares, then (i) such Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at the Holder's option, shall become a part of this Certificate of Designations (regardless of whether the Company or Holder complied with the notification provision of this Certificate of Designations or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If such Holder elects to have the term become a part of this Certificate of Designations, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "Acknowledgement") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

34. **Certain Defined Terms**. For purposes of this Certificate of Designations, the following terms shall the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**," "**Closing Date**" (which is the date the Company initially issued the Preferred Shares and the Warrants pursuant to the terms of the Securities Purchase Agreement), "**Indebtedness**," "**Intellectual Property Rights**,", "**Lien**," "**Transaction Documents**," "**Warrants**" and "**Warrant Shares**" each shall have the meaning ascribed to such terms in the Securities Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**1934 Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Additional Amount**" means, as of the applicable date of determination, with respect to each Preferred Share, all declared and unpaid Dividends on such Preferred Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Asset Transfer**" means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, conveyance, transfer, assignment or other disposition to, or any exchange of property (other than cash) with, any Person of, or any other transaction permitting any Person to acquire, in one transaction or a series of transactions, any interest in, all or any part of a business or any property of any kind (other than cash) including a spin-off, split-off, sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Bloomberg**" means Bloomberg, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Change of Control**" means any Fundamental Transaction other than (i) any merger of the Company or any of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization or reclassification of the shares of Common Stock in which holders of the Company's voting power immediately prior to such reorganization, recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, such holders of the voting power of the surviving entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Change of Control Redemption Premium**" means 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Closing Bid Price**" and "**Closing Sale Price**" means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the applicable Trading Market, as reported by Bloomberg, or, if the applicable Trading Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, , or if the foregoing does not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price (as the case may be) of such security on such date shall be the fair market value as mutually determined by the Company and the Required Holder. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 25. All such determinations shall be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Common Stock**" means (i) the Company's shares of common stock, $0.0001 par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Convertible Securities**" means any stock or other security (other than Options) that is at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Current Subsidiary**" means any Person in which the Company on the Subscription Date, directly or indirectly, (i) owns any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, "Current Subsidiaries".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **"Direct Listing"** means the listing of shares of Common Stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Dividend Rate**" means eight percent (8.0%) per annum, as may be adjusted from time to time in accordance with Section 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Eligible Market**" means the Trading Market (as defined in the Securities Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Equity Conditions**" means, with respect to a given date of determination: (i) on each day during the period beginning thirty calendar days prior to the applicable date of determination or, if the Company has been listed on an Eligible Market for less than thirty calendar days, beginning on the initial listing date, and ending on and including the applicable date of determination (the "**Equity Conditions Measuring Period**"), the Common Stock is listed or designated for quotation (as applicable) on an Eligible Market and shall not have been suspended from trading on an Eligible Market (other than suspensions of not more than two (2) days and occurring prior to the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by an Eligible Market have been threatened (with a reasonable prospect of delisting occurring after giving effect to all applicable notice, appeal, compliance and hearing periods) or reasonably likely to occur or pending as evidenced by (A) a writing by such Eligible Market or (B) the Company falling below the minimum listing maintenance requirements of the Eligible Market on which the Common Stock is then listed or designated for quotation, and all cure periods afforded by such Eligible Market have passed (as applicable); (ii) during the Equity Conditions Measuring Period, the Company shall have delivered all shares of Common Stock issuable upon conversion of the Preferred Shares on a timely basis as set forth in Section 4 and all other shares of capital stock required to be delivered by the Company on a timely basis as set forth in the other Transaction Documents; (iii) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination) may be issued in full without violating Section 4(d); (iv) any shares of Common Stock to be issued in connection with the event requiring determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination (without regards to any limitations on conversion set forth herein)) may be issued in full without violating the rules or regulations of the Eligible Market on which the Common Stock is then listed or designated for quotation (as applicable); (v) on each day during the Equity Conditions Measuring Period, no public announcement of a pending, proposed or intended Fundamental Transaction shall have occurred which has not been abandoned, terminated or consummated; (vi) the Holder shall not be in possession of any material, non-public information provided to any of them by the Company, any of its Subsidiaries, Affiliates or any of their respective staff members (whether classified as employees or independent contractors), officers, directors, managers, managing members, representatives, agents or the like; (vii) on each day during the Equity Conditions Measuring Period, the Company otherwise shall have been in compliance with each, and shall not have breached any representation or warranty in any material respect (other than representations or warranties subject to material adverse effect or materiality, which may not be breached in any respect) or any covenant or other term or condition of any Transaction Document, including, without limitation, the Company shall not have failed to timely make any payment pursuant to any Transaction Document; (viii) on each Trading Day during the Equity Conditions Measuring Period, there shall not have occurred any Price Failure as of such applicable date of determination; (ix) on the applicable date of determination (A) no Authorized Share Failure shall exist or be continuing and the applicable Required Minimum Securities Amount of shares of Common Stock are available under the Articles of Incorporation of the Company and reserved by the Company to be issued pursuant to the Preferred Shares and (B) all shares of Common Stock to be issued in connection with the event requiring this determination (or issuable upon conversion of the Conversion Amount being redeemed in the event requiring this determination (without regards to any limitations on conversion set forth herein)) may be issued in full without resulting in an Authorized Share Failure; (x) on each day during the Equity Conditions Measuring Period, there shall not have occurred and there shall not exist a Triggering Event or an event that with the passage of time or giving of notice would constitute a Triggering Event; and (xi) the shares of Common Stock issuable pursuant the event requiring the satisfaction of the Equity Conditions are duly authorized and listed and eligible for trading without restriction on an Eligible Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Equity Conditions Failure**" means, as of any given date of determination, that on any day during the period commencing twenty (20) Trading Days prior to such date of determination, the Equity Conditions have not been satisfied (or waived in writing by the applicable Holder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Exempt Issuance**" means the issuance of (i) shares of Common Stock or options to employees, officers, directors, advisors or independent contractors of the Company; **provided**, that such issuance is approved by a majority of the board of directors of the Company; and **provided**, **further,** that such issuance shall not exceed in the aggregate 5% of the outstanding shares of Common Stock without the prior approval of the Required Holders; (ii) securities issued upon the exercise or exchange of or conversion of any Preferred Shares issued hereunder; (iii) shares of Common Stock under the provisions of an Equity Line of Credit extended by Ascent Partners Fund LLC or its designee or affiliate; and (iv) shares of Common Stock or Common Stock Equivalents issuable upon conversion, exercise, or exchange of other securities issued by the Company prior to the effective date of the Securities Purchase Agreement, provided that the terms of such securities have not been amended since the effective date of the Securities Purchase Agreement to increase the number of such securities or to decrease the exercise price or conversion price of such securities; provided, further, that notwithstanding anything to the contrary herein, the issuance of shares of the Company's Non-Voting Common Stock and Common Stock issuable upon the conversion of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock and Series CF-2 Preferred Stock in connection with the Direct Listing shall be considered an Exempt Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Fundamental Transaction**" means that (i) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, (1) consolidate or merge with or into (except where the Company or any of its Subsidiaries is the surviving corporation) any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer that is accepted by such holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination), or (5) the Company or any of its Subsidiaries shall, directly or indirectly, in one or more related transactions, reorganize, recapitalize or reclassify the Common Stock (which shall not include a reverse stock split), or (ii) any "person" or "group" (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) shall initially become, at a time after the effective date of the Securities Purchase Agreement, the "beneficial owner" (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Voting Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**GAAP**" means United States generally accepted accounting principles, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Group**" means a "group" as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Holder Pro Rata Amount**" means, with respect to any Holder, a fraction (i) the numerator of which is the number of Preferred Shares issued to such Holder pursuant to the Securities Purchase Agreement on the Initial Issuance Date and (ii) the denominator of which is the number of Preferred Shares issued to all Holders pursuant to the Securities Purchase Agreement on the Initial Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Liquidation Event**" means, whether in a single transaction or series of transactions, the voluntary or involuntary liquidation, dissolution or winding up of the Company or such Subsidiaries the assets of which constitute all or substantially all of the assets of the business of the Company and its Subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**New Subsidiary**" means, as of any date of determination, any Person in which the Company after the Subscription Date, directly or indirectly, (i) owns or acquires any of the outstanding capital stock or holds any equity or similar interest of such Person or (ii) controls or operates all or any part of the business, operations or administration of such Person, and all of the foregoing, collectively, "New Subsidiaries."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Options**" means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Outside Date**" shall mean the thirteen month (13) anniversary of the date of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Parent Entity**" of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Permitted Debt**" means (i) Indebtedness as in effect as of the Subscription Date, (ii) Indebtedness secured by Permitted Liens or unsecured but as described in clauses (iv) and (v) of the definition of Permitted Liens; (iii) any borrowing that the Company may undertake as secured by its intellectual property.; (iv) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice; (v) liabilities not required by GAAP to be reflected in the Company's financial statements and not required to be disclosed in filings made with the SEC; and (v) short-term working capital loans used to finance specific company expenses, taken in a manner generally consistent with past practice, and not to exceed $1.5 million in the aggregate in any calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Permitted Senior Indebtedness**" means the Indebtedness as in effect as of the June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Person**" means an individual, partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership, joint stock company, land trust, business trust or unincorporated organization, or a government or agency, department or other subdivision thereof or other entity of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Price Failure**" means, with respect to a particular date of determination, that the average of the VWAP of the Common Stock over the five (5) consecutive Trading Days ending on the Trading Day immediately prior to such date is less than 110% of the Conversion Price (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the Subscription Date). The average shall be calculated by dividing (i) the sum of the VWAPs for each of the five (5) Trading Days by (ii) five (5). All such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during any such measuring period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Redemption Notices**" means, collectively, the Triggering Events Redemption Notices, the Outside Date Redemption Notice and the Change of Control Redemption Notices, and each of the foregoing, individually, a "Redemption Notice."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Redemption Premium**" means 200%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Redemption Prices**" means, collectively, Triggering Event Redemption Prices and the Change of Control Redemption Prices, and each of the foregoing, individually, a "Redemption Price."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**SEC**" means the Securities and Exchange Commission or the successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Securities Purchase Agreement**" means that certain securities purchase agreement by and among the Company and the initial holders of Preferred Shares, dated as of the Subscription Date, as may be amended from time in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Solvent**" means, with respect to any Person, that on the date of determination such Person is able to pay all liabilities of such Person as such liabilities mature and does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Stated Value**" shall mean $10.00 per share, subject to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassifications, combinations, subdivisions or other similar events occurring after the Initial Issuance Date with respect to the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Subscription Date**" means June 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Subsidiaries**" means, as of any date of determination, collectively, all Current Subsidiaries and all New Subsidiaries, and each of the foregoing, individually, a "Subsidiary."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Successor Entity**" means the Person (or, if so elected by the Required Holders, the Parent Entity) formed by, resulting from or surviving any Change of Control or the Person (or, if so elected by the Required Holders, the Parent Entity) with which such Change of Control shall have been entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Trading Day**" means, as applicable, (x) with respect to all price or trading volume determinations relating to the Common Stock, any day on which the Common Stock is traded on the applicable Trading Market; **provided**, that "**Trading Day**" shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Required Holders or (y) with respect to all determinations other than price determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Voting Stock**" of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers, trustees or other similar governing body of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**VWAP**" means, for any security as of any date, the dollar volume-weighted average price for such security on the applicable Trading Market during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "**Volume at Price**" function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 25. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

35. **Disclosure**. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Certificate of Designations, unless the Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information relating to the Company or any of its Subsidiaries, the Company shall within four (4) Business Days after any such receipt or delivery publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, such Holder shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information relating to the Company or any of its Subsidiaries. Nothing contained in this Section 34 shall limit any obligations of the Company, or any rights of any Holder, under Section 4(i) of the Securities Purchase Agreement.

\* \* \* \* \*

**IN WITNESS WHEREOF**, the Company has caused this Certificate of Designations of Series C Convertible Preferred Stock of TG-17, Inc. to be signed by its Chief Executive Officer on this 12th day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

**EXHIBIT I**

**TG-17, INC.**

**CONVERSION NOTICE**

Reference is made to the Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock of TG-17, Inc. (the "**Certificate of Designations**"). In accordance with and pursuant to the Certificate of Designations, the undersigned hereby elects to convert the number of shares of Series C Convertible Preferred Stock, $0.0001 par value per share (the "**Preferred Shares**"), of TG-17, Inc., a Nevada corporation (the "**Company**"), indicated below into shares of common stock, $0.0001 par value per share (the "**Common Stock**"), of the Company, as of the date specified below.

---

| | |
|:---|:---|
|  | Date of Conversion: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate number of Preferred Shares to be converted: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Stated Value of such Preferred Shares to be converted: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate accrued and unpaid Dividends and accrued and unpaid Late Charges with respect to such Preferred Shares and such Aggregate Dividends to be converted: |
|  | AGGREGATE CONVERSION AMOUNT TO BE CONVERTED: |
| Please confirm the following information: | Please confirm the following information: |
|  | Conversion Price: |
|  | Number of shares of Common Stock to be issued: |

---

Please issue the Common Stock into which the applicable Preferred Shares are being converted to Holder, or for its benefit, as follows:

☐ Check here if requesting delivery as a certificate to the following name and to the following address:

Issue to:

☐ Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:

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| |
|:---|
| DTC Participant: |
| DTC Number: |
| Account Number: |

---

Date: _____________ __,

Name of Registered Holder

By:   <br> Name: <br> Title:

Tax ID:   <br>Facsimile:  

E-mail Address:

**EXHIBIT II**

**ACKNOWLEDGMENT**

The Company hereby acknowledges this Conversion Notice and hereby directs _________________ to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated _____________, 20__ from the Company and acknowledged and agreed to by ________________________.

---

| |
|:---|
| [_______________] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.7

**Exhibit 3.7**

**TG-17, INC.**

**CERTIFICATE OF DESIGNATION OF**

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES CF-1 PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, INC., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation is authorized to issue 150,000,000 shares of preferred stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On June 19, 2025, the following resolutions were duly adopted by the board of directors of the Corporation (the "<u>Board of Directors</u>"):

**WHEREAS**, the Corporation's Articles of Incorporation authorizes the issuance of 150,000,000 shares of undesignated preferred stock, $0.0001 par value per share, issuable from time to time in one or more series;

**WHEREAS**, the Board of Directors is authorized to divide the preferred stock into any number of series, fix the number of shares constituting such series and the designation of such series, and the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series; and

**WHEREAS**, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the designation and number of a series of the preferred stock and to determine the designation, relative rights, preferences and limitations thereof, which shall consist of 14,128,084 shares of the preferred stock which the Corporation has the authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On August 12, 2025, the following resolution was duly adopted by the Board of Directors, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

<u>Section 1</u>. <u>Definitions</u>. For the purposes hereof, the following terms shall have the following meanings:

"<u>Articles of Incorporation</u>" means the Corporation's articles of incorporation, as amended and restated from time to time.

"<u>Available Proceeds</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Bylaws</u>" means the Corporation's bylaws, as amended and restated from time to time.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Conversion Price</u>" shall have the meaning set forth in <u>Section 6.1.1</u>.

"<u>Deemed Liquidation Event</u>" shall have the meaning set forth in <u>Section 5.3</u>.

"<u>Holder</u>" shall have the meaning set forth in <u>Section 3</u>.

"<u>Junior Securities</u>" means, collectively, the Common Stock and any other class of securities that is specifically designated as junior to the Series CF-1 Preferred Stock.

"<u>Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Merger Agreement</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Non-Voting Common Stock</u>" means the Corporation's non-voting common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>NRS</u>" means the Nevada Revised Statutes, as amended from time to time.

"<u>Original Issue Date</u>" means June 24, 2024.

"<u>Original Issue Price</u>" shall mean $0.707810 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock.

"<u>Pari Passu Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Preferred Stock</u>" shall have the meaning set forth in <u>Section 2</u>.

"<u>Requisite Holders</u>" shall have the meaning set forth in <u>Section 4.3</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Senior Liquidation Multiple</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Certificate of Designation</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Requisite Holders</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series CF-1 Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.1.1</u>.

"<u>Subscription Agreement</u>" means the Series CF-1 Preferred Stock subscription agreement, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Tokens</u>" shall have the meaning set forth in <u>Section 4.3.4</u>.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Pink Open Market, OTCQB or the OTCQX (or any successors to any of the foregoing).

"<u>Voting Preferred Stock</u>" shall have the meaning set forth in <u>Section 4.2</u>.

"<u>Waterfall Adjustment Event</u>" shall have the meaning set forth in <u>Section 5.1</u>.

<u>Section 2</u>. <u>Designation, Amount and Par Value</u>. The series of preferred stock shall be designated as Series CF-1 Preferred Stock (the "<u>Preferred Stock</u>") and the number of shares so designated shall be 14,128,084. Each share of Preferred Stock shall have a par value of $0.0001 per share.

<u>Section 3</u>. <u>Dividends</u>. The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock and Non-Voting Common Stock payable in shares of Common Stock or Non-Voting Common Stock as applicable) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Designation) the holders of the outstanding shares of the Preferred Stock (each, a "Holder" and collectively, the "Holders") shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock in an amount at least equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a dividend on Common Stock or Non-Voting Common Stock or any class or series that is convertible into Common Stock or Non-Voting Common Stock, that dividend per share as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock or Non-Voting Common Stock and (2) the number of shares of Non-Voting Common Stock issuable upon conversion of a share of Preferred Stock, calculated on the record date for determination of holders entitled to receive such dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a dividend on any class or series that is not convertible into either Common Stock or Non-Voting Common Stock, at a rate per share of Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Original Issue Price; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the Holders pursuant to this <u>Section 3</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest dividend to the Holders.

<u>Section 4</u>. <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>General</u>. Except as otherwise required by applicable law or this Certificate of Designation, the Holders shall have no voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Voting Preferred Stock Protective Provisions</u>. At any time when at least 18,562,493 shares of other series of preferred stock issued by the Corporation and entitled to vote as per their respective certificate of designation (the "<u>Voting Preferred Stock</u>") (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Voting Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or statutory conversion, by transfer, domestication or continuance into a foreign jurisdiction, or otherwise, do any of the following without (in addition to any other vote required by law, the Articles of Incorporation or the Bylaws) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Voting Preferred Stock voting together on an as-converted to Common Stock basis (the "<u>Requisite Holders</u>") given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any statutory conversion, effect any transfer, domestication or continuance into a foreign jurisdiction, effect any merger or consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. amend, alter or repeal any provisions of Articles of Incorporation, Bylaws, this Certificate of Designation, or any other Certificate of Designation in a manner that adversely affects the powers, preferences or rights of the preferred stock issued by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4. cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain based assets (collectively, "<u>Tokens</u>"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5. purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (a) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (b) dividends or other distributions payable on the Common Stock or Non-Voting Common Stock solely in the form of additional shares of Common Stock or Non-Voting Common Stock, as applicable, and (c) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof or (d) as approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6. create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan or amend or waive any of the terms of any option or other grant pursuant to any such plan; or increase or decrease the authorized number of directors constituting the Board of Directors, change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with this Certificate of Designation].

<u>Section 5</u>. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Preferential Payments to Holders of Preferred Stock prior to a Waterfall Adjustment Event</u>. Prior to the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with this <u>Section 5.1</u>. From and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with <u>Section 5.2</u> below. A "<u>Waterfall Adjustment Event</u>" shall mean the vote or written consent of (x) the Requisite Holders and the Series B-1 Requisite Holders (as defined in the certificate of designation of preferences, rights and limitations of series B-1 preferred stock issued by the Corporation (the "<u>Series B-1 Certificate of Designation</u>")) agreeing to a Senior Liquidation Multiple equal to one (1) times the Original Issue Price and (y) the holders of a majority of the outstanding shares of Junior Securities entitled to vote as per their respective certificate of designation, agreeing to a liquidation multiple equal to one (1) times the applicable original issue price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>Preferential Payments to Holders</u>. Subject to <u>Section 5.1</u> and <u>Section 5.2</u>, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, (i) after and subject to the payment in full of all amounts required to be distributed to the holders of another class or series of stock of the Corporation ranking on liquidation prior and in preference to the Preferred Stock, (ii) ratably with any class or series of stock designated as ranking on liquidation on parity with the Preferred Stock (including, without limitation, series B-1 preferred stock and series B-2 preferred stock issued by the Corporation) and (iii) in preference and priority to the holders of the shares of Junior Securities, an amount per share equal to the greater of (i) two (2) times the Original Issue Price (the "<u>Senior Liquidation Multiple</u>"), plus any dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of the Preferred Stock (and all shares of all other series of preferred stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Non-Voting Common Stock pursuant to <u>Section 6</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "<u>Series CF-1 Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock, the full amount to which they shall be entitled under this <u>Section 5.1.1</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Preferential Payments to Holders of Preferred Stock following a Waterfall Adjustment Event</u>. Subject to <u>Section 5.1</u>, from and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds, as applicable, on a *pari passu* basis based on their respective Pari Passu Liquidation Amounts (as defined below) and before any payment shall be made to the holders of Common Stock and Non-Voting Common Stock by reason of their ownership thereof, an amount per share of Preferred Stock equal to the greater of (i) the Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock (and all shares of all other series of preferred Stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Non-Voting Common Stock pursuant to <u>Section 5.1.1</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as applicable, as the "<u>Pari Passu Liquidation Amount</u>" and the amount payable pursuant to this <u>Section 5.2</u> or the Series CF-1 Liquidation Amount is hereinafter referred to, the "<u>Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the Holders, the full amount to which they shall be entitled under this <u>Section 5.2</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&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. <u>Deemed Liquidation Events</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;5.3.1. <u>Definition</u>. Each of the following events shall be considered a "<u>Deemed Liquidation Event</u>" unless the Requisite Holders elect otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger or consolidation in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, a majority, by voting power, of the capital stock of (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or (ii) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(i)</u> unless the agreement or plan of merger or consolidation for such transaction (the "<u>Merger Agreement</u>") provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(ii)</u> or <u>Section 5.3.l(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the NRS within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each Holder no later than the ninetieth (90<sup>th</sup>) day after the Deemed Liquidation Event advising such Holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii) to require the redemption of shares of Preferred Stock, and (ii) if the Requisite Holders so request in a written instrument delivered to the Corporation not later than one hundred and twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by NRS governing distributions to stockholders (the "<u>Available Proceeds</u>"), on the one hundred and fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to redeem all outstanding shares of Preferred Stock at a price per share equal to the Series CF-1 Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder's shares of preferred stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under NRS governing distributions to stockholders. Prior to the distribution or redemption provided for in this <u>Section 5.3.2(b)</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or 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;5.3.3. <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4. <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Section 5.3.l(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "<u>Additional Consideration</u>"), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "<u>Initial Consideration</u>") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Section 5.3.4</u>, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

<u>Section 6</u>. <u>Optional Conversion</u>. The Holders shall have conversion rights as follows (the "<u>Conversion Rights</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Right to Convert</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;6.1.1. <u>Conversion Ratio</u>. Each share of Preferred Stock shall be convertible into Non-Voting Common Stock at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Non-Voting Common Stock as is determined by dividing the applicable Original Issue Price by the Conversion Price (as defined below) in effect at the time of conversion.

The "<u>Conversion Price</u>" applicable to Preferred Stock shall initially be equal to the Original Issue Price of Preferred Stock. The initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Non-Voting Common Stock shall be subject to adjustment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. <u>Termination of Conversion Rights</u>. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, to holders of Preferred Stock pursuant to such liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Fractional Shares</u>. No fractional shares of Non-Voting Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the number of shares of Non-Voting Common Stock to be issued upon conversion of the Preferred Stock shall be rounded to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Mechanics of Conversion</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;6.3.1. <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Non-Voting Common Stock, such holder shall (a) provide written notice in the form of conversion notice attached hereto as Annex A to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in which such holder wishes the shares of Non-Voting Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the "<u>Conversion Time</u>"), and the shares of Non-Voting Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Non-Voting Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate for the number (if any) of the shares of Preferred Stock represented by any surrendered certificate that were not converted into Non-Voting Common Stock, and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Non-Voting Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Non-Voting Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Non-Voting Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Articles of Incorporation, Bylaws and any certificate of designation. Before taking any action which would cause an adjustment reducing the applicable Conversion Price below the then par value of the shares of Non-Voting Common Stock issuable upon conversion of the Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Non-Voting Common Stock at such adjusted applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3. <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Non-Voting Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action regardless of the provisions of <u>Section 4.3</u> or <u>Section 4.4</u> above) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4. <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Non-Voting Common Stock delivered upon 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5. <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Non-Voting Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section 6</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Non-Voting Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Adjustments to Conversion Price for Diluting Issues</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;6.4.1. <u>Special Definitions</u>. For purposes of this <u>Section 6</u>, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Additional Shares of Common Stock</u>" shall mean all shares of Common Stock and Non-Voting Common Stock issued (or, pursuant to <u>Section 6.4.3</u> below, deemed to be issued) by the Corporation after the Original Issue Date, other than (1) the following shares of Common Stock or Non-Voting Common Stock and (2) shares of Common Stock or Non-Voting Common Stock deemed issued pursuant to the following Options and Convertible Securities (as defined below) (clauses (1) and (2), collectively, "<u>Exempted Securities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any series of preferred stock, shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as a dividend or distribution on such series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock and Non-Voting Common Stock, as applicable, that is covered by <u>Section 6.5</u>, <u>Section 6.6</u>, <u>Section 6.7</u> or <u>Section 6.8</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;(iii) shares of Common Stock, Non-Voting Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) shares of Common Stock, Non-Voting Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock or Non-Voting Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to suppliers or third-party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such issuances are approved by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, original equipment manufacturing, marketing or other similar agreements or strategic partnerships approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Convertible Securities</u>" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock or Non-Voting Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Option</u>" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock, Non-Voting Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. <u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock or Non-Voting Common Stock, as applicable (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number), issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> (either because the consideration per share (determined pursuant to <u>Section 6.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <u>Section 6.4.3(a)</u>) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of Section <u>6.4.4</u>, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this <u>Section 6.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this <u>Section 6.4.3</u>). If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this <u>Section 6.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Section 6.4.3</u>), without consideration or for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or deemed issuance, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub> \* (A + B) ÷ (A+ C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>CP<sub>2</sub></u>" shall mean the Conversion Price in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>CP<sub>1</sub></u>" shall mean the Conversion Price in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>A</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including preferred stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>B</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock, as applicable, that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); 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;(e) "<u>C</u>" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5. <u>Determination of Consideration</u>. For purposes of this <u>Section 6.4</u>, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>. Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Section 6.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock and Non-Voting Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6. <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such 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;6.5. <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock or Non-Voting Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Non-Voting Common Stock issuable on conversion of Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. If the Corporation shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock or Non-Voting Common Stock, as applicable, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Non-Voting Common Stock issuable on conversion of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. Any adjustment under this Section shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Adjustment for Certain Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock or Non-Voting Common Stock, as applicable, entitled to receive, a dividend or other distribution payable on the Common Stock or Non-Voting Common Stock, as applicable, in additional shares of Common Stock or Non-Voting Common Stock, as applicable, then and in each such event the Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 numerator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock or Non-Voting Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this <u>Section 6</u> as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Non-Voting Common Stock in a number equal to the number of shares of Non-Voting Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Non-Voting Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Adjustments for Other Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock and Non-Voting Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock or Non-Voting Common Stock in respect of outstanding shares of Common Stock and Non-Voting Common Stock) or in other property and the provisions of <u>Section 3</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock and Non-Voting Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Non-Voting Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Section 5.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock or Non-Voting Common Stock (but not any preferred stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Section 6.4</u>, <u>Section 6.6</u> or <u>Section 6.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Non-Voting Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Non-Voting Common Stock of the Corporation issuable upon conversion of one share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this <u>Section 6</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section 6</u> (including provisions with respect to changes in and other adjustments of the Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this <u>Section 6</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (a) the Conversion Price then in effect, and (b) the number of shares of Non-Voting Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall take a record of the holders of its Common Stock and Non-Voting Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 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) of any capital reorganization of the Corporation, any reclassification of the Common Stock or Non-Voting Common Stock of the Corporation, or any Deemed Liquidation Event; 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;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation, then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock), shall be entitled to exchange their shares of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice.

<u>Section 7</u>. <u>Mandatory Conversion</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;7.1. <u>Trigger Events</u>. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least three (3) times original issue price of series B-1 preferred stock (as defined in Series B-1 Certificate of Designation) (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation (a "<u>Qualified IPO</u>"), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "<u>Mandatory Conversion Time</u>"), then (i) all outstanding shares of Preferred Stock shall automatically be converted into shares of Non-Voting Common Stock at the then effective conversion rate as calculated pursuant to <u>Section 6.1.1</u> and (ii) such shares may not be reissued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Procedural Requirements</u>. All holders of record of shares of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this <u>Section 7</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to <u>Section 7.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Section 7.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Non-Voting Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

<u>Section 8 Redemption</u>. Other than as set forth in <u>Section 5.3.2(b)</u>, the Preferred Stock is not redeemable at the option of the holder or the Corporation.

<u>Section 9 Redeemed or Otherwise Acquired Shares</u>. Unless otherwise consented to by the Requisite Holders and the Board of Directors, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption, conversion or acquisition.

<u>Section 10 Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Waiver</u>. Except as otherwise set forth herein, (a) any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of preferred stock by the affirmative written consent or vote of the Requisite Holders, and (b) at any time more than one series of preferred stock is issued and outstanding, any of the rights, powers, preferences and other terms of Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of at least a majority of the shares of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Notices</u>. Any notice required or permitted by the provisions of this Certificate of Designation to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the NRS, and shall be deemed sent upon such mailing or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Waiver</u>. Any waiver by the Corporation or a Holder of any provision of this Certificate of Designation or any breach thereof shall not operate as or be construed to be a waiver of any other provision of this Certificate of Designation or any breach thereof or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Severability</u>. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions hereof.

[***Remainder of Page Intentionally Left Blank***]

**RESOLVED, FURTHER**, that the Chief Executive Officer and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations of Series CF-1 Preferred Stock in accordance with the foregoing resolution and the provisions of NRS.

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Designation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

*[Signature page to the Certificate of Designation for Series CF-1 Preferred Stock of TG-17, Inc.]*

**ANNEX A**

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of Series CF-1 Preferred Stock indicated below into shares of non-voting common stock, par value $0.0001 per share (the "<u>Non-Voting Common Stock</u>"), TG-17, Inc., a Nevada corporation (the "<u>Corporation</u>"), according to the conditions hereof, as of the date written below. If shares of Non-Voting Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Subscription Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.

Conversion calculations:

---

| |
|:---|
| Date to Effect Conversion: __________________________________ |
| Number of shares of Preferred Stock owned prior to Conversion: __________________________________ |
| Number of shares of Preferred Stock to be Converted: __________________________________ |
| Number of shares of Non-Voting Common Stock to be Issued: __________________________________ |
| Applicable Conversion Price:_____________________________________________________ |
| Number of shares of Preferred Stock subsequent to Conversion: |
| Address for Delivery: ______________________<br> <u>or</u><br>|
| DWAC Instructions: |
| Broker no: _________ |
| Account no: ___________ |

---

---

| |
|:---|
| [HOLDER] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.8

**Exhibit 3.8**

**TG-17, INC.**

**CERTIFICATE OF DESIGNATION OF**

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES CF-2 PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, INC., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation is authorized to issue 150,000,000 shares of preferred stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On June 19, 2025, the following resolutions were duly adopted by the board of directors of the Corporation (the "<u>Board of Directors</u>"):

**WHEREAS**, the Corporation's Articles of Incorporation authorizes the issuance of 150,000,000 shares of undesignated preferred stock, $0.0001 par value per share, issuable from time to time in one or more series;

**WHEREAS**, the Board of Directors is authorized to divide the preferred stock into any number of series, fix the number of shares constituting such series and the designation of such series, and the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series; and

**WHEREAS**, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the designation and number of a series of the preferred stock and to determine the designation, relative rights, preferences and limitations thereof, which shall consist of 2,900,000 shares of the preferred stock which the Corporation has the authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On August 12, 2025, the following resolution was duly adopted by the Board of Directors, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

<u>Section 1</u>. <u>Definitions</u>. For the purposes hereof, the following terms shall have the following meanings:

"<u>Articles of Incorporation</u>" means the Corporation's articles of incorporation, as amended and restated from time to time.

"<u>Available Proceeds</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally open for use by customers on such day.

"<u>Bylaws</u>" means the Corporation's bylaws, as amended and restated from time to time.

"<u>Common Stock</u>" means the Corporation's common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Conversion Price</u>" shall have the meaning set forth in <u>Section 6.1.1</u>.

"<u>Deemed Liquidation Event</u>" shall have the meaning set forth in <u>Section 5.3</u>.

"<u>Holder</u>" shall have the meaning set forth in <u>Section 3</u>.

"<u>Junior Securities</u>" means, collectively, the Common Stock and any other class of securities that is specifically designated as junior to the Series CF-2 Preferred Stock.

"<u>Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Merger Agreement</u>" shall have the meaning set forth in <u>Section 5.3.2</u>.

"<u>Non-Voting Common Stock</u>" means the Corporation's non-voting common stock, par value $0.0001 per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>NRS</u>" means the Nevada Revised Statutes, as amended from time to time.

"<u>Original Issue Date</u>" means the date on which the first share of Series CF-2 Preferred Stock was issued.

"<u>Original Issue Price</u>" shall mean $1.29255 per share, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Preferred Stock.

"<u>Pari Passu Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Preferred Stock</u>" shall have the meaning set forth in <u>Section 2</u>.

"<u>Requisite Holders</u>" shall have the meaning set forth in <u>Section 4.3</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Senior Liquidation Multiple</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Certificate of Designation</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series B-1 Requisite Holders</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Series CF-2 Liquidation Amount</u>" shall have the meaning set forth in <u>Section 5.1.1</u>.

"<u>Subscription Agreement</u>" means the Series CF-2 Preferred Stock subscription agreement, among the Corporation and the original Holders, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Tokens</u>" shall have the meaning set forth in <u>Section 4.3.4</u>.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the Pink Open Market, OTCQB or the OTCQX (or any successors to any of the foregoing).

"<u>Voting Preferred Stock</u>" shall have the meaning set forth in <u>Section 4.2</u>.

"<u>Waterfall Adjustment Event</u>" shall have the meaning set forth in <u>Section 5.1</u>.

<u>Section 2</u>. <u>Designation, Amount and Par Value</u>. The series of preferred stock shall be designated as Series CF-2 Preferred Stock (the "<u>Preferred Stock</u>") and the number of shares so designated shall be 2,900,000. Each share of Preferred Stock shall have a par value of $0.0001 per share.

<u>Section 3</u>. <u>Dividends</u>. The Corporation shall not declare, pay or set aside any dividends on shares of any other class or series of capital stock of the Corporation (other than dividends on shares of Common Stock and Non-Voting Common Stock payable in shares of Common Stock or Non-Voting Common Stock as applicable) unless (in addition to the obtaining of any consents required elsewhere in this Certificate of Designation) the holders of the outstanding shares of the Preferred Stock (each, a "Holder" and collectively, the "Holders") shall first receive, or simultaneously receive, a dividend on each outstanding share of Preferred Stock in an amount at least equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a dividend on Common Stock or Non-Voting Common Stock or any class or series that is convertible into Common Stock or Non-Voting Common Stock, that dividend per share as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into Common Stock or Non-Voting Common Stock and (2) the number of shares of Non-Voting Common Stock issuable upon conversion of a share of Preferred Stock, calculated on the record date for determination of holders entitled to receive such dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a dividend on any class or series that is not convertible into either Common Stock or Non-Voting Common Stock, at a rate per share of Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by the original issuance price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to such class or series) and (B) multiplying such fraction by an amount equal to the Original Issue Price; provided that, if the Corporation declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Corporation, the dividend payable to the Holders pursuant to this <u>Section 3</u> shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest dividend to the Holders.

<u>Section 4</u>. <u>Voting Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>General</u>. Except as otherwise required by applicable law or this Certificate of Designation, the Holders shall have no voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Voting Preferred Stock Protective Provisions</u>. At any time when at least 18,562,493 shares of other series of preferred stock issued by the Corporation and entitled to vote as per their respective certificate of designation (the "<u>Voting Preferred Stock</u>") (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Voting Preferred Stock) are outstanding, the Corporation shall not, either directly or indirectly by amendment, merger, consolidation, recapitalization, reclassification, or statutory conversion, by transfer, domestication or continuance into a foreign jurisdiction, or otherwise, do any of the following without (in addition to any other vote required by law, the Articles of Incorporation or the Bylaws) the written consent or affirmative vote of the holders of a majority of the outstanding shares of Voting Preferred Stock voting together on an as-converted to Common Stock basis (the "<u>Requisite Holders</u>") given in writing or by vote at a meeting, consenting or voting (as the case may be) separately as a class, and any such act or transaction entered into without such consent or vote shall be null and void *ab initio*, and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1. liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any statutory conversion, effect any transfer, domestication or continuance into a foreign jurisdiction, effect any merger or consolidation or any other Deemed Liquidation Event, or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. amend, alter or repeal any provisions of Articles of Incorporation, Bylaws, this Certificate of Designation, or any other Certificate of Designation in a manner that adversely affects the powers, preferences or rights of the preferred stock issued by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3. (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Preferred Stock with respect to its rights, preferences and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4. cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain based assets (collectively, "<u>Tokens</u>"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5. purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (a) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized herein, (b) dividends or other distributions payable on the Common Stock or Non-Voting Common Stock solely in the form of additional shares of Common Stock or Non-Voting Common Stock, as applicable, and (c) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof or (d) as approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.6. create, adopt, amend, terminate or repeal any equity (or equity-linked) compensation plan or amend or waive any of the terms of any option or other grant pursuant to any such plan; or increase or decrease the authorized number of directors constituting the Board of Directors, change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with this Certificate of Designation].

<u>Section 5</u>. <u>Liquidation, Dissolution or Winding Up; Certain Mergers, Consolidations and Asset Sales</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Preferential Payments to Holders of Preferred Stock prior to a Waterfall Adjustment Event</u>. Prior to the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with this <u>Section 5.1</u>. From and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders in accordance with <u>Section 5.2</u> below. A "<u>Waterfall Adjustment Event</u>" shall mean the vote or written consent of (x) the Requisite Holders and the Series B-1 Requisite Holders (as defined in the certificate of designation of preferences, rights and limitations of series B-1 preferred stock issued by the Corporation (the "<u>Series B-1 Certificate of Designation</u>")) agreeing to a Senior Liquidation Multiple equal to one (1) times the Original Issue Price and (y) the holders of a majority of the outstanding shares of Junior Securities entitled to vote as per their respective certificate of designation, agreeing to a liquidation multiple equal to one (1) times the applicable original issue price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1. <u>Preferential Payments to Holders</u>. Subject to <u>Section 5.1</u> and <u>Section 5.2</u>, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds (as defined below), as applicable, (i) after and subject to the payment in full of all amounts required to be distributed to the holders of another class or series of stock of the Corporation ranking on liquidation prior and in preference to the Preferred Stock, (ii) ratably with any class or series of stock designated as ranking on liquidation on parity with the Preferred Stock (including, without limitation, series B-1 preferred stock and series B-2 preferred stock issued by the Corporation) and (iii) in preference and priority to the holders of the shares of Junior Securities, an amount per share equal to the greater of (i) two (2) times the Original Issue Price (the "<u>Senior Liquidation Multiple</u>"), plus any dividends declared but unpaid thereon or (ii) such amount per share as would have been payable had all shares of the Preferred Stock (and all shares of all other series of preferred stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Non-Voting Common Stock pursuant to <u>Section 6</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as the "<u>Series CF-2 Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the holders of shares of Preferred Stock, the full amount to which they shall be entitled under this <u>Section 5.1.1</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Preferential Payments to Holders of Preferred Stock following a Waterfall Adjustment Event</u>. Subject to <u>Section 5.1</u>, from and after the occurrence of a Waterfall Adjustment Event, in the event of (a) any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the Holders shall be entitled to be paid out of the assets of the Corporation available for distribution to its stockholders, and (b) a Deemed Liquidation Event, the Holders shall be entitled to be paid out of the consideration payable to stockholders in such Deemed Liquidation Event or out of the Available Proceeds, as applicable, on a *pari passu* basis based on their respective Pari Passu Liquidation Amounts (as defined below) and before any payment shall be made to the holders of Common Stock and Non-Voting Common Stock by reason of their ownership thereof, an amount per share of Preferred Stock equal to the greater of (i) the Original Issue Price, plus any dividends declared but unpaid thereon, or (ii) such amount per share as would have been payable had all shares of Preferred Stock (and all shares of all other series of preferred Stock issued by the Corporation that would receive a larger distribution per share if such series of preferred stock were converted into Common Stock or Non-Voting Common Stock, as applicable) been converted into Non-Voting Common Stock pursuant to <u>Section 5.1.1</u> immediately prior to such liquidation, dissolution, winding up or Deemed Liquidation Event (the amount payable pursuant to this sentence is hereinafter referred to as applicable, as the "<u>Pari Passu Liquidation Amount</u>" and the amount payable pursuant to this <u>Section 5.2</u> or the Series CF-2 Liquidation Amount is hereinafter referred to, the "<u>Liquidation Amount</u>"). If upon any such liquidation, dissolution or winding up of the Corporation or Deemed Liquidation Event, the assets of the Corporation available for distribution to its stockholders shall be insufficient to pay the Holders, the full amount to which they shall be entitled under this <u>Section 5.2</u>, the Holders shall share ratably in any distribution of the assets available for distribution in proportion to the amount which would otherwise be payable in respect of Preferred Stock upon such distribution if the amount payable on or with respect to Preferred Stock was paid in full.

&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. <u>Deemed Liquidation Events</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;5.3.1. <u>Definition</u>. Each of the following events shall be considered a "<u>Deemed Liquidation Event</u>" unless the Requisite Holders elect otherwise by written notice sent to the Corporation at least ten (10) days prior to the effective date of any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger or consolidation in which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation is a constituent party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation, a majority, by voting power, of the capital stock of (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole, or (ii) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Effecting a Deemed Liquidation Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall not have the power to effect a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(i)</u> unless the agreement or plan of merger or consolidation for such transaction (the "<u>Merger Agreement</u>") provides that the consideration payable to the stockholders of the Corporation in such Deemed Liquidation Event shall be allocated to the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of a Deemed Liquidation Event referred to in <u>Section 5.3.l(a)(ii)</u> or <u>Section 5.3.l(b)</u>, if the Corporation does not effect a dissolution of the Corporation under the NRS within ninety (90) days after such Deemed Liquidation Event, then (i) the Corporation shall send a written notice to each Holder no later than the ninetieth (90<sup>th</sup>) day after the Deemed Liquidation Event advising such Holders of their right (and the requirements to be met to secure such right) pursuant to the terms of the following clause (ii) to require the redemption of shares of Preferred Stock, and (ii) if the Requisite Holders so request in a written instrument delivered to the Corporation not later than one hundred and twenty (120) days after such Deemed Liquidation Event, the Corporation shall use the consideration received by the Corporation for such Deemed Liquidation Event (net of any retained liabilities associated with the assets sold or technology licensed, as determined in good faith by the Board of Directors), together with any other assets of the Corporation available for distribution to its stockholders, all to the extent permitted by NRS governing distributions to stockholders (the "<u>Available Proceeds</u>"), on the one hundred and fiftieth (150<sup>th</sup>) day after such Deemed Liquidation Event, to redeem all outstanding shares of Preferred Stock at a price per share equal to the Series CF-2 Liquidation Amount. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, if the Available Proceeds are not sufficient to redeem all outstanding shares of Preferred Stock, the Corporation shall redeem a pro rata portion of each holder's shares of preferred stock to the fullest extent of such Available Proceeds, based on the respective amounts which would otherwise be payable in respect of the shares to be redeemed if the Available Proceeds were sufficient to redeem all such shares, and shall redeem the remaining shares as soon as it may lawfully do so under NRS governing distributions to stockholders. Prior to the distribution or redemption provided for in this <u>Section 5.3.2(b)</u>, the Corporation shall not expend or dissipate the consideration received for such Deemed Liquidation Event, except to discharge expenses incurred in connection with such Deemed Liquidation Event or 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;5.3.3. <u>Amount Deemed Paid or Distributed</u>. The amount deemed paid or distributed to the holders of capital stock of the Corporation upon any such merger, consolidation, sale, transfer, exclusive license, other disposition or redemption shall be the cash or the value of the property, rights or securities to be paid or distributed to such holders pursuant to such Deemed Liquidation Event. The value of such property, rights or securities shall be determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4. <u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Deemed Liquidation Event pursuant to <u>Section 5.3.l(a)(i)</u>, if any portion of the consideration payable to the stockholders of the Corporation is payable only upon satisfaction of contingencies (the "<u>Additional Consideration</u>"), the Merger Agreement shall provide that (a) the portion of such consideration that is not Additional Consideration (such portion, the "<u>Initial Consideration</u>") shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, as if the Initial Consideration were the only consideration payable in connection with such Deemed Liquidation Event; and (b) any Additional Consideration which becomes payable to the stockholders of the Corporation upon satisfaction of such contingencies shall be allocated among the holders of capital stock of the Corporation in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, after taking into account the previous payment of the Initial Consideration as part of the same transaction. For the purposes of this <u>Section 5.3.4</u>, consideration placed into escrow or retained as a holdback to be available for satisfaction of indemnification or similar obligations in connection with such Deemed Liquidation Event shall be deemed to be Additional Consideration.

<u>Section 6</u>. <u>Optional Conversion</u>. The Holders shall have conversion rights as follows (the "<u>Conversion Rights</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Right to Convert</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;6.1.1. <u>Conversion Ratio</u>. Each share of Preferred Stock shall be convertible into Non-Voting Common Stock at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Non-Voting Common Stock as is determined by dividing the applicable Original Issue Price by the Conversion Price (as defined below) in effect at the time of conversion.

The "<u>Conversion Price</u>" applicable to Preferred Stock shall initially be equal to the Original Issue Price of Preferred Stock. The initial Conversion Price, and the rate at which shares of Preferred Stock may be converted into shares of Non-Voting Common Stock shall be subject to adjustment as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2. <u>Termination of Conversion Rights</u>. In the event of a liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event, the Conversion Rights shall terminate at the close of business on the last full day preceding the date fixed for the payment of any such amounts distributable on such event to the holders of Preferred Stock; provided that the foregoing termination of Conversion Rights shall not affect the amount(s) otherwise paid or payable in accordance with <u>Section 5.1</u> or <u>Section 5.2</u>, as applicable, to holders of Preferred Stock pursuant to such liquidation, dissolution or winding up of the Corporation or a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Fractional Shares</u>. No fractional shares of Non-Voting Common Stock shall be issued upon conversion of the Preferred Stock. In lieu of any fractional shares to which the holder would otherwise be entitled, the number of shares of Non-Voting Common Stock to be issued upon conversion of the Preferred Stock shall be rounded to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Mechanics of Conversion</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;6.3.1. <u>Notice of Conversion</u>. In order for a holder of Preferred Stock to voluntarily convert shares of Preferred Stock into shares of Non-Voting Common Stock, such holder shall (a) provide written notice in the form of conversion notice attached hereto as Annex A to the Corporation's transfer agent at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent) that such holder elects to convert all or any number of such holder's shares of Preferred Stock and, if applicable, any event on which such conversion is contingent and (b), if such holder's shares are certificated, surrender the certificate or certificates for such shares of Preferred Stock (or, if such registered holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate), at the office of the transfer agent for the Preferred Stock (or at the principal office of the Corporation if the Corporation serves as its own transfer agent). Such notice shall state such holder's name or the names of the nominees in which such holder wishes the shares of Non-Voting Common Stock to be issued. If required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by a written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or his, her or its attorney duly authorized in writing. The close of business on the date of receipt by the transfer agent (or by the Corporation if the Corporation serves as its own transfer agent) of such notice and, if applicable, certificates (or lost certificate affidavit and agreement) shall be the time of conversion (the "<u>Conversion Time</u>"), and the shares of Non-Voting Common Stock issuable upon conversion of the specified shares shall be deemed to be outstanding of record as of such date. The Corporation shall, as soon as practicable after the Conversion Time (i) issue and deliver to such holder of Preferred Stock, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Non-Voting Common Stock issuable upon such conversion in accordance with the provisions hereof and, may, if applicable and upon written request, issue and deliver a certificate for the number (if any) of the shares of Preferred Stock represented by any surrendered certificate that were not converted into Non-Voting Common Stock, and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2. <u>Reservation of Shares</u>. The Corporation shall at all times when the Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued capital stock, for the purpose of effecting the conversion of the Preferred Stock, such number of its duly authorized shares of Non-Voting Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding Preferred Stock; and if at any time the number of authorized but unissued shares of Non-Voting Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, the Corporation shall take such corporate action as may be necessary to increase its authorized but unissued shares of Non-Voting Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to the Articles of Incorporation, Bylaws and any certificate of designation. Before taking any action which would cause an adjustment reducing the applicable Conversion Price below the then par value of the shares of Non-Voting Common Stock issuable upon conversion of the Preferred Stock, the Corporation will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Non-Voting Common Stock at such adjusted applicable Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3. <u>Effect of Conversion</u>. All shares of Preferred Stock which shall have been surrendered for conversion as herein provided shall no longer be deemed to be outstanding and all rights with respect to such shares shall immediately cease and terminate at the Conversion Time, except only the right of the holders thereof to receive shares of Non-Voting Common Stock in exchange therefor and to receive payment of any dividends declared but unpaid thereon. Any shares of Preferred Stock so converted shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action regardless of the provisions of <u>Section 4.3</u> or <u>Section 4.4</u> above) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4. <u>No Further Adjustment</u>. Upon any such conversion, no adjustment to the applicable Conversion Price shall be made for any declared but unpaid dividends on the Preferred Stock surrendered for conversion or on the Non-Voting Common Stock delivered upon 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5. <u>Taxes</u>. The Corporation shall pay any and all issue and other similar taxes that may be payable in respect of any issuance or delivery of shares of Non-Voting Common Stock upon conversion of shares of Preferred Stock pursuant to this <u>Section 6</u>. The Corporation shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of shares of Non-Voting Common Stock in a name other than that in which the shares of Preferred Stock so converted were registered, and no such issuance or delivery shall be made unless and until the person or entity requesting such issuance has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Adjustments to Conversion Price for Diluting Issues</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;6.4.1. <u>Special Definitions</u>. For purposes of this <u>Section 6</u>, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Additional Shares of Common Stock</u>" shall mean all shares of Common Stock and Non-Voting Common Stock issued (or, pursuant to <u>Section 6.4.3</u> below, deemed to be issued) by the Corporation after the Original Issue Date, other than (1) the following shares of Common Stock or Non-Voting Common Stock and (2) shares of Common Stock or Non-Voting Common Stock deemed issued pursuant to the following Options and Convertible Securities (as defined below) (clauses (1) and (2), collectively, "<u>Exempted Securities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to any series of preferred stock, shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as a dividend or distribution on such series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on shares of Common Stock and Non-Voting Common Stock, as applicable, that is covered by <u>Section 6.5</u>, <u>Section 6.6</u>, <u>Section 6.7</u> or <u>Section 6.8</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;(iii) shares of Common Stock, Non-Voting Common Stock or Options issued to employees or directors of, or consultants or advisors to, the Corporation or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) shares of Common Stock, Non-Voting Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock or Non-Voting Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued to suppliers or third-party service providers in connection with the provision of goods or services pursuant to transactions approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued as acquisition consideration pursuant to the acquisition of another corporation by the Corporation by merger, purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided that such issuances are approved by the Board of Directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) shares of Common Stock, Non-Voting Common Stock, Options or Convertible Securities issued in connection with sponsored research, collaboration, technology license, development, original equipment manufacturing, marketing or other similar agreements or strategic partnerships approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Convertible Securities</u>" shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock or Non-Voting Common Stock, but excluding Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Option</u>" shall mean rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock, Non-Voting Common Stock or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2. <u>No Adjustment of Conversion Price</u>. No adjustment in the Conversion Price shall be made as the result of the issuance or deemed issuance of Additional Shares of Common Stock if the Corporation receives written notice from the Requisite Holders agreeing that no such adjustment shall be made as the result of the issuance or deemed issuance of such Additional Shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3. <u>Deemed Issue of Additional Shares of Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Corporation at any time or from time to time after the Original Issue Date shall issue any Options or Convertible Securities (excluding Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common Stock or Non-Voting Common Stock, as applicable (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such number), issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the terms of any Option or Convertible Security, the issuance of which resulted in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u>, are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase or decrease in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Corporation upon such exercise, conversion and/or exchange, then, effective upon such increase or decrease becoming effective, the Conversion Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with respect thereto) shall be readjusted to such Conversion Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment pursuant to this clause (b) shall have the effect of increasing the Conversion Price to an amount which exceeds the lower of (i) the Conversion Price in effect immediately prior to the original adjustment made as a result of the issuance of such Option or Convertible Security, or (ii) the Conversion Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option or Convertible Security) between the original adjustment date and such readjustment 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the terms of any Option or Convertible Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> (either because the consideration per share (determined pursuant to <u>Section 6.4.5</u>) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Conversion Price then in effect, or because such Option or Convertible Security was issued before the Original Issue Date), are revised after the Original Issue Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security (but excluding automatic adjustments to such terms pursuant to anti-dilution or similar provisions of such Option or Convertible Security) to provide for either (1) any increase in the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the Corporation upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in <u>Section 6.4.3(a)</u>) shall be deemed to have been issued effective upon such increase or decrease becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Conversion Price pursuant to the terms of Section <u>6.4.4</u>, the Conversion Price shall be readjusted to such Conversion Price as would have obtained had such Option or Convertible Security (or portion thereof) never been issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible Security is issued or amended but is subject to adjustment based upon subsequent events, any adjustment to the Conversion Price provided for in this <u>Section 6.4.3</u> shall be effected at the time of such issuance or amendment based on such number of shares or amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (b) and (c) of this <u>Section 6.4.3</u>). If the number of shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the Corporation upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or Convertible Security is issued or amended, any adjustment to the Conversion Price that would result under the terms of this <u>Section 6.4.3</u> at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Conversion Price that such issuance or amendment took place at the time such calculation can first 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. <u>Adjustment of Conversion Price Upon Issuance of Additional Shares of Common Stock</u>. In the event the Corporation shall at any time after the Original Issue Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to <u>Section 6.4.3</u>), without consideration or for a consideration per share less than the Conversion Price in effect immediately prior to such issuance or deemed issuance, then the Conversion Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula:

CP<sub>2</sub> = CP<sub>1</sub> \* (A + B) ÷ (A+ C).

For purposes of the foregoing formula, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>CP<sub>2</sub></u>" shall mean the Conversion Price in effect immediately after such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>CP<sub>1</sub></u>" shall mean the Conversion Price in effect immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>A</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock outstanding immediately prior to such issuance or deemed issuance of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock or Non-Voting Common Stock, as applicable, issuable upon exercise of Options outstanding immediately prior to such issuance or deemed issuance or upon conversion or exchange of Convertible Securities (including preferred stock) outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>B</u>" shall mean the number of shares of Common Stock or Non-Voting Common Stock, as applicable, that would have been issued if such Additional Shares of Common Stock had been issued or deemed issued at a price per share equal to CP<sub>1</sub> (determined by dividing the aggregate consideration received by the Corporation in respect of such issue by CP<sub>1</sub>); 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;(e) "<u>C</u>" shall mean the number of such Additional Shares of Common Stock issued in such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.5. <u>Determination of Consideration</u>. For purposes of this <u>Section 6.4</u>, the consideration received by the Corporation for the issuance or deemed issuance of any Additional Shares of Common Stock shall be computed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cash and Property</u>. Such consideration shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) insofar as it consists of cash, be computed at the aggregate amount of cash received by the Corporation, excluding amounts paid or payable for accrued 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) insofar as it consists of property other than cash, be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Corporation for consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Options and Convertible Securities</u>. The consideration per share received by the Corporation for Additional Shares of Common Stock deemed to have been issued pursuant to <u>Section 6.4.3</u>, relating to Options and Convertible Securities, shall be determined by dividing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The total amount, if any, received or receivable by the Corporation as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Corporation upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the maximum number of shares of Common Stock and Non-Voting Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.6. <u>Multiple Closing Dates</u>. In the event the Corporation shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Conversion Price pursuant to the terms of <u>Section 6.4.4</u> then, upon the final such issuance, the Conversion Price shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such 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;6.5. <u>Adjustment for Stock Splits and Combinations</u>. If the Corporation shall at any time or from time to time after the Original Issue Date effect a subdivision of the outstanding Common Stock or Non-Voting Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Non-Voting Common Stock issuable on conversion of Preferred Stock shall be increased in proportion to such increase in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. If the Corporation shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock or Non-Voting Common Stock, as applicable, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Non-Voting Common Stock issuable on conversion of Preferred Stock shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock and Non-Voting Common Stock outstanding. Any adjustment under this Section shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Adjustment for Certain Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock or Non-Voting Common Stock, as applicable, entitled to receive, a dividend or other distribution payable on the Common Stock or Non-Voting Common Stock, as applicable, in additional shares of Common Stock or Non-Voting Common Stock, as applicable, then and in each such event the Conversion Price in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such record date, by multiplying the Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 numerator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock or Non-Voting Common Stock issuable in payment of such dividend or distribution.

Notwithstanding the foregoing, (a) if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Conversion Price shall be adjusted pursuant to this <u>Section 6</u> as of the time of actual payment of such dividends or distributions; and (b) that no such adjustment shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Non-Voting Common Stock in a number equal to the number of shares of Non-Voting Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Non-Voting Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Adjustments for Other Dividends and Distributions</u>. In the event the Corporation at any time or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock and Non-Voting Common Stock entitled to receive, a dividend or other distribution payable in securities of the Corporation (other than a distribution of shares of Common Stock or Non-Voting Common Stock in respect of outstanding shares of Common Stock and Non-Voting Common Stock) or in other property and the provisions of <u>Section 3</u> do not apply to such dividend or distribution, then and in each such event the holders of Preferred Stock shall receive, simultaneously with the distribution to the holders of Common Stock and Non-Voting Common Stock, a dividend or other distribution of such securities or other property in an amount equal to the amount of such securities or other property as they would have received if all outstanding shares of Preferred Stock had been converted into Non-Voting Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Adjustment for Merger or Reorganization, etc</u>. Subject to the provisions of <u>Section 5.3</u>, if there shall occur any reorganization, recapitalization, reclassification, consolidation or merger involving the Corporation in which the Common Stock or Non-Voting Common Stock (but not any preferred stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by <u>Section 6.4</u>, <u>Section 6.6</u> or <u>Section 6.7</u>), then, following any such reorganization, recapitalization, reclassification, consolidation or merger, each share of Preferred Stock shall thereafter be convertible in lieu of the Non-Voting Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Non-Voting Common Stock of the Corporation issuable upon conversion of one share of Preferred Stock immediately prior to such reorganization, recapitalization, reclassification, consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board of Directors) shall be made in the application of the provisions in this <u>Section 6</u> with respect to the rights and interests thereafter of the holders of the Preferred Stock, to the end that the provisions set forth in this <u>Section 6</u> (including provisions with respect to changes in and other adjustments of the Conversion Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of the Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Certificate as to Adjustments</u>. Upon the occurrence of each adjustment or readjustment of the Conversion Price pursuant to this <u>Section 6</u>, the Corporation at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to each holder of Preferred Stock a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property into which the Preferred Stock is convertible) and showing in detail the facts upon which such adjustment or readjustment is based. The Corporation shall, as promptly as reasonably practicable after the written request at any time of any holder of Preferred Stock (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (a) the Conversion Price then in effect, and (b) the number of shares of Non-Voting Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the conversion of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10. <u>Notice of Record Date</u>. In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation shall take a record of the holders of its Common Stock and Non-Voting Common Stock (or other capital stock or securities at the time issuable upon conversion of the Preferred Stock) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities, or to receive any other security; 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) of any capital reorganization of the Corporation, any reclassification of the Common Stock or Non-Voting Common Stock of the Corporation, or any Deemed Liquidation Event; 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;(c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Corporation, then, and in each such case, the Corporation will send or cause to be sent to the holders of the Preferred Stock a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is proposed to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities at the time issuable upon the conversion of the Preferred Stock), shall be entitled to exchange their shares of Common Stock or Non-Voting Common Stock, as applicable (or such other capital stock or securities), for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable to the Preferred Stock. Such notice shall be sent at least ten (10) days prior to the record date or effective date for the event specified in such notice.

<u>Section 7</u>. <u>Mandatory Conversion</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;7.1. <u>Trigger Events</u>. Upon either (a) the closing of the sale of shares of Common Stock to the public at a price of at least three (3) times original issue price of series B-1 preferred stock (as defined in Series B-1 Certificate of Designation) (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock), in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting in at least $50,000,000 of gross proceeds to the Corporation (a "<u>Qualified IPO</u>"), or (b) the date and time, or the occurrence of an event, specified by vote or written consent of the Requisite Holders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the "<u>Mandatory Conversion Time</u>"), then (i) all outstanding shares of Preferred Stock shall automatically be converted into shares of Non-Voting Common Stock at the then effective conversion rate as calculated pursuant to <u>Section 6.1.1</u> and (ii) such shares may not be reissued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Procedural Requirements</u>. All holders of record of shares of Preferred Stock shall be sent written notice of the Mandatory Conversion Time and the place designated for mandatory conversion of all such shares of Preferred Stock pursuant to this <u>Section 7</u>. Such notice need not be sent in advance of the occurrence of the Mandatory Conversion Time. Upon receipt of such notice, each holder of shares of Preferred Stock in certificated form shall surrender his, her or its certificate or certificates for all such shares (or, if such holder alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Corporation to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate) to the Corporation at the place designated in such notice. If so required by the Corporation, any certificates surrendered for conversion shall be endorsed or accompanied by written instrument or instruments of transfer, in form satisfactory to the Corporation, duly executed by the registered holder or by his, her or its attorney duly authorized in writing. All rights with respect to the Preferred Stock converted pursuant to <u>Section 7.1</u>, including the rights, if any, to receive notices and vote (other than as a holder of Common Stock), will terminate at the Mandatory Conversion Time (notwithstanding the failure of the holder or holders thereof to surrender any certificates at or prior to such time), except only the rights of the holders thereof, upon surrender of any certificate or certificates of such holders (or lost certificate affidavit and agreement) therefor, to receive the items provided for in the next sentence of this <u>Section 7.2</u>. As soon as practicable after the Mandatory Conversion Time and, if applicable, the surrender of any certificate or certificates (or lost certificate affidavit and agreement) for Preferred Stock, the Corporation shall (a) issue and deliver to such holder, or to his, her or its nominees, a notice of issuance of uncertificated shares and may, upon written request, issue and deliver a certificate for the number of full shares of Non-Voting Common Stock issuable upon such conversion in accordance with the provisions hereof and (b) pay any declared but unpaid dividends on the shares of Preferred Stock converted. Such converted Preferred Stock shall be retired and cancelled and may not be reissued as shares of such series, and the Corporation may thereafter take such appropriate action (without the need for stockholder action) as may be necessary to reduce the authorized number of shares of Preferred Stock accordingly.

<u>Section 8 Redemption</u>. Other than as set forth in <u>Section 5.3.2(b)</u>, the Preferred Stock is not redeemable at the option of the holder or the Corporation.

<u>Section 9 Redeemed or Otherwise Acquired Shares</u>. Unless otherwise consented to by the Requisite Holders and the Board of Directors, any shares of Preferred Stock that are redeemed, converted or otherwise acquired by the Corporation or any of its subsidiaries shall be automatically and immediately cancelled and retired and shall not be reissued, sold or transferred. Neither the Corporation nor any of its subsidiaries may exercise any voting or other rights granted to the holders of Preferred Stock following redemption, conversion or acquisition.

<u>Section 10 Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Waiver</u>. Except as otherwise set forth herein, (a) any of the rights, powers, preferences and other terms of the Preferred Stock set forth herein may be waived on behalf of all holders of preferred stock by the affirmative written consent or vote of the Requisite Holders, and (b) at any time more than one series of preferred stock is issued and outstanding, any of the rights, powers, preferences and other terms of Preferred Stock set forth herein may be waived on behalf of all holders of Preferred Stock by the affirmative written consent or vote of the holders of at least a majority of the shares of Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Notices</u>. Any notice required or permitted by the provisions of this Certificate of Designation to be given to a holder of shares of Preferred Stock shall be mailed, postage prepaid, to the post office address last shown on the records of the Corporation, or given by electronic communication in compliance with the provisions of the NRS, and shall be deemed sent upon such mailing or electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, without regard to the principles of conflict of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Waiver</u>. Any waiver by the Corporation or a Holder of any provision of this Certificate of Designation or any breach thereof shall not operate as or be construed to be a waiver of any other provision of this Certificate of Designation or any breach thereof or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that party (or any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Severability</u>. If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Next Business Day</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>Headings</u>. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall not be deemed to limit or affect any of the provisions hereof.

[***Remainder of Page Intentionally Left Blank***]

**RESOLVED, FURTHER**, that the Chief Executive Officer and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations of Series CF-2 Preferred Stock in accordance with the foregoing resolution and the provisions of NRS.

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Designation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

*[Signature page to the Certificate of Designation for Series CF-2 Preferred Stock of TG-17, Inc.]*

**ANNEX A**

NOTICE OF CONVERSION

(To be Executed by the Registered Holder in order to Convert Shares of Preferred Stock)

The undersigned hereby elects to convert the number of shares of Series CF-2 Preferred Stock indicated below into shares of non-voting common stock, par value $0.0001 per share (the "<u>Non-Voting Common Stock</u>"), TG-17, Inc., a Nevada corporation (the "<u>Corporation</u>"), according to the conditions hereof, as of the date written below. If shares of Non-Voting Common Stock are to be issued in the name of a Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by the Corporation in accordance with the Subscription Agreement. No fee will be charged to the Holders for any conversion, except for any such transfer taxes.

Conversion calculations:

---

| |
|:---|
| Date to Effect Conversion: |
| Number of shares of Preferred Stock owned prior to Conversion: |
| Number of shares of Preferred Stock to be Converted: |
| Number of shares of Non-Voting Common Stock to be Issued: |
| Applicable Conversion<br>Price:_____________________________________________________<br>|
| Number of shares of Preferred Stock subsequent to Conversion: |
| Address for Delivery: ______________________<u>or</u><br>|
| DWAC Instructions: |
| Broker no: _________ |
| Account no: ___________ |

---

---

| |
|:---|
| [HOLDER] |
| By: |
| Name: |
| Title: |

---

## Exhibit 3.9

**Exhibit 3.9**

**TG-17, INC.**

**CERTIFICATE OF DESIGNATION OF** 

**PREFERENCES, RIGHTS AND LIMITATIONS**

**OF**

**SERIES F PREFERRED STOCK**

PURSUANT TO NRS 78.1955 OF THE

NEVADA REVISED STATUTES

The undersigned, Doron Kempel, does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The undersigned is the Chief Executive Officer of TG-17, INC., a Nevada corporation (the "<u>Corporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation is authorized to issue 150,000,000 shares of preferred stock, $0.0001 par value per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On June 19, 2025, the following resolutions were duly adopted by the board of directors of the Corporation (the "<u>Board of Directors</u>"):

**WHEREAS**, the Corporation's Articles of Incorporation authorizes the issuance of 150,000,000 shares of undesignated preferred stock, $0.0001 par value per share, issuable from time to time in one or more series;

**WHEREAS**, the Board of Directors is authorized to divide the preferred stock into any number of series, fix the number of shares constituting such series and the designation of such series, and the powers (including voting powers, if any), preferences and relative, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series; and

**WHEREAS**, it is the desire of the Board of Directors, pursuant to its authority as aforesaid, to fix the designation and number of a series of the preferred stock and to determine the designation, relative rights, preferences and limitations thereof, which shall consist of 10,000 shares of the preferred stock which the Corporation has the authority to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On August 12, 2025, the following resolution was duly adopted by the Board of Directors, to read as follows:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Company and its stockholders to reincorporate the Company from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW, THEREFORE, BE IT RESOLVED**, that the Board of Directors does hereby provide for the issuance of a series of preferred stock for cash or exchange of other securities, rights or property and does hereby fix and determine the powers, designations, rights, preferences, restrictions and other matters relating to such series of preferred stock as follows:

**TERMS OF PREFERRED STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Designation; Rank</u>. This series of Preferred Stock shall be designated and known as "Series F Preferred Stock." The number of shares constituting the Series F Preferred Stock shall be ten thousand (10,000) shares. Except as otherwise provided herein, the Series F Preferred Stock shall, with respect to rights on liquidation, winding up and dissolution, rank *pari passu* to the common stock, par value $0.0001 per share (the "<u>Common Stock</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Dividends</u>. The holders of shares of Series F Preferred Stock have no dividend rights except as may be declared by the Board in its sole and absolute discretion, out of funds legally available for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Liquidation Preference</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) In the event of any dissolution, liquidation or winding up of the Company (a "<u>Liquidation</u>"), whether voluntary or involuntary, the Holders of Series F Preferred Stock shall be entitled to participate in any distribution out of the assets of the Company on an equal basis per share with the holders of the Common Stock. For the purposes of such distribution, Holders of Series F Preferred Stock shall be treated as if all shares of Series F Preferred Stock had been converted to Common Stock immediately prior to the distribution.

&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 sale of all or substantially all of the Company's assets or an acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, a reorganization, consolidated or merger) that results in the transfer of fifty percent (50%) or more of the outstanding voting power of the Company, shall not be deemed to be a Liquidation for purposes of this Designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Optional Conversion of Series F Preferred Stock</u>. The Holders of Series F Preferred Stock shall have conversion rights as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conversion Right</u>. Each share of Series F Preferred Stock shall be convertible at the option of the Holders thereof and without the payment of additional consideration by the Holders thereof, at any time, into one (1) share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mechanics of Optional Conversion</u>. To effect the optional conversion of shares of Series F Preferred Stock in accordance with Section 4(a) of this Designation, any Holder of record shall make a written demand for such conversion (for purposes of this Designation, a "<u>Conversion Demand</u>") upon the Company at its principal executive offices setting forth therein (i) the certificate or certificates representing such shares, and the proposed date of such conversion (for purposes of this Designation, the "<u>Optional Conversion Date</u>"). Upon receipt of the Conversion Demand, the Company shall give written notice (for purposes of this Designation, a "<u>Conversion Notice</u>") to the Holder setting forth therein (i) the address of the place or places at which the certificate or certificates representing any shares not yet tendered are to be converted are to be surrendered; and (ii) whether the certificate or certificates to be surrendered are required to be endorsed for transfer or accompanied by a duly executed stock power or other appropriate instrument of assignment and, if so, the form of such endorsement or power or other instrument of assignment. The Conversion Notice shall be sent by first class mail, postage prepaid, to such Holder at such Holder's address as may be set forth in the Conversion Demand or, if not set forth therein, as it appears on the records of the stock transfer agent for the Series F Preferred Stock, if any, or, if none, of the Company. On or before the Optional Conversion Date, each Holder of the Series F Preferred Stock to be so converted shall surrender the certificate or certificates representing such shares, duly endorsed for transfer or accompanied by a duly executed stock power or other instrument of assignment, if the Conversion Notice so provides, to the Company at any place set forth in such notice or, if no such place is so set forth, at the principal executive offices of the Company. As soon as practicable after the Optional Conversion Date and the surrender of the certificate or certificates representing such shares, the Company shall issue and deliver to such Holder, or its nominee, at such Holder's address as it appears on the records of the stock transfer agent for the Series F Preferred Stock, if any, or, if none, of the Company, a certificate or certificates for the number of whole shares of Common Stock issuable upon such conversion in accordance with the provisions 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;(c) <u>No Fractional Shares</u>. No fractional shares of Common Stock or scrip shall be issued upon conversion of shares of Series F Preferred Stock. In lieu of any fractional share to which the Holder would be entitled but for the provisions of this Section 4(c) based on the number of shares of Series F Preferred Stock held by such Holder, the Company shall issue a number of shares to such Holder rounded up to the nearest whole number of shares of Common Stock. No cash shall be paid to any Holder of Series F Preferred Stock by the Company upon conversion of Series F Preferred Stock by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reservation of Stock</u>. The Company shall at all times when any shares of Series F Preferred Stock shall be outstanding, reserve and keep available out of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Series F Preferred Stock. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all outstanding shares of the Series F Preferred Stock, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issue Taxes</u>. The converting Holder shall pay any and all issue and other non-income taxes that may be payable in respect of any issue or delivery of shares of Common Stock on conversion of shares of Series F Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Voting</u>. The holders of Series F Preferred Stock shall have the right to vote on all matters submitted to a vote of, or acted upon by the written consent of, the holders of the Company's common stock, including the election of directors, and all other matters as required by law. Holders of shares of Series F Preferred Stock shall be entitled to cast 40,000 votes for each one (1) share of Series F Preferred Stock held on the date of the applicable shareholder meeting or written consent. There is no right to cumulative voting in the election of directors. The holders of Series F Preferred Stock shall vote together with all other classes and series of common stock of the Company as a single class on all actions to be taken by the common stockholders of the Company except to the extent that voting as a separate class or series is required by law.

[***Remainder of Page Intentionally Left Blank***]

**RESOLVED, FURTHER**, that the Chief Executive Officer and the secretary or any assistant secretary, of the Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences, Rights and Limitations of Series F Preferred Stock in accordance with the foregoing resolution and the provisions of NRS.

**IN WITNESS WHEREOF**, the undersigned has executed this Certificate of Designation as of this 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

[*Signature page to the Certificate of Designation for Series F Preferred Stock of TG-17, Inc.]*

## Exhibit 3.10

**Exhibit 3.10**

**<u>TG-17, INC.</u>**

**CERTIFICATE OF DESIGNATIONS OF RIGHTS AND PREFERENCES**

**OF** 

**SERIES E CONVERTIBLE PREFERRED STOCK**

**August 12, 2025**

Pursuant to NRS 78.1955 of the Nevada Revised Statutes (the "**NRS**"), TG-17, Inc. (the "**Corporation**") hereby certifies that:

**WHEREAS**, the Articles of Incorporation of the Corporation (the "**Articles of Incorporation**") authorize the issuance of up to 150,000,000 shares of preferred stock, par value $0.0001 per share, of the Corporation ("**Preferred Stock**") in one or more series, and Article Four of the Articles of Incorporation expressly authorizes the Board of Directors of the Corporation (the "**Board**"), subject to limitations prescribed by law to provide for the issuance of shares of Preferred Stock in series, and to establish from time to time the number of shares to be included in each such series, and to fix the designation, power, preferences, and rights of the shares of each such series and any qualifications, limitations or restrictions thereof;

**WHEREAS**, it is the desire of the Board to establish and fix the number of shares to be included in a new series of Preferred Stock and the designation, rights, preferences and limitations of the shares of such new series; and

**WHEREAS**, on August 4, 2025, the Board approved and adopted the following resolutions.

On August 12, 2025, the Board approved and adopted the following resolutions:

**WHEREAS**, the Board has determined that it is advisable and in the best interest of the Corporation and its stockholders to reincorporate the Corporation from the State of Delaware to the State of Nevada through a corporate conversion pursuant to Section 266 of the Delaware General Corporate Law under the name "TG-17, Inc.".

**NOW THEREFORE, BE IT RESOLVED,** that the Board does hereby provide for the issue of a series of Preferred Stock and does hereby in this Certificate of Designation (the "**Certificate of Designation**") establish and fix and herein state and express the designation, rights, preferences, powers, restrictions, and limitations of such series of Preferred Stock as follows:

**Section 1. Number of Shares and Designation**. This series of Preferred Stock shall be designated as the "Series E Convertible Preferred Stock," par value $0.0001 per share (the "**Series E Preferred Stock**"). The Series E Preferred Stock shall be perpetual, subject to the provisions of <u>Section 6</u> hereof, and the authorized number of shares of the Series E Preferred Stock shall be 682,770. The number of shares of Series E Preferred Stock may be increased from time to time pursuant to the provisions of <u>Section 18</u> hereof and any such additional shares of Series E Preferred Stock shall form a single series with the Series E Preferred Stock. Each share of Series E Preferred Stock shall have the same designations, rights, preferences, powers, restrictions and limitations as every other share of Series E Preferred Stock.

**Section 2. Certain Definitions. The following terms shall have the meanings defined in this <u>Section 2</u>:**

 ****

"**Affiliate**" shall have the meaning ascribed to such term in Rule 405 of the Securities Act.

"**Ascent**" means Ascent Partners Fund LLC and/or its successors in interest and assigns,

"**Ascent Minimum Recovery Date**" means that date on which Ascent has received cumulative total proceeds of not less than $8,000,000.00 arising from all or any of the following: (i) cash redemptions by the Corporation of shares of preferred stock issued to Ascent; (ii) cash dividends paid by the Corporation on shares of preferred stock issued to Ascent; (iii) resales of shares of Common Stock issued to Ascent as dividends paid upon shares of preferred stock issued to Ascent; and (iv) resales of common stock issued to Ascent upon conversion of shares of preferred stock issued to Ascent.

"**Business Day**" means any day, other than a Saturday or Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law, regulation, or executive order to close.

"**Capital Stock**" means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interest in (however designated) capital stock.

"**Change of Control Event**" shall mean the occurrence of any of the following in one or a series of related transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one
 or more acquisitions after the date hereof by an individual or legal entity or "group"
 (as described in Rule 13d-5(b)(1) under the Exchange Act), resulting in a majority or more
 of the voting rights or equity interests in the Corporation being transferred to such Persons
 or their Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 replacement of more than a majority of the members of the Board that is not approved by those
 individuals who are members of the Board on the date hereof (or other directors previously
 approved by such individuals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 merger or consolidation of the Corporation or any one or more Subsidiaries owning a majority
 of the consolidated assets of the Corporation and all Subsidiaries, or a sale of all or substantially
 all of the assets of the Corporation and its consolidated Subsidiaries in one or a series
 of related transactions, unless following such transaction or series of transactions, the
 holders of the Corporation's securities immediately prior to the first such transaction
 continue to hold at least a majority of the voting rights and equity interests in the surviving
 entity or acquirer of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 recapitalization, reorganization or other transaction involving the Corporation or any Subsidiary
 that constitutes or results in a transfer of a majority or more of the voting rights or equity
 interests in the Corporation to any Persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 execution by the Corporation or its controlling stockholders of an agreement providing for
 any of the foregoing events.

"**Commission**" means the United States Securities and Exchange Commission.

"**Common Stock**" means the Common Stock, $0.0001 per share, of the Corporation, and any other shares of stock issued or issuable with respect thereto (whether by way of a stock dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other corporate reorganization or other similar event with respect to the Common Stock).

"**Common Stock Dividend**" means a dividend accrued on each share of Series E Preferred Stock and paid in shares of Common Stock.

"**Common Stock Dividend Shares**" means the shares of Common Stock paid and issued in connection with a Common Stock Dividend. For all purposes related to the payment of accrued dividends under this Certificate, each Common Stock Dividend Share shall be deemed to have a value equal to the volume-weighted average price for the Common Stock, as reported by the Principal Market, over the five (5) Trading Days immediately preceding the applicable Dividend Payment Date. Common Stock Dividend Shares issued at any time while the Common Stock is not listed or quoted on a Trading Market shall be deemed to have a value of $1.288145 per share, subject to adjustment as provided in Section 6(d) herein.

"**Common Stock Equivalents**" means any securities of the Corporation or any of its Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"**Conversion**" means any conversion of the Series E Preferred Stock into Conversion Shares as provided for in <u>Section 6</u> hereof.

"**Conversion Amount**" means such amount as determined by (i) multiplying the number of shares (including any fraction of a share) of Series E Preferred Stock to be converted pursuant to a Conversion Notice by the Stated Value, and (ii) adding to the result all accrued and accumulated and unpaid dividends on such shares of Series E Preferred Stock to be converted.

"**Conversion Date**" shall have the meaning set forth in <u>Section 6(b)(i)</u> hereof.

"**Conversion Notice**" shall have the meaning set forth in <u>Section 6(d)(i)</u> hereof.

"**Conversion Price**" means the (x) the Stated Value of the Preferred Share plus all accrued but unpaid dividends thereon (the "**Conversion Amount**") divided by (y) either: (i) at all times prior to the Ascent Minimum Recovery Date, $1.54 per share; or (ii) at all times after to the Ascent Minimum Recovery Date, $1.25 per share.

"**Conversion Shares**" means the shares of Common Stock into which the shares of Series E Preferred Stock may be converted pursuant to <u>Section 6</u> hereof.

"**Date of Issuance**" means, for any share of Series E Preferred Stock, the date on which the Corporation initially issues such share (without regard to any subsequent transfer of such share or reissuance of the certificate(s) representing such share).

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder, all as in effect at the time.

"**Holder**" or "**Holders**" shall mean each holder of shares of Series E Preferred Stock.

"**Junior Securities**" shall have the meaning set forth in <u>Section 4</u> hereof.

"**Majority Holders**" means any Holder(s) of a majority of the then outstanding shares of Series E Preferred Stock.

"**Parity Securities**" shall have the meaning set forth in <u>Section 4</u> hereof.

"**Person**" means an individual, a corporation, a partnership, an association, a limited liability company, an unincorporated business organization, a trust or other entity or organization, and any government or political subdivision or any agency or instrumentality thereof.

"**Principal Market**" means the primary Trading Market on which the Common Stock is listed, designated or quoted for trading on the day in question.

"**Securities Act**" means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder, all as in effect at the time.

"**Senior Securities**" shall have the meaning set forth in <u>Section 4</u> hereof.

"**Stated Value**" means $10.00 per share of Series E Preferred Stock (as adjusted for any stock splits, stock dividends, recapitalizations, or similar transaction with respect to the Series E Preferred Stock).

"**Subsidiary**" **or** "**Subsidiaries**" of any Person means (i) any corporation with respect to which more than 50% of the issued and outstanding voting equity interests of such corporation is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person's other Subsidiaries, or (ii) any partnership or limited liability company in which such Person and/or one or more Subsidiaries of such Person shall have an interest (whether in the form of voting or participation in profits or capital contribution) of more than 50% or of which any such Person is a general partner or may exercise the powers of a general partner.

"**Trading Day**" means a day on which the Principal Market is open for trading.

"**Trading Market**" means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE American, the New York Stock Exchange, or any level of the OTC Markets operated by OTC Markets Group, Inc. (or any successors to any of the foregoing).

**Section 3. Dividends.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Dividend Rate</u>. Holders of shares of the Series E Preferred Stock are entitled to receive, when and as declared by the Board, out of funds legally available for the payment of dividends, other than as set forth in <u>Section 3(d)</u> below, cumulative cash dividends at an annual rate of the greater of: (i) the Prime Rate, plus 6.5%; or (ii) 12%, payable monthly in arrears on the Stated Value together with any accrued but unpaid dividends (the "**Dividend Rate**"). The Dividend Rate shall accrue from, and including, the Date of Issuance, for as long as any shares of Series E Preferred Stock remain issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividend Amount</u>. With respect to each share of Series E Preferred Stock from time to time outstanding, from the Dividend Payment Date of such share, dividends shall accrue on each share of Series E Preferred Stock, in an amount for each share of Series E Preferred Stock, equal to the Dividend Rate times the Stated Value (compounded as provided for immediately below, including with respect to any accrued and unpaid dividends) (such per share amount, as applicable, the "**Dividend Amount**") during each monthly period following the applicable Dividend Record Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividend Payment Date; Dividend Record Date.</u> Dividends on the Series E Preferred Stock shall accrue daily and be cumulative until paid from, and including, the date of the Date of Issuance and shall be payable monthly on the fifth (5<sup>th</sup>) Business Day following the last day of each calendar month (each such payment date, a "**Dividend Payment Date**," and each such monthly period, a "**Dividend Period**"). The first dividend on the Series E Preferred Stock is scheduled to be paid on the fifth day of the next calendar month after the Date of Issuance, which for the first Dividend Period shall be appropriately pro-rated, to the persons who are the holders of record of the Series E Preferred Stock at the close of business on the corresponding record date. Dividends will be payable to holders of record as they appear in the Corporation's stock records for the Series E Preferred Stock at the close of business on the applicable record date, which shall be the last day of the calendar month, whether or not a Business Day (each, a "**Dividend Record Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Common Stock Dividend</u>. For as long as any share(s) of Series E Preferred Stock shall remain outstanding, the Dividend Amount shall be paid in either Common Stock Dividend Shares or cash, in the Corporation's sole discretion, subject to <u>Section 3(e)</u> of this Certificate. The Dividend Amount shall be automatically declared and the applicable Dividend Amount automatically paid to the Holder as set forth above. All Dividend Amounts payable with respect to the Holders of Series E Preferred Stock shall be paid, whether in cash or in Common Stock Dividend Shares pursuant to this <u>Section 3(d)</u>, pro rata to each Holder of shares of Series E Preferred Stock based upon the aggregate accrued but unpaid dividends on the shares held by each such Holder. Common Stock Dividend Shares issued on the applicable Dividend Payment Date shall have an aggregate Dividend Amount on such Dividend Payment Date equal to the total Dividend Amount accrued on such shares as of such Dividend Payment Date minus any portion thereof paid in cash pursuant hereto. Notwithstanding anything contained herein to the contrary, the Corporation shall take all actions necessary for all Common Stock Dividend Shares to be duly authorized and validly issued, fully paid and nonassessable, and issued free and clear of all liens, mortgages, security interests, pledges, deposits, restrictions or other encumbrances, on each Dividend Payment Date. The Corporation shall update its books and records to reflect the issuance of any Common Stock Dividend Shares promptly following each Dividend Payment Date, and at the request of any Holder of shares of Series E Preferred Stock, shall deliver to such Holder a copy of such books and records reflecting the issuance of such Common Stock Dividend Shares; provided, however, that the failure of the Corporation to comply with the terms of this sentence shall not in any way affect the issuance of such Common Stock Dividend Shares in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limiting Documents</u>. No dividends on shares of Series E Preferred Stock shall be authorized by the Board or paid or set apart for payment by the Corporation at any time when the payment thereof would be unlawful under the laws of the State of Nevada or when the terms and provisions of any agreement of the Corporation, including any agreement relating to the Corporation's indebtedness (the "**Limiting Documents**"), prohibit the authorization, payment or setting apart for payment thereof or provide that the authorization, payment or setting apart for payment thereof would constitute a breach of the Limiting Documents or a default under the Limiting Documents, or if the authorization, payment or setting apart for payment shall be restricted or prohibited by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Dividend Accrual</u>. Notwithstanding the foregoing, dividends on the Series E Preferred Stock will accrue regardless of whether (i) the Corporation has earnings; (ii) there are funds legally available for the payment of such dividends; or (iii) such dividends are declared by the Board. No interest, or sum in lieu of interest, will be payable in respect of any dividend payment or payments on the Series E Preferred Stock which may be in arrears, and holders of the Series E Preferred Stock will not be entitled to any dividends in excess of full cumulative dividends described above. Any dividend payment made on the Series E Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Pro Rata Dividends</u>. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series E Preferred Stock and the shares of any other series of Preferred Stock that the Corporation may issue ranking on parity as to dividends with the Series E Preferred Stock, all dividends declared upon the Series E Preferred Stock and any other series of Preferred Stock ranking on parity that the Corporation may issue as to dividends with the Series E Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Series E Preferred Stock and such other series of Preferred Stock that the Corporation may issue shall in all cases bear to each other the same ratio that accrued dividends per share on the Series E Preferred Stock and such other series of Preferred Stock that the Corporation may issue (which shall not include any accrual in respect of unpaid dividends for prior Dividend Periods if such Preferred Stock does not have a cumulative dividend) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series E Preferred Stock which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Payment of Accrued and Unpaid Dividends</u>. Holders of Series E Preferred Stock shall not be entitled to any dividend in excess of all accumulated accrued and unpaid dividends on the Series E Preferred Stock as described in this <u>Section 3</u>. Any dividend payment made on the Series E Preferred Stock shall first be credited against the earliest accumulated accrued and unpaid dividend due with respect to such shares which remains payable at the time of such payment.

**Section 4. Rank; Rights on Liquidation, Merger, Sale, etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rank</u>. With respect to payment of dividends and distribution of assets upon liquidation, dissolution, or winding up of the Corporation, whether voluntary or involuntary, all shares of the Series E Preferred Stock will rank: (i) equal to both the Corporation's Series C Convertible Preferred Stock and the additional series of preferred stock to be issued to Ascent for a purchase price of $5,000,000 as described in the Term Sheet between the Corporation and Ascent dated June 10, 2025 (the "**Parity Securities**"); (ii) senior to all of the Corporation's Common Stock, all other outstanding classes or series of preferred stock of the Corporation, and any other equity securities that the Corporation may issue in the future (the "**Junior Securities**"); (iii) junior to all other equity securities the Corporation issues, the terms of which specifically provide that such equity securities rank senior to the Series E Preferred Stock, in each case with respect to payment of dividends and distribution of assets upon liquidation, dissolution or winding up ("**Senior Securities**"); and (iv) junior to all of the Corporation's existing and future indebtedness. Without the prior written consent of the Majority Holders, the Corporation shall not create or issue any Senior Securities and shall not create or issue any Parity Securities other than those described in clause (i), above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation (a "**Liquidation**"), the Holders of shares of Series E Preferred Stock shall be entitled to receive out of the assets of the Corporation available for distribution to its stockholders, prior and in preference to any distribution to the holders of Junior Securities by reason of their ownership thereof, an amount in cash equal to the aggregate Stated Value of all shares of Series E Preferred Stock held by such Holder, plus all unpaid accrued and accumulated dividends on all such shares (whether or not declared). If upon any Liquidation, the assets of the Corporation available for distribution to its stockholders are insufficient to pay all Holders of Series E Preferred Stock the full preference amount to which they shall be entitled, the Holders of Series E Preferred Stock shall share pro rata in any distribution of assets in proportion to their applicable full preference amounts and the Corporation shall not make or agree to make any payments to the holders of Junior Securities.

**Section 5. Voting Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voting Generally</u>. Holders of Series E Preferred Stock shall have no voting rights, except as required by law (including without limitation, the NRS) and as expressly provided in this Certificate of Designations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Protective Provisions</u>. Notwithstanding the foregoing, as long as any shares of Series E Preferred Stock are issued and outstanding, the Corporation shall not take, and shall cause its Subsidiaries not to take or consummate, without the prior written consent of the Majority Holders, the following actions (any such action or transaction without such prior written consent being null and void ab initio and of no force or effect):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) liquidate, dissolve or wind-up the business and affairs of the Corporation, effect any statutory conversion, effect any transfer, domestication or continuance into a foreign jurisdiction, effect any Change of Control Event, including but not limited to any merger or consolidation that constitutes a Change of Control Event, or consent to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend, alter or repeal any provisions of Articles of Incorporation, Bylaws or this Certificate of Designation in a manner that adversely affects the powers, preferences or rights of the preferred stock issued by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with the exception of the additional series of preferred stock to be issued to Ascent for a purchase price of $5,000,000 as described in the Term Sheet between the Corporation and Ascent dated June 10, 2025, which are permitted to be ranked *pari passu* with the Series E Preferred Stock, (a) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks junior to the Series E Preferred Stock with respect to its rights, preferences and privileges, or (b) increase the authorized number of shares of Series E Preferred Stock or any additional class or series of capital stock of the Corporation unless the same ranks junior to the Series E Preferred Stock with respect to its rights, preferences and privileges;

&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) cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any digital tokens, cryptocurrency or other blockchain based assets (collectively, "<u>Tokens</u>"), including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) purchase or redeem (or permit any subsidiary to purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Corporation other than (a) redemptions of or dividends or distributions on the Series E Preferred Stock as expressly authorized herein, (b) redemptions of, or dividends on, a class or series of preferred stock ranking *pari passu* with the Series E Preferred Stock, (c) dividends or other distributions payable on the Common Stock or Non-Voting Common Stock solely in the form of additional shares of Common Stock or Non-Voting Common Stock, as applicable, (d) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Corporation or any subsidiary in connection with the cessation of such employment or service at no greater than the original purchase price thereof, (e) dividends or other distributions for which Corporation pays a corresponding dividend to the Holders on an "as-if-converted" basis or (f) as approved by the Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) adopt any equity (or equity-linked) compensation plan, or modify any existing equity (or equity-linked) compensation plan, which would allow for the issuance of securities of the Corporation, pursuant to all such equity (or equity-linked) compensation plans, in an aggregate total amount exceeding ten percent (10%) of the issued and outstanding common stock of the Corporation on a fully diluted basis; 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;(vii) increase the authorized number of directors constituting the Board of Directors to a number greater than six (6), change the number of votes entitled to be cast by any director or directors on any matter, or adopt any provision inconsistent with this Certificate of Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) alter or change the rights, privileges or preferences of the preferred stock, as then in effect, in a way that adversely and disproportionately affects the Series E Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) create, or authorize the creation of, or reclassify, any capital stock unless the same ranks *pari passu* with or junior to the Series E Preferred Stock with respect to its rights, preferences and privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) amend, alter or repeal any provision of this <u>Section 5</u> of this Certificate of Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) cause or permit any of its subsidiaries to, without approval of the Board of Directors, sell, issue, sponsor, create or distribute any Tokens, including through a pre-sale, initial coin offering, token distribution event or crowdfunding, or through the issuance of any instrument convertible into or exchangeable for Tokens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) whether or not prohibited by the terms of the Certificate of Designation, circumvent a right or preference of the Series E Preferred Stock; 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;(xiii) enter into an agreement to do any of the things described in clauses (a) through (f) of this Section 5.

**Section 6. Conversion of Series E Preferred Stock.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional Conversion</u>. Each share of Series E Preferred Stock is convertible, in whole or in part and at the option of the Holder, into such number of fully paid and non-assessable shares of Common Stock (the "**Conversion Shares**") determined by dividing the Stated Value of the Series E Preferred Stock being converted by the then applicable Conversion Price (as defined below, the "**Conversion Price**"). The Conversion Price shall be subject to adjustment as provided in <u>Section 6(d)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mechanics of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conversion</u>. In order to effectuate a conversion of shares of Series E Preferred Stock pursuant to this <u>Section 6</u>, a Holder shall deliver (whether via facsimile or otherwise) a copy of an executed notice of conversion in the form attached hereto as <u>Exhibit I</u> and specifying the number of shares of Series E Preferred Stock to be converted on such Conversion Date (the "**Conversion Notice**"). Conversion Notices delivered either: (i) after 4:00 p.m. on any Trading Day, or (ii) on a non-Trading Day, shall be deemed delivered on the next Trading Day. The Holder shall calculate and state in the Conversion Notice the Conversion Amount, the Conversion Price and the number of Conversion Shares issuable pursuant to <u>Section 6(b)</u> hereof. On or before the first Trading Day following the date of a Conversion Notice (in each case, the "**Conversion Date**"), the Corporation shall transmit to the Holder by facsimile or otherwise an acknowledgment, substantially in the form attached hereto in <u>Exhibit I</u>, of receipt of such Conversion Notice, and the Corporation shall deliver to the Corporation's transfer agent ("the **Transfer Agent**") an instruction to issue such shares of Common Stock as indicated in the Conversion Notice, substantially in the form of <u>Exhibit I</u>, such that on or before the Conversion Date the Corporation, through its Transfer Agent, shall issue such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder. The Person or Persons entitled to receive the shares of Common Stock issuable upon a Conversion of the Conversion Amount shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Book-Entry</u>. Notwithstanding anything to the contrary set forth in this <u>Section 6</u>, in connection with the Conversion of any shares of Series E Preferred Stock in accordance with the terms hereof, the Holder shall not be required to physically surrender to the Corporation any certificate or other instrument evidencing the of shares of Series E Preferred Stock so converted unless (A) the full or remaining number of shares of Series E Preferred Stock represented by the certificate are being converted (in which event such certificate(s) shall be delivered to the Corporation following Conversion thereof as contemplated by <u>Section 6(b)(i</u>) hereof or (B) the Holder has provided the Corporation with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of a certificate or other instrument with respect to shares of Series E Preferred Stock not subject to the Conversion. The Holder shall provide the Corporation with written partial releases relating to all Conversions of the Conversion Amount. Each of the Holder and the Corporation shall maintain records showing the number of shares of Series E Preferred Stock converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Corporation, so as not to require physical surrender of any certificate with respect to the shares of Series E Preferred Stock upon any Conversion until the full or remaining number of shares of Series E Preferred Stock represented by such certificate has been converted. A Holder and any transferee or assignee, by acceptance of a certificate, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of any shares of Series E Preferred Stock, the number of shares of Series E Preferred Stock represented by such certificate may be less than the number of shares of Series E Preferred Stock stated on the face thereof. Each certificate for shares of Series E Preferred Stock shall bear the following legend:

ANY TRANSFEREE OR ASSIGNEE OF THIS CERTIFICATE SHOULD CAREFULLY REVIEW THE TERMS OF THE CORPORATION'S CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES E PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE, INCLUDING SECTION 6(d)(ii) THEREOF. THE NUMBER OF SHARES OF SERIES E PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF SHARES OF SERIES E PREFERRED STOCK STATED ON THE FACE HEREOF PURSUANT TO SECTION 6(d)(ii) OF THE CERTIFICATE OF DESIGNATIONS RELATING TO THE SHARES OF SERIES E PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Issuance of Shares Not in Dispute</u>. In the event of a dispute as to the number of shares of Common Stock issuable to a Holder in connection with a Conversion or an adjustment to the number of Conversion Shares to be delivered, the Corporation shall issue to the Holder the number of shares of Common Stock not in dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Beneficial Ownership Limitation.</u> Notwithstanding anything herein to the contrary, the Corporation shall not affect any conversion of the Series E Preferred Stock, and a holder shall not have the right to convert any portion of the Series E Preferred Stock, to the extent that, after giving effect to an attempted conversion set forth on an applicable conversion notice, such holder (together with such holder's affiliates, and any other Person whose beneficial ownership of Common Stock would be aggregated with the holder's for purposes of Section 13(d) of the Exchange Act and the applicable regulations of the Securities and Commission (the "**Commission**"), including any "group" of which the holder is a member) would beneficially own a number of shares of Common Stock in excess of the Beneficial Ownership Limitation (as defined below); provided, however, that the Beneficial Ownership Limitation shall not apply with respect to the issuance of shares of Common Stock upon conversion of Series E Preferred Stock in connection with, and from immediately prior to the consummation of, a Change of Control Event (as defined herein) in which the Corporation is not the surviving entity to the extent that the number of shares beneficially owned in a successor entity to the Corporation after giving effect to such Change of Control Event (the "**Successor Entity**") by the holder, its affiliates and any group of which the holder is a member immediately following consummation of such Change of Control Event would not exceed the Maximum Percentage (as defined below) of any class of equity securities registered under the Exchange Act of the Successor Entity or of a surviving entity's parent. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such holder and its affiliates and any group of which the holder is a member shall include the number of shares of Common Stock issuable upon conversion of the Series E Preferred Stock subject to the conversion notice with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon (A) conversion of the remaining, unconverted Series E Preferred Stock beneficially owned by such holder or any of its affiliates or any member of any group of which the holder is a member, and (B) exercise or conversion of the unexercised or unconverted portion of any other Common Stock Equivalents beneficially owned by such holder or any of its affiliates or any member of any group of which the holder is a member that are subject to a limitation on conversion or exercise similar to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this Section 6, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the applicable regulations of the Commission. For purposes of this Section 6, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following: (A) the Corporation's most recent periodic or annual filing with the Commission, as the case may be, (B) a more recent public announcement by the Corporation or (C) a more recent notice by the Corporation or the Corporation's transfer agent to the holder setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a holder (which may be by electronic mail), the Corporation shall, within one (1) Business Day thereof, confirm orally and in writing to such holder (which may be by electronic mail) the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to any actual conversion or exercise of securities of the Corporation, including shares of Series E Preferred Stock, by such holder or any of its affiliates or any member of any group of which the holder is a member since the date as of which such number of outstanding shares of Common Stock was last publicly reported or confirmed to the holder. The "**Beneficial Ownership Limitation**" shall be **9.99**% (as such percentage, upon not less than 61 days' prior notice to the Corporation, may be increased or decreased pursuant to the following sentence, the "**Maximum Percentage**") of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock pursuant to such conversion notice (to the extent permitted pursuant to this Section 6). A holder may from time to time increase or decrease the Maximum Percentage of the Beneficial Ownership Limitation to any other percentage; provided, that any such increase or decrease (i) will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Corporation and (ii) will apply only to such holder. A purchaser of shares of Series E Preferred Stock may waive the application of the Beneficial Ownership Limitation as it applies to such Person altogether by providing the Corporation with notice of such waiver prior to the shares of Series E Preferred Stock being issued to such Person. The Corporation shall be entitled to rely on representations made to it by a holder in any conversion notice regarding its Beneficial Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Adjustments of the Conversion Price</u>. The Conversion Price of the Series E Preferred Stock shall be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Adjustments for Recapitalization</u>. If at any time or from time to time there shall be a recapitalization of the Common Stock, provision shall be made so that the Holders shall thereafter be entitled to receive upon conversion of the Series E Preferred Stock the number of shares of stock or other securities or property of the Corporation or otherwise, to which a holder of Common Stock deliverable upon conversion would have been entitled on such recapitalization. In any such case, appropriate adjustment shall be made in the application of the provisions of this <u>Section 6</u> with respect to the rights of the Holders after the recapitalization to the end that the provisions of this <u>Section 6</u> (including, without limitation, provisions for adjustments of the Conversion Price and the number of shares of Common Stock issuable upon conversion of the Series E Preferred Stock) shall be applicable after that event as nearly equivalent as may be practicable.

&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>Adjustment for Stock Splits and Combinations.</u> If the Corporation shall at any time or from time to time after the Date of Issuance effect a subdivision of the outstanding Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of shares of Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase in the aggregate number of shares of Common Stock outstanding. If the Corporation shall at any time or from time to time after the Date of Issuance combine the outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of shares of Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Adjustments for Distribution</u>. In addition to any adjustments pursuant to <u>Section 6(d)</u> hereof, in the event the Corporation shall declare a distribution payable in Common Stock, Common Stock Equivalents or other securities of the Corporation, any Subsidiary or any other Persons, evidences of indebtedness issued by the Corporation, any Subsidiary or other Persons, assets (or rights to acquire assets), or options, rights or other property not referred to in <u>Section 6(e)</u> hereof to the holders of Common Stock, in each case whether by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (each, a "**Distribution**"), then, in each such case for the purpose of this <u>Section 6(d)</u>, the Holders shall be entitled to a proportionate share of any such Distribution as though they were the holders of the number of shares of Common Stock of the Corporation into which their shares of Series E Preferred Stock are convertible as of the record date fixed for the determination of the holders of Common Stock of the Corporation entitled to receive such Distribution.

&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>Adjustment for Reorganization or Reclassification</u>. If any capital reorganization or reclassification of the capital stock of the Corporation or a Change of Control Event, shall be effected while any shares of Series E Preferred Stock are outstanding in such a manner that holders of shares of Common Stock shall be entitled to receive stock, securities or assets with respect to or in exchange for Common Stock, then, as a condition of such reorganization, reclassification, or Change of Control Event, lawful and adequate provision shall be made whereby each Holder who has not received the amounts to be distributed to such holder in accordance with this Certificate shall thereafter have the right to receive upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore receivable upon conversion of Series E Preferred Stock, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such Common Stock immediately theretofore so receivable had such reorganization, reclassification or Change of Control Event not taken place, and in such case appropriate provision shall be made with respect to the rights and interests of the Holders to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Conversion Price, Conversion Rate and the number of shares of Common Stock issuable upon conversion of the Series E Preferred Stock) shall thereafter be applicable, as nearly as may be possible, in relation to any shares of stock, securities or assets thereafter deliverable upon the conversion of such shares of Series E Preferred Stock. Prior to or simultaneously with the consummation of any such reorganization, reclassification or Change of Control Event, the survivor or successor corporation (if other than the Corporation) resulting from such reorganization, reclassification or Change of Control Event shall assume by written instrument executed and mailed or delivered to each Holder, the obligation to deliver to such Holders such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to receive, and containing the express assumption by such successor corporation of the due and punctual performance and observance of every provision of this Certificate to be performed and observed by the Corporation and of all liabilities and obligations of the Corporation hereunder with respect to the Series E Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Good Faith Assistance</u>. The Corporation will not, by amendment of its Articles of Incorporation or Bylaws or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Corporation, but will at all times in good faith assist in the carrying out of all the provisions of this <u>Section 6</u> and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the Holders against impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notice of Record Taking</u>. In the event of any taking by the Corporation of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right, the Corporation shall mail to each Holder, at least ten (10) days prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reservation of Shares</u>. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of the Series E Preferred Stock, 100% of the number of shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Series E Preferred Stock (the "**Required Reserve Amount**"); and if at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to enable the Corporation to satisfy its obligation to have available for issuance upon conversion of the Series E Preferred Stock at least a number of shares of Common Stock equal to the Required Reserve Amount, then, in addition to such other remedies as shall be available to the Holder, the Corporation will as promptly as reasonably practicable take all such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, using its best efforts to obtain the requisite stockholder approval of any necessary amendment to these provisions as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Payment of Taxes</u>. The Corporation shall pay all documentary, stamp or other transactional taxes (exclusive of income taxes) attributable to the issuance or delivery of shares of capital stock of the Corporation upon conversion of any shares of Series E Preferred Stock; <u>provided</u>, <u>however</u>, that the Corporation shall not be required to pay any taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificate for such shares in a name other than that of the Holder of the shares of Series E Preferred Stock in respect of which such shares are being issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Status of Shares</u>. All shares of Common Stock that may be issued in connection with the conversion provisions set forth herein will, upon issuance by the Corporation, be validly issued, fully paid and non-assessable and free from all taxes, liens or charges with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Conversion Disputes</u>. In the case of any dispute with respect to a Conversion, including a dispute relating to the calculation of the Conversion Price, the Conversion Amount or the number of Conversion Shares to be issued in a Conversion, the Corporation shall promptly issue such number of shares of Common Stock in accordance with <u>Section 6(d)(iii)</u> above as are not disputed. If such dispute is not promptly resolved by discussion between the relevant Holder and the Corporation, the Corporation shall submit the disputed calculations to an independent outside accountant via facsimile within ten (10) Business Days of receipt of notice of such dispute. The accountant, at the Corporation's sole expense, shall promptly audit the calculations and notify the Corporation and the holder of the results no later than ten (10) Business Days from the date it receives the disputed calculations. The accountant's calculation shall be deemed conclusive, absent manifest error. The Corporation shall then issue the appropriate number of shares of Common Stock in accordance with subparagraph (c) above. If the accountant determines the Corporation's calculations are correct, the holder shall reimburse the Corporation for the accountant's expense.

**Section 7. Record Holders.** The Corporation and its transfer agent shall deem and treat the record Holder of any shares of Series E Preferred Stock as the true and lawful owner thereof for all purposes, and neither the Corporation nor its transfer agent shall be affected by any notice to the contrary.

 ****

 ****

**Section 8. Required Redemptions. The Corporation shall, upon occurrence of each of the events set forth below (each, a "Redemption Triggering Event") redeem outstanding shares of Series E Preferred Stock in cash as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the Corporation's receipt of a cumulative total of not less than $10 million in net proceeds from the issuance of new equity securities, the Corporation shall redeem outstanding shares of Series E Preferred Stock having $1 million in total Stated Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Corporation's receipt of a cumulative total of not less than $20 million in net proceeds from the issuance of new equity securities, the Corporation shall redeem additional outstanding shares of Series E Preferred Stock having $2 million in total Stated Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the Corporation's receipt of a cumulative total of not less than $30 million in net proceeds from the issuance of new equity securities, the Corporation shall redeem additional outstanding shares of Series E Preferred Stock having $2 million in total Stated Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the Corporation's receipt of a cumulative total of not less than $40 million in net proceeds from the issuance of new equity securities, the Corporation shall redeem all remaining issued and outstanding shares of Series E Preferred Stock at the total Stated Value thereof.

Redemption payments shall be paid in cash to the persons who are the holders of record of the Series E Preferred Stock at the close of business on the date of each Redemption Triggering Event. All redemption payments shall be remitted no later than five (5) business days following the applicable Redemption Triggering Event. All redemption payments shall include, in addition to the Stated Value of the shares of Series E Preferred Stock to be redeemed, an additional amount equal to the accrued but unpaid dividends thereon. In the event that, on the date of any Redemption Triggering Event, there is more than one Holder of Series E Preferred Stock, redemptions by the Corporation shall be made *pro rata* so that the amounts Series E Preferred Stock redeemed from each such Holder shall bear to each other the same ratio as the number of shares of Series E Preferred Stock owned by such Holders on the date of the Redemption Triggering Event.

**Section 9. Optional Redemptions. Subject to the Holder's conversion right as set forth below, the Corporation may, at its sole discretion, redeem, in whole or in one or more parts, outstanding shares of Series E Preferred Stock in cash by payment to the Holder of the Stated Value thereof, plus all accrued but unpaid dividends thereon (the "Optional Redemption Amount"). The Corporation may exercise its right to require redemption under this Section 10 by delivering a written notice thereof by facsimile or electronic mail or overnight courier to all, but not less than all, of the Holders of shares of Series E Preferred Stock then outstanding (the "Optional Redemption Notice" and the date all of the Holders received such notice is referred to as the "Optional Redemption Notice Date"). The Optional Redemption Notice shall: (x) state the date on which the Optional Redemption shall occur (the "Optional Redemption Date") which date shall not be less than ten (10) Trading Days following the Optional Redemption Notice Date. At any time prior to the date on which the Corporation has remitted to the Holders the Optional Redemption Amount, such shares of Series E Preferred Stock may be converted, in whole or in part, by any Holder into shares of Common Stock pursuant to Section 6 of this Certificate. All shares of Series E Preferred Stock converted by a Holder after the Optional Redemption Notice Date shall reduce the Optional Redemption Amount of the Preferred Shares of such Holder to be redeemed on the Optional Redemption Date. In the event that, on any Optional Redemption Notice Date: (i) there is more than one Holder of Series E Preferred Stock; and (ii) the Corporation is exercising its right to redeem less than all of the outstanding shares of Series E Preferred Stock, then redemptions by the Corporation shall be made pro rata so that the amounts Series E Preferred Stock redeemed from each such Holder shall bear to each other the same ratio as the number of shares of Series E Preferred Stock owned by such Holders on the Optional Redemption Notice Date.**

**Section 10. Leak-out. At all times prior to the Ascent Minimum Recovery Date, all Holders of Series E Preferred Stock collectively shall not, on any Trading Day, sell a number of Conversion Shares, which when aggregated with any other shares of Common Stock sold by Holders of Series E Preferred Stock on the same Trading Day, equals more than 2.5% of the total daily share volume as reported by the Principal Market. At all times subsequent to the Ascent Minimum Recovery Date, all Holders of Series E Preferred Stock collectively shall not, on any Trading Day, sell a number of Conversion Shares, which when aggregated with any other shares of Common Stock sold by Holders of Series E Preferred Stock on the same Trading Day, equals more than 7.5% of the total daily share volume as reported by the Principal Market.** 

**Section 11. [Reserved].**

**Section 12. Notice. Any notice required by the provisions herein to be given to the Holders of shares of Series E Preferred Stock shall be deemed given upon hand delivery, one (1) Business Day after the notice is sent by overnight courier or three (3) Business Days after the notice is deposited in the United States mail, postage prepaid, and addressed to each holder of record at his address appearing on the stock books of the Corporation. The Corporation shall provide each Holder with prompt written notice of all actions taken pursuant to the terms of this Certificate of Designations, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Corporation shall give written notice to each Holder (i) promptly following any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least ten (10) days prior to the date on which the Corporation closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect to any grant, issuances, or sales of any Common Stock, Common Stock Equivalents, assets or other property to all holders of shares of Common Stock as a class or (C) for determining rights to vote with respect to any matter on which the holders of Common Stock shall have the right to vote.**

**Section 13. Cancellation of Series E Preferred Stock. In the event any shares of Series E Preferred Stock shall be converted pursuant to <u>Section 6</u> or otherwise reacquired by the Corporation, the shares so converted or reacquired shall be canceled and may not be reissued. The Articles of Incorporation of the Corporation may be appropriately amended from time to time to effect the corresponding reduction in the Corporation's authorized capital stock.**

**Section 14. Sinking Fund. The Series E Preferred Stock shall not be entitled to the benefits of any retirement or sinking fund.**

**Section 15. Waiver. Any right or privilege of the Series E Preferred Stock may be waived (either generally or in a particular instance and either retroactively or prospectively) by and only by the written consent of the Corporation and the Majority Holders and any such waiver shall be binding upon each holder of Series E Preferred Stock or other securities exercisable for or convertible into Series E Preferred Stock. No failure or delay on the part of a Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.**

**Section 16. Lost or Stolen Certificates. Upon receipt by the Corporation of evidence reasonably satisfactory to the Corporation of the loss, theft, destruction or mutilation of any certificates representing Series E Preferred Stock (as to which a written certification and indemnification shall suffice as such evidence), and, in the case of loss, theft or destruction, of an indemnification undertaking by the applicable Holder to the Corporation in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of the certificate(s), the Corporation shall execute and deliver new certificate(s) of like tenor and date.**

**Section 17. Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Certificate of Designations shall be cumulative and in addition to all other remedies available under this Certificate of Designations or by contract, at law or in equity (including a decree of specific performance and/or other injunctive relief), and no remedy contained herein shall be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall limit any Holder's right to pursue actual and consequential damages for any failure by the Corporation to comply with the terms of this Certificate of Designations. The Corporation covenants to each Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall be the amounts to be received by a Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Corporation (or the performance thereof). The Corporation acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holders and that the remedy at law for any such breach may be inadequate. The Corporation therefore agrees that, in the event of any such breach or threatened breach, each Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required, to the extent permitted by applicable law. The Corporation shall provide all information and documentation to a Holder that is requested by such Holder to enable such Holder to confirm the Corporation's compliance with the terms and conditions of this Certificate of Designations.**

**Section 18. Non-circumvention. The Corporation hereby covenants and agrees that the Corporation will not, by amendment of its Articles of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Certificate of Designations, and will at all times in good faith carry out all the provisions of this Certificate of Designations and take all action as may be required to protect the rights of the Holders. Without limiting the generality of the foregoing or any other provision of this Certificate of Designations, the Corporation (i) shall not increase the par value of any shares of Common Stock receivable upon the conversion of any shares of Series E Preferred Stock above the Stated Value then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Corporation may validly and legally issue fully paid and non-assessable shares of Common Stock upon the conversion of Series E Preferred Stock and (iii) shall, so long as any shares of Series E Preferred Stock are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the conversion of the Series E Preferred Stock, the Required Reserve Amount.**

**Section 19. Transfer of Series E Preferred Stock. A Holder may transfer some or all of its shares of Series E Preferred Stock without the consent of the Corporation. Any such transfer shall comply with all applicable securities laws.**

**Section 20. Register. The Corporation shall maintain at its principal executive offices (or such other office or agency of the Corporation as it may designate by notice to the Holders), a register for the shares of Series E Preferred Stock, in which the Corporation shall record the name, address and facsimile number of the Persons in whose name the shares of Series E Preferred Stock have been issued, as well as the name and address of each transferee. The Corporation may treat the Person in whose name any shares of Series E Preferred Stock is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any properly made transfers.**

**Section 21. Amendment. This Certificate of Designations or any provision hereof may be amended by obtaining the affirmative vote at a meeting duly called for such purpose, or by written consent without a meeting in accordance with the NRS, of the Majority Holders, voting separately as a single class, and with such other stockholder approval, if any, as may then be required pursuant to the NRS and the Corporation's Articles of Incorporation and Bylaws.**

**Section 22. Severability. If any provision of this Certificate of Designations is invalid, illegal or unenforceable, the balance of this Certificate of Designations shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law.**

**Section 23. Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.**

**Section 24. Headings. The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designations and shall not be deemed to limit or affect any of the provisions hereof.**

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, TG-17, Inc. has caused this Certificate of Designations to be signed by the undersigned as of the date first written above.

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| | |
|:---|:---|
| **TG-17, INC.** | **TG-17, INC.** |
| By: | <u>/s/ Doron Kempel</u> |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

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[*Signature Page to Series E Certificate of Designation*]

**<u>EXHIBIT I</u>**

**CONVERSION NOTICE**

Reference is made to that certain Certificate of Designations of Rights and Preferences of the Series E Convertible Preferred Stock (the "**Certificate**") of TG-17, Inc., a Nevada corporation (the "**Corporation**"). In accordance with and pursuant to the Certificate, the undersigned hereby elects to convert the Conversion Amount (as defined in the Certificate) indicated below into shares of the Corporation's Common Stock, $0.0001 par value per share (the "**Common Stock**"), at the Conversion Price (as defined in the Certificate, as of the date specified below). Capitalized terms not defined herein shall have the meaning as set forth in the Certificate.

Date of this Conversion Notice: _____________

Date of Conversion (the date that is one Business Day after the date of this Conversion Notice): ___________________

Number of Shares of Series E Preferred Stock to be Converted: ___________________

Stated Value of Each Share of Series E Preferred Stock: ___________________

Accrued and Accumulated and Unpaid Dividends on such Shares: ___________________

Aggregate Conversion Amount: ____________

Conversion Price: ___________________

Aggregate number of shares of Common Stock to be issued to the undersigned on the Date of Conversion (Aggregate Conversion Amount divided by the Conversion Price): __________________

**__________________________________ ("Holder")**

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| |
|:---|
| By: |
| Name: |
| Title: |

---

**ACKNOWLEDGMENT**

Tg-17, Inc. hereby acknowledges this Conversion Notice and hereby directs VStock Transfer LLC, to issue the above indicated number of shares of Common Stock.

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| | |
|:---|:---|
| **TG-17, Inc.** | **TG-17, Inc.** |
| By: | ______________________________ |
| Name: | Doron Kempel |
| Title: | Chief Financial Officer |

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## Exhibit 3.11

**Exhibit 3.11**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ARTICLE I OFFICES** | **2** |
| **ARTICLE II MEETINGS OF THE STOCKHOLDERS** | **2** |
| **ARTICLE III BOARD OF DIRECTORS** | **14** |
| **ARTICLE IV OFFICERS** | **17** |
| **ARTICLE V INDEMNIFICATION** | **18** |
| **ARTICLE VI STOCK CERTIFICATES AND THEIR TRANSFER** | **19** |
| **ARTICLE VII GENERAL PROVISIONS** | **20** |
| **ARTICLE VIII AMENDMENTS** | **21** |

---

**AMENDED AND RESTATED BY-LAWS**

**OF**

**TG-17, INC.**

**ARTICLE I<br> Offices**

**Section 1.01 Registered Office.** The registered office of TG-17, Inc. (the "**Corporation**") will be fixed in the articles of incorporation of the Corporation, as amended from time to time (the "**Articles of Incorporation**").

**Section 1.02 Other Offices.** The Corporation may have other offices, both within and without the State of Nevada, as the board of directors of the Corporation (the "**Board of Directors**") from time to time shall determine or the business of the Corporation may require.

**ARTICLE II<br> Meetings of the Stockholders**

**Section 2.01 Place of Meetings; Meetings by Remote Communications.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Place of Meetings.** All meetings of the stockholders shall be held at such place, if any, either within or outside the State of Nevada, or by means of remote communication, as shall be designated from time to time by resolution of the Board of Directors and stated in the notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Meetings by Remote Communications.** If authorized by the Board of Directors in its sole discretion, and subject to such guidelines and procedures as the Board of Directors may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication: (i) participate in a meeting of stockholders, and (ii) be deemed present in person and vote at a meeting of stockholders, whether such meeting is to be held at a designated place or solely by means of remote communication; provided that (A) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder; (B) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (C) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation.

**Section 2.02** **Annual Meeting.** The annual meeting of the stockholders for the election of directors and for the transaction of such other business as may properly come before the meeting in accordance with these by-laws shall be held at such date, time, and place, if any, as shall be determined by the Board of Directors and stated in the notice of the meeting.

**Section 2.03 Special Meetings.** Special meetings of stockholders for any purpose or purposes shall be called only by the Board of Directors, the Chair of the Board (as defined in <u>Section 3.17</u>) or the Chief Executive Officer.

**Section 2.04** **Adjournments.** Any meeting of the stockholders, annual or special, may be adjourned from time to time to reconvene at the same or some other place, if any, and notice need not be given of any such adjourned meeting if the time, place, if any, thereof and the means of remote communication, if any, are provided in accordance with applicable law. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date is fixed for stockholders entitled to vote at the adjourned meeting, the Board of Directors shall fix a new record date for notice of the adjourned meeting and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at the adjourned meeting as of the record date fixed for notice of the adjourned meeting.

**Section 2.05** **Notice of Meetings.** Notice of the place (if any), date, hour, the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to notice of the meeting), and means of remote communication, if any, of every meeting of stockholders shall be given by the Corporation not less than ten (10) days nor more than sixty (60) days before the meeting (unless a different time is specified by law) to every stockholder entitled to vote at the meeting as of the record date for determining the stockholders entitled to notice of the meeting. Notices of special meetings shall also specify the purpose or purposes for which the meeting has been called. Notices of meetings to stockholders may be given by mailing the same, addressed to the stockholder entitled thereto, at such stockholder's mailing address as it appears on the records of the corporation and such notice shall be deemed to be given when deposited in the U.S. mail, postage prepaid. Without limiting the manner by which notices of meetings otherwise may be given effectively to stockholders, any such notice may be given by electronic transmission in accordance with applicable law. Notice of any meeting need not be given to any stockholder who shall, either before or after the meeting, submit a waiver of notice or who shall attend such meeting, except when the stockholder attends for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder so waiving notice of the meeting shall be bound by the proceedings of the meeting in all respects as if due notice thereof had been given.

**Section 2.06 List of Stockholders.** The Corporation shall prepare a complete list of the stockholders entitled to vote at any meeting of stockholders (*provided, however,* if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares of capital stock of the Corporation registered in the name of each stockholder no later than the tenth day before each meeting of the stockholders. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of ten (10) days ending on the day before the meeting date: (a) on a reasonably accessible electronic network, provided that the information required to gain access to such list was provided with the notice of the meeting; or (b) during ordinary business hours, at the principal place of business of the Corporation. Except as provided by applicable law, the stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the stock ledger and the list of stockholders or to vote in person or by proxy at any meeting of stockholders.

**Section 2.07** **Quorum.** Unless otherwise required by law, the Articles of Incorporation, or these by-laws, at each meeting of the stockholders, one-third in voting power of the shares of the Corporation entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum. If, however, such quorum shall not be present or represented at any meeting of the stockholders, then either (a) the chair of the meeting or (b) the stockholders by the affirmative vote of the holders of a majority of the voting power of the stock present in person or represented by proxy at the meeting entitled to vote thereon, shall have power to adjourn the meeting from time to time, in the manner provided in <u>Section 2.04</u>, until a quorum shall be present or represented. A quorum, once established, shall not be broken by the subsequent withdrawal of enough votes to leave less than a quorum. At any such adjourned meeting at which there is a quorum, any business may be transacted that might have been transacted at the meeting originally called.

**Section 2.08 Organization**. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of the stockholders as it shall deem appropriate. At every meeting of the stockholders, the Chair of the Board, or in their absence or inability to act, the Chief Executive Officer (as defined in <u>Section 4.01</u>), or, in their absence or inability to act, the officer or director whom the Board of Directors shall appoint, shall act as chair of, and preside at, the meeting. The Secretary or, in the Secretary's absence or inability to act, the person whom the chair of the meeting shall appoint secretary of the meeting, shall act as secretary of the meeting. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chair of any meeting of the stockholders shall have the right and authority to prescribe such rules, regulations, and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations, or procedures, whether adopted by the Board of Directors or prescribed by the chair of the meeting, may include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the establishment of an agenda or order of business for the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the determination of when the polls shall open and close for any given matter to be voted on at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) rules and procedures for maintaining order at the meeting and the safety of those present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) limitations on attendance at or participation in the meeting to stockholders of record of the corporation, their duly authorized and constituted proxies, or such other persons as the chair of the meeting shall determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) restrictions on entry to the meeting after the time fixed for the commencement thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) limitations on the time allotted to questions or comments by participants.

**Section 2.09 Voting; Proxies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General.** Unless otherwise required by law or provided in the Articles of Incorporation or the certificate of designation for any class of preferred stock, each stockholder shall be entitled to one vote, in person or by proxy, for each share of capital stock held by such stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Election of Directors.** Unless otherwise required by the Articles of Incorporation, the election of directors shall be by written ballot. If authorized by the Board of Directors, such requirement of a written ballot shall be satisfied by a ballot submitted by electronic transmission, provided that any such electronic transmission must either set forth or be submitted with information from which it can be determined that the electronic transmission was authorized by the stockholder or proxy holder. Unless otherwise required by law, the Articles of Incorporation, or these by-laws, the election of directors shall be decided by a majority of the votes cast with respect to a nominee at a meeting of the stockholders for the election of directors, at which a quorum is present, by the holders of stock entitled to vote in the election. For purposes of this <u>Section 2.09(b)</u>, a majority of the votes cast means that the number of shares voted "for" a nominee must exceed the votes cast "against" such nominee's election. If a nominee for director who is not an incumbent director does not receive a majority of the votes cast, the nominee shall not be elected. The Nominating and Corporate Governance Committee shall establish procedures under which a director standing for reelection in an uncontested election must tender a resignation conditioned on the incumbent director's failure to receive a majority of the votes cast. If an incumbent director who is standing for reelection does not receive a majority of the votes cast, the Nominating and Corporate Governance Committee will make a recommendation to the Board of Directors on whether to accept or reject the resignation, or whether other action should be taken. The Board of Directors will act on the committee's recommendation and publicly disclose its decision and the rationale behind it within thirty (30) days from the date of the certification of the election results. The director who fails to receive a majority vote will not participate in the committee's recommendation or the Board of Directors' 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;(c) **Other Matters.** Unless otherwise required by law, the Articles of Incorporation, or these by-laws, any matter, other than the election of directors, properly brought before any meeting of stockholders, at which a quorum is present, shall be decided by the affirmative vote of the majority of shares present in person or represented by proxy at the meeting and entitled to vote on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Proxies.** Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The authorization of a person to act as proxy may be documented, signed, and delivered in accordance with NRS 78.355 of the Nevada Revised Statutes (the "**NRS**") provided that such authorization shall set forth, or be delivered with, information enabling the corporation to determine the identity of the stockholder granting such authorization. A proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy that is not irrevocable by attending the meeting and voting in person or by delivering to the Secretary a revocation of the proxy or a new proxy bearing a later date. Any stockholder soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board of Directors.

**Section 2.10 Inspectors at Meetings of Stockholders.** In advance of any meeting of the stockholders, the Board of Directors shall, appoint one or more inspectors, who may be employees of the Corporation, to act at the meeting or any adjournment thereof and make a written report thereof. The Board of Directors may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of the inspector's duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of their ability. The inspector or inspectors may appoint or retain other persons or entities to assist the inspector or inspectors in the performance of their duties. In determining the validity and counting of proxies and ballots cast at any meeting of stockholders, the inspector or inspectors may consider such information as is permitted by applicable law. No person who is a candidate for office at an election may serve as an inspector at such election. When executing the duties of inspector, the inspector or inspectors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ascertain the number of shares outstanding and the voting power of each;

&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) determine the shares represented at the meeting and the validity of proxies and ballots;

&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) count all votes and ballots;

&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) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certify their determination of the number of shares represented at the meeting and their count of all votes and ballots.

**Section 2.11 Fixing the Record Date.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided, however,* that the Board of Directors may fix a new record date for the determination of stockholders entitled to vote at the adjourned meeting and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for the determination of stockholders entitled to vote therewith at the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion, or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

**Section 2.12 Advance Notice of Stockholder Nominations and Proposals.**

&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) **Annual Meetings.** At a meeting of the stockholders, only such nominations of persons for the election of directors and such other business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, nominations or such other business must 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors or any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) otherwise properly brought before the meeting by or at the direction of the Board of Directors or any committee thereof; 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) otherwise properly brought before an annual meeting by a stockholder who is a stockholder of record of the Corporation at the time such notice of meeting is delivered and at the time of the annual meeting of stockholders, who is entitled to vote at the meeting, and who complies with the notice procedures set forth in this <u>Section 2.12</u>.

In addition, any proposal of business (other than the nomination of persons for election to the Board of Directors) must be a proper matter for stockholder action. For business (including, but not limited to, director nominations) to be properly brought before an annual meeting by a stockholder pursuant to <u>Section 2.12(a)(iii)</u>, the stockholder or stockholders of record intending to propose the business (the "**Proposing Stockholder**") must have given timely notice thereof pursuant to this <u>Section 2.12(a)</u>, in writing to the Secretary even if such matter is already the subject of any notice to the stockholders or Public Disclosure from the Board of Directors. To be timely, a Proposing Stockholder's notice for an annual meeting must be delivered to the Secretary at the principal executive offices of the Corporation: (x) not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, in advance of the anniversary of the previous year's annual meeting if such meeting is to be held on a day which is not more than thirty (30) days in advance of the anniversary of the previous year's annual meeting or not later than sixty (60) days after the anniversary of the previous year's annual meeting; and (y) with respect to any other annual meeting of stockholders, including in the event that no annual meeting was held in the previous year, not earlier than the close of business on the 120th day prior to the annual meeting and not later than the close of business on the later of: (1) the 90th day prior to the annual meeting and (2) the close of business on the tenth day following the first date of Public Disclosure of the date of such meeting. In no event will the adjournment or postponement of an annual meeting (or the public announcement thereof) for which notice has already been given or for which a public announcement of the meeting date has already been made, commence a new notice time period (or extend any notice time period) for the giving of a stockholder's notice as described above. For the purposes of this <u>Section 2.12</u>, "**Public Disclosure**" shall mean a disclosure made in a press release reported by the Dow Jones News Services, The Associated Press, or a comparable national news service or in a document filed by the Corporation with the Securities and Exchange Commission ("**SEC**") pursuant to Section 13, 14, or 15(d) of the Exchange Act. The number of nominees a Proposing Stockholder may nominate for election at an annual meeting (or in the case of a Proposing Stockholder giving the notice on behalf of a beneficial owner, the number of nominees a Proposing Stockholder may nominate for election at the annual meeting on behalf of the beneficial owner) shall not exceed the number of directors to be elected by stockholders generally at such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Stockholder Nominations.** For the nomination of any person or persons for election to the Board of Directors pursuant to <u>Section 2.12(a)(iii)</u> or <u>Section 2.12(d)</u>, a Proposing Stockholder's timely notice to the Secretary (in accordance with the time periods for delivery of timely notice as set forth in this <u>Section 2.12</u>) shall set forth or include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name, age, business address, and residence address of each nominee proposed in such notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the principal occupation or employment of each such nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the class and number of shares of capital stock of the Corporation which are owned of record and beneficially by each such nominee (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other information concerning each such nominee as would be required to be disclosed in a proxy statement soliciting proxies for the election of such nominee as a director in an election contest (even if an election contest is not involved) or that is otherwise required to be disclosed, under Section 14(a) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a written questionnaire with respect to the background, qualification, and independence of such proposed nominee, completed and executed by such proposed nominee, in the form to be provided by the Secretary upon written request of any stockholder of record within 10 days of such request, and a written statement and agreement executed by each such nominee acknowledging that such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) consents to being named as a nominee in the proxy statement and form of proxy relating to the meeting at which directors are to be elected and to serving as a director if elected,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) intends to serve as a director for the full term for which such person is standing for election, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) makes the following representations: (1) that the director nominee has read and agrees to adhere to the Corporation's Code of Ethics and Business Conduct and Insider Trading Policy, and any other of the Corporation's policies or guidelines applicable to directors, including with regard to securities trading, and (2) that the director nominee is not and will not become a party to any agreement, arrangement, or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any nomination or other business proposal, issue, or question (a "**Voting Commitment**") that has not been disclosed to the Corporation or any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law, and (3) that the director nominee is not and will not become a party to any agreement, arrangement, or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement, or indemnification in connection with such person's nomination for director or service as a director of the Corporation ("**Compensation Arrangement**") that has not been disclosed to the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) as to the Proposing Stockholder, the beneficial owner, if any on whose behalf the nomination or other business proposal is being made, and if such Proposing Stockholder or beneficial owner is an entity, as to each director, executive, managing member, or control person of such entity (any such individual or control person, a "**Control Person**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and address of the Proposing Stockholder as they appear on the Corporation's books and of the beneficial owner, if any, on whose behalf the nomination or other business proposal is being 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;&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 class and number of shares of the Corporation which are owned as of the date of the Proposing Stockholder's notice by the Proposing Stockholder (beneficially and of record), the beneficial owner, if any, on whose behalf the nomination or other business proposal is being made, and any Control Person, and a representation that the Proposing Stockholder will notify the Corporation in writing of the class and number of such shares owned of record and beneficially by the Proposing Stockholder, the beneficial owner, and any Control Person as of the record date for the meeting within five (5) business days after the record date for such meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of any agreement, arrangement, or understanding with respect to such nomination or other business proposal between or among the Proposing Stockholder, the beneficial owner, if any, on whose behalf the nomination or other business proposal is being made, and any Control Person; including without limitation (1) any agreements that would be required to be disclosed pursuant to Item 5 or Item 6 of Schedule 13D under the Exchange Act and (2) any plans or proposals which relate to or would result in any action that would be required to be disclosed pursuant to Item 4 of Schedule 13D under the Exchange Act (in each case, regardless of whether the requirement to file a Schedule 13D under the Exchange Act is applicable), and a representation that the Proposing Stockholder will notify the Corporation in writing of any such agreement, arrangement, or understanding in effect as of the record date for the meeting within five (5) business days after the record date for such meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a description of any agreement, arrangement, or understanding (including any derivative or short positions, profit interests, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the Proposing Stockholder's notice by, or on behalf of, the Proposing Stockholder, the beneficial owner, if any, on whose behalf the nomination or other business proposal is being made, and any Control Person, whether or not such instrument or right shall be subject to settlement in underlying shares of capital stock of the Corporation, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of the Proposing Stockholder, beneficial owner, or any of Control Person with respect to shares of stock of the Corporation, and a representation that the Proposing Stockholder will notify the Corporation in writing of any such agreement, arrangement, or understanding in effect as of the record date for the meeting within five (5) business days after the record date for such meeting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a representation that the Proposing Stockholder is a holder of record of shares of the Corporation entitled to vote at the meeting and intends to appear in person at the meeting (or a qualified representative thereof intends to appear in person at the meeting) to nominate the person or persons specified in the notice or propose such other business proposal,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a representation whether the Proposing Stockholder, the beneficial owner, if any, on whose behalf the nomination or other business proposal is being made, any Control Person, or any other participant (as defined in Item 4 of Schedule 14A under the Exchange Act) will engage in a solicitation with respect to such nomination or other business proposal and, if so, the name of each participant in such solicitation; and a statement: (1) confirming whether, the stockholder, beneficial owner, or any Control Person intends, or is part of a group that (x) in the case of a nomination, intends to solicit proxies or votes in support of such director nominees or nomination in accordance with Rule 14a-19 under the Exchange Act, including but not limited to, delivering a proxy statement and form of proxy and soliciting at least the percentage of the voting power of all of the shares of the stock of the Corporation required under applicable law to elect the nominee, and (y) in the case of a business proposal, intends to deliver a proxy statement and form of proxy and solicit at least the percentage of voting power of all of the shares of stock of the Corporation required under applicable law to approve the proposal; and (2) whether or not any such stockholder, beneficial owner, or any Control Person intends to otherwise solicit proxies from stockholders in support of such nomination or other business proposal, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) the names and addresses of other stockholders (including beneficial and record owners and Control Persons) known by the Proposing Stockholder to support financially the nomination or other business proposal, and to the extent known, the class and number of all shares of the Corporation's capital stock owned beneficially or of record by such other stockholders (including beneficial and record owners and Control Persons), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any other information relating to such Proposing Stockholder and beneficial owner, if any, on whose behalf the nomination or other business proposal is being made, and any Control Person that is required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the business proposal and/or for the election of directors in an election contest pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder.

The Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Other Stockholder Proposals.** For all business other than director nominations, a Proposing Stockholder's timely notice to the Secretary (in accordance with the time periods for delivery of timely notice as set forth in this <u>Section 2.12</u>) shall set forth as to each matter the Proposing Stockholder proposes to bring before the annual meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a brief description of the business desired to be brought before the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the reasons for conducting such business at the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the text of any proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these by-laws, the language of the proposed amendment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any substantial interest (within the meaning of Item 5 of Schedule 14A under the Exchange Act) in such business of such Proposing Stockholder, beneficial owner, if any, on whose behalf the business is being proposed, and any Control Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other information relating to such Proposing Stockholder, beneficial owner, if any, on whose behalf the proposal is being made, any Control Person or any other participants (as defined in Item 4 of Schedule 14A under the Exchange Act) required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the proposal and pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a description of all agreements, arrangements, or understandings between or among such stockholder, the beneficial owner, if any, on whose behalf the proposal is being made, and any Control Person and any other person or persons (including their names) in connection with the proposal of such business and any material interest of such stockholder, beneficial owner, or any Control Person, in such business, including any anticipated benefit therefrom to such stockholder, beneficial owner, or Control Person; 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;(vii) all of the other information required by <u>Section 2.12(b)(vi)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Special Meetings of Stockholders.** Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders called by the Board of Directors at which directors are to be elected pursuant to the Corporation's notice of meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the Board of Directors or any committee thereof; 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;(ii) provided that the Board of Directors has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who is a stockholder of record at the time the notice provided for in this <u>Section 2.12(d)</u> is delivered to the Secretary and at the time of the special meeting of stockholders, who is entitled to vote at the meeting, and upon such election and who complies with the notice procedures set forth in this <u>Section 2.12</u>.

In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder entitled to vote in such election of directors may nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation's notice of meeting, if such stockholder delivers a stockholder's notice that complies with the requirements of <u>Section 2.12(b)</u> to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120th day prior to such special meeting and not later than the close of business on the later of: (x) the 90th day prior to such special meeting; or (y) the tenth (10th) day following the date of the first Public Disclosure of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. In no event shall an adjournment or postponement (or the public announcement thereof) commence a new time period (or extend any notice time period) for the giving of a stockholder's notice as described above. The number of nominees a stockholder may nominate for election at a special meeting (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of the beneficial owner) shall not exceed the number of directors to be elected by stockholders generally at such special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Effect of Noncompliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Only such persons who are nominated in accordance with the procedures set forth in this <u>Section 2.12</u> shall be eligible to be elected at any meeting of stockholders of the Corporation to serve as directors and only such other business shall be conducted at a meeting as shall be brought before the meeting in accordance with the procedures set forth in this <u>Section 2.12</u>. The chair of the meeting, as determined pursuant to <u>Section 2.08</u>, shall have the power and duty to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this <u>Section 2.12</u>. If any proposed nomination was not made or proposed in compliance with this <u>Section 2.12</u>, or other business was not made or proposed in compliance with this <u>Section 2.12</u>, or if any stockholder, beneficial owner, Control Person, or any nominee for director acted contrary to any representation or other agreement required by this <u>Section 2.12</u> (or with any law, rule, or regulation identified therein) or provided false or misleading information to the Corporation, then except as otherwise required by law, the chair of the meeting shall have the power and duty to declare that such nomination shall be disregarded or that such proposed other business shall not be transacted. Notwithstanding anything in these by-laws to the contrary, unless otherwise required by law, if a Proposing Stockholder intending to propose business or make nominations at an annual meeting or propose a nomination at a special meeting pursuant to this <u>Section 2.12</u> does not comply with or provide the information required under this <u>Section 2.12</u> to the Corporation, including the updated information required by <u>Section 2.12(b)(vi)(B)</u>, <u>Section 2.12(b)(vi)(C)</u>, and <u>Section 2.12(b)(vi)(D)</u> within five (5) business days after the record date for such meeting or the evidence required by <u>Section 2.12(e)(ii)</u> by no later than five business days prior to the applicable meeting or the Proposing Stockholder (or a qualified representative of the Proposing Stockholder) does not appear at the meeting to present the proposed business or nominations, such business or nominations shall not be considered, notwithstanding that proxies in respect of such business or nominations may have been received by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any stockholder provides notice pursuant to Rule 14a-19 under the Exchange Act, such stockholder shall deliver to the Corporation, no later than five (5) business days prior to the applicable meeting, reasonable evidence that it has met all of the applicable requirements of Rule 14a-19 under the Exchange Act. Without limiting the other provisions and requirements of this <u>Section 2.12</u>, unless otherwise required by law, if any Proposing Stockholder provides such notice and either (A) fails to comply with the requirements of Rule 14a-19 under the Exchange Act, or (B) fails to timely provide reasonable evidence of such compliance as required by this <u>Section 2.12(e)(ii)</u>, then the Proposing Stockholder's nomination of each such proposed nominee shall be disregarded, notwithstanding that the nominee is included as a nominee in the Corporation's proxy statement, notice of meeting, or other proxy materials for any annual meeting (or any supplement thereto) and the Corporation shall disregard any proxies or votes solicited for such stockholder's nominees.

&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) Rule 14a-8. This <u>Section 2.12</u> shall not apply to a proposal proposed to be made by a stockholder if the stockholder has notified the Corporation of the stockholder's intention to present the proposal at an annual or special meeting only pursuant to and in compliance with Rule 14a-8 under the Exchange Act and such proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for such meeting.

**Section 2.13 Action by Stockholder Consent in Lieu of a Meeting.** Any action required or permitted to be taken by the stockholders of the Corporation may be effected either (a) at a duly called annual or special meeting of the stockholders of Corporation, or (b) by any consent by such stockholders.

**Section 2.14 Notices to the Corporation.** Whenever notice is to be given to the Corporation by a stockholder under any provision of law or of the Articles of Incorporation or these by-laws, such notice shall be delivered to the Secretary at the principal executive offices of the Corporation. If delivered by electronic transmission, the stockholder's notice shall be directed to the Secretary at the electronic mail address or facsimile number, as the case may be, specified in the Corporation's most recent proxy statement.

**ARTICLE III<br> Board of Directors**

**Section 3.01** **General Powers.** The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The Board of Directors may adopt such rules and procedures, not inconsistent with the Articles of Incorporation, these by-laws, or applicable law, as it may deem proper for the conduct of its meetings and the management of the Corporation.

**Section 3.02** **Number; Term of Office.** The total number of directors constituting the Board of Directors shall be determined from time to time by resolution of the Board of Directors. Each director shall hold office until a successor is duly elected and qualified or until the director's earlier death, resignation, disqualification, or removal.

**Section 3.03** **Newly Created Directorships and Vacancies.** Any newly created directorships resulting from an increase in the authorized number of directors and any vacancies occurring in the Board of Directors, shall be filled solely by the affirmative votes of a majority of the remaining members of the Board of Directors, although less than a quorum, or by a sole remaining director. A director so elected shall be elected to hold office until the earlier of the expiration of the term of office of the director whom the director has replaced, a successor is duly elected and qualified, or the earlier of such director's death, resignation, or removal.

**Section 3.04** **Resignation.** Any director may resign at any time by notice given in writing or by electronic transmission to the Corporation. Such resignation shall take effect at the date of receipt of such notice by the Corporation or at such later effective date or upon the happening of an event or events as is therein specified.

**Section 3.05 Removal.** Except as prohibited by applicable law or the Articles of Incorporation and subject to the special rights of the holders of one or more outstanding series of preferred stock of the Corporation to elect directors, the stockholders holding a majority of the shares then entitled to vote at an election of directors may remove any director from office with or without cause.

**Section 3.06** **Fees and Expenses.** Directors shall receive such reasonable fees for their services on the Board of Directors and any committee thereof and such reimbursement of their actual and reasonable expenses as may be fixed or determined by the Board of Directors.

**Section 3.07** **Regular Meetings.** Regular meetings of the Board of Directors may be held without notice at such times and at such places, if any, as may be determined from time to time by the Board of Directors.

**Section 3.08** **Special Meetings.** Special meetings of the Board of Directors may be held at such times and at such places, if any, as may be determined by the Chair of the Board or the Chief Executive Officer on at least 12 hours' notice to each director given by one of the means specified in <u>Section 3.11</u> hereof other than by mail or on at least three (3) days' notice if given by mail.

**Section 3.09** **Telephone Meetings.** Board of Directors or Board of Directors committee meetings may be held by means of telephone conference or other communications equipment by means of which all persons participating in the meeting can hear each other and be heard. Participation by a director in a meeting pursuant to this <u>Section 3.09</u> shall constitute presence in person at such meeting.

**Section 3.10** **Adjourned Meetings.** A majority of the directors present at any meeting of the Board of Directors, including an adjourned meeting, whether or not a quorum is present, may adjourn and reconvene such meeting to another time and place. At least 24 hours' notice of any adjourned meeting of the Board of Directors shall be given to each director whether or not present at the time of the adjournment, if such notice shall be given by one of the means specified in <u>Section 3.11</u> hereof other than by mail, or at least three (3) days' notice if by mail. Any business may be transacted at an adjourned meeting that might have been transacted at the meeting as originally called.

**Section 3.11** **Notices.** Subject to <u>Section 3.08</u>, <u>Section 3.10</u>, and <u>Section 3.12</u> hereof, whenever notice is required to be given to any director by applicable law, the Articles of Incorporation, or these by-laws, such notice shall be deemed given effectively if given in person or by telephone, mail addressed to such director at such director's address as it appears on the records of the Corporation, facsimile, email, or by other means of electronic transmission.

**Section 3.12** **Waiver of Notice.** Whenever notice to directors is required by applicable law, the Articles of Incorporation, or these by-laws, a waiver thereof, in writing signed by, or by electronic transmission by, the director entitled to the notice, whether before or after such notice is required, shall be deemed equivalent to notice. Attendance by a director at a meeting shall constitute a waiver of notice of such meeting except when the director attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business on the ground that the meeting was not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special Board of Directors or committee meeting need be specified in any waiver of notice.

**Section 3.13 Organization.** At each regular or special meeting of the Board of Directors, the Chair of the Board or, in the Chair's absence, another director selected by the Board of Directors shall preside. The Secretary shall act as secretary at each meeting of the Board of Directors. If the Secretary is absent from any meeting of the Board of Directors, an assistant secretary of the Corporation shall perform the duties of secretary at such meeting; and in the absence from any such meeting of the Secretary and all assistant secretaries of the Corporation, the person presiding at the meeting may appoint any person to act as secretary of the meeting.

**Section 3.14** **Quorum of Directors.** Except as otherwise provided by these by-laws, the Articles of Incorporation, or required by applicable law, the presence of a majority of the total number of directors on the Board of Directors shall be necessary and sufficient to constitute a quorum for the transaction of business at any meeting of the Board of Directors.

**Section 3.15** **Action by Majority Vote.** Except as otherwise provided by these by-laws, the Articles of Incorporation, or required by applicable law, the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.

**Section 3.16** **Directors' Action Without Meeting.** Unless otherwise restricted by the Articles of Incorporation or these by-laws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all directors or members of such committee, as the case may be, consent thereto in writing or by electronic transmission and any consent may be documented, signed, and delivered in any manner permitted by NRS 78.315 of the NRS After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee in accordance with applicable law.

**Section 3.17 Chair of the Board.** The Board of Directors may, at their discretion, elect one of its members to be its chair (the "**Chair of the Board**") and shall fill any vacancy in the position of Chair of the Board at such time and in such manner as the Board of Directors shall determine. Except as otherwise provided in these by-laws, the Chair of the Board shall preside at all meetings of the Board of Directors and of stockholders. The Chair of the Board shall perform such other duties and services as shall be assigned to or required of the Chair of the Board by the Board of Directors.

**Section 3.18** **Committees of the Board of Directors.** The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. If a member of a committee shall be absent from any meeting, or disqualified from voting, the remaining member or members present at the meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent permitted by applicable law, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers that may require it to the extent so authorized by the Board of Directors. Unless the Board of Directors provides otherwise, at all meetings of such committee, a majority of the then authorized members of the committee shall constitute a quorum for the transaction of business, and the vote of a majority of the members of the committee present at any meeting at which there is a quorum shall be the act of the committee. Each committee shall keep regular minutes of its meetings. Unless the Board of Directors provides otherwise, each committee designated by the Board of Directors may make, alter, and repeal rules and procedures for the conduct of its business. In the absence of such rules and procedures each committee shall conduct its business in the same manner as the Board of Directors conducts its business pursuant to this ARTICLE III.

**ARTICLE IV<br> Officers**

**Section 4.01 Positions and Election.** The officers of the Corporation shall be chosen by the Board of Directors and shall include a chief executive officer (the "**Chief Executive Officer"**) and a secretary (the "**Secretary**"). The Corporation may also have, at the discretion of the Board of Directors, a president (the "**President**"), a chief financial officer (the "**Chief Financial Officer**") and a treasurer (the "**Treasurer**"). The Board of Directors, in its discretion, may also elect one or more vice presidents, assistant treasurers, assistant secretaries, and other officers in accordance with these by-laws. Any two or more offices may be held by the same person. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the Board of Directors may from time to time determine.

**Section 4.02** **Term.** Each officer of the Corporation shall hold office until such officer's successor is elected and qualified or until such officer's earlier death, resignation, or removal. Any officer elected or appointed by the Board of Directors may be removed by the Board of Directors at any time with or without cause by the majority vote of the members of the Board of Directors then in office. The removal of an officer shall be without prejudice to such officer's contract rights, if any. The election or appointment of an officer shall not of itself create contract rights. Any officer of the Corporation may resign at any time by giving notice of their resignation in writing, or by electronic transmission, to the President or the Secretary. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Should any vacancy occur among the officers, the position shall be filled for the unexpired portion of the term by appointment made by the Board of Directors.

**ARTICLE V<br> INDEMNIFICATION**

**Section 5.01 Indemnification.** The Corporation shall indemnify and hold harmless, each person who was or is made or is threatened to be made a party or is otherwise involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "**Proceeding**"), by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director, or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, enterprise, or nonprofit entity, including service with respect to employee benefit plans, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, against all expense, liability, and loss (including attorneys' fees, judgments, fines, ERISA excise taxes and penalties and amounts paid or to be paid in settlement) actually and reasonably incurred by such person. Notwithstanding the preceding sentence, the Corporation shall be required to indemnify and hold harmless a person in connection with a Proceeding (or part thereof) commenced by such person only if the commencement of such Proceeding (or part thereof) by the person was authorized in the specific case by the Board of Directors.

**Section 5.02 Advancement of Expenses.** The Corporation shall pay the expenses (including attorneys' fees) actually and reasonably incurred by a director, or officer of the Corporation in defending any Proceeding in advance of its final disposition, upon receipt of an undertaking by or on behalf of such person to repay all amounts advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such person is not entitled to be indemnified for such expenses under <u>Section 5.01</u> or otherwise. Payment of such expenses actually and reasonably incurred by such person, may be made by the Corporation, subject to such terms and conditions as the general counsel of the Corporation in their discretion deems appropriate.

**Section 5.03 Non-Exclusivity of Rights.** The rights conferred on any person by this ARTICLE V will not be exclusive of any other right which such person may have or hereafter acquire under any statute, provision of the Articles of Incorporation, these by-laws, agreement, vote of stockholders or disinterested directors, or otherwise, both as to action in their official capacity and as to action in another capacity while holding office. The Corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees, or agents respecting indemnification and advances, to the fullest extent not prohibited by the NRS.

**Section 5.04 Other Indemnification.** The Corporation's obligation, if any, to indemnify and hold harmless any person who was or is serving at its request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, enterprise, or nonprofit entity shall be reduced by any amount such person may collect as indemnification from such other corporation, partnership, joint venture, trust, enterprise, or nonprofit entity.

**Section 5.05 Insurance.** The Corporation may 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 Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, enterprise, or nonprofit entity against any liability asserted against them and incurred by them in any such capacity, or arising out of their status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of the NRS.

**Section 5.06 Repeal, Amendment, or Modification.** Any amendment, repeal, or modification of this ARTICLE V shall not adversely affect any right or protection hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification.

**ARTICLE VI<br> Stock Certificates and Their Transfer**

**Section 6.01** **Certificates Representing Shares.** The shares of stock of the Corporation shall be represented by certificates; provided that the Board of Directors may provide by resolution or resolutions that some or all of any class or series shall be uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock. If shares are represented by certificates, such certificates shall be in the form, other than bearer form, approved by the Board of Directors. The certificates representing shares of stock shall be signed by, or in the name of, the Corporation by any two authorized officers of the Corporation. Any or all such signatures may be facsimiles. In case any officer, transfer agent, or registrar who has signed such a certificate ceases to be an officer, transfer agent, or registrar before such certificate has been issued, it may nevertheless be issued by the Corporation with the same effect as if the signatory were still such at the date of its issue.

**Section 6.02** **Transfers of Stock.** Stock of the Corporation shall be transferable in the manner prescribed by law and in these by-laws. Transfers of stock shall be made on the books administered by or on behalf of the Corporation only by the direction of the registered holder thereof or such person's attorney, lawfully constituted in writing, and, in the case of certificated shares, upon the surrender to the Company or its transfer agent or other designated agent of the certificate thereof, which shall be cancelled before a new certificate or uncertificated shares shall be issued.

**Section 6.03** **Transfer Agents and Registrars.** The Board of Directors may appoint, or authorize any officer or officers to appoint, one or more transfer agents and one or more registrars.

**Section 6.04** **Lost, Stolen, or Destroyed Certificates.** The Board of Directors or the Secretary may direct a new certificate or uncertificated shares to be issued in place of any certificate theretofore issued by the Corporation alleged to have been lost, stolen, or destroyed upon the making of an affidavit of that fact by the owner of the allegedly lost, stolen, or destroyed certificate. When authorizing such issue of a new certificate or uncertificated shares, the Board of Directors or the Secretary may, in its discretion and as a condition precedent to the issuance thereof, require the owner of the lost, stolen, or destroyed certificate, or the owner's legal representative to give the Corporation a bond sufficient to indemnify it against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen, or destroyed or the issuance of such new certificate or uncertificated shares.

**ARTICLE VII<br> General Provisions**

**Section 7.01** **Seal.** The seal of the Corporation shall be in such form as shall be approved by the Board of Directors. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise, as may be prescribed by law or custom or by the Board of Directors.

**Section 7.02** **Fiscal Year.** The fiscal year of the Corporation shall be determined by the Board of Directors.

**Section 7.03** **Checks, Notes, Drafts, Etc.** All checks, notes, drafts, or other orders for the payment of money of the Corporation shall be signed, endorsed, or accepted in the name of the Corporation by such officer, officers, person, or persons as from time to time may be designated by the Board of Directors or by an officer or officers authorized by the Board of Directors to make such designation.

**Section 7.04** **Conflict with Applicable Law or Articles of Incorporation.** These by-laws are adopted subject to any applicable law and the Articles of Incorporation. Whenever these by-laws may conflict with any applicable law or the Articles of Incorporation, such conflict shall be resolved in favor of such law or the Articles of Incorporation.

**Section 7.05 Books and Records.** Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be maintained on any information storage device, method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases); provided that the records so kept can be converted into clearly legible paper form within a reasonable time, and, with respect to the stock ledger, the records so kept comply with NRS 78.0297 of the NRS. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to applicable law.

**Section 7.06 Forum for Adjudication of Disputes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Corporation consents in writing to the selection of an alternative forum, any state court located within the State of Nevada or, if no court located within the State of Nevada has jurisdiction, the federal district court for the State of Nevada shall, to the fullest extent permitted by law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any derivative action or proceeding brought on behalf of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any action asserting a claim for breach of a fiduciary duty owed by any current or former director, officer, employee, or stockholder of the Corporation to the Corporation or the Corporation's stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action asserting a claim arising pursuant to any provision of the NRS, the Articles of Incorporation, or these by-laws (as either may be amended or restated) or as to which the NRS confers jurisdiction on the state courts of the State of Nevada; 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) any action asserting a claim governed by the internal affairs doctrine.

If any action the subject matter of which is within the scope of this <u>Section 7.06</u> is filed in a court other than a court located within the State of Nevada (a "**Foreign Action**") in the name of any stockholder, such stockholder shall be deemed to have consented to: (i) the personal jurisdiction of the state and federal courts located within the State of Nevada in connection with any action brought in any such court to enforce this <u>Section 7.06</u> (an "**Enforcement Action**"); and (ii) having service of process made upon such stockholder in any such Enforcement Action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this <u>Section 7.06(a)</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) Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this <u>Section 7.06(b)</u>.

**ARTICLE VIII<br> Amendments**

These by-laws may be adopted, amended, or repealed by the stockholders entitled to vote; *provided, however,* that the Corporation may, in its Articles of Incorporation, confer the power to adopt, amend, or repeal these by-laws upon the Board of Directors; and, provided further, that any proposal by a stockholder to amend these by-laws will be subject to the provisions of ARTICLE II of these by-laws except as otherwise required by law. The fact that such power has been so conferred upon the Board of Directors will not divest the stockholders of the power, nor limit their power to adopt, amend, or repeal by-laws.

[***Remainder of Page Intentionally Left Blank***]

**CERTIFICATE OF SECRETARY OF** 

**TG-17, INC.**

The undersigned, Doron Kempel, hereby certifies that he is the duly elected and acting Secretary of TG-17, INC., a Nevada corporation (the "**Corporation**"), and that the Amended and Restated Bylaws attached hereto constitute the Amended and Restated Bylaws of said Corporation as duly adopted by Action by Unanimous Written Consent of the Board of Directors on August 12, 2025 and Action by Written Consent of the Stockholders on August 12, 2025.

**IN WITNESS WHEREOF**, the undersigned has hereunto subscribed his name this August 12, 2025.

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| | |
|:---|:---|
| TG-17, Inc. | TG-17, Inc. |
| By | |
| Name: | Doron Kempel |
| Title: | Secretary |

---

[*Signature page to the Amended and Restated Bylaws of TG-17, Inc.]*

## Exhibit 4.1

**Exhibit 4.1**

**TG-17, INC.**

**THIRD AMENDED AND RESTATED STOCKHOLDERS' AGREEMENT**

**JUNE 24, 2024**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Page** |
| 1. | Certain Definitions | Certain Definitions | 1 |
| 2. | Registration Rights | Registration Rights | 1 |
|  | 2.1 | Request for Registration | 1 |
|  | 2.2 | Company Registration | 3 |
|  | 2.3 | Form S-3 Registration | 3 |
|  | 2.4 | Obligations of the Company | 5 |
|  | 2.5 | Information from Holder | 6 |
|  | 2.6 | Expenses of Registration | 6 |
|  | 2.7 | Delay of Registration | 6 |
|  | 2.8 | Indemnification | 6 |
|  | 2.9 | Reports Under the 1934 Act | 8 |
|  | 2.10 | Assignment of Registration Rights | 8 |
|  | 2.11 | Limitations on Subsequent Registration Rights | 8 |
|  | 2.12 | "Market Stand-Off" Agreement | 9 |
|  | 2.13 | Further Limitations on Disposition | 9 |
|  | 2.14 | Termination of Registration Rights | 10 |
| 3. | Covenants of the Company | Covenants of the Company | 10 |
|  | 3.1 | Delivery of Financial Statements | 10 |
|  | 3.2 | Inspection | 11 |
|  | 3.3 | Termination of Information and Inspection Covenants | 11 |
|  | 3.4 | Right of First Offer | 11 |
|  | 3.5 | [Reserved.] | 12 |
| 4. | Voting Agreement | Voting Agreement | 12 |
|  | 4.1 | Agreement to Vote | 12 |
|  | 4.2 | Board Size | 12 |
|  | 4.3 | Election of Director | 12 |
|  | 4.4 | Removal; Vacancies | 12 |
|  | 4.5 | Legend on Share Certificates | 13 |
|  | 4.6 | No Liability for Election of Recommended Directors | 13 |
|  | 4.7 | Grant of Proxy | 13 |
|  | 4.8 | Execution by Company | 13 |
|  | 4.9 | Drag-Along Right | 13 |
| 5. | Additional Agreements Between the Company, Common Holders and Investors | Additional Agreements Between the Company, Common Holders and Investors | 14 |
|  | 5.1 | Rights of First Refusal | 14 |
|  | 5.2 | Right of Co-Sale | 16 |
|  | 5.3 | Non-Exercise of Rights | 17 |

---

i

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Transfer
 Approval Restriction 18

5.5 Limitations
 on Transfer Restriction 18

5.6 Transfer
 Requirements; Prohibited Transfers 18

5.7 Legends 19

5.8 Confidentiality 20

5.9 "Market
 Stand-Off" Agreement 21

6. Miscellaneous 21

6.1 Successors
 and Assigns 21

6.2 Governing
 Law 22

6.3 Counterparts 22

6.4 Titles
 and Subtitles 22

6.5 Notices 22

6.6 Expenses 22

6.7 Entire
 Agreement; Amendments and Waivers 22

6.8 Severability 23

6.9 Aggregation
 of Stock 23

6.10 Stock
 Splits, Stock Dividends, etc. 23

6.11 Additional
 Parties 23

6.12 Dispute
 Resolution 23

6.13 Further
 Assurances 24

Exhibit A - Certain Definitions

Schedule A - Schedule of Investors

Schedule B - Schedule of Common Holders

ii

**THIRD AMENDED AND RESTATED Stockholders' Agreement**

**This Third Amended and Restated Stockholders' Agreement** (the "***Agreement***") is made as of June 24, 2024, by and among **TG-17, Inc.**, a Delaware corporation (the "***Company***"), the Investors of the Company listed on Schedule A hereto, each of which is herein referred to individually as an "***Investor***" and are collectively referred to herein as the "***Investors***", and the holders of the Company's Common Stock, par value $0.0001 per share (the "***Common Stock***") and Non-Voting Common Stock, par value $0.0001 per share (the "***Non-Voting Common Stock***"), as applicable, listed on <u>Schedule B</u> hereto, each of which is herein referred to individually as a "***Common Holder***" and are collectively referred to herein as the "***Common Holders***". The Investors and the Common Holders are individually referred to herein as a "***Stockholder***") (and, together with the Company, a "***Party***") and are collectively referred to herein as the "***Stockholders***" (and, together with the Company, the "***Parties***").

**Recitals**

**Whereas**, the Company, the Common Holders and certain Investors (the "***Existing Investors***") previously entered into that certain Second Amended and Restated Stockholders' Agreement, dated as of November 17, 2023 (the "***Prior Agreement***"), in connection with the purchase of shares of Series B-1 Preferred Stock, par value $0.0001 (the "***Series B-1 Preferred Stock***"), the Series B-2 Preferred Stock, par value $0.0001 (the "***Series B-2 Preferred Stock***") and the Series B-3 Preferred Stock, par value $0.0001 (the "***Series B-3 Preferred Stock***", and together with the Series B-1 Preferred Stock and the Series B-2 Preferred Stock, the "***Series B Preferred Stock***") by certain of the Prior Investors;

**Whereas**, the Prior Agreement may be amended and the observance of any term therein may be waived (either generally or in a particular instance and either retrospectively or prospectively), only with the written consent of (a) the Company, (b) the Investors holding a majority of the then outstanding shares of Preferred Stock (as defined in the Prior Agreement) and (c) the holders of a majority of the outstanding shares of Common Stock then held by the Founders (as defined in the Prior Agreement) (collectively, the "***Requisite Amendment Parties***");

**Whereas**, the undersigned, constituting the Requisite Amendment Parties, desire to amend and restate the Prior Agreement and to accept the rights created pursuant hereto in lieu of the rights granted to them under the Prior Agreement; and

**Whereas**, the Company is conducting a financing to raise up to $5,000,000 through the issuance and sale of up to 7,064,042 shares of the Company's Series CF Preferred Stock (the "***Series CF Preferred Stock***" and together with the Series B Preferred Stock, the "***Preferred Stock***") pursuant to Regulation Crowdfunding on or after the date hereof (such offering, the "***Crowdfunding Offering***").

**Now, Therefore**, in consideration of the mutual promises and covenants set forth herein, the Requisite Amendment Parties hereby agree that the Prior Agreement shall be amended and restated in its entirety by this Agreement as follows:

**1.** **Certain Definitions**. Certain capitalized terms used in this Agreement are defined in Exhibit A attached hereto.

**2.** **Registration Rights**. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Request for Registration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Subject to the conditions of this Section 2.1, if the Company shall receive at any time after six (6) months after the effective date of the Initial Offering, a written request from the Holders of at least fifty percent (50%) of the Voting Registrable Securities then outstanding (for purposes of this Section 2.1, the "***Initiating Holders***") that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of at least $30,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 2.1, use all commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company's notice pursuant to this Section 2.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1, and the Company shall include such information in the written notice referred to in Section 2.1(a). In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by those Initiating Holders holding a majority of the Registrable Securities then held by all Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other provision of this Section 2.1, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this 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;**(i)** in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** after the Company has effected two (2) registrations pursuant to this Section 2.1 and such registrations have been declared or ordered effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 2.2 below, *provided* that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 2.3 hereof; 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;**(v)** if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 2.1 a certificate signed by the Company's Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors, it would be seriously detrimental to the Company and its security holders for such registration statement to be effected or remain effective at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders, *provided* that such right shall be exercised by the Company not more than once in any twelve (12) month period and *provided further* that the Company shall not register any securities for the account of itself or any other member or security holder during such ninety (90) day period (other than an Excluded Registration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Registrations effected pursuant to this Section 2.1 shall not be counted as requests for registration effected pursuant to Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Company Registration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for security holders other than the Holders) any of its securities under the Act in connection with the public offering of such securities solely for cash (other than (i) a registration relating to a demand pursuant to Section 2.1 of this Agreement or (ii) an Excluded Registration), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 6.5, the Company shall, subject to the provisions of Section 2.2(c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Right to Terminate Registration.** The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.6 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;**(c) Underwriting Requirements.** In connection with any offering involving an underwriting of the securities of the Company, the Company shall not be required under this Section 2.2 to include any of the Holders' securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by the Holders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall (i) shall any Registrable Securities be excluded from such offering unless all securities that are not Registrable Securities have been first excluded and (ii) the amount of securities of the selling Holders included in the offering be reduced below twenty percent (20%) of the total amount of securities included in such offering, unless such offering is the Initial Offering, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other security holder's securities are included in such offering. For purposes of the preceding sentence concerning apportionment, for any selling Holder of Registrable Securities that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, retired partners and security holders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single "***selling Holder,***" and any pro rata reduction with respect to such "***selling Holder***" shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Form S-3 Registration**. In case the Company shall receive from the Holders of at least thirty percent (30%) of the Voting Registrable Securities (for purposes of this Section 2.3, the "***S-3 Initiating Holders***") a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** use all commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders' Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, *provided, however*, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 2.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** if Form S-3 is not available for such offering by the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters' discounts or commissions) of less than $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** if the Company shall furnish to all Holders requesting a registration statement pursuant to this Section 2.3 a certificate signed by the Company's Chief Executive Officer or Chairman of the Board of Directors stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its security holders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the S-3 Initiating Holders, *provided* that such right shall be exercised by the Company not more than once in any twelve (12) month period and *provided further* that the Company shall not register any securities for the account of itself or any other member or security holder during such ninety (90) day period (other than an Excluded Registration);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on Form S-3 pursuant to this Section 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or 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;**(vi)** if the Company, within thirty (30) days of receipt of the request of such S-3 Initiating Holders, gives notice of its bona fide intention to effect the filing of a registration statement with the SEC within one hundred twenty (120) days of receipt of such request other than an Excluded Registration (except a registration specified in clause (iii) of the definition of Excluded Registration), *provided* that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; 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;**(vii)** during the period starting with the date thirty (30) days prior to the Company's good faith estimate of the date of the filing of and ending on a date ninety (90) days following the effective date of a Company-initiated registration subject to Section 2.2 above, *provided* that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If the S-3 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.3 and the Company shall include such information in the written notice referred to in Section 2.3(a). The provisions of Section 2.1(b) shall be applicable to such request (with the substitution of Section 2.3 for references to 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;**(d)** Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the S-3 Initiating Holders. Registrations effected pursuant to this Section 2.3 shall not be counted as requests for registration effected pursuant to Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Obligations of the Company**. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; *provided, however,* that such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus and any Free Writing Prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

&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)** use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, *provided* that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

&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)** in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in light of the circumstances under which they were made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** cause all such Registrable Securities registered pursuant to this Section 2 to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities issued by the Company are then listed; 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;**(h)** provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.

Notwithstanding the provisions of this Section 2, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of the Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** materially impede, delay or interfere with any material pending or proposed financing, acquisition, company reorganization or other similar transaction involving the Company for which the Board of Directors has authorized negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** materially adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its security holders; *provided, however,* that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company's subsidiaries or Affiliates).

In the event of the suspension of effectiveness of any registration statement pursuant to this Section 2.4, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Information from Holder**. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder's Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Expenses of Registration**. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 2.1, 2.2 and 2.3 of this Agreement, including, without limitation, all registration, filing and qualification fees, printers' and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of counsels for the selling Holders (not to exceed $50,000 in the aggregate) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 or Section 2.3 of this Agreement if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 2.1 of this Agreement, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 2.1 of this Agreement and *provided, however,* that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 2.1 and 2.3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Delay of Registration**. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Indemnification**. In the event any Registrable Securities are included in a registration statement under this Section 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;**(a)** To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors and security holders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act (the foregoing, the "***Holder Indemnified Persons***", against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as such losses, claims, damages, or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a "***Violation***"): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus, or Free Writing Prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or alleged omission to state in such registration statement a material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder and any of its Holder Indemnified Persons for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; *provided, however,* that the indemnity agreement contained in this subsection 2.8 (a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder or any of its Holder Indemnified Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, each of its officers or directors who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter and any controlling person of such underwriter, and any other Holder selling securities in such registration statement and any of its Holder Indemnified Persons, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened in respect thereof) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this subsection 2.8(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; *provided, however,* that the indemnity agreement contained in this subsection 2.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and *provided* that in no event shall any indemnity under this subsection 2.8(b) exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) for which a party may be entitled to indemnification, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; *provided, however,* that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action or proceeding, if prejudicial to its ability to defend such action or proceeding, shall relieve such indemnifying party of liability to the indemnified party under this Section 2.8 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve such indemnifying party of any liability that it may have to any indemnified party otherwise than under this Section 2.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If the indemnification provided for in this Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; *provided, however,* that (i) no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 2.8(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation; and *provided further* that in no event shall a Holder**'**s liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the net proceeds from the offering received by such Holder (by such Holder). The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties**'** relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

&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)** Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 2 and otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Reports Under the 1934 Act. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the effective date of the Initial Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Assignment of Registration Rights**. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is an Affiliate, subsidiary, parent, partner, limited partner, retired partner or security holder of a Holder, (ii) is a Family Member of a Holder, (iii) is a trust for the benefit of an individual Holder and/or the Family Members of an Individual Holder, or (iv) after such assignment or transfer, holds at least three million (3,000,000) shares of Registrable Securities (appropriately adjusted for any split, dividend, combination or other recapitalization), provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 2.12 below; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 Limitations on Subsequent Registration Rights**. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders holding a majority of the Voting Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Section 2.1, Section 2.2 or Section 2.3 of this Agreement, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities; *provided* that this limitation shall not apply to any additional investor who becomes a party to this Agreement in accordance with Subsection 6.11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 "Market Stand-Off" Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company's Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days) (i) 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 Common Stock, Non-Voting Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock or Non-Voting Common Stock (whether such securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock or Non-Voting Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock, Non-Voting Common Stock or other securities, in cash or otherwise. The foregoing provisions of this Section 2.12 (i) shall apply only to the Company's Initial Offering of equity securities, (ii) shall not apply to the sale of any equity securities to an underwriter pursuant to an underwriting agreement, and (iii) shall only be applicable to the Holders if all officers, directors and holders of greater than one percent (1%) of the Company's outstanding securities (on an as converted basis) enter into similar agreements. Notwithstanding the foregoing, the Company and the managing underwriter may extend the market stand-off period specified above solely to the extent necessary to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, without limitation, the restrictions, if any, contained in FINRA Rule 2241 or any successor provisions or amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The underwriters in connection with the Company's Initial Offering are intended third-party beneficiaries of this Section 2.12 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company's Initial Offering that are consistent with this Section 2.12 or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such 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;**(c)** Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable Securities of each Holder (and securities of every other person subject to the restriction contained in this Section 2.12):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER'S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER'S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 Further Limitations on Disposition**. Each Holder further agrees not to make any disposition of all or any portion of the Registrable Securities unless and until:

&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)** There is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with such registration statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** (i) Such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition (including the manner and circumstances of the proposal disposition in sufficient detail), and (ii) if reasonably requested by the Company, shall be accompanied at such Holder's expense by either (x) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that such disposition will not require registration of such securities under the Act, (y) a "***no action***" letter from the SEC to the effect that the proposed disposition without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (z) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed disposition may be effected without registration under the Act, whereupon the Holder of the subject Registrable Securities applicable to the proposed disposition shall be entitled to sell, pledge or transfer such Registrable Securities in accordance with the terms of the notice given by the Holder to the Company. It is agreed that the Company will not require opinions of legal counsel for transactions made pursuant to Rule 144.

Notwithstanding the provisions of subsections (a) and (b) above, no such registration statement or opinion of counsel shall be necessary for a transfer by a Holder to an Affiliate thereof for no consideration, and by a Holder that is a partnership to a partner of such partnership or a retired partner of such partnership who retires after the date hereof, or to the estate of any such partner or retired partner or the transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or his or her spouse, if the prospective transferee agrees in all such instances in writing to be subject to the terms hereof to the same extent as if he or she were an original Investor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 Termination of Registration Rights**. No Holder shall be entitled to exercise any right provided for in this Section 2: (a) after five (5) years following the consummation of the Initial Offering; (b) as to any Holder, such earlier time after the Initial Offering at which such Holder (i) can sell all securities held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company's outstanding Common Stock, Non-Voting Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144; or (c) after the consummation of a Deemed Liquidation Event, as that term is defined in the Company's Amended and Restated Certificate of Incorporation (as amended from time to time, the "***Restated Certificate***").

3. Covenants of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Delivery of Financial Statements**. The Company shall, upon request, deliver to each Investor that holds at least 5,000,000 shares of Preferred Stock (any shares held by an Affiliate of an Investor shall be treated as owned by such Investor for purposes of determining whether such Investor is a Major Investor) (as adjusted for stock splits, stock dividends, combinations, recapitalizations or the like) (a "***Major Investor***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of security holders' equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with United States generally accepted accounting principles ("***GAAP***") audited and certified by an independent public accounting firm of which is one of (or is affiliated with) the "***Big Four***" US accounting firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** such other information relating to the financial condition, business or corporate affairs of the Company as the Major Investor may from time to time request, *provided, however,* that the Company shall not be obligated under this Section 3.1(c) or any other subsection of Section 3 to provide information that (i) the Board of Directors deems in good faith to be a trade secret or similar confidential information or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. Notwithstanding anything else in this Section 3.1 to the contrary, the Company may cease providing the information set forth in this Section 3.1 during the period starting with the date thirty (30) days before the Company's good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; *provided* that the Company's covenants under this Section 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Inspection**. The Company shall permit each Major Investor, at such Major Investor's expense, to visit and inspect the Company's properties, to examine its books of account and records and to discuss the Company's affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor; *provided, however,* that the Company shall not be obligated pursuant to this Section 3.2 to provide access to any information that it reasonably considers to be a trade secret or similar confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Termination of Information and Inspection Covenants**. The covenants set forth in Sections 3.1 and 3.2 shall terminate and be of no further force or effect upon the earlier to occur of (a) the consummation of the Initial Offering, (b) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur or (c) the consummation of a Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Right of First Offer**. Subject to the terms and conditions specified in this Section 3.4, the Company hereby grants to each Major Investor a right of first offer with respect to future sales or issuances by the Company of any of its shares of its capital stock or Convertible Securities other than Exempted Securities (as defined in the Restated Certificate) ("***Additional Shares***"). A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners, members and Affiliates in such proportions as it deems appropriate. Each time the Company proposes to offer any Additional Shares, the Company shall first make an offering of such Additional Shares to each Major Investor in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company shall deliver a notice ("***Notice of Additional Shares***") to the Major Investors stating (i) its bona fide intention to offer such Additional Shares, (ii) the number of any type of such Additional Shares to be offered and (iii) the price and terms upon which it proposes to offer such Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** By written notification received by the Company within twenty (20) calendar days after the giving of the Notice of Additional Shares, each Major Investor may elect to purchase, at the price and on the terms specified in the Notice of Additional Shares, up to that portion of such Additional Shares that equals the proportion that the number of shares of Common Stock and Non-Voting Common Stock issued and held by such Major Investor (assuming full conversion and exercise of all Convertible Securities then outstanding) bears to the total number of shares of Common Stock and Non-Voting Common Stock of the Company then outstanding (assuming full conversion and exercise of all Convertible Securities then outstanding). The Company shall promptly, in writing, inform each Major Investor that elects to purchase all of the Additional Shares available to it (a "***Fully-Exercising Investor***") of any other Major Investor's failure to do likewise. During the ten (10) day period commencing after such information is given, each Fully-Exercising Investor may elect to purchase that portion of the Additional Shares for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors, that is equal to the proportion that the number of shares of Common Stock and Non-Voting Common Stock issued, or issuable upon conversion of the Preferred Stock, and held by such Fully-Exercising Investor bears to the total number of shares of Common Stock and Non-Voting Common Stock issued, or issuable upon conversion of the Preferred Stock, and then held by all Fully-Exercising Investors who wish to purchase some of the unsubscribed Additional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If all Additional Shares that Major Investors are entitled to obtain pursuant to Section 3.4(b) are not elected to be obtained as provided in Section 3.4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 3.4(b) hereof, offer the remaining unsubscribed portion of such Additional Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice of Additional Shares. If the Company does not enter into an agreement for the sale of the Additional Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Additional Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith.

&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 rights provided in this Section 3.4 may not be assigned or transferred by any Major Investor; *provided, however,* that a Major Investor that is a bona fide institutional venture capital fund (as determined in good faith by the Board of Directors) may assign or transfer such rights to an affiliated venture capital fund.

&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 covenants set forth in this Section 3.4 shall terminate and be of no further force or effect upon the consummation of (i) a Qualified Public Offering or (ii) a Deemed Liquidation Event.

In addition to the foregoing, the right of first offer in this Section 3.4 shall not be applicable with respect to any Major Investor in any subsequent offering of Additional Shares if (x) at the time of such offering, the Major Investor is not an "***accredited investor,***" as that term is then defined in Rule 501(a) of the Act and (y) such offering of Additional Shares is otherwise being offered only to accredited investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 [Reserved.]

**4.** **Voting Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Agreement to Vote**. Each of the Investors and Common Holders agrees to vote all shares (which, for the avoidance of doubt, shall exclude the Series CF Preferred and Non-Voting Common Stock for voting purposes applicable to Section 4.2, 4.3 and 4.4) held by them, now or hereafter owned by such Investor or Common Holder, whether beneficially or otherwise, or as to which such Investor or Common Holder has voting power (including, without limitation any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such shares or other securities) (hereinafter collectively referred to as the "***Shares***") at a regular or special meeting of the stockholders (or by written consent) in accordance with the provisions of this Section 4. Upon the failure of any stockholder to vote their Shares in accordance with the terms of this Section 4, such stockholder hereby grants to the Company a proxy coupled with an interest in all Shares owned by such stockholder, which proxy shall be irrevocable until this Section 4 terminates pursuant to its terms or this Section 4 is amended to remove such grant of proxy in accordance with Section 6.7 hereof, to vote all such Shares in the manner provided in Section 4 hereof. The obligations of the Investors and Common Holders to vote for designees to the Board of Directors in accordance with the provisions of this Section 4 and the associated voting requirments for the removal of each such designee shall terminate and be of no further force and effect upon the earlier of (A) a Deemed Liquidation Event or (B) Initial Offering. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Section 4 by any other party, that this Section 4 shall be specifically enforceable, and that any breach or threatened breach of this Section 4 shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each Investor and Common Holder waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Board Size**. Effective as of the date hereof, the Board of Directors shall be comprised of one (1) director. Notwithstanding any provisions in the Company's Bylaws to the contrary, such number may only be increased or decreased by amendment to this Agreement pursuant to Section 6.7. The directors shall be designated and elected in accordance with Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Election of Director**. In any election of the director of the Company, Stockholders holding shares of Common Stock shall each vote at any regular or special meeting of stockholders (or by written consent) all shares of Common Stock then owned by them (or as to which they then have voting power) to elect one (1) director nominated by the Founders (such individual, in such capacity as director, being sometimes referred to as the "***Founder Director***"), who shall initially be Doron Kempel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Legend on Share Certificates**. Each certificate representing any shares of Common Stock, Non-Voting Common Stock or Preferred Stock shall be endorsed by the Company with a legend reading substantially as follows:

"THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A STOCKHOLDERS' AGREEMENT (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE ISSUER), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID STOCKHOLDERS' AGREEMENT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 No Liability for Election of Recommended Directors**. Neither the Company, the Investors or the Common Holders, nor any officer, director, stockholder, partner, employee or agent of any such party, makes any representation or warranty as to the fitness or competence of the nominee of any party hereunder to serve on the Board of Directors by virtue of such party's execution of this Agreement or by the act of such party in voting for such nominee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Grant of Proxy**. Upon the failure of any stockholder to vote such stockholder's shares in accordance with the terms of this Agreement, such stockholder hereby grants to a stockholder designated by the Board of Directors a proxy coupled with an interest in all shares held by such stockholder, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or is amended to remove such proxy in accordance with Section 6.7 hereof, to vote all such shares in the manner provided in Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8 Execution by Company**. The Company, by its execution in the space provided below, agrees that it will cause the certificates evidencing shares of capital stock of the Company issued after the date hereof to bear the legend required by Section 4.5 above and shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing shares of capital stock of the Company upon written request from such holder to the Company at its principal office. The parties hereto agree that the failure to cause the certificates evidencing shares of the Company's capital stock to bear the legend required by Section 4.5 hereof or failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder, shall not affect the validity or enforceability of Section 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9 Drag-Along Right**. Notwithstanding anything contained herein to the contrary, if (a) the Board of Directors, (b) the holders of a majority of the outstanding shares of Common Stock (excluding any shares of Common Stock issued upon conversion of Voting Preferred Stock), and (c) the holders of a majority of the outstanding shares of Voting Preferred Stock (voting together as a single class and not as separate series, and on an as-converted basis), approve a Deemed Liquidation Event, each Investor and Common Holder hereby agrees with respect to all securities of the Company which he, she or it own(s) or otherwise exercises voting or dispositive authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In the event such transaction is to be brought to a vote at a meeting of the stockholders, after receiving proper notice of any meeting of the stockholders of the Company to vote on the approval of a Deemed Liquidation Event, to be present, in person or by proxy, as a holder of voting securities, at all such meetings and be counted for the purposes of determining the presence of a quorum at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** to vote (in person, by proxy or by action by written consent, as applicable) all shares of capital stock of the Company as to which it has beneficial ownership in favor of such Deemed Liquidation Event and in opposition of any and all other proposals that could reasonably be expected to delay or impair the ability of the Company to consummate such Deemed Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** to refrain from exercising any dissenters' rights or rights of appraisal under applicable law at any time with respect to such Deemed Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** to execute and deliver all related documentation and take such other action in support of the Deemed Liquidation Event as shall reasonably be requested by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** neither any of the Investors, Common Holders nor any Affiliates thereof shall deposit any shares beneficially owned by such Investor, Common Holder or Affiliate in a voting trust or subject any such shares to any arrangement or agreement with respect to the voting of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Notwithstanding the foregoing, no Investor or Common Holder shall be required to vote in the manner described by this Section 4.9 unless (i) the net proceeds of such Deemed Liquidation Event are to be distributed to stockholders of the Company in accordance with the Restated Certificate, (ii) any representations and warranties to be made by such Investor in connection with the Deemed Liquidation Event are limited to representations and warranties related to authority, ownership and the ability to convey title to such shares of capital stock of the Company as to which it has beneficial ownership, and (iii) the liability for indemnification, if any, of such Investor in the Proposed Sale and for the inaccuracy of any representations and warranties made by the Company or its Investors, Common Holders nor any Affiliates thereof, in connection with such Deemed Liquidation Event, is several and not joint with any other Person, and subject to the provisions of the Restated Certificate related to the allocation of the escrow, is pro rata in proportion to, and does not exceed, the amount of consideration paid to such Investor in connection with such Deemed Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** During the term of this Agreement, each Investor and Common Holder agrees to vote all shares now or hereafter owned by such stockholder, whether beneficially or otherwise, or as to which such stockholder has voting power at a regular or special meeting of the stockholders (or by written consent) in accordance with the provisions of this Section 4.9. Upon the failure of any Investor or Common Holder to vote their shares in accordance with the terms of this Section 4.9, such stockholder hereby grants to the Company a proxy coupled with an interest in all shares owned by such stockholder, which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this Section 4.9 is amended to remove such grant of proxy in accordance with Section 6.7 hereof, to vote all such shares at a regular or special meeting of the stockholders (or by written consent) as necessary or required to effect the transactions contemplated by this Section 4.9. It is agreed and understood that monetary damages would not adequately compensate an injured stockholder for the breach of this Section 4.9 by any other stockholder, that this Section 4.9 shall be specifically enforceable, and that any breach or threatened breach of this Section 4.9 shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each Investor and Common Holder waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.

**5.** **Additional Agreements Between the Company, Common Holders and Investors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Rights of First Refusal**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Transfer Notice.** If at any time an Investor or Founder proposes to transfer, sell, encumber, mortgage, pledge, assign or otherwise dispose of, either directly or indirectly, by operation of law or otherwise (herein collectively called a "***Transfer***") any portion of his, her or its' Common Stock, Non-Voting Common Stock or Preferred Stock (a "***Selling Holder***"), then the Selling Holder shall promptly give the Company and each Major Investor (other than the Selling Holder, if applicable) written notice of the Selling Holder's intention to make the Transfer (the "***Transfer Notice***"). The Transfer Notice shall include (i) a description of the securities to be transferred ("***Offered Shares***"), (ii) the name(s) and address(es) of the prospective transferee(s), (iii) the consideration in cash and (iv) the material terms and conditions upon which the proposed Transfer is to be made. The Transfer Notice shall certify that the Selling Holder has received a firm offer from the prospective transferee(s) and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Company's Right of First Refusal.** The Company shall have an option for a period of ten (10) days from Delivery of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material terms and conditions as described in the Transfer Notice. Subject to the foregoing (if applicable), the Company may exercise such purchase option and purchase all or any portion of the Offered Shares by notifying the Selling Holder in writing before expiration of such ten (10) day period as to the number of such Offered Shares that it wishes to purchase. If the Company gives the Selling Holder notice that it desires to purchase such Offered Shares, then payment for the Offered Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless the Transfer Notice contemplated a later closing with the prospective third-party transferee(s) or unless the value of the purchase price has not yet been established pursuant to Section 5.1(e). If the Company fails to purchase any or all of the Offered Shares by exercising the option granted in this Section 5.1(b) within the period provided, the remaining Offered Shares shall be subject to the options granted to the aforementioned Investors pursuant to Section 5.1(d), <u>provided</u> that Section 5.1(d) shall not apply to any Offered Shares which are shares of Series CF Preferred Stock or Non-Voting Common Stock (the "***Excluded Shares***"). The Company may assign the rights in this Section 5.1(b), in whole or in part and any person who accepts an assignment of such rights from the Company shall assume all of the Company's rights and obligations under this Section 5.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Additional Transfer Notice.** If the Company declines to exercise its option as set forth in Section 5.1(b), the Company shall, within five (5) days after the Company or its assignee, if applicable, has declined to purchase all, or a portion, of the Offered Shares, or if the Company's option to so purchase the Offered Shares has expired, the Selling Holder shall give each aforementioned Major Investor an "***Additional Transfer Notice***" that shall include all of the information and certifications required in a Transfer Notice and shall additionally identify the Offered Shares, except for the Excluded Shares, that the Company has declined to purchase (such shares, but excluding any Offered Shares that are Excluded Shares, the "***Remaining Shares***"). For the avoidance of doubt, the Selling Holder shall not be required to provide any Additional Transfer Notice with respect to any Excluded Shares which are not purchased by the Company pursuant to Section 5.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Major Investors' Right of First Refusal.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Each Major Investor (other than the Selling Holder, if applicable) shall have an option for a period of fifteen (15) days from the Delivery of the Additional Transfer Notice from the Selling Holder set forth in Section 5.1(c) to elect to purchase its respective pro rata share of the Remaining Shares at the same price and subject to the same material terms and conditions as described in the Additional Transfer Notice. Each such Major Investor may exercise such purchase option and purchase all or any portion of his, her or its pro rata share of the Remaining Shares (a "***Participating Investor***" for the purposes of Sections 5.1(d) and 5.1(e)), by notifying the Selling Holder and the Company in writing, before expiration of the fifteen (15) day period as to the number of such Offered Shares that he, she or it wishes to purchase (the "***Participating Investor Notice***"). Each such Major Investor's pro rata share of the Remaining Shares shall be a fraction of the Remaining Shares rounded to the nearest share, the numerator of which shall be the number of shares of Common Stock and Non-Voting Common Stock (including Common Stock and Non-Voting Common Stock issuable upon conversion of Preferred Stock) owned by such Major Investor on the date of the Transfer Notice and denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock (including Common Stock and Non-Voting Common Stock issuable upon conversion of Preferred Stock) held by all such Major Investors on the date of the Transfer Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** In the event any such Major Investor elects not to purchase its pro rata share of the Remaining Shares available pursuant to its option under Section 5.1(d)(i) within the time period set forth therein, then the Selling Holder shall promptly give written notice (the "***Overallotment Notice***") to each Participating Investor that has elected to purchase all of its pro rata share of the Remaining Shares (each a "***Fully Participating Investor***"), which notice shall set forth the number of Remaining Shares not purchased by the other Major Investors, and shall offer the Fully Participating Investors the right to acquire the unsubscribed shares. Each Fully Participating Investor shall have five (5) days after Delivery of the Overallotment Notice to deliver a written notice to the Selling Holder (the "***Participating Investor Overallotment Notice***") of its election to purchase its pro rata share of the unsubscribed shares on the same terms and conditions as set forth in the Additional Transfer Notice and indicating the maximum number of the unsubscribed Offered Shares that it will purchase in the event that any other Fully Participating Investor elects not to purchase its pro rata share of the unsubscribed shares. For purposes of this Section 5.1(d)(ii), each Fully Participating Investors' pro rata share shall be determined by applying a fraction, the numerator of which shall be the same as that used in Section 5.1(d)(i) above and the denominator of which shall be the total number of shares of Common Stock and Non-Voting Common Stock (including Common Stock and Non-Voting Common Stock issuable upon conversion of Preferred Stock) owned by all Fully Participating Investors on the date of the Transfer Notice. Each Fully Participating Investor shall be entitled to apportion Remaining Shares to be purchased among its partners, members and Affiliates (including in the case of a bona fide institutional venture capital fund other venture capital funds affiliated with such fund), *provided* that such Participating Investor notifies the Selling Holder of such allocation.

&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) 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;**(i)** The Participating Investors shall effect the purchase of the Remaining Shares with payment by check or wire transfer, against delivery of the Remaining Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless the Transfer Notice contemplated a later closing with the prospective third-party transferee(s) or unless the value of the purchase price has not yet been established pursuant to Section 5.1(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** Should the purchase price specified in the Transfer Notice or Additional Transfer Notice be payable in property other than cash or evidences of indebtedness, the Company (and the Participating Investors) shall have the right to pay the purchase price in the form of cash equal in amount to the fair market value of such property. If the Selling Holder and the Company (or the Participating Investors) cannot agree on such cash value within ten (10) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the Major Investors), the valuation shall be made by an appraiser of recognized standing selected by the Selling Holder and the Company (or the Participating Investors) or, if they cannot agree on an appraiser within twenty (20) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the aforementioned Major Investors), each shall select an appraiser of recognized standing and those appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be determinative of such value. The cost of such appraisal shall be shared equally by the Selling Holder and the Company (and the Participating Investors), with half of the cost borne by the Company and the Participating Investors pro rata by each, based on the number of shares such parties have expressed an interest in purchasing pursuant to this Section 5.1. If the time for the closing of the Company's purchase or the Participating Investors' purchase has expired but the determination of the value of the purchase price offered by the prospective transferee(s) has not been finalized, then such closing shall be held on or prior to the fifth business day after such valuation shall have been made pursuant to this Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Right of Co-Sale**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** In regards to the proposed Transfer of Common Stock or Voting Preferred Stock by a Selling Holder who is an Investor or a Founder, to the extent the Company and the aforementioned Major Investors do not exercise their respective rights of refusal as to all of such Selling Holder's Offered Shares pursuant to Section 5.1, then each Major Investor (other than such Selling Holder, if applicable) (a "***Selling Investor***" for purposes of this Section 5.2) that notifies such Selling Holder in writing within twenty (20) days after Delivery of the Additional Transfer Notice referred to in Section 5.1(c), shall have the right to participate in such sale of such equity securities (excluding any Excluded Shares) on the same terms and conditions as specified in the Additional Transfer Notice. Such Selling Investors' notice to the Selling Holder shall indicate the number of shares of the Company that the Selling Investor wishes to sell under his, her or its right to participate. To the extent one or more of the Major Investors exercise such right of participation in accordance with the terms and conditions set forth below, the number of equity securities that such Selling Holder may sell in the Transfer shall be correspondingly reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Each Selling Investor may sell all or any part of that number of shares equal to the product obtained by multiplying (i) the aggregate number of such shares of Common Stock or Preferred Stock (calculated on an as-converted basis) covered by the Transfer Notice that have not been subscribed for pursuant to Section 5.1 by (ii) a fraction, the numerator of which is the number of shares of Common Stock and Non-Voting Common Stock (including Common Stock and Non-Voting Common Stock issuable upon conversion of Preferred Stock) owned by the Selling Investor on the date of the Transfer Notice and the denominator of which is the total number of Common Stock and Non-Voting Common Stock (including Common Stock and Non-Voting Common Stock issuable upon conversion of Preferred Stock) owned by the Selling Holder and all of the Selling Investors on the date of the Transfer Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If the shares are certificated, each Selling Investor shall effect its participation in the sale by promptly delivering to the Selling Holder for transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** if the shares covered by the Transfer Notice are Preferred Stock, the number of shares that such Selling Investor elects to sell; *provided*, if the Selling Investor holds Voting Preferred Stock and Series CF Preferred Stock (or Common Stock and Non-Voting Common Stock) the Selling Investors shall first deliver certificates representing shares the Voting Preferred Stock (or Common Stock) and shall only deliver certificates representing shares the Series CF Preferred Stock (or Non-Voting Common Stock) if all certificates representing Voting Preferred Stock (or Common Stock) have already been delivered; 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;**(ii)** if the shares covered by the Transfer Notice are Common Stock, that number of shares of the Company that are at such time convertible into the number of shares of Common Stock or Non-Voting Common Stock that such Selling Investor elects to sell; *provided, however,* that if the prospective third-party purchaser objects to the delivery of Preferred Stock of the Company in lieu of Common Stock or Non-Voting Common Stock, such Selling Investor shall convert such shares of Preferred Stock of the Company into shares of Common Stock or Non-Voting Common Stock, as applicable, and deliver Common Stock or Non-Voting Common Stock, as applicable, as provided in this Section 5.2; *provided further*, if the Selling Investor holds Voting Preferred Stock and Series CF Preferred Stock (or Common Stock and Non-Voting Common Stock) the Selling Investors shall first deliver certificates representing shares the Voting Preferred Stock (or Common Stock) and shall only deliver certificates representing shares the Series CF Preferred Stock (or Non-Voting Common Stock) if all certificates representing Voting Preferred Stock (or Common Stock) have already been delivered. The Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser and contingent on such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The certificate or certificates, if any, that the Selling Investor delivers to the Selling Holder pursuant to Section 5.2(c) shall be transferred to the prospective purchaser in consummation of the sale of the equity securities pursuant to the terms and conditions specified in the Transfer Notice, and the Selling Holder shall remit to such Selling Investor that portion of the sale proceeds to which such Selling Investor is entitled by reason of its participation in such sale upon consummation of the sale of the equity securities. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or other securities from a Selling Investor exercising its rights of co-sale hereunder, the Selling Holder shall not sell to such prospective purchaser or purchasers any equity securities unless and until, simultaneously with such sale, the Selling Holder shall purchase such shares or other securities from such Selling Investor for the same consideration and on the same terms and conditions as the proposed Transfer described in the Transfer Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Non-Exercise of Rights**. To the extent that the Company and the Major Investors have not exercised their rights to purchase the Offered Shares or the Remaining Shares within the time periods specified in Section 5.1 and the Major Investors have not exercised their rights, if applicable, to participate in the sale of the Remaining Shares within the time periods specified in Section 5.2, the Selling Holder shall have a period of thirty (30) days from the expiration of such rights in which to sell the Offered Shares or the Remaining Shares, as the case may be, upon terms and conditions (including the purchase price) no more favorable than those specified in the Transfer Notice, to the third-party transferee(s) identified in the Transfer Notice. The Company's first refusal rights and the Holders' first refusal rights and, as applicable, co-sale rights shall continue to be applicable to any subsequent disposition of the Offered Shares or the Remaining Shares acquired by the third-party transferee(s) until such rights lapse in accordance with the terms of this Agreement. In the event Selling Holder does not consummate the sale or disposition of the Offered Shares and Remaining Shares to the third-party transferee(s) identified in the Transfer Notice within the thirty (30) day period from the expiration of these rights, the Company's first refusal rights and the Major Investors' first refusal rights and, as applicable, co-sale rights shall continue to be applicable to any subsequent disposition of the Offered Shares or the Remaining Shares by the Selling Holder until such right lapses in accordance with the terms of this Agreement. Furthermore, the exercise or non-exercise of the rights of the Company or of the Major Investors under Sections 5.1 and 5.2 to purchase equity securities from the Selling Holder or participate in sales of equity securities by the Selling Holder shall not adversely affect their rights to make subsequent purchases from the Selling Holder of equity securities or subsequently participate in sales of equity securities by the Selling Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Transfer Approval Restriction**. No Investor or Common Holder, or assignee of any Investor or Common Holder, may Transfer any of the shares of Preferred Stock, Common Stock or Non-Voting Common Stock held by such Common Holder, Investor or assignee, as applicable, (a) without the prior approval of the Board of Directors, excluding any member of the Board that is an Affiliate of the proposed transferee or transferor (with such Transfer then subject to any applicable rights of first refusal and rights of co-sale, including, without limitation, those set forth herein or in the Bylaws of the Company as then in effect) or (b) except as expressly provided in Section 5.5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Limitations on Transfer Restriction**. Notwithstanding the other provisions of Section 5 of this Agreement, the first refusal rights of the Company and first refusal and co-sale rights of the Major Investors, as applicable, and the restrictions on Transfer set forth in Section 5.4 shall not apply to (a) the Transfer of equity securities to any spouse or member of an Investor or Common Holders' immediate family (which, in the event the stockholder is a sole member limited liability company, shall include the immediate family of such sole member), or to a custodian, trustee (including a trustee of a voting trust), executor, or other fiduciary for the account of the Investor or Common Holders' spouse or members of such stockholder's immediate family (which, in the event the stockholder is a sole member limited liability company, shall include the immediate family of such sole member), or to a trust for such stockholder's own self, or a charitable remainder trust, (b) the Transfer by an Investor or Common Holder to an Affiliate of such Investor or Common Holder, (c) any Transfer by a Common Holder or Investor that is a bona fide institutional venture capital fund (as reasonably determined by the Board) to a limited partner, general partner or member of such Common Holder or Investor or (d) any sale of equity securities to an Initial Offering; *provided, however,* that in the event of any Transfer made pursuant to one of the exemptions provided by clauses (a), (b) or (c), (i) the stockholder, shall inform the Company of such Transfer prior to effecting it and (ii) each such transferee or assignee, prior to the completion of the Transfer, shall have executed documents assuming the obligations of the Investor or stockholder, as applicable, under this Agreement with respect to the transferred equity securities. Such pledgee, transferee or donee shall be treated as an "***Investor***" or "***Common Holder***", as applicable, for purposes of this Agreement. The Major Investors' right of first refusal set forth in Section 5.1(d) and co-sale right set forth in Section 5.2, as well as the transfer approval restrictions set forth in Section 5.4 and the Company's right of first refusal set forth in Section 5.1(b), shall terminate and be of no further force and effect upon the earlier of (i) a Deemed Liquidation Event or (ii) the Initial Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Transfer Requirements; Prohibited Transfers**.

&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)** Notwithstanding any other provisions of this Agreement, no Transfer of all or any fraction of any shares may be made by an Investor or Common Holder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)** such Transfer would not result in a violation of applicable law, including, without limitation, the Act and any state securities or "***Blue Sky***" laws applicable to the Company or the shares to be Transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** such Transfer would not result in the Company being required to register under Section 12(g) of the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** such Transfer would not be to a direct or indirect Competitor of the Company as determined in good faith by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** if requested by the Board, the Common Holder or Investor shall have provided an opinion of counsel satisfactory to the Board as to the matters set forth in this Section 5.6 and such other matters as the Board may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** the transferee agrees to be bound by and comply with the provisions of this Agreement and delivers to the Company a counterpart signature page to this Agreement and such other documents and instruments as the Board determine to be necessary or appropriate and as are consistent with the terms of this Agreement in connection with the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except as otherwise provided in this Agreement, each Investor and Common Holder will not Transfer all of, or any part of, or any interest in, any equity securities of the Company. Any purported Transfer of equity securities not made in compliance with this Agreement shall be null and void *ab initio*, shall not be recorded on the books of the Company and shall not be recognized by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** In the event a Common Holder or Investor should sell any Common Stock or Preferred Stock (excluding, for the avoidance of doubt, any Excluded Shares) in contravention of the co-sale rights of the Major Investors, as applicable, under Section 5.2 (a "***Prohibited Transfer***"), the Major Investors, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below under subsection (d), and the contravening Common Holder or Investor shall be bound by the applicable provisions of such option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** In the event of a Prohibited Transfer, each Major Investor shall have the right to sell to the contravening Common Holder or Investor, the type and number of equity securities equal to the number of shares each Major Investor would have been entitled to Transfer to the third-party transferee(s) under Section 5.2 hereof had the Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The price per share at which the shares are to be sold to the contravening Common Holder or Investor shall be equal to the price per share paid by the third-party transferee(s) to the contravening Common Holder or Investor in the Prohibited Transfer. The contravening Common Holder or Investor shall also reimburse each Major Investor for any and all fees and expenses, including legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Major Investor's rights under Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** Within ninety (90) days after the later of the date on which the Major Investor (A) receives notice of the Prohibited Transfer or (B) otherwise becomes aware of the Prohibited Transfer, each Major Investor shall, if exercising the option created hereby, deliver to the contravening Common Holder or Investor, if such shares have been certificated, the certificate or certificates representing shares to be sold, each certificate to be properly endorsed for transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** The contravening Common Holder or Investor shall, upon exercising the option created hereby, pay the aggregate purchase price for the shares to be sold by a Major Investor pursuant to this Section 5.6(d) and the amount of reimbursable fees and expenses, as specified in subparagraph 5.6(d)(i), in cash or by other means acceptable to the Major Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Legends**.

&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 certificate representing shares of capital stock shall be endorsed with the following legend, as well as with any legends as may be required by applicable federal and state securities laws:

"THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN WRITTEN AGREEMENT BETWEEN THE REGISTERED HOLDERS OF THE SHARES OF THE COMPANY. SUCH AGREEMENT RESTRICTS THE TRANSFER OF SUCH SHARES AND MAY GRANT TO THE COMPANY AND/OR OTHER HOLDERS OF SHARES CERTAIN RIGHTS OF FIRST REFUSAL AND/OR CO-SALE UPON AN ATTEMPTED TRANSFER OF THE SHARES. SUCH AGREEMENT CONTAINS ADDITIONAL TRANSFER RESTRICTIONS AND PROVISIONS REGARDING THE VOTING OF THE SHARES REPRESENTED BY THIS CERTIFICATE. COPIES OF SUCH AGREEMENT MAY BE OBTAINED FROM THE ISSUER UPON WRITTEN REQUEST. BY ACCEPTING ANY INTEREST IN SUCH UNITS THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF 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;**(b)** Any certificate issued at any time in exchange or substitution for any certificate bearing such legends shall also bear such legends, unless the shares represented thereby are no longer subject to the provisions of this Agreement or, in the opinion of the Company (with advice from counsel to the Company, as the Company may deem appropriate), the restrictions imposed under the Act or state securities laws are no longer applicable, in which case the applicable legend (or legends) may be removed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 Confidentiality**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each Investor and Common Holder hereby acknowledges that by virtue of such stockholder's ownership of the Company's equity securities, such stockholder may have access, or the Company may allow such stockholder access, to business, technical, other information, materials and/or ideas or this Agreement ("***Proprietary Information****,*" which term shall include, without limitation, anything such stockholder learns or discovers as a result of exposure to or analysis of any Proprietary Information). Therefore, each Investor and Common Holder hereby agrees that such stockholder will hold in confidence and will not possess or use or disclose any Proprietary Information without the prior written consent of the Board, except such information that: (a) was in the public domain prior to the time it was furnished to such stockholder; (b) is or becomes (through no willful improper action or inaction by such stockholder) generally available to the public; (c) was in its possession or known by such stockholder without restriction prior to receipt from the Company; (d) was rightfully disclosed to such stockholder by a third party without restriction; (e) was independently developed without any use of the Company's confidential information; (f) is disclosed to legal counsel or accountants for such stockholder who are bound by a duty of confidentiality; or (g) is required to be disclosed by law or the rules of any national securities exchange, association or marketplace, *provided* that, the stockholder shall notify the Company of any such disclosure requirement as soon as practicable and reasonably cooperate with the Company (at the Company's cost) if the Company seeks a protective order or other remedy in respect of any such disclosure; and furnish only that portion of the Proprietary Information which the stockholder is legally required to disclose. Notwithstanding the foregoing, (x) each Investor that is a limited partnership or limited liability company may disclose such proprietary or confidential information to any former partners or members who retained an economic interest in such Investor, current or prospective partner of the partnership or any subsequent partnership under common investment management, limited partner, general partner, member or management company of such Investor (or any employee or representative of any of the foregoing) and (y) each Investor that is a corporation may disclose such proprietary or confidential information to its directors or to any parent entity (and to the directors thereof) with respect to which such Investor is a "***Totally-Held Subsidiary***" (as that term is defined in Regulation S-X promulgated by the SEC) or any employee or representative of any such parent entity; *provided* that in each such instance set forth in clauses (x) and (y) such recipient is bound by these confidentiality obligations (each of the foregoing Persons, a "***Permitted Disclosee***"). Furthermore, nothing contained herein shall prevent any Investor or any Permitted Disclosee from (i) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive with the Company), *provided* that such Investor or Permitted Disclosee does not, except as permitted in accordance with this Section 5.8, disclose or otherwise make use of any proprietary or confidential information of the Company in connection with such activities, or (ii) making any disclosures required by law, rule, regulation or court or other governmental order. Each Investor agrees, severally and not jointly, to use the same degree of care as such Investor uses to protect its own confidential information for any Proprietary Information obtained pursuant to this Agreement which the Company identifies in writing as being proprietary or confidential. Each Investor and Common Holder agrees that is will not reverse engineer or attempt to derive the composition or underlying information, structure or ideas of any Proprietary Information. The foregoing does not grant any Investor or Common Holder a license in or to any of the Proprietary Information. In accordance herewith, each Investor and Common Holder also acknowledges and agrees that due to the unique nature of the Proprietary Information, any breach of this Section 5.8 would cause irreparable harm to the Company for which damages are not an adequate remedy, and that the Company shall therefore be entitled to equitable relief in addition to all other remedies available at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Subject to the provisions of this Agreement, the Board shall have the right to keep confidential from the stockholders or other Persons any information which the Board reasonably in good faith believes to be in the nature of trade secrets or other information the disclosure of which the Board reasonably in good faith believes is not in the best interest of the Company or could damage the Company or its business or which the Company is required by law or by agreement with a third party to keep confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 "Market Stand-Off" Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each Investor and Common Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company's Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions, if any, set forth in Rule 2241 of the Financial Industry Regulatory Authority and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules) (i) 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 Common Stock, Non-Voting Common Stock or Preferred Stock, or any securities convertible into or exercisable or exchangeable for any such shares or shares held immediately prior to the effectiveness of the registration statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any such shares or any securities convertible into or exercisable or exchangeable for any such shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of such shares or other securities, in cash or otherwise. The foregoing provisions of this Section 5.9 shall apply only to the Company's Initial Offering of equity securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement and shall only be applicable to the Investors and Common Holders if all officers, managers, directors and holders of greater than one percent (1%) of the Company's outstanding securities (on an as-converted basis) enter into similar agreements. The underwriters in connection with the Company's Initial Offering are intended third-party beneficiaries of this Section 5.9 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Investor and Common Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company's Initial Offering that are consistent with this Section 5.9 or that are necessary to give further effect thereto.

In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the above described securities of each Investor and Common Holder (and the shares or securities (as applicable) of every other Person subject to the foregoing restriction) until the end of such 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;**(b)** Each Investor and Common Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all of the above described securities of each Investor or Common Holder (and the shares or securities (as applicable) of every other Person subject to the restriction contained in this Section 5.9):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER'S INITIAL REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER'S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** In the event of any conflict between the provisions of this Section 5.9 and the provisions of Section 2.12 of this Agreement in regards to any Holder (as defined in Section 2 hereof), the provisions of Section 2.12 of this Agreement shall govern.

**6.** **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 Successors and Assigns**. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including, without limitation, permitted transferees of any Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Governing Law**. This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Counterparts**. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Titles and Subtitles**. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with an internationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 6.5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Consent to Electronic Notice.** Each Investor and Common Holder consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the "***DGCL***"), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number set forth below such Investor's or Common Holder's name on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor and Common Holder agrees to promptly notify the Company of any change in such stockholder's electronic mail address, and that failure to do so shall not affect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 Expenses**. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 Entire Agreement; Amendments and Waivers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement (including the Exhibits and Schedules hereto, if any) constitutes the full and entire understanding and agreement among the Parties with regard to the subject matter hereof. Upon the effectiveness of this Agreement, the Prior Agreement shall be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (a) the Company, (b) the Investors holding a majority of the then outstanding shares of Voting Preferred Stock and (c) the holders of a majority of the outstanding shares of Common Stock then held by the Founders; *provided, however,* if such amendment or waiver adversely affects the express rights and obligations hereunder of an Investor or Investors in a disproportionate manner compared to the express rights and obligations hereunder of all Investors, such amendment or waiver shall also require the prior written consent of such disproportionately adversely affected Investors holding a majority of the Voting Registrable Securities held by all such disproportionately adversely affected Investors; *provided further*, that the Company may in its sole discretion waive compliance with Section 2.13 (and the Company's failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Section 2.13 shall be deemed to be a waiver); and *provided further* that any provision hereof may be waived by any waiving party on such party's own behalf, without the consent of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Any amendment or waiver effected in accordance with this Section 6.7 shall be binding upon all the Parties hereto and all Parties' respective successors and permitted assigns, whether or not any such Party, successor or assign entered into or approved such amendment or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 Severability**. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 Aggregation of Stock**. All shares of capital stock of the Company held or acquired by affiliated entities (including affiliated venture capital funds or venture capital funds under common investment management) or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 Stock Splits, Stock Dividends, etc.** In the event of any issuance of shares of the Company's capital stock hereafter to any of the parties hereto (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization or the like), such shares shall become subject to this Agreement and shall be endorsed with the legends set forth in Sections 2.12, 4.5, 5.7 and 5.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 Additional 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;**(a)** Notwithstanding Section 6.7, no consent shall be necessary to add additional Investors as signatories to this Agreement; *provided* that such Investors have executed and delivered a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as an Investor hereunder. Such person shall thereafter be deemed an Investor for purposes 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;**(b)** In the event that after the date of this Agreement, the Company enters into an agreement with any person to issue shares of Common Stock or Non-Voting Common Stock to such person (other than to an Investor converting shares of Preferred Stock), then (i) the Company shall cause such person, as a condition precedent to the issuance of such capital stock, to become a party to this Agreement by executing and delivering a counterpart signature page hereto agreeing to be bound by and subject to the terms of this Agreement as an Common Holder hereunder and thereafter such person shall be deemed a Common Holder for all purposes under this Agreement and (ii) notwithstanding Section 6.7, no consent shall be necessary to add such person as a signatory to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 Dispute Resolution**. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the foregoing courts, that its property is exempt or immune from the attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suite, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

WAIVER OF JURY TRIAL: TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13 Further Assurances**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** At any time or from time to time after the date hereof, the Parties hereto agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the Parties hereunder; <u>provided</u>, that any such instrument or action does not increase a Party's obligations or have an adverse effect upon such Party's rights 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;**(b)** To the fullest extent permitted by applicable law, the Stockholders and the Company shall take, or cause to be taken, all necessary action as may be required (including voting all voting shares beneficially owned by them or executing proxies or written consents, causing the Company to call a meeting of stockholders and, to the extent permitted by applicable law, directing the Directors designated by them to act) to cause the Restated Certificate and the Bylaws of the Company to be amended, as necessary, so that they do not at any time conflict with any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Company shall not adopt any governance document, including any committee charters and any corporate governance or other similar board or committee policies, or enter into any agreements, contracts or other instruments that conflict with the provisions of this Agreement.

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| | |
|:---|:---|
| **TG-17, Inc.** | **TG-17, Inc.** |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | President and Chief Executive Officer |

---

Address:

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR AND COMMON HOLDER:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR AND COMMON HOLDER:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ProdActive II LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ProdActive II LLC** |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |

---

Address:

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| |
|:---|
| **INVESTOR AND COMMON HOLDER:** |
| */s/ Doron Kempel* |
| **Doron Kempel** |

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR AND COMMON HOLDER:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR AND COMMON HOLDER:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VFTG, L.P.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VFTG, L.P.** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its General Partner, Vertical Flank, LLC<br>|

---

---

| | |
|:---|:---|
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Manager and Sole Member |

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| |
|:---|
| **INVESTOR AND COMMON HOLDER:** |
| */s/ David A. Novak* |
| **David A. Novak** |

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| |
|:---|
| **INVESTOR AND COMMON HOLDER:** |
| */s/ Lewis King Chan* |
| **Lewis King Chan** |

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR AND COMMON HOLDER:**<br>|
| */s/ Radek Sousek* |
| **Radek Sousek** |

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| |
|:---|
| **COMMON HOLDER:** |
| */s/ Dennis Cameron* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dennis Cameron**<br>|

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**In Witness Whereof**, the parties have executed this Third Amended and Restated Stockholders' Agreement as of the date first above written.

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Eastward Fund Management, LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Eastward Fund Management, LLC** |
| By: | */s/ Dennis Cameron* |
| Name: | Dennis P. Cameron |
| Title: | Chief Executive Director |

---

**Signature Page to Third Amended and Restated Stockholders' Agreement of TG-17, INC.**

**Exhibit A**

**CERTAIN DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The term "***1934 Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The term "***Act***" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The term "***Affiliate***" means, with respect to any Person, any other Person who or which, directly or indirectly, Controls, is Controlled by, or is under common Control with such specified Person, including, without limitation, any general partner, officer, director or manager of such Person and any venture capital fund now or hereafter existing that is Controlled by one or more general partners or managing members of, or is under common investment management with, such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The term "***Board of Directors***" or the "***Board***" means the Company's Board of Directors, as constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The term "***Competitor***" means a Person engaged, directly or indirectly (including, without limitation, through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the personal and family safety and security industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The term "***Control***" (including the terms "***Controlling***", "***Controlled by***" and "***under common Control with***") the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** The term "***Convertible Securities***" means convertible stock or other securities convertible into or exchangeable for (i) shares of the Company's Common Stock, Non-Voting Common Stock or Preferred Stock or (ii) any other securities evidencing an ownership interest in the Company, including, without limitation, warrants and options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** The term "***Delivery***" means (i) delivery personally to the party or to an officer of the party to whom the same is directed, when received by such party, (ii) if sent by confirmed telecopy transmission, when received if received on a business day during normal business hours of the recipient, and if not, on the next business day, (iii) delivery by a nationally recognized overnight courier services or (iv) whether or not the same is actually received, if sent by registered or certified mail, return receipt requested, postage and charges prepaid, delivery shall be deemed to occur five (5) days after the date on which the same was deposited in a regularly maintained receptacle for the deposit of United States mail, addressed and sent as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The term "***Derivative Securities***" means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock or Non-Voting Common Stock including options and warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** The term "***Excluded Registration***" means (i) a registration relating solely to the sale of securities of participants in a Company stock plan, (ii) a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of Registrable Securities, or (iv) a registration in which the only Common Stock or Non-Voting Common Stock being registered is Common Stock or Non-Voting Common Stock issuable upon conversion of debt securities that are also being registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** The term "***Family Member***" means, with respect to a natural person, a spouse, child, stepchild, grandchild, parent, stepparent, grandparent, or sibling, whether by blood, marriage or adoption, including a mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and including anyone (other than an unrelated tenant or domestic employee) residing in the home of such natural person.

Exhibit A-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** The term "***Form S-3***" means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** The term "***Founders***" means Doron Kempel and ProdActive II LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** The term "***Free Writing Prospectus***" means a free-writing prospectus, as defined in Rule 405.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** The term "***Holder***" means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 2.10 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** The term "***Initial Offering***" means the Company's first firm commitment underwritten public offering of its securities under the Act, *provided* that after such public offering the Common Stock or Non-Voting Common Stock is listed on a national securities exchange registered under Section 6 of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** The term "***Major Investor***" has the meaning ascribed to in Section 3.1 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)** The term "***Non-Voting Registrable Securities***" means the Series CF Preferred Stock and the Non-Voting Common Stock issued or issuable upon conversion of the Series CF Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)** The term "***Person***" means a natural person, partnership (whether general or limited and whether domestic or foreign), limited liability company, foreign limited liability company, trust, estate, association, corporation, custodian, nominee or any other individual or entity in its own or representative capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** The term "***Qualified Public Offering***" means an Initial Offering with a public offering price that provides a valuation for the Company immediately prior to such offering (calculated by multiplying the outstanding Common Stock and Non-Voting Common Stock of the Company (assuming the exercise and conversion of all securities then outstanding and the issuance of all securities then reserved for issuance pursuant to the equity incentive plans of the Company) by the per share price to public of such offering) of at least $300,000,000 and results in total gross proceeds of not less than $50,000,000 in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** The terms "***register***," "***registered***," and "***registration***" refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** The term "***Registrable Securities***" means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock, (ii) the Non-Voting Common Stock issued or issuable upon conversion of the Series CF Preferred Stock, and (iii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under Section 2 of the Agreement are not assigned. In addition, the number of Registrable Securities outstanding shall equal the aggregate of the number of shares of Common Stock and Non-Voting Common Stock outstanding that are, and the number of shares of Common Stock and Non-Voting Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** The term "***Rule 144***" means Rule 144 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** The term "***Rule 144(b)(1)(i)***" means subsection (b)(1)(i) of Rule 144 under the Act as it applies to persons who have held securities for more than one (1) year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** The term "***Rule 405***" means Rule 405 under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** The term "***SEC***" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)** The term "***Voting Preferred Stock***" means the Series B Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bb)** The term "***Voting Registrable Securities***" means Registrable Securities excluding the Non-Voting Registrable Securities.

Exhibit A-2

**Schedule A**

**SCHEDULE OF INVESTORS**

[attached separately]

Sch A-1

**Schedule B**

**SCHEDULE OF COMMON HOLDERS**

[attached separately]

Sch B-1

## Exhibit 4.2

**Exhibit 4.2**

**LOAN AND SECURITY AGREEMENT**

**THIS LOAN AND SECURITY AGREEMENT** (this "**Agreement**") dated as of June 5, 2019 (the "**Effective Date**") between **EASTWARD FUND MANAGEMENT, LLC** ("**Lender**"), and **TG-17, INC.**, a Delaware corporation ("**Borrower**"), provides the terms on which Lender shall lend to Borrower and Borrower shall repay Lender. The parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>ACCOUNTING AND OTHER TERMS</u>** 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 14. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>LOAN AND TERMS OF PAYMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Promise to Pay**. Borrower hereby unconditionally promises to pay Lender the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **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;(a) <u>Availability</u>. Upon Borrower's request, during the Draw Period, Lender shall make up to ten (10) advances (each, an "**Advance**," and collectively, the "**Advances**") to Borrower in an aggregate original principal amount not to exceed Ten Million Dollars ($10,000,000) (the "**Maximum Loan Amount**"); provided that each Advance will be in a minimum amount of not less than $1,000,000. After repayment, no Advance (or any portion thereof) may 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;(b) <u>Interest Payments</u>. With respect to each Advance, commencing on the first (1<sup>st</sup>) Business Day of the month following the month in which the Funding Date of such Advance occurs, and continuing on the first (1<sup>st</sup>) Business Day of each month thereafter, Borrower shall make monthly payments of interest in cash, in arrears for the prior month, on the outstanding principal amount of such Advance at the rate set forth in Section 2.3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Repayment</u>. With respect to each Advance, commencing on the first (1<sup>st</sup>) Business Day following the eighteenth (18<sup>th</sup>) payment date wherein the Borrower makes a payment of interest with respect to the entire month and continuing on the first (1<sup>st</sup>) Business Day of each month thereafter, Borrower shall repay such Advance in (i) thirty (30) consecutive equal monthly installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.3(a). All outstanding principal and accrued and unpaid interest with respect to each Advance, and all other outstanding Obligations with respect to such Advance, are due and payable in full on the applicable Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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;(i) <u>Permitted Prepayment</u>. Borrower shall have the option to prepay all, but not less than all, of the Credit Extensions, provided Borrower (i) delivers written notice to Lender of its election to prepay the Credit Extensions at least forty-five (45) days prior to such prepayment, and (ii) pays, on the date of such prepayment: (A) the outstanding principal plus accrued and unpaid interest with respect to the Credit Extensions plus (B) the Prepayment Premium, plus (C) all other sums, if any, that shall have become due and payable with respect to the Credit Extensions, including interest at the Default Rate with respect to any past due amounts owed to Lender (collectively, the "**Prepayment Amount**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Mandatory Prepayment Upon an Acceleration</u>. If the Credit Extensions are accelerated by Lender pursuant to this Agreement following the occurrence and during the continuance of an Event of Default or as a result of a Change in Control or initial public offering of its securities pursuant to a registration statement filed with the SEC pursuant to the Securities Act of 1933, as amended, Lender may require a payment equal to the Prepayment Amount in connection with the repayment of outstanding Obligations upon such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Payment of Interest on the Credit Extensions.** 

&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>Interest Rate</u>. The principal amount outstanding under each Advance shall accrue interest at a floating per annum rate equal to the greater of six and one-half percentage points (6.50%) above the Prime Rate or 12.00%, which interest shall be payable monthly in accordance with Section 2.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default Rate</u>. Immediately upon the occurrence and during the continuance of an Event of Default, the Obligations shall bear interest at a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto (the "**Default Rate**"). Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Lender Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment to Interest Rate</u>. Changes to the interest rate of any Advance based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment; Interest Computation</u>. Interest is payable monthly in arrears on the first Business Day of each month (with respect to the prior month) and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Eastern time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Fees**.
 Borrower shall pay to Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Commitment Fee</u>. A fully earned, non-refundable commitment fee equal to one percent (1.0%) of the Maximum Loan Amount, on the Effective Date (it being acknowledged and agreed that one-half of such amount ($50,000) was previously paid by Borrower as a good faith deposit and received by Lender prior to the Effective Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lender Expenses and Fees</u>. Lender Expenses (including reasonable attorneys' fees and expenses) for documentation and negotiation of this Agreement, (not to exceed

$20,000), which $20,000 amount was paid by Borrower and received by Lender prior to the Effective Date, provided that Borrower remains responsible for, and shall reimburse Lender for, lien searches and filing fees and expenses incurred by Lender in connection with the transactions contemplated by this Agreement). Additionally, all Lender Expenses (including reasonable attorneys' fees and expenses for incurred following the Effective Date) shall be due on demand by Lender in connection with endeavoring to collect any amounts payable hereunder which are not paid when due, whether by declaration or otherwise, excluding Lender Expenses caused by Lender's gross negligence or willful misconduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fees Fully Earned</u>. Unless otherwise provided in this Agreement or in a separate writing by Lender, following the Effective Date Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Lender pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Lender's obligation to make loans and advances hereunder. Lender may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c). Lender shall provide Borrower written notice of deductions pursuant to the terms of the clauses of this Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Payments; Application of Payments; Debit of 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;(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lender has the exclusive right to determine the order and manner in which all payments with respect to the Obligations will be applied. Borrower shall have no right to specify the order or the accounts to which Lender shall allocate or apply any payments required to be made by Borrower to Lender or otherwise received by Lender under this Agreement when any such allocation or application is not specified elsewhere 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;(c) Lender may debit any of Borrower's deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Lender when due. These debits shall not constitute a set-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Withholding**. Payments received by Lender from Borrower under this Agreement will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to Lender, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or deduction, Lender receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority. Borrower will, upon request, furnish Lender with proof reasonably satisfactory to Lender indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>CONDITIONS OF LOANS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Conditions Precedent to Effective Date**. Lender's obligation to execute the Loan Documents is subject to the condition precedent that Lender shall have received, in form and substance satisfactory to Lender, such documents, and completion of such other matters, as Lender may have reasonably requested, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly
 executed original signatures to 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;(b) the Operating Documents and long-form good standing certificates of Borrower and its Subsidiaries certified by the Secretary of State (or equivalent agency) of Borrower's and such Subsidiaries' jurisdiction of organization or formation and each jurisdiction in which Borrower and each Subsidiary is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a secretary's certificate of Borrower with respect to Borrower's Operating Documents, incumbency, specimen signatures and resolutions authorizing the execution and delivery of this Agreement and the other Loan Documents to which it is a 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;(d) certified copies, dated as of a recent date, of financing statement searches, as Lender may reasonably 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;(e) the Perfection Certificate(s) of Borrower, together with the duly executed original signature thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a legal opinion of Borrower's counsel dated as of the Effective Date together with the duly executed original signature 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;(g) a copy of Borrower's Amended and Restated Stockholders' Agreement, dated as of October 1, 2018 and any amendments 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;(h) evidence satisfactory to Lender that the insurance policies and endorsements required by Section 6.5 hereof are in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the completion of the Initial Audit with results satisfactory to Lender in its sole and absolute discretion; 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;(j) payment of the fees and Lender Expenses then due as specified in Section 2.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Conditions Precedent to all Credit Extensions**. Lender's obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) timely
 receipt of an executed Disbursement 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;(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the Disbursement Letter and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower's representation and warranty on that date that the representations and warranties in this Agreement are true, accurate, and complete in all material respects as of such date; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lender determines to its satisfaction that there has not been any material impairment in the general affairs, management, results of operation, financial condition or the prospect of repayment of the Obligations, or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Covenant to Deliver**. Borrower agrees to deliver to Lender each item required to be delivered to Lender under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Lender of any such item shall not constitute a waiver by Lender 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 Lender's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 Procedures for Borrowing**. Subject to the prior satisfaction of all other applicable conditions to the making of a Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Lender (which notice shall be irrevocable) by electronic mail by 12:00 p.m. Eastern time five (5) Business Days prior to the Funding Date of such Credit Extension. In connection with such notification, Borrower shall promptly deliver to Lender by electronic mail a completed Disbursement Letter executed by an Authorized Signer together with such other reports and information, as Lender may request in its sole but reasonable discretion. Lender shall transfer proceeds of any Credit Extension to the Designated Deposit Account. Lender may make Credit Extensions under this Agreement based on instructions from an Authorized Signer or without instructions if the Credit Extensions are necessary to meet Obligations which have become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>CREATION OF SECURITY INTEREST.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Grant of Security Interest**. Borrower hereby grants Lender, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Lender, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof.

If this Agreement is terminated, Lender's Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Lender's obligation to make Credit Extensions has terminated, Lender shall, at Borrower's sole cost and expense, (i) release its Lien in the Collateral and all rights therein shall revert to Borrower and (ii) take such actions as may be reasonably requested by Borrower to evidence such repayment and release (including the delivery of a payoff letter in a form reasonably acceptable to Bank and filing of UCC-3 termination statements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Priority of Security Interest**. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Lender's Lien under this Agreement). If Borrower shall acquire a commercial tort claim for an amount in excess of One Hundred Thousand Dollars ($100,000.00), Borrower shall promptly notify Lender in a writing signed by Borrower of the general details thereof and grant to Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Authorization to File Financing Statements**. Borrower hereby authorizes Lender to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Lender'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 Lender under the Code. Such financing statements may indicate the Collateral as "all assets of the Debtor" or words of similar effect, or as being of an equal or lesser scope, or with greater detail, all in Lender's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5**.  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

Borrower represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Due Organization, Authorization; Power and Authority**. Each Credit Party is duly existing and in good standing in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so would not reasonably be expected to have a material adverse effect on Borrower's business. In connection with this Agreement, Borrower has delivered to Lender a completed certificate signed by Borrower, entitled "**Perfection Certificate**". Borrower represents and warrants to Lender that (a) Borrower's exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower's organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets forth Borrower's place of business, or, if more than one, its chief executive office as well as Borrower's mailing address (if different than its chief executive office); (e) except as set forth on the Perfection Certificate, Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement).

The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower's organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect or filings made in connection with this Agreement) or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Collateral**. Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution except for the Collateral Accounts described in the Perfection Certificate delivered to Lender in connection herewith. The Accounts are bona fide, existing obligations of the Account Debtors.

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection Certificate. None of the components of the Collateral (other than mobile equipment such as laptop computers in the possession of Borrower's employees or agents) shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2.

All Inventory is in all material respects of good and marketable quality, free from material defects.

Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) off-the-shelf software that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower's business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower's business has been judged by a court of competent jurisdiction invalid or unenforceable, in whole or in part. To Borrower's knowledge, no claim has been made in writing alleging that any part of the Intellectual Property which Borrower owns or purports to own violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower's business.

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 Litigation**. There are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or against Borrower or any of its Subsidiaries which if determined against any such party, either individually or in the aggregate, would materially adversely affect the financial condition of such party, or the ability of Borrower to perform its obligations under, or comply with the terms of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Financial Statements; Financial Condition**. All consolidated financial statements for Borrower and any of its Subsidiaries delivered to Lender fairly present in all material respects Borrower's consolidated financial condition and Borrower's consolidated results of operations for the periods set forth therein, subject to normal year-end adjustments. There has not been any material deterioration in Borrower's consolidated financial condition since the date of the most recent financial statements submitted to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Solvency**. The fair salable value of Borrower's consolidated assets (including goodwill minus disposition costs) exceeds the fair value of Borrower's liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Regulatory Compliance**. Borrower is not an "investment company" or a company "controlled" by an "investment company" under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which would reasonably be expected to have a material adverse effect on its business. None of Borrower's or any of its Subsidiaries' properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower's knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance illegally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Subsidiaries; Investments**. Borrower does not own any stock, partnership, or other ownership interest or other equity securities except for Permitted Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 Tax Returns and Payments; Pension Contributions**. Borrower has timely filed all required tax returns and reports (or filed valid extensions thereto), and Borrower has timely paid (or filed valid extensions thereto) all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed Fifty Thousand Dollars ($50,000.00).

To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Lender in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a "Permitted Lien." Borrower is unaware of any claims or adjustments proposed for any of Borrower's prior tax years which would reasonably be expected to result in additional taxes becoming due and payable by Borrower in excess of $50,000. Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which would reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 Use of Proceeds**. Borrower shall use the proceeds of the Credit Extensions solely as working capital, and to fund its general business requirements and not for personal, family, household or agricultural purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 Intellectual Property.** Borrower has disclosed in writing to Lender pursuant to the IP Agreement, all of Borrower's Copyrights, Patents, Trademarks and Mask Works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 Full Disclosure**. No written representation, warranty or other statement of Borrower in any certificate or written statement given to Lender, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Lender, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading in light of the circumstances in which they were made (it being recognized by Lender that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 Definition of "Knowledge."** For purposes of the Loan Documents, whenever a representation or warranty is made to Borrower's knowledge or awareness, to the "best of" Borrower's knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6**.  **<u>AFFIRMATIVE COVENANTS</u>** 

Borrower shall do all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **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;(a) Maintain its and (except as permitted by Section 7.3) all its Subsidiaries' legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower's business or operations. Borrower shall comply, and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it is a party and the grant of a security interest to Lender in all of its property. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Lender, upon Lender's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Financial Statements, Reports, Certificates**. Provide Lender with the following as to itself and its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Audited Financial Statements</u>. As soon as available, but no later than one hundred eighty (180) days after the last day of Borrower's fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. As soon as available, but no later than forty-five (45) days after the last day of each quarter, a Borrower prepared consolidated balance sheet and the related statements of income and retained earnings and cash flows for such quarter certified by a Responsible Officer and in a form acceptable to Lender (the "**Quarterly Financial Statements**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Monthly Financial Statements</u>. As soon as available, but no later than thirty (30) days after the last day of each month, a Borrower prepared consolidated balance sheet and the related statements of income and retained earnings and cash flows for such month certified by a Responsible Officer and in a form acceptable to Lender (the "**Monthly Financial Statements**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance Certificate</u>. Within thirty (30) days after the last day of each month and each quarter and together with, if then required, Monthly Financial Statements and the Quarterly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such period, Borrower was in full compliance with all of the terms and conditions of this Agreement and such other information as Lender may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>409A Report.</u> Within forty-five (45) days after issuance, a copy of a 409A report with respect 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;(f) <u>Other Statements</u>. Within five (5) days of delivery thereof, copies of all statements, reports and notices made available to Borrower's board of directors; provided, however that Borrower shall not be obligated to provide information (i) Borrower reasonably determines to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or result in a conflict of interest or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Borrower and its counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>SEC Filings</u>. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act, within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials otherwise filed with the SEC) 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 Lender 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;(h) <u>Legal Action Notice</u>. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Fifty Thousand Dollars ($150,000) 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;(i) At least annually, not later than (30) days after year end, and upon a material change to the Company's fully-diluted capitalization, an updated capitalization table of Borrower; 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;(j) <u>Other Financial Information</u>. Other financial information regarding Borrower reasonably requested by Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 Inventory; Returns**. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between Borrower and its Account Debtors shall follow Borrower's customary practices as they exist at the Effective Date. Borrower must promptly notify Lender of all returns, recoveries, disputes and claims that involve more than One Hundred Fifty Thousand Dollars ($150,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 Taxes; Pensions**. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports (or file valid extensions thereto) and timely pay (or file valid extensions thereto), and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof, and shall deliver to Lender, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Insurance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower's industry, stage of development and location and as Lender may reasonably request (but in no event in amounts that are less than those amounts existing on the Effective Date). Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in customary amounts that are reasonably satisfactory to Lender. All property policies shall have a lender's loss payable endorsement showing Lender as lender loss payee. All liability policies shall show, or have endorsements showing, Lender as an additional insured.

&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) Ensure that proceeds payable under any property policy are, at Lender's option, payable to Lender on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy with respect to any loss toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Lender has been granted a first priority security interest (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have super priority to Lender's Lien), and (b) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Lender, be payable to Lender 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;(c) At Lender's request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Lender, that it will give Lender thirty (30) days prior written notice before any such policy or policies shall be materially altered or canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Operating 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;(a) At Lender's request, maintain its primary and its Subsidiaries' primary operating and other deposit accounts and securities accounts subject to Control Agreements in favor of Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each Collateral Account that Borrower at any time maintains, at Lender's request, Borrower shall cause the applicable bank or financial institution at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Lender's Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Lender. The provisions of the previous sentence shall not apply 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 Lender by Borrower as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **Protection and Registration of Intellectual Property Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property material to its business; (ii) promptly advise Lender in writing of material infringements or any other event that would reasonably be expected to materially and adversely affect the value of its Intellectual Property; and (iii) use commercially reasonable efforts to not allow any Intellectual Property material to Borrower's business to be abandoned, forfeited or dedicated to the public without Lender's written consent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent not already disclosed in writing to Lender, if Borrower (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any Patent or the registration of any Trademark, then Borrower shall promptly provide written notice thereof to Lender and shall execute such intellectual property security agreements and other documents and take such other actions as Lender may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Lender in such property. If Borrower decides to register any Copyrights or mask works in the United States Copyright Office, Borrower shall: (x) notify Lender promptly of Borrower's intent to register such Copyrights or mask works together with a copy of the application it intends to file with the United States Copyright Office (excluding exhibits thereto); (y) execute an intellectual property security agreement and such other documents and take such other actions as Lender may request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Lender in the Copyrights or mask works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the Copyright or mask work application(s) with the United States Copyright Office. Borrower shall promptly provide to Lender copies of all applications that it files for Patents or for the registration of Trademarks, Copyrights or mask works, together with evidence of the recording of the intellectual property security agreement required for Lender to perfect and maintain a first priority perfected security interest in such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide written notice to Lender within thirty (30) days of entering or becoming bound by any Restricted License (other than off-the-shelf software that is commercially available to the public). Borrower shall take such steps as Lender requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed "Collateral" and for Lender to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Lender to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Lender's rights and remedies under this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 Litigation Cooperation**. From the date hereof and continuing through the termination of this Agreement, make available to Lender, without expense to Lender and upon reasonable prior notice and at no more than a reasonable frequency, Borrower and its officers, employees and agents and Borrower's books and records, to the extent that Lender may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Lender with respect to any Collateral or relating to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 Access to Collateral; Books and Records**. Allow Lender, or its agents, at reasonable times, on three (3) Business Days' notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower's Books, with such inspection and audit to be undertaken at reasonable a speed. The foregoing inspections and audits shall be at Borrower's expense, and the charge therefor shall be $1,000 per person per day (or such higher amount as shall represent Lender's then-current standard charge for the same), plus reasonable out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 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 forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower shall (a) cause such new Subsidiary if organized in the United States of America to provide to Lender a joinder to the Loan Agreement to cause such Subsidiary to become a co- borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Lender (including being sufficient to grant Lender a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Lender 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 Lender, provided that Lender shall not have a security interest in more than sixty-five percent (65%) of the voting equity interests of any Foreign Subsidiary and (c) provide to Lender all other documentation in form and substance satisfactory to Lender, 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 6.10 shall be a Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 Management Rights.** Borrower agrees to grant Lender the management rights described below (as to itself and its current and future direct and indirect Subsidiaries) and further agrees that it (and its current and future direct and indirect Subsidiaries) will give due consideration to such input as may be provided by Lender. In the event Lender reasonably demonstrates such rights do not satisfy the requirement of the management rights for the purpose of qualifying Lender's interest in Borrower and its direct and indirect Subsidiaries as a venture capital investment for the purposes of the United States Department of Labor "plan assets" regulation, 29 C.F.R. §2510.3-101, Borrower and Lender shall reasonably cooperate in good faith to agree upon mutually satisfactory consultation rights that satisfy such regulation, including with respect to Borrower's direct and indirect Subsidiaries. Lender will be entitled to the following rights: (i) to discuss, and provide advice with respect to, the business operations, properties and financial and other conditions of Borrower and its Subsidiaries with their respective officers, employees and directors and the right to consult with and advise their respective senior management (the "Senior Management") on matters materially affecting the business and affairs of Borrower and its Subsidiaries; (ii) to submit business proposals or suggestions to Senior Management from time to time with the requirement that one or more members of Senior Management discuss such proposals or suggestions with Lender within a reasonable period after such submission and the right to call a meeting at reasonable frequency with Senior Management in order to discuss such proposals or suggestions; and (iii) (a) to, upon reasonable notice, examine the books and records of Borrower and its Subsidiaries, and (b) to request such other information at reasonable times and intervals in light of the normal business operations of Borrower and its Subsidiaries concerning the general status of the business, financial condition and operations of Borrower and its Subsidiaries but only to the extent such information is reasonably available to Borrower and its Subsidiaries and in a format consistent with how Borrower and its Subsidiaries maintain such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 Further Assurances**. Execute any further instruments and take further action as Lender reasonably requests to perfect or continue Lender's Lien in the Collateral or to effect the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>NEGATIVE COVENANTS</u>** 

Borrower shall not do any of the following without Lender's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Dispositions**. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, "**Transfer**"), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under this Agreement; (e) consisting of Borrower's use or transfer of money or Cash Equivalents in the ordinary course of its business for the payment of ordinary course business expenses in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; and (f) of non-exclusive licenses for the use of the property of the Borrower in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Changes in Business, Management, Control, or Business Locations**. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Lender of any Key Persons departing from or ceasing to be employed by Borrower within five (5) days after their departure from Borrower; or (d) permit or suffer any Change in Control; provided, however, that Borrower shall be able to undertake any of the actions set forth in clauses (b) or (d) to the extent that contemporaneously with such event, all outstanding Obligations owed by Borrower to Bank under this Agreement are indefeasibly satisfied in full and the Loan Documents are terminated.

Borrower shall not, without at least thirty (30) days prior written notice to Lender: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Fifty Thousand Dollars ($50,000) in Borrower's assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Fifty Thousand Dollars ($50,000) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization.

&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 any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of any Subsidiary); provided that this Section 7.3 shall not apply to the extent that contemporaneously with any merger or consolidation, all outstanding Obligations owed by Borrower to Bank are indefeasibly satisfied in full and the Loan Documents are terminated. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 Indebtedness**. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness or prepay any Indebtedness (other than (i) the Obligations under this Agreement or (ii) the conversion of any Subordinated Debt into equity securities of Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 Encumbrance**. Create, incur, allow, or suffer any Lien on any of its property, or assign or 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, permit any Collateral not to be subject to the first priority security interest granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have super priority to Lender's Lien under this Agreement), or enter into any agreement, document, instrument or other arrangement (except with or in favor of Lender) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower's or any Subsidiary's Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of "Permitted Liens" herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 Maintenance of Collateral Accounts**. Maintain any Collateral Account except pursuant to the terms of Section 6.6(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7 Distributions; Investments**. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements or rights of first refusal set forth in the terms of Borrower's restricted stock agreements or equity incentive plans or other similar rights of Borrower so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed One Hundred Thousand Dollars ($100,000) per fiscal year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so.

&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 (a) 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 or (b) transactions constituting bona fide equity financings or convertible note "bridge" financings comprised of Subordinated Debt in each case to the extent not otherwise prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9 Subordinated Debt**. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject (other than the conversion of Subordinated Debt into equity securities), or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 Compliance**. Become an "investment company" or a company controlled by an "investment company", under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA from occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower's business; or violate any other law or regulation, if the violation would reasonably be expected to have a material adverse effect on Borrower's business, or permit any of its Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which would reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 Subsidiaries.** Permit the balance sheet of any Subsidiary to reflect a cash and/or Cash Equivalents balance of more than $1,500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>EVENTS OF DEFAULT</u>** 

Any one of the following shall constitute an event of default (an "Event of Default") under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Payment Default**. Borrower fails to (a) make any payment of principal or interest on any Credit Extension, when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period);

&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;(a) Borrower fails or neglects to perform any obligation in Section 6.2, 6.4, 6.5,6.6 6.7, 6.9 and 6.10 of this Agreement or violates any material covenant in Section 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;(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence 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 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 cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply to any covenants set forth in clause (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Attachment; Levy; Restraint on 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;(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower's assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) any material portion of Borrower's assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Insolvency**. (a) Borrower is unable to pay its debts (including trade debts) as they become due or otherwise fails to be solvent as described under Section 5.5 hereof; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Other Agreements**. There is, under any agreement to which Borrower is a party with a third party or parties, any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of One Hundred Thousand Dollars ($100,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 Judgments; Penalties**. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least One Hundred Thousand Dollars ($100,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7 Misrepresentations**. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Lender or to induce Lender to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made (it being agreed and acknowledged by Lender that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8 Subordinated Debt**. Any Person shall be in breach of any document, instrument, or agreement evidencing any Subordinated Debt 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 subordination or intercreditor agreement executed in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>LENDER'S RIGHTS AND REMEDIES</u>** 

&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, Lender may, without notice or demand, do any or 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;(a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.4 occurs all Obligations are immediately due and payable without any action by Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stop advancing money or extending credit for Borrower's benefit under this Agreement or under any other agreement between Borrower and Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Lender considers advisable, and notify any Person owing Borrower money of Lender's security interest in such funds;

&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 any payments and do any acts it reasonably considers necessary or reasonable to protect the Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Lender requests and make it available as Lender designates. Lender may peaceably enter premises where the Collateral is located, take and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Lender a license to enter and occupy any of its premises (provided that Bank agrees to use reasonable care upon entering and occupying such premises), without charge by Borrower, to exercise any of Lender's rights or 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;(e) apply to the Obligations any (i) balances and deposits of Borrower it holds, or (ii) amount held by Lender owing to or for the credit or the account 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;(f) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. For use solely while an Event of Default exists and solely to the extent necessary to exercise its rights with respect to the Collateral, Lender is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower's labels, Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Lender's exercise of its rights under this Section, Borrower's rights under all licenses and all franchise agreements inure to Lender'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;(g) deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any 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;(h) demand and receive possession of Borrower's Books; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise all rights and remedies available to Lender under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 Power of Attorney**. Borrower hereby irrevocably appoints Lender as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower's name on any checks or other forms of payment or security; (b) sign Borrower's name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Lender determines reasonable; (d) make, settle, and adjust all claims under Borrower's insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Lender or a third party as the Code permits. Borrower hereby appoints Lender as its lawful attorney-in-fact to sign Borrower's name on any documents necessary to perfect or continue the perfection of Lender's security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Lender is under no further obligation to make Credit Extensions hereunder. Lender's foregoing appointment as Borrower's attorney in fact, and all of Lender's rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Lender's obligation to provide Credit Extensions terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 Protective Payments**. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Lender may obtain such insurance or make such payment, and all amounts so paid by Lender are Lender Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Lender will make reasonable efforts to provide Borrower with notice of Lender obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Lender are deemed an agreement to make similar payments in the future or Lender's waiver of any Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4 Application of Payments and Proceeds Upon Default**. If an Event of Default has occurred and is continuing, Lender shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Lender shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Lender for any deficiency. If Lender, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Lender shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Lender of cash therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5 Lender's Liability for Collateral**. So long as Lender complies with applicable law and reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Lender, Lender shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6 No Waiver; Remedies Cumulative**. Lender's failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Lender thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Lender's rights and remedies under this Agreement and the other Loan Documents are cumulative. Lender has all rights and remedies provided under the Code, by law, or in equity. Lender's exercise of one right or remedy is not an election and shall not preclude Lender from exercising any other remedy under this Agreement or other remedy available at law or in equity, and Lender's waiver of any Event of Default is not a continuing waiver. Lender's delay in exercising any remedy is not a waiver, election, or acquiescence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7 Demand Waiver**. Borrower waives demand, 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 held by Lender on which Borrower is liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>PUBLICITY.</u>** Subject to Borrower's prior written consent (in Borrower's sole discretion, which consent may be provided by electronic mail), Lender may (i) publish, for the sole purpose of its own advertising and promotion, via print and/or electronic media, Borrower's name and logo; provided, however, that Borrower hereby consents to Lender publishing Borrower's name and logo on financial reports that Lender provides to its limited partners and potential investors; and (ii) issue a press release announcing the funding hereunder reasonably acceptable to Borrower. Lender may link to Borrower's Web site. Borrower agrees to reasonably cooperate with Lender in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**  **<u>NOTICES</u>** 

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 or facsimile transmission; (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, facsimile number, or email address indicated below. Lender or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 11.

---

| | |
|:---|:---|
| If to Borrower: | TG-17, Inc. |
|  | 85 Broad Street, 9 FL<br> New York, NY 10004<br> Attn: Doron Kempel |
|  | Email: <u>Doron.Kempel@tg-17.com</u> |
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
|  | Gunderson Dettmer Stough Villeneuve Franklin &<br> Hachigian, LLP |
|  | One Marina Park Drive, Suite 900<br> Boston, MA 02210 |
|  | Attn: Rich Hesp |
|  | Email: rhesp@gunder.com |
| If to Lender: | Eastward Fund Management, LLC |
|  | 432 Cherry Street |
|  | West Newton, MA 02465<br> Attn: Dennis Cameron<br> Fax: (617) 969-7900 |
|  | Email: dennis@eastwardcp.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE</u>

Except as otherwise expressly provided in any of the Loan Documents, Massachusetts law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Lender each submit to the exclusive jurisdiction of the State and Federal courts in Middlesex County, Massachusetts; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Lender from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Lender. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 11 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower's actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

**TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND LENDER EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.**

This Section 12 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**  **<u>GENERAL PROVISIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 Termination Prior to Maturity Date; Survival**. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement), this Agreement may be terminated prior to the Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Lender. Those obligations that are expressly specified in this Agreement as surviving this Agreement's termination shall continue to survive notwithstanding this Agreement's termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 Successors and Assigns**. This Agreement binds and is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Lender's prior written consent (which may be granted or withheld in Lender's discretion). Lender has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Lender's obligations, rights, and benefits under this Agreement and the other Loan Documents (other than the Co-Investment Agreement and the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 Indemnification**. Borrower agrees to indemnify, defend and hold Lender and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Lender (each, an "**Indemnified Person**") harmless against: (i) all obligations, demands, claims, and liabilities (collectively, "**Claims**") claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Lender Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Lender and Borrower (including reasonable attorneys' fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person's gross negligence or willful misconduct.

This Section 13.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is given shall have run.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 Time of Essence**. Time is of the essence for the performance of all Obligations in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5 Severability of Provisions**. Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6 Correction of Loan Documents**. Lender may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7 Amendments in Writing; Waiver; Integration**. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8 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, is an original, and all taken together, constitute one Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9 Confidentiality**. In handling any confidential information, Lender shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Lender's Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Lender, collectively, **"Lender Entities**"); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, that any prospective transferee or purchaser shall have agreed to provisions substantially the same as those in this Section 13.9); (c) as required by law, regulation, subpoena, or other order; (d) to Lender's regulators or as otherwise required in connection with Lender's examination or audit; (e) as Lender reasonably considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Lender so long as such service providers have executed a confidentiality agreement with Lender with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Lender's possession when disclosed to Lender, or becomes part of the public domain (other than as a result of its disclosure by Lender in violation of this Agreement) after disclosure to Lender; or (ii) disclosed to Lender by a third party, if Lender does not know that the third party is prohibited from disclosing the information.

Lender Entities may use anonymous forms of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10 Electronic Execution of Documents**. The words "execution," "signed," "signature" and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11 Captions**. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12 Construction of Agreement**. The parties mutually acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.13 Relationship**. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm's-length contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.14 Third Parties**. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**  **<u>DEFINITIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1 Definitions**. As used in the Loan Documents, the word "shall" is mandatory, the word "may" is permissive, the word "or" is not exclusive, the words "includes" and "including" are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following capitalized terms have the following meanings:

"**Account**" is any "account" as defined in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower.

"**Account Debtor**" is any "account debtor" as defined in the Code with such additions to such term as may hereafter be made.

"**Advances**" is defined in Section 2.2(a).

"**Affiliate**" is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person's senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person's managers and members.

"**Agreement**" is defined in the preamble hereof.

"**Authorized Signer**" is any individual listed in Borrower's Borrowing Resolution who is authorized to execute the Loan Documents, including any Disbursement Letter request, on behalf of Borrower.

"**Borrower**" is defined in the preamble hereof.

"**Borrower's Books**" are all Borrower's books and records including ledgers, federal and state tax returns, records regarding Borrower's assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information.

"**Borrowing Resolutions**" are, with respect to any Person, those resolutions adopted by such Person's board of directors (and, if required under the terms of such Person's Operating Documents, stockholders) and delivered by such Person to Lender approving the Loan Documents to which such Person is a party and the transactions contemplated thereby, together with a certificate executed by its secretary on behalf of such Person certifying (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that set forth as a part of or attached as an exhibit to such certificate is a true, correct, and complete copy of the resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party, (c) the name(s) of the Person(s) authorized to execute the Loan Documents, including any Disbursement Letter request, on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Lender may conclusively rely on such certificate unless and until such Person shall have delivered to Lender a further certificate canceling or amending such prior certificate.

"**Business Day**" is any day that is not a Saturday, Sunday or a day on which Lender is closed.

"**Cash Equivalents**" means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor's Ratings Group or Moody's Investors Service, Inc.; and (c) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (b) of this definition.

"**Change in Control**" means (a) Borrower's consolidation with or merger into any other Person (other than a wholly-owned Subsidiary) in which Borrower is not the surviving entity; (b) the conveyance, sale, transfer, lease or disposition of all or substantially all of Borrower's assets to any Person; (c) Borrower's engagement in any other transaction or series of related transactions in which more than fifty percent (50%) of the voting power of Borrower is disposed of; or (d) Borrower's closing of any initial public offering of Borrower's common stock.

"**Claims**" is defined in Section 13.3.

"**Co-Investment Agreement**" is that certain co-investment agreement, dated as of the Effective Date, in form and content reasonably acceptable to the Lender, pursuant to which Borrower grants to the Lender and its Affiliates a right (but not an obligation) to invest in Borrower's next private equity financing on the terms, conditions and pricing set forth therein.

"**Code**" is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of Massachusetts; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Lender's Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the Commonwealth of Massachusetts, the term "**Code**" shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions.

"**Collateral**" is any and all properties, rights and assets of Borrower described on <u>Exhibit A.</u>

"**Collateral Account**" is any Deposit Account, Securities Account, or Commodity Account.

"**Commodity Account**" is any "commodity account" as defined in the Code with such additions to such term as may hereafter be made.

"**Compliance Certificate**" is that certain certificate in the form attached hereto as <u>Exhibit B</u>.

"**Contingent Obligation**" is, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, Currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, Currency exchange rates or commodity prices; but "Contingent Obligation" does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any 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 Lender pursuant to which Lender obtains control (within the meaning of the Code) over such Deposit Account, Securities Account, or Commodity Account.

"**Copyrights**" are any and all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret.

"**Credit Extension**" is any Loan, or any other extension of credit by Lender for Borrower's benefit.

"**Credit Party**" means Borrower, and each of Borrower's Subsidiaries.

"**Currency**" is coined money and such other banknotes or other paper money as are authorized by law and circulate as a medium of exchange.

"**Default Rate**" is defined in Section 2.3(b).

"**Deposit Account**" is any "deposit account" as defined in the Code with such additions to such term as may hereafter be made.

"**Designated Deposit Account**" is the multicurrency account denominated in Dollars, account number____________________ , maintained by Borrower with______________.<sup>1</sup>

"**Disbursement Letter**" is that certain letter in the form attached hereto as <u>Exhibit C</u>. "**Dollars**," "**dollars**" or use of the sign "**$**" means only lawful money of the United States and not any other Currency, regardless of whether that Currency uses the "$" sign to denote its Currency or may be readily converted into lawful money of the United States.

"**Domestic Subsidiary**" means a Subsidiary organized under the laws of the United States or any state or territory thereof or the District of Columbia.

"**Draw Period**" is the period of time commencing on the Effective Date through the earlier to occur of (a) the date that is eighteen (18) months from the Effective Date, and (b) the occurrence of an Event of Default.

"**Effective Date**" is defined in the preamble hereof.

<sup>1</sup> [NTD: Company to provide]

"**Equipment**" is all "equipment" as defined in the Code with such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing.

"**ERISA**" is the Employee Retirement Income Security Act of 1974, and its regulations. "**Event of Default**" is defined in Section 8.

"**Exchange Act**" is the Securities Exchange Act of 1934, as amended.

"**Foreign Subsidiary**" means any Subsidiary which is not a Domestic Subsidiary. "**Funding Date**" is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business Day.

"**GAAP**" is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination.

"**General Intangibles**" is all "general intangibles" as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind.

"**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.

"**Indebtedness**" is (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital and operating lease obligations (except for operating lease agreements for real property), and (d) Contingent Obligations.

"**Indemnified Person**" is defined in Section 13.3.

"**Initial Audit**" is Lender's inspection of the Collateral, and Borrower's Books.

"**Insolvency Proceeding**" is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief.

"**Intellectual Property**" means, with respect to any Person, all of such Person's right, title, and interest in and to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Copyrights, Trademarks and Patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all source code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any and all design rights which may be available to such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

"**Inventory**" is all "inventory" as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower's custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

"**Investment**" is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person.

"**IP Agreement**" is that certain Intellectual Property Security Agreement executed and delivered by Borrower to Lender dated as of the Effective Date.

"**Key Person**" is each of Borrower's (a) Chief Executive Officer, who is Doron Kempel as of the Effective Date, and (b) Head of Engineering, who is Ron Asher as of the Effective Date.

"**Lender**" is defined in the preamble hereof. "**Lender Entities**" is defined in Section 13.9.

"**Lender Expenses**" are all audit fees and expenses, costs, and expenses (including reasonable attorneys' fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower.

"**Lien**" is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property.

"**Loan**" is a loan made by Lender pursuant to the terms of Section 2.2 hereof.

"**Loan Documents**" are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, the Co-Investment Agreement, the Warrant, the IP Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower, and any other present or future agreement by Borrower with or for the benefit of Lender in connection with this Agreement, all as amended, restated, or otherwise modified.

**"Material Adverse Change"** is (a) a material impairment in the perfection or priority of Lender's Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the Obligations.

"**Maturity Date**" is, for each Advance, the final regularly-scheduled payment date for such Advance.

"**Maximum Loan Amount**" is defined in Section 2.2(a). "**Monthly Financial Statements**" is defined in Section 6.2(a).

"**Obligations**" are Borrower's obligations to pay when due any debts, principal, interest, fees, Lender Expenses, the Prepayment Premium, and other amounts Borrower owes Lender now or later, whether under this Agreement, the other Loan Documents (other than the Co-Investment Agreement and Warrant), or otherwise, including, without limitation, interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Lender, and to perform Borrower's duties under the Loan Documents (other than the Co-Investment Agreement and Warrant).

"**Operating Documents**" are, for any Person, such Person's formation documents, as certified by the Secretary of State (or equivalent agency) of such Person's jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date, and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto.

"**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.

"**Perfection Certificate**" is defined in Section 5.1.

"**Permitted Indebtedness" is**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Borrower's Indebtedness to Lender under this Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subordinated Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness secured by Liens permitted under clause (a) or (h) of the definition of "Permitted Liens" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Indebtedness of a Borrower to any other Borrower; (ii) Indebtedness of a Borrower to any other Credit Party, provided, however, that such Indebtedness is limited to $1,050,000 in the aggregate per month and (ii) Indebtedness of Borrower's Subsidiaries (other than a Borrower) to Borrower; and

&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 Investments**" are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments consisting of Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Investments consisting of deposit accounts in which Lender has a perfected security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Investments accepted in connection with Transfers permitted by Section 7.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower's board of directors, provided that all such Investments by Borrower do not exceed Two Hundred Thousand Dollars ($200,000) in the aggregate in any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Investments by Borrower in its Subsidiaries for ordinary, necessary and current operating expenses in the ordinary course of business, so long as an Event of Default does not exist at the time of any such Investment and would not exist after giving effect to any such Investment, provided that all such Investments by Borrower do not exceed One Million Fifty Thousand Dollars ($1,050,000) per month in the aggregate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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.

"**Permitted Liens**" are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 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;(d) 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;(e) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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 (other than Intellectual 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 Lender a security interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) non-exclusive license of Intellectual Property granted to third parties in the ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) purchase money Liens or capital leases (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the Equipment securing no more than One Million Dollars ($1,000,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens arising from attachments or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.3 and 8.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens in favor of other financial institutions arising in connection with Borrower's deposit and/or securities accounts held at such institutions.

"**Person**" is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

"**Prepayment Amount**" is defined in Section 2.2(d).

"**Prepayment Premium**" shall be an additional fee payable to Lender, with respect to each Advance, in an amount equal to, for a prepayment of such Advance 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;(a) prior to the twenty-fifth (25th) payment due with respect to such Advance,(i) three percent (3.0%) of the principal amount of such Advance outstanding immediately prior to such prepayment plus accrued and unpaid interest with respect to the Advance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on or after the twenty-fifth (25th) payment due with respect to such Advance, (i) two percent (2.0%) of the principal amount of such Advance outstanding immediately prior to such prepayment plus accrued and unpaid interest with respect to the Advance.

"**Prime Rate**" is the rate of interest per annum from time to time published in the money rates section of The Wall Street Journal or any successor publication thereto as the "prime rate" then in effect.

"**Quarterly Financial Statements**" is defined in Section 6.2(b).

"**Requirement of Law**" is as to any Person, the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"**Responsible Officer**" is any of the Chief Executive Officer, President, Chief Financial Officer and VP of Finance of Borrower.

"**Restricted License**" is any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower's interest in such license or agreement or any other property, or (b) for which a default under or termination of could interfere with the Lender's right to sell any Collateral.

"**SEC**" shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

"**Securities Account**" is any "securities account" as defined in the Code with such additions to such term as may hereafter be made.

"**Subordinated Debt**" is indebtedness incurred by Borrower subordinated to all of Borrower's now or hereafter indebtedness to Lender (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Lender entered into between Lender and the other creditor), on terms acceptable to Lender.

"**Subsidiary**" is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower.

"**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.

"**Transfer**" is defined in Section 7.1.

"**Warrant**" is that certain Warrant to Purchase Stock dated as of the Effective Date executed by Borrower in favor of Lender.

**[**Signature page follows.**]**

**IN WITNESS WHEREOF,** the parties hereto have caused this Loan and Security Agreement to be executed as of the Effective Date.

BORROWER:

TG-17, INC.

---

| | |
|:---|:---|
| By | */s/Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

LENDER:

**EASTWARD FUND MANAGEMENT, LLC**

By <br> Name: <br> Title:

**IN WITNESS WHEREOF,** the parties hereto have caused this Loan and Security Agreement to be executed as of the Effective Date.

---

| | |
|:---|:---|
| BORROWER: | BORROWER: |
| TG-17, INC. | TG-17, INC. |
| By | |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |
| LENDER: | LENDER: |
| By | */s/Dennis P. Cameron* |
| Name: | *Dennis P. Cameron* |
| Title: | Authorized Person |

---

**<u>EXHIBIT A – COLLATERAL DESCRIPTION</u>**

The Collateral consists of all of Borrower's right, title and interest in and to the following personal property:

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles, commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and

all Borrower's Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing.

Notwithstanding the foregoing, the Collateral does not include more than 65% of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter; provided, however, that upon the repeal or amendment of Section 956 of the U.S. Internal Revenue Code, 100% of such interest shall immediately become Collateral without any action by Borrower or Lender if such repeal or amendment results in Borrower no longer being subject to any incremental income tax liability as a result of the application of Section 956.

**<u>Exhibit B</u>**

**<u>Compliance Certificate</u>**

TO: EASTWARD FUND MANAGEMENT, LLC Date: ___________

FROM: TG-17, Inc.

The undersigned authorized officer of TG-17, Inc. ("Borrower") certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Lender (the "Agreement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Borrower is in complete compliance for the period ending________________with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports (or filed valid extensions thereto), and Borrower has timely paid (or filed valid extensions thereto) all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Lender.

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

**Please indicate compliance status by circling Yes/No under "Complies" column.**

---

| | | | |
|:---|:---|:---|:---|
| **Reporting Covenants** | **Required** | **Complies** | **Complies** |
| Annual financial statement (CPA Audited) | FYE within 180 days | Yes | No |
| Quarterly financial statements with Compliance Certificate | Quarterly within 45 days | Yes | No |
| Monthly financial statements with Compliance Certificate | Monthly within 30 days, commencing in 2020 | Yes | No |
| 409A Valuations | 45 days following completion | Yes | No |
| Board statements, reports and notices | Within 5 days | Yes | No |
| 10-Q, 10-K and 8-K | Within 5 days after filing with SEC | Yes | No |
| Capitalization Table | &nbsp;&nbsp;FYE within 30 days and upon material changes to the Company's fully-diluted<br>capitalization | Yes | No |

---

**<u>Other Matters</u>**

---

| | | |
|:---|:---|:---|
| <br>Have there been any amendments of or other material changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate | Yes | No |

---

The following are the exceptions with respect to the certification above: (If no exceptions exist, state "No exceptions to note.")

---

| | |
|:---|:---|
| TG-17, INC. | **LENDER USE ONLY** |
|  | Received by:________________________________ |
| By: | AUTHORIZED SIGNER |
| Name: | Date:______________________________________ |
| Title: | Verified: ___________________________________ |
|  | AUTHORIZED SIGNER |
|  | Date:______________________________________ |
|  | Compliance Status: Yes No |

---

**<u>EXHIBIT C</u>**

**FORM OF DISBURSEMENT LETTER**

**DISBURSEMENT LETTER**

[date]

The undersigned, being the duly elected and acting of **TG-17, INC.**, a Delaware corporation with an office located at 18 West 18<sup>th</sup> St., New York, NY 10011 ("**Borrower**"), does hereby certify to **EASTWARD FUND MANAGEMENT, LLC** ("**EASTWARD**" and "**Lender**"), as lender (the "**Lender**") in connection with that certain Loan and Security Agreement dated as of June , 2019 by and between Borrower and the Lender (the "**Loan Agreement**"; with other capitalized terms used below having the meanings ascribed thereto in the Loan Agreement) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The representations and warranties made by Borrower in Section 5 of the Loan Agreement and in the other Loan Documents are true and correct in all material respects as of the date hereof; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No event or condition has occurred and is continuing that would constitute an Event of Default under the Loan Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Borrower is in compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All conditions referred to in Section 3 of the Loan Agreement to the making of the Loan to be made on or about the date hereof have been satisfied or waived by Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There has been no Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The undersigned is a Responsible Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The proceeds of the Term Loan shall be disbursed as follows:

---

| | |
|:---|:---|
| Loan Amount | $__________________ |
| &nbsp;&nbsp;&nbsp;Plus: |  |
| &nbsp;&nbsp;&nbsp;—Deposit Received | $__________________ |
| &nbsp;&nbsp;&nbsp;Less: |  |
| &nbsp;&nbsp;&nbsp;—Facility Fee | ($_________________) |
| &nbsp;&nbsp;&nbsp;—Legal and Diligence Fee | ($_________________) |
| &nbsp;&nbsp;&nbsp;—Lien and Filings | ($_________________) |
| &nbsp;&nbsp;&nbsp;— Stub-period - day(s) interest | ($_________________) |

---

---

| | |
|:---|:---|
| **TOTAL LOAN NET PROCEEDS:** | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The aggregate net proceeds of the Term Loans shall be transferred to the Designated Deposit Account as follows:

**Borrower: $_________**

[wire instructions]

[bank]

Address]

Account No.: ________

ABA No.: _________

Account Name:________

Reference: Eastward Loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confirmatory amounts, dates etc.:

First payment due on_____________ 1, 2019 (for____________2019 period). Interest-only period of 18 months. Initial interest rate equal to_____%). (Prime + 6.5%), subject to adjustment pursuant to the Loan Agreement.

Amortization period of 30 months. (Prime + 6.5_%) .

Dated as of the date first set forth above.

---

| |
|:---|
| **BORROWER:** |
| TG-17, INC. |
| By |
| Name: |
| Title: |
| **LENDER:** |
| EASTWARD FUND MANAGEMENT, LLC |
| By |
| Name: |

---

**TWENTY-SIXTH AMENDMENT**

**TO**

**LOAN AND SECURITY AGREEMENT**

THIS TWENTY-SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "**Amendment**") is entered into as of March 31, 2025, by and between **EASTWARD FUND MANAGEMENT, LLC**, a Delaware limited liability company ("**Lender**"), and **TG-17, INC.**, a Delaware corporation ("**Borrower**").

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Lender and Borrower have entered into that certain Loan and Security Agreement dated as of June 5, 2019 (as amended by that certain First Amendment dated as of January 29, 2021, that certain Second Amendment dated as of June 21, 2021, that certain Forbearance Agreement and Third Amendment dated as of January 10, 2022, that certain Fourth Amendment dated as of February 11, 2022, that certain Fifth Amendment dated as of March 15, 2022, that certain Sixth Amendment dated as of May 12, 2022, that certain Seventh Amendment dated as of May 23, 2022, that certain Eighth Amendment dated as of June 3, 2022, that certain Nineth Amendment dated as of November 23, 2022, that certain Tenth Amendment dated as of December 7, 2022, that certain Eleventh Amendment dated as of February 24, 2023, that certain Twelfth Amendment dated as of March 3, 2023, that certain Thirteenth Amendment dated as of March 10, 2023, that certain Fourteenth Amendment dated as of March 27, 2023, that certain Fifteenth Amendment dated as of April 11, 2023, that certain Sixteenth Amendment dated as of May 12, 2023, that certain Seventeenth Amendment dated as of May 26, 2023, that certain Eighteenth Amendment dated as of June 2, 2023, that certain Nineteenth Amendment dated as of June 16, 2023, that certain Twentieth Amendment dated July 5, 2023, that certain Twenty-First Amendment dated October 11, 2023, that certain Twenty-Second Amendment dated November 17, 2023, that certain Twenty-Third Amendment dated November 17, 2023, that certain Twenty-Fourth Amendment dated September 27, 2024, and that certain Twenty-Fifth Amendment dated December 31, 2024, and as the same may from time to time be further amended, modified, supplemented or restated, collectively, the "**Loan Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **B.** Lender has extended credit to Borrower for the purposes permitted in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Borrower has requested that Lender amend the Loan Agreement to make certain revisions to the Loan Agreement as more fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Lender has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

**Agreement**

**Now, Therefore**, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Definitions**. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Amendment to Loan Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Recital E of the Forbearance Agreement and Third Amendment to Loan and Security Agreement.** Recital E of the Forbearance Agreement and Third Amendment to Loan and Security Agreement, as amended, is hereby amended by amending and restating the first sentence in its entirety as follows: "Borrower has requested that Lender forbear from exercising its rights and remedies against Borrower in connection with the Events of Default that have occurred and are continuing under Section 8.1 of the Loan Agreement as of January 10, 2022 through and including March 31, 2025 ("**Existing Events of Defaults**") during the Forbearance Period (as defined in Section 2 below)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Section 2 of the Forbearance Agreement and Third Amendment to Loan and Security Agreement.** Section 2 of the Forbearance Agreement and Third Amendment to Loan and Security Agreement, as amended, is hereby amended by replacing the reference to "March 31, 2025" with "the earlier of December 31, 2025 and Borrower's closing of an equity financing of at least $20,000,000" therein. Notwithstanding the terms of clause (b) of the definition of "**Forbearance Termination Date**" to the contrary, Borrower's failure to comply with the terms or undertakings of the Loan Agreement (including this Amendment) prior to the date hereof, shall not be deemed to have triggered the Forbearance Termination Date as a result of such prior failures by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Limitation of Amendment.**

&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** The amendment set forth in Section 2, above, is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Lender may now have or may have in the future under or in connection with any 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;**3.2** This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Release 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;**4.1** FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Collateral Agent and each Lender and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment solely to the extent such claims arise out of or are in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing (collectively "**Released Claims**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected in respect of the Released Claims; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Lender with respect to the facts underlying this release or with regard to any of such party's rights or asserted 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;**4.3** This release may be pleaded as a full and complete defense and/or as a cross- complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Lender to enter into this Amendment, and that Lender would not have done so but for Lender's expectation that such release is valid and enforceable in all events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** Borrower hereby represents and warrants to Lender, and Lender are relying thereon, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Except
 as expressly stated in this Amendment, neither Lender nor any agent, employee or representative
 of any of them has made any statement or representation to Borrower regarding any fact relied
 upon by Borrower in entering into this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Borrower
 has made such investigation of the facts pertaining to this Amendment and all of the matters
 appertaining thereto, as it deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 terms of this Amendment are contractual and not a mere recital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. This
 Amendment has been carefully read by Borrower, the contents hereof are known and understood
 by Borrower, and this Amendment is signed freely, and without duress, by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Borrower
 represents and warrants that it is the sole and lawful owner of all right, title and interest
 in and to every claim and every other matter which it releases herein, and that it has not
 heretofore assigned or transferred, or purported to assign or transfer, to any person, firm
 or entity any claims or other matters herein released. Borrower shall indemnify Lender, defend
 and hold each harmless from and against all claims based upon or arising in connection with
 prior assignments or purported assignments or transfers of any claims or matters released
 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Representations and Warranties**. To induce Lender to enter into this Amendment, Borrower hereby represents and warrants to Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing, other than the Existing Events of Default (as defined in the Forbearance Agreement and Third Amendment to Loan and Security Agreement, as amended);

&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** Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

&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** The organizational documents of Borrower delivered to Lender on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

&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** The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents 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;**5.6** The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; 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;**5.7** This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Ratification of Intellectual Property Security Agreement**. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of the Effective Date between Borrower and Lender, and acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral (as defined therein) and (b) shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Ratification of Perfection Certificate**. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Lender in such Perfection Certificate have not changed, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Counterparts**. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Effectiveness**. This Amendment shall be deemed effective upon (a) the due execution and delivery to Lender of this Amendment by each party hereto, and (b) receipt by Lender of Lender Expenses associated with the preparation of this Amendment and the transactions contemplated hereby, which shall be deemed fully earned and nonrefundable on the date hereof, which may be debited from any of Borrower's accounts.

**[*Balance of Page Intentionally Left Blank*]**

**In Witness Whereof**, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

BORROWER:

---

| | |
|:---|:---|
| **TG-17, INC.** | **TG-17, INC.** |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | President |

---

LENDER:

---

| | |
|:---|:---|
| **EASTWARD FUND MANAGEMENT, LLC** | **EASTWARD FUND MANAGEMENT, LLC** |
| By: | */s/ Dennis Cameron* |
| Name: | Dennis Cameron |
| Title: | Chief Executive Officer |

---

**Signature Page to Twenty-Sixth Amendment to Loan and Security Agreement**

## Exhibit 4.3

**Exhibit 4.3**

THE SECOND AMENDED AND RESTATED WARRANT EVIDENCED HEREBY, AND THE SECURITIES ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 AS AMENDED, OR THE APPLICABLE SECURITIES LAWS OF ANY STATE. SUCH SECURITIES HAVE BEEN ACQUIRED WITHOUT A VIEW TO DISTRIBUTION OR RESALE, AND SHALL NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE PROPOSED DISPOSITION IS THE SUBJECT OF A CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. SEE SECTION 10.

**<u>Second Amended and Restated Warrant to Purchase Stock</u>**

---

| | |
|:---|:---|
| **Name of Company:** | TG-17, Inc., a Delaware corporation |
| **Number of Warrant Shares**: | 703,583, subject to adjustment as provided herein |
| **Class/Series of Stock**: | Series B-1 Preferred stock, par value $0.0001 per share ("**Series B-1 Preferred Stock**"), subject to the terms hereof |
| **Exercise Price**: | $0.438760 per share, subject to there terms hereof and adjustment as provided herein |
| **Original Issue Date**: | June 5, 2019 |
| **A&R Issue Date**: | November 17, 2023 |
| **Expiration Date**: | The earlier of (1) the date that is ten (10) years after the Original Issue Date, (2) the Initial Public Offering (as defined below) and (3) a Liquid Acquisition (as defined below) |

---

This Second Amended and Restated Warrant (this "**Warrant**") amends, restates, supersedes, and replaces in its entirety that certain Amended and Restated Warrant to Purchase Stock issued by the Company to Holder (as each is defined below) and dated November 23, 2022 (as further amended from time to time, the "**Original Warrant**"). Such amendment and restatement shall be effective upon the execution of this Second Amended and Restated Warrant to Purchase Stock by the Company and Holder. Upon such execution, all provisions of, rights granted and covenants made in the Original Warrant are hereby waived, released and superseded in their entirety by the provisions hereof and shall have no further force or effect.

This Warrant certifies that, for value received, Eastward Fund Management, LLC (together with any successor or permitted assignee or transferee of this Warrant, "**Holder**") is entitled to purchase up to the above-stated number of fully paid and non-assessable Warrant Shares of the above-stated Class/Series of Stock from the Company at the Exercise Price at any time or from time to time prior to the Expiration Date, subject to the provisions and upon the terms and conditions set forth in this Warrant.

Following each Closing (as defined in that certain Series B Preferred Stock Purchase Agreement by and between the Company and certain Purchasers as defined therein and dated on or about the date hereof (the "**Series B SPA**")) for Shares (as defined in the Series B SPA), the Number of Warrant Shares issuable under this Warrant shall be modified to reflect the number of shares of Series B-1 Preferred Stock equal to three quarters of one percent (0.75%) of the Company's aggregate equity ownership, on an as-if-converted and fully diluted basis (calculated including all outstanding shares of capital stock of the Company and all outstanding options, warrants (including this Warrant), convertible notes, SAFEs, and other convertible securities exercisable for capital stock of the Company).

The term "**Initial Public Offering**" shall mean the first consummation of a firm commitment underwritten public offering of shares of the class of common stock issuable hereunder (or upon conversion or exchange of securities issuable hereunder) registered under the Securities Act of 1933, as amended, where, following such consummation, such class of common stock is listed for trading on a national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise of Warrant</u>.

The Holder may exercise this Warrant, in whole or in part, at any time prior to 5:00 p.m. on the Expiration Date by surrendering it (with the subscription form at the end of this Warrant duly executed and indicating the whole number of Warrant Shares with respect to which the Holder shall then be exercising the Warrant) at the principal office of the Company at the time of exercise (currently 18 West 18<sup>th</sup> St., New York, NY 10011), and, unless the Holder is converting this Warrant pursuant to Section 2, together with a certified, registered or bank cashier's check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company (hereinafter, the term "**Payment**" shall mean payment in this manner) for the aggregate Exercise Price for the Warrant Shares being purchased. Upon such exercise of this Warrant, in whole or in part, the Holder shall receive: (i) a certificate or certificates in the name of the Holder for the number of whole Warrant Shares to which the Holder shall then be entitled; (ii) cash equal in value to any fractional share to which the Holder shall then be entitled (with the amount of such cash to be calculated in such reasonable manner as the Board of Directors of the Company (the "**Board**") shall determine); and (iii) if this Warrant shall not have been fully exercised and shall not have expired, a new warrant of like tenor representing the Warrant Shares not so acquired. No fractional shares shall be issued to the Holder in respect of any exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conversion Right</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) In lieu of Payment of the aggregate Exercise Price in the manner specified in Section 1 above, the Holder shall have the right (but not the obligation), to require the Company to convert this Warrant, in whole or in part, into Warrant Shares (the "**Conversion Right**") as provided for in this Section 2. Upon exercise of the Conversion Right, the Company shall deliver to the Holder (without any Payment by the Holder) that number of Warrant Shares equal to the quotient obtained by dividing (x) the value of the Warrant at the time the Conversion Right is exercised, by (y) the Fair Market Value of one Warrant Share immediately prior to the exercise of the Conversion Right. For purposes of this Section, the "value" of the Warrant shall be determined by subtracting the aggregate Exercise Price for the Warrant Shares being converted from the aggregate Fair Market Value of the Warrant Shares being converted (as determined immediately prior to the exercise of the Conversion Right). If such quotient shall include any fraction of a Warrant Share, then in lieu of such fraction the Company shall deliver to the Holder cash equal in value to such fractional share (determined in the manner specified in Section 1 above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Conversion Right may be exercised by the Holder on any business day prior to 5:00 p.m. on the Expiration Date by delivering the Warrant, with the subscription form at the end of this Warrant to the Company duly executed, indicating that the Holder is exercising the Conversion Right and specifying the total number of Warrant Shares with respect to which the Holder is exercising the Conversion Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Fair Market Value of one Warrant Share as of a particular date (the "**Determination Date**") shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If shares of the Class/Series of Stock for which this Warrant is exercisable are then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a "**Trading Market**"), then the Fair Market Value shall be the average of the closing or last sale prices (or, in the absence of a closing or last sale price for a day, the average of the best bid and ask prices for that day) of a share of the Class/Series of Stock for the ten business days prior to the Determination Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If shares of the Class/Series of Stock for which this Warrant is exercisable are not then traded in a Trading Market, then the Fair Market Value shall be the higher of (x) the book value per share, and (y) the fair value as reasonably determined in good faith by the Board or a duly appointed committee of the Board (which determination shall be reasonably described in a written notice delivered to the Holder together with the certificates for the Warrant Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Reservation of Warrant Shares; No Restrictions</u>. The Company shall, at all times during the term of this Warrant, reserve a sufficient number of shares of the Class/Series of Stock for which the Warrant is exercisable to permit the full exercise of this Warrant. All securities and other property issuable upon exercise or conversion of this Warrant shall be free and clear of all restrictions upon sale or transfer, except (a) such as may exist under the Company's Certificate of Incorporation and By-Laws as constituted on the date of this Warrant; (b) such as may exist or arise under agreements between the Holder, on the one hand, and the Company or others, on the other hand, with respect to the securities of the Company; and (c) such as may be imposed by applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Adjustments to the Warrant Shares and Exercise Price</u>. The rights of the Holder shall be subject to the following terms and 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;(A) <u>Adjustments for Subdivision or Combination</u>. If the Company at any time or from time to time after the Original Issue Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) the outstanding shares of the Class/Series of Stock issuable upon exercise hereof into a greater number of shares, the Exercise Price in effect immediately before that subdivision shall be proportionately decreased and the number of Warrant Shares shall be proportionately increased. If the Company at any time or from time to time after the Original Issue Date combines (by reverse stock split or otherwise) the outstanding shares of the Class/Series of Stock issuable upon exercise hereof, the Exercise Price in effect immediately before the combination shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased. Any adjustment under this paragraph shall become effective at the close of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Adjustments for Certain Dividends and Distributions</u>. In the event that at any time or from time to time after the Original Issue Date the Company shall make or issue, or fix a record date for the determination of holders of the class of securities issuable upon exercise hereof who are entitled to receive a dividend or distribution payable in additional shares of the Class/Series of Stock or other securities or property (other than cash), then and in each such event, unless such dividend or distribution results in an adjustment of the Exercise Price pursuant to Section 4(A), provision shall be made so that the Holder shall receive upon exercise hereof in addition to the securities receivable hereupon, the amount of securities of the Company that the Holder would have received had this Warrant been exercised on the date of such event and had Holder thereafter, during the period from the date of such event to and including the exercise date, retained such securities receivable by Holder as aforesaid during such period, giving application during such period to all adjustments called for 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;(C) <u>Adjustment for Reclassification, Exchange or Substitution</u>. In the event that at any time or from time to time after the Original Issue Date, the class (or series) of securities issuable upon the exercise of this Warrant shall be changed into the same or a different number of shares of any other class or classes (or series) of stock or other securities or property, whether by capital reorganization, reclassification, or otherwise (other than a subdivision or combination of shares or stock dividend or distribution provided for above, or a merger, consolidation, or sale of assets provided for below or Deemed Liquidation Event (as defined in the Restated Certificate)) that is not an Acquisition subject to Section 5 hereof, then and in each such event the Holder shall have the right thereafter to exercise this Warrant for the kind and amount of shares of stock and other securities and property receivable upon such reorganization, reclassification, or other change, by holders of the number of shares of the Class/Series of Stock for which this Warrant was exercisable immediately prior to such reorganization, reclassification, or change, all subject to further adjustment 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;(D) <u>No Impairment</u>. The Company shall not, by amendment of its Certificate of Incorporation, as in effect on the date hereof, or By-Laws or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company but shall at all times in good faith assist in the carrying out of all the provisions of this Section 4 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. For the avoidance of doubt, any amendment of the Restated Certificate in connection with an equity financing of the Company or to increase the number of authorized shares of capital stock of the Company shall, in each case, not be deemed an impairment of this Warrant, provided that such amendment does not materially adversely affect the rights, preferences and privileges of the Holder with respect to the Warrant Shares in a materially different manner than the holders of the Company's Series B-1 Preferred Stock, generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) <u>Notice of Adjustment of Number of Shares</u>. Upon any adjustment, readjustment or other change relating to the number of Warrant Shares purchasable upon exercise of this Warrant or to the Exercise Price, then, and in each such case, the Company shall give written notice thereof, by first class mail, postage prepaid, addressed to the Holder at the Holder's address as shown on the books of the Company, which notice shall state the Exercise Price resulting from such adjustment and the number of Warrant Shares (or other securities or property) purchasable at the Exercise Price upon the exercise of this Warrant setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) <u>Waiver of Adjustment of Exercise Price</u>. Notwithstanding anything herein to the contrary, the operation of, and any adjustment of the Exercise Price pursuant to, this Section 4 may be waived, either prospectively or retroactively and either generally or in a particular instance, in each case by the Holder. Any waiver pursuant to this Section 4 shall bind all future holders of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Treatment of Warrant at Acquisition</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) In the event that at any time or from time to time after the Original Issue Date, the Company shall merge or consolidate with or into another entity (other than a merger or consolidation effected exclusively to change the Company's domicile or a merger or consolidation in which the holders of capital stock of this corporation immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the capital stock of this corporation or the surviving or acquiring entity immediately following such merger or consolidation) or sell all or substantially all of its assets (an "**Acquisition**") in which the consideration to be received by the Company's stockholders (in the case of a sale of assets, upon distribution) consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities, and the fair market value of one Warrant Share as determined in accordance with Section 2(C) above would be greater than the Exercise Price in effect on such date immediately prior to such Acquisition (a "**Liquid Acquisition**"), and Holder has not exercised this Warrant pursuant to Section 1 above as to all Warrant Shares, then, unless the Holder shall have elected otherwise prior to the consummation of such Liquid Acquisition, this Warrant shall automatically be converted pursuant to Section 2 above as to all Warrant Shares, which conversion shall be effective immediately prior to and contingent upon the consummation of such Liquid Acquisition. Notwithstanding the foregoing, upon the closing of an Acquisition in which the fair market value of one Warrant Share as determined in accordance with Section 2(C) above is less than the Exercise Price in effect on such date immediately prior to such Acquisition, and Holder has not exercised this Warrant pursuant to Section 1 above as to all Warrant Shares, provided that the Company shall have provided to Holder not less than ten (10) days' notice of such Acquisition, then this Warrant shall automatically expire effective immediately prior to and contingent upon the consummation of such Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Upon the closing of any Acquisition other than a Liquid Acquisition, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the kind and amount of shares of stock or other securities or property to which a holder of the number of shares of the class of securities of the Company deliverable upon exercise of this Warrant would have been entitled upon such Acquisition; and, in such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions set forth in Section 4 with respect to the rights and interest thereafter of the Holder, to the end that the provisions set forth in Section 4 (including provisions with respect to changes in and other adjustments of the Exercise Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other property thereafter deliverable upon the exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) As used in this Warrant, "**Marketable Securities**" means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and is then current in its filing of all required reports and other information under the Act (as defined below) and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by the Holder in connection with the Acquisition were the Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, the Holder would not be restricted from publicly re-selling all of the issuer's shares and/or other securities that would be received by the Holder in such Acquisition were the Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Notice of Certain Events</u>. In case at any time: (1) the Company shall pay any dividend or make any distribution (other than regular cash dividends from earnings or earned surplus paid at an established rate) to the holders of the class of securities issuable upon exercise of this Warrant (or securities issuable upon conversion or exchange of such securities); (2) the Company shall offer for subscription pro rata to all holders of the class of securities issuable upon exercise of this Warrant (or securities issuable upon conversion or exchange of such securities) any additional shares of stock of any class or other rights; (3) there shall be any capital reorganization or reclassification of the capital stock of the Company, or consolidation or merger of the Company with or sale of all or substantially all of its assets to another entity; or (4) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or more of such cases, the Company shall give written notice, to the Holder at Holder's address as shown on the books of the Company of the date on which (a) the books of the Company shall close or a record date shall be fixed for determining the shareholders entitled to such dividend, distribution or subscription rights, or (b) such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up shall take place, as the case may be. Such notice shall also provide reasonable details of the proposed transaction and specify the date as of which the holders of record of the class of securities issuable upon exercise of this Warrant (or securities issuable upon conversion or exchange of such securities) shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their securities for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, as the case may be. Such written notice shall be given at least 5 business days prior to the action in question and not less than 5 business days prior to the record date or the date on which the Company's transfer books are closed in respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term; Automatic Conversion Upon Expiration</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>Term</u>. Subject to the provisions of Section 5 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 5:00 PM on the Expiration Date and shall be void thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Automatic Conversion upon Expiration</u>. In the event that, upon the Expiration Date, the fair market value of one Warrant Share as determined in accordance with Section 2(C) above is greater than the Exercise Price in effect on such date, then this Warrant shall, without any action by the Holder, be deemed on and as of such date to be automatically exercised pursuant to Section 2 above as to all Warrant Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Warrant Shares issued upon such exercise to Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Financial Statements and other Information</u>. The Company shall furnish the Holder: (A) (as to itself and its subsidiaries): (i) within one hundred eighty (180) days after the end of each fiscal year of the Company, a balance sheet as at the end of such year, and the related statements of income, retained earnings and cash flows for such fiscal year, prepared in accordance with United States generally accepted accounting principles ("**GAAP**"), all in reasonable detail and audited by independent certified public accountants of recognized standing selected by the Company; (ii) within forty-five (45) days after the end of each quarter of the Company's fiscal year, a balance sheet as at the end of such quarter, and the related statements of income, retained earnings and cash flows for such quarter, prepared in accordance with GAAP; and (iii) the Company's capitalization table promptly after the end of each fiscal year of the Company; and (B) promptly upon the filing thereof, a true and correct copy of any amendment, modification, rescission or revocation of the Restated Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Fully-Paid Shares; Taxes</u>. The Company covenants that (A) the shares of the Class/Series of Stock represented by each and every certificate for Warrant Shares delivered upon exercise of this Warrant shall, at the time of such delivery, be duly authorized, validly issued and outstanding, and fully paid and nonassessable, (B) the Company shall take any and all actions as may be necessary to ensure that the par value or stated value, if any, of each Warrant Share is at all times equal to or less than the then Exercise Price; and (C) the Company will pay when due and payable any and all stamp, original issue or similar taxes that may be payable in respect of issuance of any Warrant Shares or certificates for Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Restrictions upon Transfer</u>. Each Holder acknowledges that this Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the "**Act**"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (a) an effective registration statement under the Act as to the securities to be disposed of and registration or qualification of such securities under any applicable Blue Sky or state securities law then in effect, or (b) an opinion of counsel, reasonably satisfactory to the Company, that such registration and qualification are not required. The Company shall not require the Holder to provide an opinion of counsel if the transfer is to an affiliate of the Holder, provided that any such transferee is an "accredited investor" as defined in Regulation D promulgated under the Act. Additionally, the Company shall not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act.

Without limiting the generality of the foregoing, unless the offering and sale of the Warrant Shares to be issued upon the particular exercise of the Warrant shall have been effectively registered under the Act, the Company shall be under no obligation to issue the shares covered by such exercise unless and until the Holder shall have executed an investment letter in form and substance reasonably satisfactory to the Company, including a warranty at the time of such exercise that it is acquiring such shares for its own account, for investment and not with a view to, or for sale in connection with, the distribution of any such shares in violation of the Act, in which event the Holder shall be bound by the provisions of the following legend, which shall be endorsed upon the certificate(s) evidencing the Warrant Shares issued pursuant to such exercise:

The shares represented by this certificate have not been registered under the Securities Act of 1933, as amended (the "Act"), or any state securities laws and may not be sold, pledged, hypothecated or otherwise transferred unless a registration statement under the Act is in effect with regard thereto and such sale, pledge, hypothecation or other transfer is registered or qualified under applicable state law or unless exemptions from such registration and qualification under the Act and such state law are available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>No Distribution</u>. The Holder of this Warrant, by acceptance hereof, represents and warrants that this Warrant has been acquired for the Holder's own account without a view to, or for sale in connection with, a distribution thereof in violation of the Act. Notwithstanding the foregoing, the Company agrees that the Holder shall have the right to grant participation interests in this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Shareholders' Agreement; Market Stand-off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Holder shall, as a condition to the exercise of this Warrant, become a party to the Company's Amended and Restated Stockholders' Agreement by and between the Company and the Company's stockholders party thereto, dated as of October 1, 2018, as it may be amended (the "**Stockholders' Agreement**"), as an "Investor" by signing a counterpart signature page to thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>"Market Stand-off" Agreement</u>. Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company's Initial Public Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days (i) 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 Common Stock or Preferred Stock, or any securities convertible into or exercisable or exchangeable for any such shares or shares held immediately prior to the effectiveness of the registration statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any such shares or any securities convertible into or exercisable or exchangeable for any such shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of such shares or other securities, in cash or otherwise. The foregoing provisions of this section (i) shall not apply to the sale of any equity securities to an underwriter pursuant to an underwriting agreement, and (ii) shall only be applicable to Holder if all officers, directors and holders of greater than one percent (1%) of the Company's outstanding securities (on an as converted basis) enter into similar agreements. Notwithstanding the foregoing, the Company and the managing underwriter may extend the market stand-off period specified above solely to the extend extent necessary to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, without limitation, the restrictions, if any, contained in FINRA Rule 2241 or any successor provisions or amendments thereto. The underwriters in connection with the Company's Initial Public Offering are intended third-party beneficiaries of this section and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company's Initial Public Offering that are consistent with this section or that are necessary to give further effect thereto.

In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the above described securities of each Holder until the end of such period.

Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing the all of above described securities of Holder:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER'S INITIAL REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER'S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

In the event of any conflict between the provisions of this section and the Stockholders' Agreement, the Stockholders' Agreement shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Disclosure of Information</u>. The Holder, by acceptance hereof, represents that it has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Investment Experience.</u> Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. By acceptance hereof, the Holder represents and warrants that it has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder's investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Books of the Company</u>. The Company may treat the Holder of this Warrant as appearing on the Company's books at any time as the Holder for all purposes. Upon written request, the Company shall permit any Holder or the duly authorized attorney of such Holder, during ordinary business hours, to inspect and copy or make extracts from the books showing the registered holders of Warrants, provided that such information shall be subject to the confidentiality obligations contained in that certain Loan and Security Agreement dated as of June 5, 2019 between initial Holder as Lender and the Company as Borrower (as amended and as the same may be further amended from time to time, the "**Loan Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. If this Warrant shall be lost, stolen, destroyed, or mutilated, the Company shall execute and deliver to the Holder a replacement warrant of like date, tenor, and denomination upon receipt by the Company of (a) evidence reasonably satisfactory to the Company of the occurrence of such event, and (b) (i) in the event of mutilation, upon surrender and cancellation of this Warrant, or (ii) in the event of loss, theft, or destruction of this Warrant, of indemnity reasonably satisfactory to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Holder Not Shareholder</u>. This Warrant does not, prior to its exercise, confer upon the Holder any right to vote, or to consent, or to receive notice, or otherwise to act, as a shareholder of the Company in respect of any matters whatsoever, or confer or impose upon the Holder any other rights or liabilities of a shareholder of the Company. Notwithstanding the foregoing, upon the exercise of this Warrant in accordance with the procedures contained herein, the Holder shall forthwith be deemed a stockholder of the Company in respect of the securities so subscribed and paid for and the Warrant Shares, when issued, shall be subject to the terms and conditions of the Restated Certificate, and the Holder hereby agrees to become a party to, and be bound by, the terms and conditions of the Stockholders' Agreement, including without limitation certain restrictions on transfers contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Publicity</u>. The Company hereby consents to Holder publishing the Company's name and logo on financial reports that Holder provides to its limited partners and potential investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notices and Other Communications</u>. Any notice or other communication under this Warrant shall be effective and shall be deemed to have been given if, and only if, the same shall have been given (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at the address listed on the signature page or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Headings</u>. The headings contained in this Warrant have been inserted as a matter of convenience, do not form part of, and shall not affect construction of, this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Applicable Law</u>. This Warrant shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts applicable to contracts wholly made, accepted and performed within that jurisdiction, without application of principles of conflict of laws.

IN WITNESS WHEREOF, the parties have caused this Second Amended and Restated Warrant to Purchase Stock to be executed by their duly authorized representatives effective as of the Original Issue Date written above.

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| | |
|:---|:---|
| "COMPANY" | "COMPANY" |
| TG-17, INC. | TG-17, INC. |
| By: | /s/ Doron Kempel |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

Address: 85 Broad Street <br> 9 FL <br> New York, NY 10004

Email: Doron.Kempel@ourbond.com

Acknowledged:

"HOLDER"

EASTWARD FUND MANAGEMENT, LLC

---

| | |
|:---|:---|
| By: | /s/ Dennis P. Cameron |
| Name: | Dennis P. Cameron |
| Title: | Chief Executive Officer |

---

Address: 432 Cherry Street <br> West Newton, MA 02465

Email: Dennis@eastwardcp.com

**SIGNATURE PAGE TO TG-17, INC. SECOND AMENDED AND RESTATED WARRANT TO PURCHASE STOCK**

SUBSCRIPTION

Date: ____________________

---

| | |
|:---|:---|
| To: | TG-17, Inc. (the "**Company**") |
|  | 85 Broad Street |
|  | 9 FL |
|  | New York, NY 10004 |

---

**(1)** ☐ The undersigned hereby elects to purchase ________ shares of Series B-1 Preferred Stock (the "***Shares***") of the Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full.

☐ The undersigned hereby elects to convert this Warrant with respect to ________ shares of Series B-1 Preferred Stock (the "***Shares***") of the Company pursuant to its Conversion Right set forth in Section 2 of the attached Warrant.

**(2)** Please issue a certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below:

________________________

(Name)

________________________

________________________

(Address)

**(3)** The undersigned is aware that the Shares have not been registered under the Securities Act of 1933, as amended (the "**Act**"), or any state securities laws. The undersigned understands that the reliance by the Company on exemptions under the Act is predicated in part upon the truth and accuracy of the statements of the undersigned in this Subscription.

The undersigned represents and warrants that (1) it has been furnished with all information which it deems necessary to evaluate the merits and risks of the acquisition of the Shares; (2) it has had the opportunity to ask questions concerning the Shares and the Company and all questions posed have been answered to its satisfaction; (3) it has been given the opportunity to obtain any additional information it deems necessary to verify the accuracy of any information obtained concerning the Shares and the Company; and (4) it has such knowledge and experience in financial and business matters that it is able to evaluate the merits and risks of acquiring the Shares and to make an informed investment decision relating thereto.

The undersigned hereby represents and warrants that it is purchasing the Shares for its own account and not with a view to the sale or distribution of all or any part of the Shares in violation of the Act.

The undersigned understands that because the Shares have not been registered under the Act, it must bear the economic risk of the investment for an indefinite time and the Shares cannot be sold unless the Shares are subsequently registered under applicable federal and state securities laws or an exemption from such registration is available.

The undersigned consents to the placing of the legend on its certificate for the Shares in accordance with the terms of the Warrant and to the placing of a stop transfer order on the books of the Company and with any transfer agents against the Shares until the Shares may be legally resold or distributed without restriction.

---

| |
|:---|
| EASTWARD FUND MANAGEMENT, LLC |
| Signature |
| Print name: |
| Date: |

---

## Exhibit 4.4

**Exhibit 4.4**

WARRANT NO. [__]

Date: June 25, 2025

**THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.** 

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**TG-17, INC.**

**FOR VALUE RECEIVED**, Ascent Partners Fund LLC or its successors and permitted assigns (collectively, the **"Holder"**) is hereby irrevocably granted the option and right, subject to the terms and conditions set forth herein, to purchase from TG-17, Inc., a Delaware corporation (the **"Company"**), 1,000,000 shares (the **"Warrant Securities")** of Common Stock of the Company, $0.0001 par value per share (together with any other type or class of Security that may be purchased with this Warrant pursuant to **Section 5,** the **"Underlying Securities"**), as constituted on the date hereof (the **"Issue Date"**), upon surrender hereof, at the principal office of the Company referred to below, with the notice of exercise attached hereto as **Exhibit A** duly executed by the Holder (the **"Exercise Notice**"), and simultaneous delivery of payment for the Warrant Securities in U.S. dollars, the lawful currency of the United States (**"$"** or **"dollars"**) or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the **"Exercise Price"**). The number, character and Exercise Price of the Underlying Securities is subject to adjustment as provided below. The term **"Warrant"** as used herein shall include this Warrant, as the same may be modified from time to time, and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is issued pursuant to **Section 2.1 (Purchase)** of that certain Securities Purchase Agreement, dated as of June 25, 2025, by and among the Company, the Holder, and the other purchasers party thereto as such (as modified from time to time, the **"Purchase Agreement**"; capitalized terms used but not defined herein are used as defined in the Purchase Agreement), the **"Closing Date"** thereunder and as defined thereunder being the date on which full consideration was paid for the issuance of this Warrant.

**1.** **Term**.
 This Warrant (and the purchase rights granted hereunder) shall terminate at 5:00 p.m. (Eastern
 Standard Time) on the eight (8) month terms from the anniversary of the date hereof (the **"Expiration Date"**). Any rights granted hereunder that have not been exercised
 on or before the Expiration Date shall then expire and be void and without further force
 or effect.

**2.** **Price**.
 The purchase price at which this Warrant may be exercised shall be $1.0825 per share of Warrant
 Securities, as adjusted from time to time pursuant to **Section 5** (as so adjusted, the
 "**Exercise Price** ").

**3.** **Exercise**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Cash Purchase.** In order to exercise this Warrant and the rights granted hereunder, in whole or in part, the Holder shall complete, duly execute and deliver to the Company (or to the Company's transfer agent for the Underlying Securities (the **"Transfer Agent**")) all of the following: (i) the Exercise Notice, (ii) a copy of this Warrant and (iii) payment of the Exercise Price in cash by wire transfer of immediately available dollars to an account designated by the Company or by certified check or official bank check. Any share of Underlying Securities purchased in cash under this Warrant shall reduce the remaining number of Warrant Securities subject to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cashless Exercise**. If, at any time after the listing of the Company's common stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act (the "**Direct Listing**"), there is no effective registration statement covering, or no current prospectus available for, the free resale of the Warrant Securities by the Holder, then, in lieu of exercising this Warrant by delivery of the Exercise Price pursuant to **clause (a)** above, the Holder may elect to receive the number of Warrant Securities determined according to the following formula (in which case the remaining shares of Warrant Securities shall be reduced by the number of Warrant Securities for which this Warrant is being exercised):

X = <u>Y(A-B)</u> A

---

| | | | |
|:---|:---|:---|:---|
| Where, | X | = | The number of Warrant Securities to be issued to the Holder; |
|  | Y | = | The number of Warrant Securities for which this Warrant is being exercised; |
|  | A | = | The fair market value of one share of Warrant Security; and |
|  | B | = | The Exercise Price. |

---

For purposes of this **clause (b)**, the **"fair market value"** of a Security is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Security is traded on a Trading Market, the closing price thereof on the Principal Trading Market where such Security is traded on the last Trading Day prior to the date the applicable Exercise Notice was delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no active trading on any Trading Market, the fair market value, as determined in good faith by the Company's Board of Directors, consistent with any other determination of value made by the Board of Directors for any other purpose.

**"Principal Trading Market"** for any Security, means the principal Trading Market for such Security, as listed in the applicable offering documents for such Security. The **"Principal Trading Market"** for the Common Stock is the Nasdaq Global Market.

"**Trading Day**" means a day on which all Principal Trading Markets for the Underlying Securities are open for trading.

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

**4.** **Treatment of Consideration in Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In-The-Money Cash Transactions**. If the Company consummates a Fundamental Transaction for which (i) the consideration that would be received by the Holder (assuming the Holder exercised this Warrant in full prior to the consummation thereof) consists solely of cash and Marketable Securities (as hereinafter defined), (ii) the consideration received by holders of Underlying Securities, as determined in accordance with **Section 5(b)(iii)**, would be greater than the Exercise Price in effect as of immediately prior to the consummation of such Fundamental Transaction, and (iii) the Holder has not previously exercised this Warrant in full, then, in lieu of the Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Underlying Securities and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Fundamental Transaction on and, in respect of all Warrant Securities which could have been purchased with this Warrant immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Warrant Securities had been issued and outstanding to the Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding Warrant Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Cash and Out-of-the Money Warrants**. Upon the closing of any other Fundamental Transaction, the acquiring, surviving, replacement or successor entities shall assume this Warrant and the Company's obligations hereunder, and this Warrant shall thereafter be exercisable for the same Warrant Securities and/or other property as would have been paid for the Warrant Securities issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Securities were outstanding on and as of the closing of such Fundamental Transaction, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, including **Section 5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Definition.** For purposes of this **Section 4, "Marketable Securities"** means Securities meeting all of the following requirements (determined as of immediately prior to the closing of the Fundamental Transaction): (i) the issuer of such Securities is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) such Securities are traded in a Trading Market and (iii) assuming that the Holder was a holder of such Securities, the Holder would not be restricted from publicly re-selling all of such Securities, except to the extent that any such restriction (x) arises solely under securities Regulations and (y) does not extend beyond six (6) months following the date of the consummation of such Fundamental Transaction. Notwithstanding the foregoing, Securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

**5.** **Other Adjustments.** Both the Exercise Price and the number of Warrant Securities purchasable
 upon the exercise of each Warrant are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Dividends, Stock Splits and Fundamental Transactions.** If the Company shall, at any time after the date hereof, split or subdivide its outstanding shares of Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of Warrant Securities purchasable hereunder shall be increased in proportion to such increase in the aggregate number of outstanding shares of Common Stock. If the Company shall, at any time after the date hereof, combine its outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of Warrant Securities purchasable hereunder shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment for a subdivision or combination of the Company's outstanding shares of Common Stock shall become effective at the close of business on the date the subdivision or combination becomes effective. If the Company shall, at any time after the date hereof, (i) declare a dividend on Warrant Securities payable in other Securities or Indebtedness of the Company or any other Person (**"New Investments**"), (ii) issue by reclassification of its Warrant Securities any New Investment of the Company, (iii) complete any capital reorganization of the Company, whether or not such reclassification directly or indirectly affects the Underlying Securities or results in New Investments being issued to holders of Underlying Securities, (iv) complete any reclassification of the Underlying Securities (other than a reclassification referred to in **clause (iv)** above), (v) complete a business combination of the Company or any other Fundamental Transaction, whether by consolidation, merger or transfer of substantially all assets of the Company or otherwise, and whether or not such combination result in holders of Underlying Securities receiving New Investments then, for each such event, the Exercise Price then in effect, as well as, where applicable, the type and number of Warrant Securities issuable hereunder, shall be adjusted so as to ensure that the Holder shall remain entitled, at the Exercise Price applicable prior to such adjustment, to receive the kind and number of Warrant Securities and all such New Investments of the Company which the Holder would have been entitled to receive after any such event had such Warrant been exercised in full immediately prior to any such event (or, if applicable, any record date with respect thereto). Each such adjustment shall become effective immediately after the effective date of the event, retroactive to the record date, if any, for such event. The Company shall not engage in any such transaction resulting in the holders of Underlying Securities receiving New Investments issued by any person other than the Company unless, prior to or simultaneously with the consummation thereof, such other assumes, by written instrument, the obligations of the Company hereunder (jointly and severally with the Company if the Company survives such event). The provisions of this **clause (a)** shall continue to apply to successive events covered hereby. At any time after which, as a result of an adjustment made pursuant to this **Section 5**, the Holder becomes entitled to receive any New Investments that are not Underlying Securities, the term **"Warrant Securities"** hereunder shall be deemed include such New Investments, and the exercise price and number of such New Investments receivable hereunder shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the original Warrant Securities contained in this **Section 5**, and all other provisions of this Warrant that apply to the Warrant Securities shall apply on like terms to such New Investments. Similarly, the term "**Underlying Securities"** hereunder shall be deemed to include all Securities and Indebtedness of the type of such New Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Issuance at Less than Exercise Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Issuance of Underlying Securities.** If and whenever on or after the Issue Date, the Company grants, issues or sells, or in accordance with this **Section 5** is deemed to have granted, issued or sold, (A) any Underlying Securities (including the issuance or sale of shares of Underlying Securities owned or held by or for the account of the Company, but excluding any Exempt Issuance) for a consideration per share that is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale or (B) (1) any Stock Equivalents of Underlying Securities or (2) any options to purchase (or any other Contractual Obligation of the Company to grant, issue or sell) Underlying Securities or Stock Equivalents thereof (**"Acquisition Rights**"), in each case for which, at the time of such grant, issuance or sale, the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities pursuant to such Acquisition Rights (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights) is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (all of the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Exercise Price then in effect for such Warrant Securities shall be reduced to an amount equal to such consideration. Except as expressly stated in this **clause (b)**, no further adjustment to the Exercise Price shall be made upon the issuance of such Underlying Securities, the exercise of such options or otherwise pursuant to the terms of, or upon the issuance of, such shares of Common Stock upon conversion, exercise or exchange of such Stock Equivalents. If the Company takes a record of Underlying Securities for the purpose of entitling the holder thereof (x) to receive a dividend or other distribution payable in Underlying Securities, other Securities, Indebtedness or Acquisition Rights or (y) to subscribe for or purchase shares of Underlying Securities, other Securities, Indebtedness of Acquisition rights, then such record date will, for the purposes of this Warrant, be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such subscription right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Change in Price, Term or Rate of Conversion**. If there is any change at any time in the term or in the consideration required to be paid by any holder of Acquisition Rights to acquire Underlying Securities or in the rate at which any Acquisition Rights are convertible into or exercisable or exchangeable into Underlying Securities (other than proportional changes in conversion or exercise prices, as applicable, in connection with any Fundamental Transaction), the Exercise Price in effect at the time of such increase or decrease shall be adjusted at the time of such change as if such Acquisition Rights had been issued, granted or sold at the time of such change, with such change deemed to be effective. No adjustment pursuant to this **clause (b)** shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Calculation of Consideration Received**. If any Acquisition Right is granted, issued or sold in connection with the issuance or sale or deemed issuance or sale of any other Securities or Indebtedness of the Company (as determined by the Holder, the "**Primary Security**", and together with such Acquisition Rights, each a "**Unit**"), in one integrated transaction, the aggregate consideration per share of Underlying Security with respect to such Unit issuance, grant or sale shall be deemed to be the lower of (x) the purchase price of such Unit; and (y) the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities in connection with the Acquisition Rights that are part of such Unit (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights). If part of the consideration for the issuance, grant or sale of any Underlying Security or any Acquisition Rights is not cash, the amount of such non-cash consideration received by the Company Parties and their Subsidiaries shall be the fair value of such consideration; **provided,** that the fair value of any publicly-traded Securities included in such consideration shall be deemed to be, for purposes of this **clause (b)**, the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt of such securities by such Company Parties or such Subsidiaries. If any Underlying Securities or Acquisition Rights are issued to the owners of a non-surviving entity in connection with any merger with the Company in which the Company is the surviving entity, the consideration therefor will be deemed to be the fair value of the net assets and business of the non-surviving entity. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the "**Valuation Event**"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<sup>th</sup>) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if Bloomberg does not report such a price, the Dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if no Dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Holder.

All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If necessary, the provisions set forth in this **Section 5** with respect to the rights thereafter of the holders of the Warrants shall be appropriately adjusted so as to be applicable, as nearly as they may reasonably be, to any other Securities, Indebtedness and other assets thereafter deliverable on the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No adjustment in the number of Warrant Securities shall be required under this **Section 5** unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Securities purchasable hereunder; **provided** that any adjustments which by reason of this **clause (d)** are not required to be made shall be carried forward and taken into account in any subsequent adjustment; **provided**, that notwithstanding the foregoing, all adjustments so carried-forward shall be made no later than three (3) years from the date of the first event that would have required an adjustment but for this paragraph. All calculations under this **Section 5** shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case any event shall occur as to which the other provisions of this **Section 5** are not strictly applicable or the failure to make any adjustment would result in an unfair enlargement or dilution of the purchase rights represented by the Warrants in accordance with the essential intent and principles hereof, then, in each such case, the independent auditors of the Company shall give its opinion as to the adjustment, if any, on a basis consistent with the essential intent and principles established in this **Section 5**, necessary to preserve, without enlargement or dilution, the purchase rights presented by the Warrants. Upon receipt of such opinion, the Company shall promptly mail a copy thereof to the registered holders of the Warrants and shall make the adjustment described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Most Favored Nation Protection.** So long this Warrant is outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance) with any term that the Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in this Warrant, then (i) the Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at Holder's option, shall become a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

**6.** **Notices of Adjustments and other Significant Corporate Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to **Sections 4** or **5**, the Company shall issue a certificate signed by its President, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Holder a notice of the following events (immediately upon discovery or, if the Company is initiating such event, at least 15 days prior to the earlier of the consummation of such event or any record date, deadline or other significant date applicable to the holders of Underlying Securities with respect thereto), which notice shall specify any such record date, deadline or other significant date and contained an otherwise reasonably detailed summary of such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company obtaining corporate approval for, taking a record of the holders of its Underlying Securities for the purpose of effecting, or taking any other material steps towards completing, any of the events that could result in any adjustment of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the Company commencing a case or other action or proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulations of any jurisdiction relating to the Company or any action or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other action or proceeding being commenced against the Company by any other person, (C) the Company being adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) the Company generally not paying its debts as such debts become due, admitting in writing its inability to pay its debts as they mature or making a general assignment for the benefit of creditors, (E) the Company calling a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) the Company, by any act or failure to act, expressly indicating its consent to, approval of or acquiescence in any of the foregoing or taking any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other corporate or similar event with respect to the Company materially affecting the nature of the Holder's interest or the nature of the Underlying Securities or the Warrant Securities hereunder.

**7.** **Additional Covenants with respect to Underlying Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Rights of Holder of Underlying Securities**. Except as otherwise provided herein, this Warrant, by itself and prior to exercise, shall not entitle the Holder to any of the rights of a holder of Underlying Securities in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Fractional Shares or Scrip.** No fractional shares of Warrant Securities and no scrip representing any such fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fraction of a share of a Warrant Security to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Reservation of Underlying Securities.** The Company shall comply with **Section 4.5 (Reservation and Listing)** of the Purchase Agreement which provides for reservation of shares for the issuance of Underlying Securities hereunder and for any applicable application for listing thereof, in each case as adjusted ratably to account for any changes to the Warrant Securities caused by **Section 5** or any other provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance.** The Company covenants that all Warrant Securities that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, Liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Securities upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Reinstatement.** If any transfer of Underlying Securities made in the exercise of this Warrant is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be unwound, this Warrant shall be reinstated as to such Underlying Securities as if it had not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Holder's Conversion Limitations**. The Company shall not issue any Warrant Securities, and the Holder shall not have the right to purchase any Warrant Securities hereunder, to the extent that after giving effect to such issuance, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates, the "**Attribution Parties**") would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of determining the Beneficial Ownership Limitation for the foregoing sentence, the number of shares of Underlying Securities beneficially owned by the Holder and its Attribution Parties shall include the number of Warrant Securities issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Underlying Securities issuable upon (i) exercise of the unexercised portion of this Warrant and (ii) exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including any promissory notes or other warrants) beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this **Section 7(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 7(f)** applies, the determination of whether this Warrant is exercisable (in relation to other Securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the attempt by the Holder to exercise this Warrant shall be deemed to be the Holder's determination of whether this Warrant may be exercised (in relation to other Securities owned by the Holder together with any Attribution Parties) and which portion of this Warrant may be exercised, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers an Exercise Notice that such Exercise Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 7(f)**, in determining the number of outstanding shares of Underlying Securities, the Holder may rely on the number of outstanding shares of Underlying Securities as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Underlying Securities outstanding. Upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Underlying Securities then outstanding. In any case, the number of outstanding shares of Underlying Securities shall be determined after giving effect to the conversion or exercise of Securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Underlying Securities was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of all Underlying Securities to be held by the Holder. The Holder, upon not less than sixty-one (61) days' prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this **Section 7(f)**; **provided**, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of shares of Underlying Securities upon exercise of this Warrant held by the Holder and the Beneficial Ownership Limitation provisions of this **Section 7(f)** shall continue to apply. Any such increase or decrease will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this **Section 7(f)** to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Redemption**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 7(g) shall not become effective unless and until the date on which the Common Stock is first listed or quoted for trading on a Trading Market (the "**Listing Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Following the Listing Date, and provided that (a) the Company does not have an equity line of credit put in effect, and (b) the Call Conditions (as defined below) are satisfied as of the date of the Call Notice (defined below) and through the Call Exercise Period, the Company shall have the right to redeem this Warrant with respect to up to that number of Underlying Securities (the "**Call Amount**") equal to thirty-three percent (33%) of the VWAP (excluding the highest and lowest volume days) of the Common Stock on the principal Trading Market over the ten (10) consecutive Trading Days immediately prior to the date of the Call Notice (the "**Measurement Period**"), at the then-effective Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company may exercise this call right by delivering written notice to the Holder (a "**Call Notice**") specifying the Call Amount and certifying that the Call Conditions have been met. The Holder shall have the right to exercise the Warrant, in whole or in part, with respect to the Call Amount, at any time during the ten (10) Trading Day period following receipt of the Call Notice (the "**Call Exercise Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 6, the "Call Conditions" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Stock shall have traded at a price equal to or greater than one hundred twenty percent (120%) of the then-effective Exercise Price on each Trading Day during the Measurement Period (it being understood that the stock must close at or above such price, and no intra-day dips are permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Common Stock is listed or quoted on a Trading Market and has not been suspended or delisted during the Measurement Period or Call Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has reserved and continues to reserve a sufficient number of shares of Common Stock for issuance upon full exercise of this Warrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company is not in material breach of this Warrant or any other agreement with the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Exercise After Call Notice**. The Holder may exercise this Warrant, solely with respect to the Call Amount, for cash (or on a cashless basis if permitted under Section 3), at any time during the Call Exercise Period.

**8.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns.** This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Warrant without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Warrant in whole or in part to the extent permitted by applicable securities Regulations. Upon delivery of evidence of such assignment and delivery of this Warrant, the Company shall at its own expense execute and deliver, in lieu of this Warrant, new warrants to the new Holders after giving effect to such assignment, each of like tenor and in the respective amount and for the number of shares as are owned by such new Holders after giving effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Amendments; Entire Agreement; Counterparts; Electronic Signatures**. None of the terms or provisions of this Warrant may be waived, amended, supplemented or otherwise modified except with the written consent of the Holder and the Company and in accordance with **Section 6.3(b) (Amendments)** of the Purchase Agreement. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Warrant and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Warrant may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Replacement of Warrant**. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall, at its own expense, execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Warrant, the transfer of the Warrant Securities upon exercise and the other provisions hereof and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Independent Obligations.** The obligations of the Company set forth herein are independent from the other obligations set forth in the Transaction Documents and shall survive the repayment in full of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of a dispute relating to, or any inability of the Company and the Holder to agree on, a VWAP or a fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic transmission (A) if by the Company, within two (2) Trading Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute, at any time after the second Trading Day following such initial notice, then the Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with **clause (g)** and (B) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth Trading Day immediately following the date on which the Holder selected such investment bank (the "**Dispute Submission Deadline**") . If either party fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Holder shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10) Trading Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Warrant and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan . **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Warrant or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Warrant and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Interpretation.** This Warrant is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Sections 3.1 (Representations and Warranties of the Company Parties (including clause (kk) (AML/CTF Regulations)), 4.14 (Indemnification of Each Purchaser Party**) and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

 ****

 ****

**IN WITNESS WHEREOF**, the undersigned has caused this Warrant to be executed as of the date first written above by its officers thereunto duly authorized.

---

| | |
|:---|:---|
| TG-17, INC. | TG-17, INC. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | CEO |

---

Date signed: June 25, 2025

---

| | |
|:---|:---|
| Accepted and agreed | Accepted and agreed |
| as of the date first written above: | as of the date first written above: |
| ASCENT PARTNERS FUND LLC | ASCENT PARTNERS FUND LLC |
| By: | */s/ Mikhail Gurevich* |
| Name: | Mikhail Gurevich |
| Title: | Authorized Person |

---

Date signed: June 25, 2025

**EXHIBIT A**

**NOTICE OF EXERCISE**

To: _____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase _________ shares of Warrant Securities of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [ ] in lawful money of the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [ ] if permitted the cancellation of such number of Warrant Securities as is necessary, in accordance with the formula set forth in subsection 3.2, to exercise this Warrant with respect to the maximum number of Warrant Securities purchasable pursuant to the cashless exercise procedure set forth in subsection 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Securities in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Securities shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Accredited Investor**. The undersigned is an "accredited investor" as defined in regulations promulgated under the Securities Act of 1933, as amended.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

Date signed:

## Exhibit 4.5

**Exhibit 4.5**

WARRANT NO. [__]

Date: June 25, 2025

**THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.** 

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**TG-17, INC.**

**FOR VALUE RECEIVED**, Ascent Partners Fund LLC or its successors and permitted assigns (collectively, the **"Holder"**) is hereby irrevocably granted the option and right, subject to the terms and conditions set forth herein, to purchase from TG-17, Inc., a Delaware corporation (the **"Company"**), 1,000,000 shares (the **"Warrant Securities")** of Common Stock of the Company, $0.0001 par value per share (together with any other type or class of Security that may be purchased with this Warrant pursuant to **Section 5,** the **"Underlying Securities"**), as constituted on the date hereof (the **"Issue Date"**), upon surrender hereof, at the principal office of the Company referred to below, with the notice of exercise attached hereto as **Exhibit A** duly executed by the Holder (the **"Exercise Notice**"), and simultaneous delivery of payment for the Warrant Securities in U.S. dollars, the lawful currency of the United States (**"$"** or **"dollars"**) or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the **"Exercise Price"**). The number, character and Exercise Price of the Underlying Securities is subject to adjustment as provided below. The term **"Warrant"** as used herein shall include this Warrant, as the same may be modified from time to time, and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is issued pursuant to **Section 2.1 (Purchase)** of that certain Securities Purchase Agreement, dated as of June 25, 2025, by and among the Company, the Holder, and the other purchasers party thereto as such (as modified from time to time, the **"Purchase Agreement**"; capitalized terms used but not defined herein are used as defined in the Purchase Agreement), the **"Closing Date"** thereunder and as defined thereunder being the date on which full consideration was paid for the issuance of this Warrant.

**1.** **Term**.
 This Warrant (and the purchase rights granted hereunder) shall terminate at 5:00 p.m. (Eastern
 Standard Time) on the sixteen (16) month terms from the anniversary of the date hereof (the **"Expiration Date"**). Any rights granted hereunder that have not been exercised
 on or before the Expiration Date shall then expire and be void and without further force
 or effect.

**2.** **Price**.
 The purchase price at which this Warrant may be exercised shall be $1.0825 per share of Warrant
 Securities, as adjusted from time to time pursuant to **Section 5** (as so adjusted, the
 "**Exercise Price** ").

**3.** **Exercise**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Cash Purchase.** In order to exercise this Warrant and the rights granted hereunder, in whole or in part, the Holder shall complete, duly execute and deliver to the Company (or to the Company's transfer agent for the Underlying Securities (the **"Transfer Agent**")) all of the following: (i) the Exercise Notice, (ii) a copy of this Warrant and (iii) payment of the Exercise Price in cash by wire transfer of immediately available dollars to an account designated by the Company or by certified check or official bank check. Any share of Underlying Securities purchased in cash under this Warrant shall reduce the remaining number of Warrant Securities subject to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cashless Exercise**. If, at any time after the listing of the Company's common stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act (the "**Direct Listing**"), there is no effective registration statement covering, or no current prospectus available for, the free resale of the Warrant Securities by the Holder, then, in lieu of exercising this Warrant by delivery of the Exercise Price pursuant to **clause (a)** above, the Holder may elect to receive the number of Warrant Securities determined according to the following formula (in which case the remaining shares of Warrant Securities shall be reduced by the number of Warrant Securities for which this Warrant is being exercised):

X = <u>Y(A-B)</u> A

---

| | | | |
|:---|:---|:---|:---|
| Where, | X | = | The number of Warrant Securities to be issued to the Holder; |
|  | Y | = | The number of Warrant Securities for which this Warrant is being exercised; |
|  | A | = | The fair market value of one share of Warrant Security; and |
|  | B | = | The Exercise Price. |

---

For purposes of this **clause (b)**, the **"fair market value"** of a Security is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Security is traded on a Trading Market, the closing price thereof on the Principal Trading Market where such Security is traded on the last Trading Day prior to the date the applicable Exercise Notice was delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no active trading on any Trading Market, the fair market value, as determined in good faith by the Company's Board of Directors, consistent with any other determination of value made by the Board of Directors for any other purpose.

**"Principal Trading Market"** for any Security, means the principal Trading Market for such Security, as listed in the applicable offering documents for such Security. The **"Principal Trading Market"** for the Common Stock is the Nasdaq Global Market.

"**Trading Day**" means a day on which all Principal Trading Markets for the Underlying Securities are open for trading.

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

**4.** **Treatment of Consideration in Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In-The-Money Cash Transactions**. If the Company consummates a Fundamental Transaction for which (i) the consideration that would be received by the Holder (assuming the Holder exercised this Warrant in full prior to the consummation thereof) consists solely of cash and Marketable Securities (as hereinafter defined), (ii) the consideration received by holders of Underlying Securities, as determined in accordance with **Section 5(b)(iii)**, would be greater than the Exercise Price in effect as of immediately prior to the consummation of such Fundamental Transaction, and (iii) the Holder has not previously exercised this Warrant in full, then, in lieu of the Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Underlying Securities and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Fundamental Transaction on and, in respect of all Warrant Securities which could have been purchased with this Warrant immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Warrant Securities had been issued and outstanding to the Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding Warrant Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Cash and Out-of-the Money Warrants**. Upon the closing of any other Fundamental Transaction, the acquiring, surviving, replacement or successor entities shall assume this Warrant and the Company's obligations hereunder, and this Warrant shall thereafter be exercisable for the same Warrant Securities and/or other property as would have been paid for the Warrant Securities issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Securities were outstanding on and as of the closing of such Fundamental Transaction, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, including **Section 5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Definition.** For purposes of this **Section 4, "Marketable Securities"** means Securities meeting all of the following requirements (determined as of immediately prior to the closing of the Fundamental Transaction): (i) the issuer of such Securities is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) such Securities are traded in a Trading Market and (iii) assuming that the Holder was a holder of such Securities, the Holder would not be restricted from publicly re-selling all of such Securities, except to the extent that any such restriction (x) arises solely under securities Regulations and (y) does not extend beyond six (6) months following the date of the consummation of such Fundamental Transaction. Notwithstanding the foregoing, Securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

**5.** **Other Adjustments.** Both the Exercise Price and the number of Warrant Securities purchasable
 upon the exercise of each Warrant are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Dividends, Stock Splits and Fundamental Transactions.** If the Company shall, at any time after the date hereof, split or subdivide its outstanding shares of Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of Warrant Securities purchasable hereunder shall be increased in proportion to such increase in the aggregate number of outstanding shares of Common Stock. If the Company shall, at any time after the date hereof, combine its outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of Warrant Securities purchasable hereunder shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment for a subdivision or combination of the Company's outstanding shares of Common Stock shall become effective at the close of business on the date the subdivision or combination becomes effective. If the Company shall, at any time after the date hereof, (i) declare a dividend on Warrant Securities payable in other Securities or Indebtedness of the Company or any other Person (**"New Investments**"), (ii) issue by reclassification of its Warrant Securities any New Investment of the Company, (iii) complete any capital reorganization of the Company, whether or not such reclassification directly or indirectly affects the Underlying Securities or results in New Investments being issued to holders of Underlying Securities, (iv) complete any reclassification of the Underlying Securities (other than a reclassification referred to in **clause (iv)** above), (v) complete a business combination of the Company or any other Fundamental Transaction, whether by consolidation, merger or transfer of substantially all assets of the Company or otherwise, and whether or not such combination result in holders of Underlying Securities receiving New Investments then, for each such event, the Exercise Price then in effect, as well as, where applicable, the type and number of Warrant Securities issuable hereunder, shall be adjusted so as to ensure that the Holder shall remain entitled, at the Exercise Price applicable prior to such adjustment, to receive the kind and number of Warrant Securities and all such New Investments of the Company which the Holder would have been entitled to receive after any such event had such Warrant been exercised in full immediately prior to any such event (or, if applicable, any record date with respect thereto). Each such adjustment shall become effective immediately after the effective date of the event, retroactive to the record date, if any, for such event. The Company shall not engage in any such transaction resulting in the holders of Underlying Securities receiving New Investments issued by any person other than the Company unless, prior to or simultaneously with the consummation thereof, such other assumes, by written instrument, the obligations of the Company hereunder (jointly and severally with the Company if the Company survives such event). The provisions of this **clause (a)** shall continue to apply to successive events covered hereby. At any time after which, as a result of an adjustment made pursuant to this **Section 5**, the Holder becomes entitled to receive any New Investments that are not Underlying Securities, the term **"Warrant Securities"** hereunder shall be deemed include such New Investments, and the exercise price and number of such New Investments receivable hereunder shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the original Warrant Securities contained in this **Section 5**, and all other provisions of this Warrant that apply to the Warrant Securities shall apply on like terms to such New Investments. Similarly, the term "**Underlying Securities"** hereunder shall be deemed to include all Securities and Indebtedness of the type of such New Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Issuance at Less than Exercise Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Issuance of Underlying Securities.** If and whenever on or after the Issue Date, the Company grants, issues or sells, or in accordance with this **Section 5** is deemed to have granted, issued or sold, (A) any Underlying Securities (including the issuance or sale of shares of Underlying Securities owned or held by or for the account of the Company, but excluding any Exempt Issuance) for a consideration per share that is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale or (B) (1) any Stock Equivalents of Underlying Securities or (2) any options to purchase (or any other Contractual Obligation of the Company to grant, issue or sell) Underlying Securities or Stock Equivalents thereof (**"Acquisition Rights**"), in each case for which, at the time of such grant, issuance or sale, the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities pursuant to such Acquisition Rights (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights) is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (all of the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Exercise Price then in effect for such Warrant Securities shall be reduced to an amount equal to such consideration. Except as expressly stated in this **clause (b)**, no further adjustment to the Exercise Price shall be made upon the issuance of such Underlying Securities, the exercise of such options or otherwise pursuant to the terms of, or upon the issuance of, such shares of Common Stock upon conversion, exercise or exchange of such Stock Equivalents. If the Company takes a record of Underlying Securities for the purpose of entitling the holder thereof (x) to receive a dividend or other distribution payable in Underlying Securities, other Securities, Indebtedness or Acquisition Rights or (y) to subscribe for or purchase shares of Underlying Securities, other Securities, Indebtedness of Acquisition rights, then such record date will, for the purposes of this Warrant, be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such subscription right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Change in Price, Term or Rate of Conversion**. If there is any change at any time in the term or in the consideration required to be paid by any holder of Acquisition Rights to acquire Underlying Securities or in the rate at which any Acquisition Rights are convertible into or exercisable or exchangeable into Underlying Securities (other than proportional changes in conversion or exercise prices, as applicable, in connection with any Fundamental Transaction), the Exercise Price in effect at the time of such increase or decrease shall be adjusted at the time of such change as if such Acquisition Rights had been issued, granted or sold at the time of such change, with such change deemed to be effective. No adjustment pursuant to this **clause (b)** shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Calculation of Consideration Received**. If any Acquisition Right is granted, issued or sold in connection with the issuance or sale or deemed issuance or sale of any other Securities or Indebtedness of the Company (as determined by the Holder, the "**Primary Security**", and together with such Acquisition Rights, each a "**Unit**"), in one integrated transaction, the aggregate consideration per share of Underlying Security with respect to such Unit issuance, grant or sale shall be deemed to be the lower of (x) the purchase price of such Unit; and (y) the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities in connection with the Acquisition Rights that are part of such Unit (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights). If part of the consideration for the issuance, grant or sale of any Underlying Security or any Acquisition Rights is not cash, the amount of such non-cash consideration received by the Company Parties and their Subsidiaries shall be the fair value of such consideration; **provided,** that the fair value of any publicly-traded Securities included in such consideration shall be deemed to be, for purposes of this **clause (b)**, the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt of such securities by such Company Parties or such Subsidiaries. If any Underlying Securities or Acquisition Rights are issued to the owners of a non-surviving entity in connection with any merger with the Company in which the Company is the surviving entity, the consideration therefor will be deemed to be the fair value of the net assets and business of the non-surviving entity. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the "**Valuation Event**"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<sup>th</sup>) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if Bloomberg does not report such a price, the Dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if no Dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Holder.

All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If necessary, the provisions set forth in this **Section 5** with respect to the rights thereafter of the holders of the Warrants shall be appropriately adjusted so as to be applicable, as nearly as they may reasonably be, to any other Securities, Indebtedness and other assets thereafter deliverable on the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No adjustment in the number of Warrant Securities shall be required under this **Section 5** unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Securities purchasable hereunder; **provided** that any adjustments which by reason of this **clause (d)** are not required to be made shall be carried forward and taken into account in any subsequent adjustment; **provided**, that notwithstanding the foregoing, all adjustments so carried-forward shall be made no later than three (3) years from the date of the first event that would have required an adjustment but for this paragraph. All calculations under this **Section 5** shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case any event shall occur as to which the other provisions of this **Section 5** are not strictly applicable or the failure to make any adjustment would result in an unfair enlargement or dilution of the purchase rights represented by the Warrants in accordance with the essential intent and principles hereof, then, in each such case, the independent auditors of the Company shall give its opinion as to the adjustment, if any, on a basis consistent with the essential intent and principles established in this **Section 5**, necessary to preserve, without enlargement or dilution, the purchase rights presented by the Warrants. Upon receipt of such opinion, the Company shall promptly mail a copy thereof to the registered holders of the Warrants and shall make the adjustment described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Most Favored Nation Protection.** So long this Warrant is outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance) with any term that the Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in this Warrant, then (i) the Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at Holder's option, shall become a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

**6.** **Notices of Adjustments and other Significant Corporate Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to **Sections 4** or **5**, the Company shall issue a certificate signed by its President, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Holder a notice of the following events (immediately upon discovery or, if the Company is initiating such event, at least 15 days prior to the earlier of the consummation of such event or any record date, deadline or other significant date applicable to the holders of Underlying Securities with respect thereto), which notice shall specify any such record date, deadline or other significant date and contained an otherwise reasonably detailed summary of such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company obtaining corporate approval for, taking a record of the holders of its Underlying Securities for the purpose of effecting, or taking any other material steps towards completing, any of the events that could result in any adjustment of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the Company commencing a case or other action or proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulations of any jurisdiction relating to the Company or any action or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other action or proceeding being commenced against the Company by any other person, (C) the Company being adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) the Company generally not paying its debts as such debts become due, admitting in writing its inability to pay its debts as they mature or making a general assignment for the benefit of creditors, (E) the Company calling a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) the Company, by any act or failure to act, expressly indicating its consent to, approval of or acquiescence in any of the foregoing or taking any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other corporate or similar event with respect to the Company materially affecting the nature of the Holder's interest or the nature of the Underlying Securities or the Warrant Securities hereunder.

**7.** **Additional Covenants with respect to Underlying Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Rights of Holder of Underlying Securities**. Except as otherwise provided herein, this Warrant, by itself and prior to exercise, shall not entitle the Holder to any of the rights of a holder of Underlying Securities in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Fractional Shares or Scrip.** No fractional shares of Warrant Securities and no scrip representing any such fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fraction of a share of a Warrant Security to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Reservation of Underlying Securities.** The Company shall comply with **Section 4.5 (Reservation and Listing)** of the Purchase Agreement which provides for reservation of shares for the issuance of Underlying Securities hereunder and for any applicable application for listing thereof, in each case as adjusted ratably to account for any changes to the Warrant Securities caused by **Section 5** or any other provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance.** The Company covenants that all Warrant Securities that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, Liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Securities upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Reinstatement.** If any transfer of Underlying Securities made in the exercise of this Warrant is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be unwound, this Warrant shall be reinstated as to such Underlying Securities as if it had not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Holder's Conversion Limitations**. The Company shall not issue any Warrant Securities, and the Holder shall not have the right to purchase any Warrant Securities hereunder, to the extent that after giving effect to such issuance, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates, the "**Attribution Parties**") would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of determining the Beneficial Ownership Limitation for the foregoing sentence, the number of shares of Underlying Securities beneficially owned by the Holder and its Attribution Parties shall include the number of Warrant Securities issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Underlying Securities issuable upon (i) exercise of the unexercised portion of this Warrant and (ii) exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including any promissory notes or other warrants) beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this **Section 7(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 7(f)** applies, the determination of whether this Warrant is exercisable (in relation to other Securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the attempt by the Holder to exercise this Warrant shall be deemed to be the Holder's determination of whether this Warrant may be exercised (in relation to other Securities owned by the Holder together with any Attribution Parties) and which portion of this Warrant may be exercised, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers an Exercise Notice that such Exercise Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 7(f)**, in determining the number of outstanding shares of Underlying Securities, the Holder may rely on the number of outstanding shares of Underlying Securities as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Underlying Securities outstanding. Upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Underlying Securities then outstanding. In any case, the number of outstanding shares of Underlying Securities shall be determined after giving effect to the conversion or exercise of Securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Underlying Securities was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of all Underlying Securities to be held by the Holder. The Holder, upon not less than sixty-one (61) days' prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this **Section 7(f)**; **provided**, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of shares of Underlying Securities upon exercise of this Warrant held by the Holder and the Beneficial Ownership Limitation provisions of this **Section 7(f)** shall continue to apply. Any such increase or decrease will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this **Section 7(f)** to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Redemption**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 7(g) shall not become effective unless and until the date on which the Common Stock is first listed or quoted for trading on a Trading Market (the "**Listing Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Following the Listing Date, and provided that (a) the Company does not have an equity line of credit put in effect, and (b) the Call Conditions (as defined below) are satisfied as of the date of the Call Notice (defined below) and through the Call Exercise Period, the Company shall have the right to redeem this Warrant with respect to up to that number of Underlying Securities (the "**Call Amount**") equal to thirty-three percent (33%) of the VWAP (excluding the highest and lowest volume days) of the Common Stock on the principal Trading Market over the ten (10) consecutive Trading Days immediately prior to the date of the Call Notice (the "**Measurement Period**"), at the then-effective Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company may exercise this call right by delivering written notice to the Holder (a "**Call Notice**") specifying the Call Amount and certifying that the Call Conditions have been met. The Holder shall have the right to exercise the Warrant, in whole or in part, with respect to the Call Amount, at any time during the ten (10) Trading Day period following receipt of the Call Notice (the "**Call Exercise Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 6, the "Call Conditions" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Stock shall have traded at a price equal to or greater than one hundred twenty percent (120%) of the then-effective Exercise Price on each Trading Day during the Measurement Period (it being understood that the stock must close at or above such price, and no intra-day dips are permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Common Stock is listed or quoted on a Trading Market and has not been suspended or delisted during the Measurement Period or Call Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has reserved and continues to reserve a sufficient number of shares of Common Stock for issuance upon full exercise of this Warrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company is not in material breach of this Warrant or any other agreement with the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Exercise After Call Notice**. The Holder may exercise this Warrant, solely with respect to the Call Amount, for cash (or on a cashless basis if permitted under Section 3), at any time during the Call Exercise Period.

**8.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns.** This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Warrant without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Warrant in whole or in part to the extent permitted by applicable securities Regulations. Upon delivery of evidence of such assignment and delivery of this Warrant, the Company shall at its own expense execute and deliver, in lieu of this Warrant, new warrants to the new Holders after giving effect to such assignment, each of like tenor and in the respective amount and for the number of shares as are owned by such new Holders after giving effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Amendments; Entire Agreement; Counterparts; Electronic Signatures**. None of the terms or provisions of this Warrant may be waived, amended, supplemented or otherwise modified except with the written consent of the Holder and the Company and in accordance with **Section 6.3(b) (Amendments)** of the Purchase Agreement. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Warrant and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Warrant may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Replacement of Warrant**. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall, at its own expense, execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Warrant, the transfer of the Warrant Securities upon exercise and the other provisions hereof and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Independent Obligations.** The obligations of the Company set forth herein are independent from the other obligations set forth in the Transaction Documents and shall survive the repayment in full of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of a dispute relating to, or any inability of the Company and the Holder to agree on, a VWAP or a fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic transmission (A) if by the Company, within two (2) Trading Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute, at any time after the second Trading Day following such initial notice, then the Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with **clause (g)** and (B) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth Trading Day immediately following the date on which the Holder selected such investment bank (the "**Dispute Submission Deadline**") . If either party fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Holder shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10) Trading Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Warrant and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan . **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Warrant or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Warrant and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Interpretation.** This Warrant is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Sections 3.1 (Representations and Warranties of the Company Parties (including clause (kk) (AML/CTF Regulations)), 4.14 (Indemnification of Each Purchaser Party**) and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

 ****

 ****

**IN WITNESS WHEREOF**, the undersigned has caused this Warrant to be executed as of the date first written above by its officers thereunto duly authorized.

---

| | |
|:---|:---|
| TG-17, INC. | TG-17, INC. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | CEO |

---

Date signed: June 25, 2025

---

| | |
|:---|:---|
| Accepted and agreed | Accepted and agreed |
| as of the date first written above: | as of the date first written above: |
| ASCENT PARTNERS FUND LLC | ASCENT PARTNERS FUND LLC |
| By: | */s/ Mikhail Gurevich* |
| Name: | Mikhail Gurevich |
| Title: | Authorized Person |

---

Date signed: June 25, 2025

**EXHIBIT A**

**NOTICE OF EXERCISE**

To: _____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase _________ shares of Warrant Securities of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [ ] in lawful money of the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [ ] if permitted the cancellation of such number of Warrant Securities as is necessary, in accordance with the formula set forth in subsection 3.2, to exercise this Warrant with respect to the maximum number of Warrant Securities purchasable pursuant to the cashless exercise procedure set forth in subsection 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Securities in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Securities shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Accredited Investor**. The undersigned is an "accredited investor" as defined in regulations promulgated under the Securities Act of 1933, as amended.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

Date signed:

## Exhibit 4.6

**Exhibit 4.6**

WARRANT NO. [__]

Date: June 25, 2025

**THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS WARRANT MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.** 

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**TG-17, INC.**

**FOR VALUE RECEIVED**, Ascent Partners Fund LLC or its successors and permitted assigns (collectively, the **"Holder"**) is hereby irrevocably granted the option and right, subject to the terms and conditions set forth herein, to purchase from TG-17, Inc., a Delaware corporation (the **"Company"**), 2,000,000 shares (the **"Warrant Securities")** of Common Stock of the Company, $0.0001 par value per share (together with any other type or class of Security that may be purchased with this Warrant pursuant to **Section 5,** the **"Underlying Securities"**), as constituted on the date hereof (the **"Issue Date"**), upon surrender hereof, at the principal office of the Company referred to below, with the notice of exercise attached hereto as **Exhibit A** duly executed by the Holder (the **"Exercise Notice**"), and simultaneous delivery of payment for the Warrant Securities in U.S. dollars, the lawful currency of the United States (**"$"** or **"dollars"**) or otherwise as hereinafter provided, at the exercise price as set forth in Section 2 below (the **"Exercise Price"**). The number, character and Exercise Price of the Underlying Securities is subject to adjustment as provided below. The term **"Warrant"** as used herein shall include this Warrant, as the same may be modified from time to time, and any warrants delivered in substitution or exchange therefor as provided herein.

This Warrant is issued pursuant to **Section 2.1 (Purchase)** of that certain Securities Purchase Agreement, dated as of June 25, 2025, by and among the Company, the Holder, and the other purchasers party thereto as such (as modified from time to time, the **"Purchase Agreement**"; capitalized terms used but not defined herein are used as defined in the Purchase Agreement), the **"Closing Date"** thereunder and as defined thereunder being the date on which full consideration was paid for the issuance of this Warrant.

**1.** **Term**.
 This Warrant (and the purchase rights granted hereunder) shall terminate at 5:00 p.m. (Eastern
 Standard Time) on the second (2nd) anniversary of the date hereof (the **"Expiration Date"**). Any rights granted hereunder that have not been exercised
 on or before the Expiration Date shall then expire and be void and without further force
 or effect.

**2.** **Price**.
 The purchase price at which this Warrant may be exercised shall be $1.0825 per share of Warrant
 Securities, as adjusted from time to time pursuant to **Section 5** (as so adjusted, the
 "**Exercise Price** ").

**3.** **Exercise**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Cash Purchase.** In order to exercise this Warrant and the rights granted hereunder, in whole or in part, the Holder shall complete, duly execute and deliver to the Company (or to the Company's transfer agent for the Underlying Securities (the **"Transfer Agent**")) all of the following: (i) the Exercise Notice, (ii) a copy of this Warrant and (iii) payment of the Exercise Price in cash by wire transfer of immediately available dollars to an account designated by the Company or by certified check or official bank check. Any share of Underlying Securities purchased in cash under this Warrant shall reduce the remaining number of Warrant Securities subject to this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Cashless Exercise**. If, at any time after the listing of the Company's common stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act (the "**Direct Listing**"), there is no effective registration statement covering, or no current prospectus available for, the free resale of the Warrant Securities by the Holder, then, in lieu of exercising this Warrant by delivery of the Exercise Price pursuant to **clause (a)** above, the Holder may elect to receive the number of Warrant Securities determined according to the following formula (in which case the remaining shares of Warrant Securities shall be reduced by the number of Warrant Securities for which this Warrant is being exercised):

X = <u>Y(A-B)</u> A

---

| | | | |
|:---|:---|:---|:---|
| Where, | X | = | The number of Warrant Securities to be issued to the Holder; |
|  | Y | = | The number of Warrant Securities for which this Warrant is being exercised; |
|  | A | = | The fair market value of one share of Warrant Security; and |
|  | B | = | The Exercise Price. |

---

For purposes of this **clause (b)**, the **"fair market value"** of a Security is defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Security is traded on a Trading Market, the closing price thereof on the Principal Trading Market where such Security is traded on the last Trading Day prior to the date the applicable Exercise Notice was delivered to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no active trading on any Trading Market, the fair market value, as determined in good faith by the Company's Board of Directors, consistent with any other determination of value made by the Board of Directors for any other purpose.

**"Principal Trading Market"** for any Security, means the principal Trading Market for such Security, as listed in the applicable offering documents for such Security. The **"Principal Trading Market"** for the Common Stock is the Nasdaq Global Market.

"**Trading Day**" means a day on which all Principal Trading Markets for the Underlying Securities are open for trading.

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

**4.** **Treatment of Consideration in Fundamental Transactions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **In-The-Money Cash Transactions**. If the Company consummates a Fundamental Transaction for which (i) the consideration that would be received by the Holder (assuming the Holder exercised this Warrant in full prior to the consummation thereof) consists solely of cash and Marketable Securities (as hereinafter defined), (ii) the consideration received by holders of Underlying Securities, as determined in accordance with **Section 5(b)(iii)**, would be greater than the Exercise Price in effect as of immediately prior to the consummation of such Fundamental Transaction, and (iii) the Holder has not previously exercised this Warrant in full, then, in lieu of the Holder's exercise of the unexercised portion of this Warrant, this Warrant shall, as of immediately prior to such closing (but subject to the occurrence thereof) automatically cease to represent the right to purchase Underlying Securities and shall, from and after such closing, represent solely the right to receive the aggregate consideration that would have been payable in such Fundamental Transaction on and, in respect of all Warrant Securities which could have been purchased with this Warrant immediately prior to the closing thereof, net of the aggregate Exercise Price therefor, as if such Warrant Securities had been issued and outstanding to the Holder as of immediately prior to such closing, as and when such consideration is paid to the holders of the outstanding Warrant Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Non-Cash and Out-of-the Money Warrants**. Upon the closing of any other Fundamental Transaction, the acquiring, surviving, replacement or successor entities shall assume this Warrant and the Company's obligations hereunder, and this Warrant shall thereafter be exercisable for the same Warrant Securities and/or other property as would have been paid for the Warrant Securities issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Securities were outstanding on and as of the closing of such Fundamental Transaction, at an aggregate Exercise Price equal to the aggregate Exercise Price in effect as of immediately prior to such closing, all subject to further adjustment from time to time thereafter in accordance with the provisions of this Warrant, including **Section 5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Definition.** For purposes of this **Section 4, "Marketable Securities"** means Securities meeting all of the following requirements (determined as of immediately prior to the closing of the Fundamental Transaction): (i) the issuer of such Securities is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) such Securities are traded in a Trading Market and (iii) assuming that the Holder was a holder of such Securities, the Holder would not be restricted from publicly re-selling all of such Securities, except to the extent that any such restriction (x) arises solely under securities Regulations and (y) does not extend beyond six (6) months following the date of the consummation of such Fundamental Transaction. Notwithstanding the foregoing, Securities held in escrow or subject to holdback to cover indemnification-related claims shall be deemed to be Marketable Securities if they would otherwise be Marketable Securities but for the fact that they are held in escrow or subject to holdback to cover indemnification-related claims.

**5.** **Other Adjustments.** Both the Exercise Price and the number of Warrant Securities purchasable
 upon the exercise of each Warrant are subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Dividends, Stock Splits and Fundamental Transactions.** If the Company shall, at any time after the date hereof, split or subdivide its outstanding shares of Common Stock, the Conversion Price in effect immediately before that subdivision shall be proportionately decreased so that the number of Warrant Securities purchasable hereunder shall be increased in proportion to such increase in the aggregate number of outstanding shares of Common Stock. If the Company shall, at any time after the date hereof, combine its outstanding shares of Common Stock, the Conversion Price in effect immediately before the combination shall be proportionately increased so that the number of Warrant Securities purchasable hereunder shall be decreased in proportion to such decrease in the aggregate number of shares of Common Stock outstanding. Any adjustment for a subdivision or combination of the Company's outstanding shares of Common Stock shall become effective at the close of business on the date the subdivision or combination becomes effective. If the Company shall, at any time after the date hereof, (i) declare a dividend on Warrant Securities payable in other Securities or Indebtedness of the Company or any other Person (**"New Investments**"), (ii) issue by reclassification of its Warrant Securities any New Investment of the Company, (iii) complete any capital reorganization of the Company, whether or not such reclassification directly or indirectly affects the Underlying Securities or results in New Investments being issued to holders of Underlying Securities, (iv) complete any reclassification of the Underlying Securities (other than a reclassification referred to in **clause (iv)** above), (v) complete a business combination of the Company or any other Fundamental Transaction, whether by consolidation, merger or transfer of substantially all assets of the Company or otherwise, and whether or not such combination result in holders of Underlying Securities receiving New Investments then, for each such event, the Exercise Price then in effect, as well as, where applicable, the type and number of Warrant Securities issuable hereunder, shall be adjusted so as to ensure that the Holder shall remain entitled, at the Exercise Price applicable prior to such adjustment, to receive the kind and number of Warrant Securities and all such New Investments of the Company which the Holder would have been entitled to receive after any such event had such Warrant been exercised in full immediately prior to any such event (or, if applicable, any record date with respect thereto). Each such adjustment shall become effective immediately after the effective date of the event, retroactive to the record date, if any, for such event. The Company shall not engage in any such transaction resulting in the holders of Underlying Securities receiving New Investments issued by any person other than the Company unless, prior to or simultaneously with the consummation thereof, such other assumes, by written instrument, the obligations of the Company hereunder (jointly and severally with the Company if the Company survives such event). The provisions of this **clause (a)** shall continue to apply to successive events covered hereby. At any time after which, as a result of an adjustment made pursuant to this **Section 5**, the Holder becomes entitled to receive any New Investments that are not Underlying Securities, the term **"Warrant Securities"** hereunder shall be deemed include such New Investments, and the exercise price and number of such New Investments receivable hereunder shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the original Warrant Securities contained in this **Section 5**, and all other provisions of this Warrant that apply to the Warrant Securities shall apply on like terms to such New Investments. Similarly, the term "**Underlying Securities"** hereunder shall be deemed to include all Securities and Indebtedness of the type of such New Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Issuance at Less than Exercise Price**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Issuance of Underlying Securities.** If and whenever on or after the Issue Date, the Company grants, issues or sells, or in accordance with this **Section 5** is deemed to have granted, issued or sold, (A) any Underlying Securities (including the issuance or sale of shares of Underlying Securities owned or held by or for the account of the Company, but excluding any Exempt Issuance) for a consideration per share that is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale or (B) (1) any Stock Equivalents of Underlying Securities or (2) any options to purchase (or any other Contractual Obligation of the Company to grant, issue or sell) Underlying Securities or Stock Equivalents thereof (**"Acquisition Rights**"), in each case for which, at the time of such grant, issuance or sale, the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities pursuant to such Acquisition Rights (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights) is less than the Exercise Price in effect immediately prior to such grant, issuance or sale or deemed grant, issuance or sale (all of the foregoing a "**Dilutive Issuance**"), then immediately after such Dilutive Issuance, the Exercise Price then in effect for such Warrant Securities shall be reduced to an amount equal to such consideration. Except as expressly stated in this **clause (b)**, no further adjustment to the Exercise Price shall be made upon the issuance of such Underlying Securities, the exercise of such options or otherwise pursuant to the terms of, or upon the issuance of, such shares of Common Stock upon conversion, exercise or exchange of such Stock Equivalents. If the Company takes a record of Underlying Securities for the purpose of entitling the holder thereof (x) to receive a dividend or other distribution payable in Underlying Securities, other Securities, Indebtedness or Acquisition Rights or (y) to subscribe for or purchase shares of Underlying Securities, other Securities, Indebtedness of Acquisition rights, then such record date will, for the purposes of this Warrant, be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such subscription right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Change in Price, Term or Rate of Conversion**. If there is any change at any time in the term or in the consideration required to be paid by any holder of Acquisition Rights to acquire Underlying Securities or in the rate at which any Acquisition Rights are convertible into or exercisable or exchangeable into Underlying Securities (other than proportional changes in conversion or exercise prices, as applicable, in connection with any Fundamental Transaction), the Exercise Price in effect at the time of such increase or decrease shall be adjusted at the time of such change as if such Acquisition Rights had been issued, granted or sold at the time of such change, with such change deemed to be effective. No adjustment pursuant to this **clause (b)** shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Calculation of Consideration Received**. If any Acquisition Right is granted, issued or sold in connection with the issuance or sale or deemed issuance or sale of any other Securities or Indebtedness of the Company (as determined by the Holder, the "**Primary Security**", and together with such Acquisition Rights, each a "**Unit**"), in one integrated transaction, the aggregate consideration per share of Underlying Security with respect to such Unit issuance, grant or sale shall be deemed to be the lower of (x) the purchase price of such Unit; and (y) the lowest possible consideration per share required to be paid by the holder thereof to acquire one share of Underlying Securities in connection with the Acquisition Rights that are part of such Unit (net of any payment made by any Company or any Company Party to the holder of such Acquisition Rights or to any other Person pursuant to such Acquisition Rights). If part of the consideration for the issuance, grant or sale of any Underlying Security or any Acquisition Rights is not cash, the amount of such non-cash consideration received by the Company Parties and their Subsidiaries shall be the fair value of such consideration; **provided,** that the fair value of any publicly-traded Securities included in such consideration shall be deemed to be, for purposes of this **clause (b)**, the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt of such securities by such Company Parties or such Subsidiaries. If any Underlying Securities or Acquisition Rights are issued to the owners of a non-surviving entity in connection with any merger with the Company in which the Company is the surviving entity, the consideration therefor will be deemed to be the fair value of the net assets and business of the non-surviving entity. The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the "**Valuation Event**"), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10<sup>th</sup>) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**VWAP**" means, for or as of any date for any Security, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Dollar volume-weighted average price for such Security on the Principal Trading Market for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its "HP" function (set to weighted average); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if Bloomberg does not report such a price, the Dollar volume-weighted average price of such Security in the over-the-counter market on the electronic bulletin board for such Security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if no Dollar volume-weighted average price is reported for such Security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such Security on such date as reported in the "pink sheets" by OTC Markets Group Inc. (formerly Pink Sheets LLC); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if the VWAP cannot be calculated for such Security on such date on any of the foregoing bases, the VWAP of such Security on such date shall be the fair market value as mutually determined by the Company and the Holder.

All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, recapitalization or other similar transaction during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If necessary, the provisions set forth in this **Section 5** with respect to the rights thereafter of the holders of the Warrants shall be appropriately adjusted so as to be applicable, as nearly as they may reasonably be, to any other Securities, Indebtedness and other assets thereafter deliverable on the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No adjustment in the number of Warrant Securities shall be required under this **Section 5** unless such adjustment would require an increase or decrease of at least 0.1% in the aggregate number of Warrant Securities purchasable hereunder; **provided** that any adjustments which by reason of this **clause (d)** are not required to be made shall be carried forward and taken into account in any subsequent adjustment; **provided**, that notwithstanding the foregoing, all adjustments so carried-forward shall be made no later than three (3) years from the date of the first event that would have required an adjustment but for this paragraph. All calculations under this **Section 5** shall be made to the nearest cent or to the nearest hundredth of a share, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case any event shall occur as to which the other provisions of this **Section 5** are not strictly applicable or the failure to make any adjustment would result in an unfair enlargement or dilution of the purchase rights represented by the Warrants in accordance with the essential intent and principles hereof, then, in each such case, the independent auditors of the Company shall give its opinion as to the adjustment, if any, on a basis consistent with the essential intent and principles established in this **Section 5**, necessary to preserve, without enlargement or dilution, the purchase rights presented by the Warrants. Upon receipt of such opinion, the Company shall promptly mail a copy thereof to the registered holders of the Warrants and shall make the adjustment described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Most Favored Nation Protection.** So long this Warrant is outstanding, upon any issuance by the Company of any new security (but excluding any Exempt Issuance) with any term that the Holder reasonably believes is more favorable to the holder of such security or with a term in favor of the holder of such security that the Holder reasonably believes was not similarly provided to the Holder in this Warrant, then (i) the Holder shall notify the Company of such additional or more favorable term within three (3) Trading Days of the issuance or amendment (as applicable) of the respective security or if later, within three (3) Trading Days of the Company providing holder written notice of the transaction accompanied by copies of the definitive transaction documents, and (ii) such term, at Holder's option, shall become a part of this Warrant (regardless of whether the Company or Holder complied with the notification provision of this Warrant or the Purchase Agreement). The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion or exercise discounts, conversion or exercise lookback periods, and discounts to the effective price per share of an offering. If Holder elects to have the term become a part of this Warrant, then the Company shall immediately deliver acknowledgment of such adjustment in form and substance reasonably satisfactory to the Holder (the "**Acknowledgement**") within one (1) Trading Day of Company's receipt of request from Holder, provided that Company's failure to timely provide the Acknowledgement shall not affect the automatic amendments contemplated hereby.

**6.** **Notices of Adjustments and other Significant Corporate Events**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Exercise Price or number of shares purchasable hereunder shall be adjusted pursuant to **Sections 4** or **5**, the Company shall issue a certificate signed by its President, setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Exercise Price and number of shares purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate to be delivered to the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall deliver to the Holder a notice of the following events (immediately upon discovery or, if the Company is initiating such event, at least 15 days prior to the earlier of the consummation of such event or any record date, deadline or other significant date applicable to the holders of Underlying Securities with respect thereto), which notice shall specify any such record date, deadline or other significant date and contained an otherwise reasonably detailed summary of such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company obtaining corporate approval for, taking a record of the holders of its Underlying Securities for the purpose of effecting, or taking any other material steps towards completing, any of the events that could result in any adjustment of this Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) the Company commencing a case or other action or proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding up, reorganization, arrangement, adjustment, protection, relief or composition of debts or liquidation or similar Regulations of any jurisdiction relating to the Company or any action or proceeding seeking the entry of an order for relief or the appointment of a custodian, receiver, trustee, liquidator or other similar official for it or for any of its assets, (B) any such case or other action or proceeding being commenced against the Company by any other person, (C) the Company being adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or other Proceeding is entered, (D) the Company generally not paying its debts as such debts become due, admitting in writing its inability to pay its debts as they mature or making a general assignment for the benefit of creditors, (E) the Company calling a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (F) the Company, by any act or failure to act, expressly indicating its consent to, approval of or acquiescence in any of the foregoing or taking any corporate or other action (including convening a meeting of the board) to authorize or otherwise for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other corporate or similar event with respect to the Company materially affecting the nature of the Holder's interest or the nature of the Underlying Securities or the Warrant Securities hereunder.

**7.** **Additional Covenants with respect to Underlying Securities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Rights of Holder of Underlying Securities**. Except as otherwise provided herein, this Warrant, by itself and prior to exercise, shall not entitle the Holder to any of the rights of a holder of Underlying Securities in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Fractional Shares or Scrip.** No fractional shares of Warrant Securities and no scrip representing any such fractional shares shall be issued upon the exercise of this Warrant. In lieu of any fraction of a share of a Warrant Security to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Reservation of Underlying Securities.** The Company shall comply with **Section 4.5 (Reservation and Listing)** of the Purchase Agreement which provides for reservation of shares for the issuance of Underlying Securities hereunder and for any applicable application for listing thereof, in each case as adjusted ratably to account for any changes to the Warrant Securities caused by **Section 5** or any other provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance.** The Company covenants that all Warrant Securities that may be issued upon the exercise of rights represented by this Warrant and payment of the Exercise Price, all as set forth herein, will be free from all taxes, Liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The Company agrees that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant Securities upon the exercise of this Warrant, and that such certificates shall be issued in the names of, or in such names as may be directed by, the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Reinstatement.** If any transfer of Underlying Securities made in the exercise of this Warrant is at any time annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be unwound, this Warrant shall be reinstated as to such Underlying Securities as if it had not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Holder's Conversion Limitations**. The Company shall not issue any Warrant Securities, and the Holder shall not have the right to purchase any Warrant Securities hereunder, to the extent that after giving effect to such issuance, the Holder (together with the Holder's Affiliates, and any Persons acting as a group together with the Holder or any of the Holder's Affiliates, the "**Attribution Parties**") would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of determining the Beneficial Ownership Limitation for the foregoing sentence, the number of shares of Underlying Securities beneficially owned by the Holder and its Attribution Parties shall include the number of Warrant Securities issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Underlying Securities issuable upon (i) exercise of the unexercised portion of this Warrant and (ii) exercise or conversion of the unexercised or unconverted portion of any other Securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein (including any promissory notes or other warrants) beneficially owned by the Holder or any of its Attribution Parties. Except as set forth in the preceding sentence, for purposes of this **Section 7(f)**, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this **Section 7(f)** applies, the determination of whether this Warrant is exercisable (in relation to other Securities owned by the Holder together with any Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the attempt by the Holder to exercise this Warrant shall be deemed to be the Holder's determination of whether this Warrant may be exercised (in relation to other Securities owned by the Holder together with any Attribution Parties) and which portion of this Warrant may be exercised, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, the Holder will be deemed to represent to the Company each time it delivers an Exercise Notice that such Exercise Notice has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this **Section 7(f)**, in determining the number of outstanding shares of Underlying Securities, the Holder may rely on the number of outstanding shares of Underlying Securities as stated in the most recent of the following: (i) the Company's most recent periodic or annual report filed with the SEC, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written notice by the Company or the Company's transfer agent setting forth the number of shares of Underlying Securities outstanding. Upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Underlying Securities then outstanding. In any case, the number of outstanding shares of Underlying Securities shall be determined after giving effect to the conversion or exercise of Securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Underlying Securities was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of all Underlying Securities to be held by the Holder. The Holder, upon not less than sixty-one (61) days' prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this **Section 7(f)**; **provided**, that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Underlying Securities outstanding immediately after giving effect to the issuance of shares of Underlying Securities upon exercise of this Warrant held by the Holder and the Beneficial Ownership Limitation provisions of this **Section 7(f)** shall continue to apply. Any such increase or decrease will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this **Section 7(f)** to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Redemption**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Section 7(g) shall not become effective unless and until the date on which the Common Stock is first listed or quoted for trading on a Trading Market (the "**Listing Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Following the Listing Date, and provided that (a) the Company does not have an equity line of credit put in effect, and (b) the Call Conditions (as defined below) are satisfied as of the date of the Call Notice (defined below) and through the Call Exercise Period, the Company shall have the right to redeem this Warrant with respect to up to that number of Underlying Securities (the "**Call Amount**") equal to thirty-three percent (33%) of the VWAP (excluding the highest and lowest volume days) of the Common Stock on the principal Trading Market over the ten (10) consecutive Trading Days immediately prior to the date of the Call Notice (the "**Measurement Period**"), at the then-effective Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company may exercise this call right by delivering written notice to the Holder (a "**Call Notice**") specifying the Call Amount and certifying that the Call Conditions have been met. The Holder shall have the right to exercise the Warrant, in whole or in part, with respect to the Call Amount, at any time during the ten (10) Trading Day period following receipt of the Call Notice (the "**Call Exercise Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of this Section 6, the "Call Conditions" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Stock shall have traded at a price equal to or greater than one hundred twenty percent (120%) of the then-effective Exercise Price on each Trading Day during the Measurement Period (it being understood that the stock must close at or above such price, and no intra-day dips are permitted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Common Stock is listed or quoted on a Trading Market and has not been suspended or delisted during the Measurement Period or Call Exercise Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company has reserved and continues to reserve a sufficient number of shares of Common Stock for issuance upon full exercise of this Warrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company is not in material breach of this Warrant or any other agreement with the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Exercise After Call Notice**. The Holder may exercise this Warrant, solely with respect to the Call Amount, for cash (or on a cashless basis if permitted under Section 3), at any time during the Call Exercise Period.

**8.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Notices.** All notices, requests and demands to or upon the Holder or the Company hereunder shall be effected in the manner provided for in **Section 6.4 (Notices)** of the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Successors and Assigns.** This Warrant shall be binding upon, and inure to the benefit of, the Company, the Holder and their successors and assigns; **provided**, that the Company may not assign, transfer or delegate any of its rights or obligations under this Warrant without the prior written consent of the Holder (and any attempt to effect such assignment, transfer or delegation without such consent shall be null and void at the outset). The Holder may assign this Warrant in whole or in part to the extent permitted by applicable securities Regulations. Upon delivery of evidence of such assignment and delivery of this Warrant, the Company shall at its own expense execute and deliver, in lieu of this Warrant, new warrants to the new Holders after giving effect to such assignment, each of like tenor and in the respective amount and for the number of shares as are owned by such new Holders after giving effect to such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Amendments; Entire Agreement; Counterparts; Electronic Signatures**. None of the terms or provisions of this Warrant may be waived, amended, supplemented or otherwise modified except with the written consent of the Holder and the Company and in accordance with **Section 6.3(b) (Amendments)** of the Purchase Agreement. As described in **Section 6.3(a) (Entire Agreement)** of the Purchase Agreement, this Warrant and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof. This Warrant may be executed in counterparts as provided in **Section 6.3(e) (Counterparts)** of the Purchase Agreement and, as provided in **Section 6.3(f) (Electronic Signatures)** of the Purchase Agreement, electronic signatures have the same force and effect as manual signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Replacement of Warrant**. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company shall, at its own expense, execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Further Assurances.** The Company hereby agrees to take, promptly after the Holder's request, such further actions, including executing or causing to be executed and delivering to the Holder such further documents, as the Holder shall request from time to time in connection herewith to evidence, give effect to or carry out the intent of this Warrant, the transfer of the Warrant Securities upon exercise and the other provisions hereof and the other transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Independent Obligations.** The obligations of the Company set forth herein are independent from the other obligations set forth in the Transaction Documents and shall survive the repayment in full of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dispute Resolution**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of a dispute relating to, or any inability of the Company and the Holder to agree on, a VWAP or a fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute to the other party via facsimile or electronic transmission (A) if by the Company, within two (2) Trading Days after the occurrence of the circumstances giving rise to such dispute or (B) if by the Holder at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable to promptly resolve such dispute, at any time after the second Trading Day following such initial notice, then the Holder may, at its sole option, select an independent, reputable investment bank to resolve such dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Holder and the Company shall each deliver to such investment bank (A) a copy of the initial dispute submission so delivered in accordance with **clause (g)** and (B) written documentation (together with such copy of such submission, the **"Required Dispute Documentation**") supporting its position with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth Trading Day immediately following the date on which the Holder selected such investment bank (the "**Dispute Submission Deadline**") . If either party fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then such party shall no longer be entitled to (and hereby waives its right to) deliver or submit any document or other supporting evidence to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline. Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute other than the Required Dispute Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company and the Holder shall ensure that such investment bank determines the resolution of such dispute and notify the Company and the Holder of such resolution no later than ten (10) Trading Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne solely by the Company, and such investment bank's resolution of such dispute shall be final and binding upon all parties absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Governing Law**. Each party hereto hereby agrees to the provisions of **Section 6.6 (Governing Law; Courts)** of the Purchase Agreement, including that (a) this Warrant and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware) and (b) any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan . **Each such party hereby accepts such jurisdiction, waives any objections to venue, and agrees that a final judgment in any such Proceeding shall be conclusive and enforceable in other jurisdictions, all as provided in the Purchase Agreement and accepts that service of process may be made in the way set forth in the Purchase Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Waiver of Jury Trial**. **Each party hereto hereby agree to Section 6.16 (Waiver of Jury Trial and Certain Other Rights) of the Purchase Agreement whereby, among other things, it irrevocably waives trial by jury in any Proceeding with respect to, or directly or indirectly arising out of, relating to or in connection with, this Warrant or any other Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party or beneficiary hereof has represented, expressly or otherwise, that such other parties would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Warrant and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Interpretation.** This Warrant is a Transaction Document and as such is subject to various interpretative, amendment and third party beneficiary and other miscellaneous provisions set forth in the Purchase Agreement that expressly apply to Transaction Documents, located principally in **Article VI** thereof, including **Sections 6.3(d) (No Implied Waivers or Notice Rights), 6.5 (Set off), 6.7 (Severability)** and **6.11 (Marshaling, Payments Set Aside)** but also **Sections 3.1 (Representations and Warranties of the Company Parties (including clause (kk) (AML/CTF Regulations)), 4.14 (Indemnification of Each Purchaser Party**) and **6.2 (Fees and Expenses)** thereof**,** which the Company, in the case of representations and warranties, expressly makes herein for the benefit of the Holder whenever those are made under the Purchase Agreement, and, for other provisions, agrees to comply therewith.

***[Signature Pages Follow]***

 ****

 ****

**IN WITNESS WHEREOF**, the undersigned has caused this Warrant to be executed as of the date first written above by its officers thereunto duly authorized.

---

| | |
|:---|:---|
| TG-17, INC. | TG-17, INC. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | CEO |

---

Date signed: June 25, 2025

---

| | |
|:---|:---|
| Accepted and agreed | Accepted and agreed |
| as of the date first written above: | as of the date first written above: |
| ASCENT PARTNERS FUND LLC | ASCENT PARTNERS FUND LLC |
| By: | */s/ Mikhail Gurevich* |
| Name: | Mikhail Gurevich |
| Title: | Authorized Person |

---

Date signed: June 25, 2025

**EXHIBIT A**

**NOTICE OF EXERCISE**

To: _____________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase _________ shares of Warrant Securities of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Payment shall take the form of (check applicable box):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [ ] in lawful money of the United States; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [ ] if permitted the cancellation of such number of Warrant Securities as is necessary, in accordance with the formula set forth in subsection 3.2, to exercise this Warrant with respect to the maximum number of Warrant Securities purchasable pursuant to the cashless exercise procedure set forth in subsection 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Securities in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Securities shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Accredited Investor**. The undersigned is an "accredited investor" as defined in regulations promulgated under the Securities Act of 1933, as amended.

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

Date signed:

## Exhibit 5.1

**Exhibit 5.1**

**Joe Laxague**

Partner

jlaxague@cronelawgroup.com

![](ex5-1_001.jpg)

October 6, 2025

TG-17, Inc.

85 Broad Street

New York, New York 10004

**Re: *TG-17, Inc.; Registration Statement on Form S-1***

Ladies and Gentlemen:

We have acted as counsel for TG-17, Inc., a Nevada corporation (the "Company"), in connection with the Registration Statement on Form S-1 (the "Registration Statement"), filed with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Act"), relating to the registration of the public offering and sale of the following securities of the Company (the "Securities") by the Registered Stockholders named therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Up to 3,584,384 shares of common stock of the Company, to be issued prior to the effective date of the Registration Statement to the current holders of the Company's Series CF-1 Preferred Stock and Series CF-2 Preferred Stock upon conversion of all shares of the Company's Series CF-1 Preferred Stock and Series CF-2 Preferred Stock (the "CF Conversion Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Up to 180,241 shares of the Company's currently issued and outstanding common stock (the "Outstanding Shares");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Up to 1,626,800 shares of common stock issuable upon conversion of 329,671 shares of Series C Preferred Stock of the Company (the "Series C Conversion Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Up to 1,333,335 shares of common stock issuable upon exercise of warrants to purchase Common Stock issued by the Company to the holder of the Company's Series C Preferred Stock (the "Series C Warrant Shares")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Up to 1,477,857 shares of common stock issuable upon conversion of 682,770 shares of Series E Preferred Stock of the Company (the "Series E Conversion Shares"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Up to 87,681 shares of Common Stock issuable upon exercise of warrants to purchase common stock issued to certain holders of the Company's Series CF-2 Preferred Stock (the "CF-2 Warrant Shares").

420 Lexington Avenue, Suite 2446, New York, NY 10170 \| 646-861-7891

1 East Liberty St., suite 600, Reno, NV 89501 \| 775-234-5221

TG-17, Inc.

October 6, 2025

Page \| 2

In rendering the opinion set forth below, we have reviewed: (a) the Registration Statement and the exhibits thereto; (b) the Company's Articles of Incorporation, as amended, including the Certificates of Designation for the Company's Series CF-1 Preferred Stock, Series CF-2 Preferred Stock, Series C Preferred Stock, and Series E Preferred Stock; (c) the Company's Bylaws, as amended; (d) certain records of the Company's corporate proceedings as reflected in its minute books; (e) the common stock purchase warrants issued to the holder of the Company's Series C Preferred Stock; (f) the common stock purchase warrants issued to certain holder of the Company's Series CF-2 Preferred Stock; and (f) such statutes, records and other documents as we have deemed relevant. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and conformity with the originals of all documents submitted to us as copies thereof. In addition, we have made such other examinations of law and fact as we have deemed relevant in order to form a basis for the opinion hereinafter expressed. We express no opinion herein as to the laws of any state or jurisdiction other than the substantive laws of the State of Nevada and the federal laws of the United States of America.

Based upon the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The CF Conversion Shares, when issued upon conversion of the Company's Series CF-1 Preferred Stock and Series CF-2 Preferred Stock, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Outstanding Shares are validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Series C Conversion Shares, when issued upon conversion of the Company's Series C Preferred Stock in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Series C Warrant Shares, when issued and paid for upon exercises of the warrants in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Series E Conversion Shares, when issued upon conversion of the Company's Series E Preferred Stock in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The CF-2 Warrant Shares, when issued and paid for upon exercises of the warrants in accordance with the terms thereof, will be validly issued, fully paid and non-assessable shares of common stock in the Company.

We consent to the inclusion of this opinion as an exhibit to the Registration Statement and further consent to all references to us under the caption "Legal Matters" in the Prospectus.

---

| |
|:---|
| Sincerely, |
| The Crone Law Group P.C. |
| ![](ex5-1_002.jpg) |

---

![](ex5-1_003.jpg)

## Exhibit 10.1

**Exhibit 10.1**

**FORM OF** **MASTER AGREEMENT**

This Master Agreement (the "Agreement") is effective as of [DATE] (the "Effective Date"), and is made by and between [Customer Name], which entity has its principal place of business at [Customer Address] (hereinafter referred to as "Customer") and TG-17 Inc. (d/b/a Bond), a Delaware Company, located at 85 Broad Street, 9<sup>th</sup> Floor, New York, NY 10004 (hereinafter referred to as "Vendor"). Each of Customer and Vendor may be referred to individually as a Party or collectively as the Parties.

WHEREAS Customer wishes to engage Vendor to provide certain services (collectively the "Services") pursuant to a Statement of Work, Order Form, or similar document (collectively referred to as an "Ordering Document"), and Vendor is able and desires to provide such Services.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the Parties agree as follows:

**1.**  **<u>DEFINITIONS.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Addendum or Addenda** means any addendum identified in Section 2 of this Agreement containing Services specific terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Affiliate** shall mean an entity that owns or controls, is owned or controlled by or is under common control or ownership with a party and where control means with respect to Customer ownership of twenty percent (20%) common ownership or any equivalent form of interest or control but shall not include any Portfolio Company and as to Vendor fifty percent (50%) or more of the outstanding voting securities of such person or entity. Control exists only as long as such person or entity meets the ownership requirements set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Agreement** means this master agreement, any Addendum, Statement of Work ("Ordering Documents"), and any related exhibits and or schedules agreed upon in writing by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Customer Data** means any data or information relating to Customer, generated by and/or through Customer's access to and/or use of the Services, or which was input by Customer into Vendor's systems or otherwise acquired by Vendor while providing Services to Customer, including Customer Confidential Information and Personal Data. Customer owns all right, title and interest in and to all Customer Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. Confidential Information** means (a) with respect to Customer, any non-public information whether or not explicitly identified as proprietary or confidential, that is in written, spoken or contained on computer systems of Customer, and furnished by Customer to Vendor or otherwise made available or accessible to Vendor in the provision or performance of Services and any other information which given its nature and the circumstances surrounding its disclosure should reasonably be construed to be confidential including, without limitation, information concerning business methods, business plans, vendor information, Customer Data, methodologies, internal policies and procedures, pricing terms, code, inventions, analyses, any business, technical, and financial information, documentation, data, specifications, audit reports, auditor opinion letters, user identification and passwords, and any third party software or systems and related information maintained by Customer which Vendor may require in order to render Services hereunder, and Personal Data and (b) with respect to Vendor any and all non-public information regarding Vendor's business and which Vendor has marked as confidential.

Page 1 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f. Documentation** means all documents and materials that aid in the use and operation of the Services, including (a) functional, technical, design and performance specification and characteristics, (b) product documentation, drawings, reports, notes, memoranda, and commentary, (c) installation, configuration, administration, operation and maintenance procedures and instructions, and (d) training materials, user manuals and guides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g. Force Majeure Event** means any circumstances outside either Party's reasonable control including, but not limited to, acts of God, fire, acts of government, war, military operation or riot, accidents, embargo, industrial actions (expressly excluding any labor issues which shall be deemed to be within the control of the affected party) or terrorist threat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h. Intellectual Property** means (a) patents, (b) trademarks, service marks, domain names, trade dress, trade names and other identifiers of source or goodwill, including the goodwill connected with the use thereof and symbolized thereby, (c) copyrights, moral rights, works of authorship (including software) and rights in data and databases, (d) confidential and proprietary information, including trade secrets, know-how and invention rights, (e) rights of privacy and publicity, (f) registrations, applications, renewals, extensions, reissues, divisions, continuations, continuations-in-part and reexaminations for any of the foregoing in (a)-(e), and (g) all other proprietary rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Order Form** means a separately executed document to be entered into by Vendor and Customer, or its Affiliate as applicable, incorporating the provisions of this Agreement setting forth the hardware or Software (as that term is defined in the Software License Addendum) to be provided by Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j. Personal Data** means any information made available to Vendor in connection with the Services (i) that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular individual or household, or (ii) relating to an identified or identifiable natural person; an identifiable natural person, is one who can be identified, directly or indirectly, in particular by reference to an identification number or to one or more factors specific to the physical, physiological, mental, economic, cultural or social identity of that natural person. Personal Data is Confidential Information and is not subject to the exceptions identified in Section 8.b of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k. Personnel or Consultant** means Vendor's employees, consultants, agents, sub- contractors, and independent contractors that provide services to Vendor who are assigned by Vendor to perform Services under this Agreement or any Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l. Privacy Laws** means, unless superseded by the Data Privacy Addendum (as defined in Section 10 of this Agreement), any applicable law, code, rule, or regulation that regulates the processing of Personal Data in any way, including data protection laws, laws regulating marketing communications and/or electronic communications, information security regulations and security breach notification rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m. Processing or Process** means any operation or set of operations which is performed by or on behalf of Vendor as part of the Services on Personal Data, whether or not by automated means, such as collection, recording, organization, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, blocking, erasure or destruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n. Work Product** means any work developed or conceived by Vendor and its Consultants while providing Services to Customer including but not limited to any written materials, inventions, documentation, discoveries, concepts, ideas, reports, processes, publications, research results or information, and all documents, data and other information of any kind including, incorporating, based upon, or derived from the same, including reports and notes prepared by Vendor.

Page 2 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o. Statement of Work** shall mean a separately executed document to be entered into by Vendor and Customer, or its Affiliate as applicable, incorporating the provisions of this Agreement setting forth the Consulting Services (as that term is defined in the Professional Services Addendum) to be provided by Vendor.

**2.**  **<u>APPLICABLE ADDENDA.</u>** Each applicable Addendum, as indicated below, will be attached hereto as
 an Addendum with Services specific terms and will incorporate and be governed by the provisions
 of this Agreement. The parties hereby incorporate the product

---

| | | |
|:---|:---|:---|
| **Software License ☐** | **Information Security Addendum ☐** | **Managed Services ☐** |
| **Professional Services ☒** | **SaaS ☐** | **Product Purchase ☐** |

---

**3.**  **<u>FEES.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** During the terms of this Agreement Vendor shall provide the Services to Customer at the Fees described in the applicable Ordering Document (the "Fees"). Subject to sub-section f of this Section 3, such Fees may be increased for any Services provided after the first year of Services as agreed by the parties. Unless otherwise agreed by the Parties, all Fees will be in U.S. Dollars and all Fees shall be fixed for the period described in the applicable Ordering Document..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** All invoices shall be sent to Customer electronically via cXML or the Coupa Supplier Portal ("CSP") by registering at <u>[link]</u>. Customer will pay all invoices (except for amounts that are reasonably disputed by Customer within thirty (30) days from receipt of the invoice) that are submitted electronically within forty-five (45) days of receipt of a correct invoice. Customer shall have no obligation to remit payment for any invoices that are not sent to Customer in the manner specified in this Section 3.b. Once the Services have been or are being delivered, Vendor will invoice Customer with the same line-item detail (including discounts) as contained in the purchase order including the purchase order number. If the invoice is inconsistent with the purchase order or the purchase order number has been omitted or is incorrect, the invoice shall be rejected by Customer for re-submission by Vendor. Resubmission of an invoice shall restart the calculation of the time within which payment by Customer of undisputed invoices and correct invoices are due hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** If Customer, in good faith, disputes any amount on an invoice, it may withhold payment of any disputed amounts. Customer shall pay to Vendor such withheld amounts as the parties may agree in accordance with the resolution of the dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** If Vendor does not invoice Customer for any Fees or Customer approved expenses within one hundred and eighty (180) days after the date the Services were accepted by Customer, Vendor shall be deemed to have waived the right to be paid for such Fees and expenses and Vendor may not subsequently submit to Customer any invoices for such Fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Vendor shall provide Customer with notice of any changes to its wire or ACH payment instructions for receipt of payment at least 180 days in advance. Such notice shall be sent to <u>[Email ID]</u> and [Email ID].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** In the event any Ordering Document is renewed, the Fees set forth in the applicable Ordering Document may not be increased by more than the lesser of (i) two (2%) percent of the Fees applicable in the immediately prior term and (ii) the increase (if any) in the most recently published Consumer Price Index (based on the last twelve (12) months) for All Urban Consumers published by the U.S. Department of Labor, Bureau of Labor Statistics.

Page 3 of 28

**4.**  **<u>TAXES.</u>** Customer will be responsible solely for sales, use, excise, value-added, services,
 consumption and other similar taxes that are assessed and lawfully imposed on and required
 to be paid by the Customer (and for which no exemption is available). Vendor shall
 be responsible for and pay all taxes that are based on or measured by Vendor's income,
 receipts (including any capital gains or minimum taxes), capital, doing business, excess
 profits, net worth, franchise, property, and Vendor personnel-related taxes.

**5.**  **<u>TERM & TERMINATION.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** This Agreement shall commence on the Effective Date and shall continue in full force and effect until terminated earlier pursuant to this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Each Ordering Document shall continue in effect through the term set forth therein, unless earlier terminated pursuant to this Section 5 or the terms of the applicable Ordering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Without prejudice to any other rights or remedies which it may have, either party shall be entitled to terminate this Agreement or an Ordering Document if a material breach (including without limitation, failure to pay Vendor all undisputed monies due for Services rendered) continues for more than thirty (30) days after the breaching party is notified of such material breach, or immediately by forty eight (48) hours prior written notice to the party in material breach of this Agreement, when such material breach cannot be cured or there is breach of a Party's confidentiality obligations or data protection obligations. Termination of this Agreement for material breach shall not discharge the parties' obligations under any Ordering Documents under this Agreement, unless such material breach relates directly to such Ordering Document and the party claiming breach delivers notice of termination of such Ordering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Notwithstanding anything to the contrary contained in this Section 5, Customer and Vendor may each terminate this Agreement or an Ordering Document without cause upon 30 days prior written notice. Termination of the Agreement shall terminate any Ordering Document then in effect.

**6.**  **<u>WARRANTIES.</u>** Vendor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It
 is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and it
 has all rights, authorizations or licenses to provide the Services to Customer (directly or through a subcontractor) and Customer's
 use as authorized herein, will not infringe, misappropriate, or otherwise violate the rights of any third party;

(ii) It
 has the right to enter into this Agreement and perform its obligations under this Agreement directly or through a subcontractor without
 violating the terms or provisions of any other agreement or contract to which it is a party;

(iii) It
 shall perform its obligations under this Agreement in compliance with all applicable laws, regulations, and ordinances;

(iv) It
 is not a party identified on any governmental export exclusion lists; and

(v) It
 shall comply with the confidentiality and data privacy obligations described in this Agreement or any Addendum.

EXCEPT AS DESCRIBED ABOVE, VENDOR DOES NOT MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

Page 4 of 28

**7.**  **<u>FEEDBACK.</u>** Customer at its option may from time to time provide suggestions, comments,
 or other feedback to Vendor with respect to the Services ("Feedback"). Any Feedback
 is provided  **<u>AS IS</u>** without warranty of any kind and Customer shall not
 be responsible for any action taken or business decision made by Vendor with respect to the
 Feedback. Any Vendor use of the Feedback shall not reference Customer as the source
 of the Feedback or otherwise be attributable to Customer. Feedback shall be owned
 by Customer and Customer grants Vendor a license to use such Feedback.

**8.**  **<u>CONFIDENTIALITY.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Each party (the "Recipient") acknowledges that it may, in the course of performing its responsibilities under this Agreement, be exposed to or acquire Confidential Information of the other party or its Affiliates (the "Discloser") or their clients or to third parties to whom the other party owes a duty of confidentiality. Recipient agrees to hold the Confidential Information in confidence and will protect such Confidential Information from unauthorized disclosure or use with at least the same degree of care used to protect its own confidential or proprietary information but not less than a reasonable degree of care. Recipient agrees not to copy, reproduce, sell, assign, license, market, transfer or otherwise dispose of, give, or disclose such information to third parties or to use such information for any purposes whatsoever other than the performance of this Agreement. Vendor shall advise each of its Personnel, and if applicable approved subcontractors (and their employees), who may be exposed to the Confidential Information of their obligations to keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Confidential Information shall not include information that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** in
 or becomes part of the public domain other than by disclosure by Recipient in violation of this Agreement;

**ii.** demonstrably
 known to Recipient previously, without a duty of confidentiality;

**iii.** independently
 developed by Recipient outside of this Agreement without use of reference to the Confidential Information; or

**iv.** rightfully
 obtained by Recipient from third parties without a duty of confidentiality; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** If Recipient is requested to disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, Recipient shall, if permitted by law, (i) immediately notify Discloser of the existence, terms and circumstances surrounding such request; (ii) consult with Discloser on the advisability of taking legally available steps to resist or narrow such request and cooperate with Discloser on any such steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise its best efforts to obtain an order, stipulation or other reliable assurance acceptable to Discloser that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Discloser shall reimburse Recipient for reasonable legal fees and expenses incurred in Recipient's effort to comply with this provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Upon the termination or expiration of this Agreement or any Ordering Document (or earlier if requested by Customer), Vendor shall at its cost return to Customer (or destroy) all copies of documents, papers or other material which may contain or be derived from the Confidential Information (excluding for purposes of this Section 8.d, this Agreement), including all Work Product, which are in Vendor's possession or control, together, if requested by Customer, with a certificate signed by Vendor in form and substance satisfactory to Customer, stating that all the Confidential Information has been returned.

Page 5 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Each party acknowledges that Confidential Information is unique property of extreme value to the Discloser, and that the use or disclosure of Confidential Information in violation of this Section would cause irreparable harm that could not be compensated by monetary damages. Accordingly, each party agrees that the Discloser may seek injunctive and preliminary relief to remedy any actual or threatened breach of this Section, in addition to any other legal or equitable remedies available to the Discloser, without the posting of a bond or other security.

**9.**  **<u>INFORMATION SECURITY.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Vendor shall implement, monitor, and maintain appropriate security measures, policies, and procedures to (1) ensure the security and confidentiality of Customer Data (2) protect against any anticipated threats or hazards to the security or integrity of Customer Data, and (3) protect against unauthorized access to or use of Customer Data. Vendor shall periodically provide, at Customer's written request (email being sufficient), current information, and documentation (including, but not limited to, audits of its security measures, policies and procedures, summaries of test results, or other equivalent evaluations) confirming Vendor has satisfied its obligations under the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Vendor shall (i) only process or use Confidential Information for the purpose of providing the Services and performing its obligations under this Agreement; and (ii) implement and maintain administrative, technical and physical safeguards (the "Security Procedures") designed to: (a) ensure the security and confidentiality of Confidential Information and of "Nonpublic Personal Information" (as that term is defined under Section 6809(4) of the Gramm-Leach-Bliley Act, and its applicable implementing regulations); (b) protect against any anticipated or reasonably likely threats or hazards to the security or integrity of Confidential Information and Nonpublic Personal Information; (c) protect against any actual or suspected unauthorized access to or use, disclosure, procession or acquisition of Confidential Information and Nonpublic Personal Information that could result in harm or inconvenience to Customer, its employees, customers or consumers; and (d) ensure the proper disposal of Confidential Information and Nonpublic Personal Information. Vendor shall identify to Customer a Vendor representative who will serve as a 24/7 data security contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Vendor warrants and covenants its Security Procedures will, at all times during the term of this Agreement, (i) comply with all laws and regulations applicable to Vendor, (ii) meet or exceed the then current information security standards and practices that are commonly utilized by the leading service providers in Vendor's industry that have access to Customer Data, and (iii) in no event offer less protection than that which the Vendor affords to its own confidential information and materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Unless otherwise agreed by Customer in writing, Vendor will not modify the Security Procedures in any way that might reasonably be expected to reduce the overall scope or level of security protections that (i) were in effect as of the Effective Date of this Agreement or (ii) were enhanced or increased after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** An Information Security Incident means (i) the failure of Vendor's Security Procedures and other security measures set forth in Section 9.c or (ii) a mistake or malicious act by one of Vendor's employees, agents or approved contractors that results in the loss of any data.

Page 6 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** If Vendor becomes aware of any actual or suspected Information Security Incident, Vendor will promptly take appropriate actions to contain and mitigate the Information Security Incident. Vendor shall promptly (subject to any delay requested by an appropriate law enforcement agency), but in no event more than twenty-four (24) hours after discovery notify Customer by telephone and by email to [<u>Email ID</u>] of such Information Security Incident. Such notice shall summarize in reasonable detail the effect on Customer, if known, of the Information Security Incident and the corrective action taken or to be taken by Vendor. Vendor shall provide Customer with the name of a security representative who can be reached with security questions or security concerns twenty-four (24) hours per day, seven (7) days per week, during the scope of Vendor's investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** Vendor shall promptly take all necessary and advisable corrective actions and shall cooperate fully with Customer in all reasonable and lawful efforts to prevent, mitigate or rectify such Information Security Incident. Vendor shall (i) investigate such Information Security Incident and perform a root cause analysis thereon; (ii) remediate the effects of such Information Security Incident; and (iii) provide Customer with such assurances as Customer shall request that such Information Security Incident is not likely to recur. The content of any filings, communications, notices, press releases or reports related to any Information Security Incident must be approved by Customer prior to any publication or communication thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** Upon the occurrence of an Information Security Incident involving Customer Data in the possession, custody, or control of Vendor or for which Vendor is otherwise responsible, Vendor shall reimburse Customer on demand for all Notification Related Costs incurred by Customer arising out of or in connection with any such Information Security Incident. "Notification Related Costs" shall include Customer's internal and external costs associated with addressing and responding to the Information Security Incident, including but not limited to: (a) preparation and mailing or other transmission of legally required notifications and related communications that Customer deems reasonably appropriate; (b) establishment of a call center or other communications procedures in response to such Information Security Incident (e.g., customer service FAQs, talking points and training); (c) public relations and other similar crisis management services; (d) legal, consulting and accounting fees and expenses associated with Customer's investigation of and response to such Information Security Incident; and (e) costs for commercially reasonable credit monitoring, identity protection and similar services that Customer deems are advisable under the circumstances. To the extent, the parties have entered into a Data Privacy Addendum the terms of the Data Privacy Addendum shall control with respect to Notification Related Costs.

**10.**  **<u>PRIVACY AND DATA PROTECTION.</u>** Vendor shall comply with Customer's privacy and
 data protection terms set forth in Customer's DPA for the purpose of protecting
 Personal Data that it Processes on behalf of Customer and its Affiliates and to ensure
 compliance with applicable laws, regulations and guidance concerning Personal Data.

**11.**  **<u>LIMITATION OF LIABILITY.</u>** IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY
 LOST PROFITS OR LOST REVENUE, OR FOR ANY INDIRECT, SPECIAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL
 DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING,
 NO LIMITATION OR EXCLUSION OF LIABILITY SHALL APPLY WITH RESPECT TO ANY CLAIMS BASED ON A
 SECURITY BREACH, BREACH OF CONFIDENTIALITY OR DATA PROTECTION OBLIGATONS SET FORTH IN THE
 DPA OR IN THIS AGREEMENT, OR ON EITHER PARTY'S GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT,
 OR WITH RESPECT TO ANY CLAIMS FOR PERSONAL INJURY OR PROPERTY DAMAGE, OR TO VENDOR'S
 INDEMNIFICATION OBLIGATIONS.

Page 7 of 28

**12.**  **<u>INDEMNIFICATION.</u>** Vendor shall defend with counsel reasonably acceptable to Customer (or settle
 at Vendor's sole expense), hold harmless and indemnify Customer, its Affiliates,
 assignees and each of its and their managing directors, its officers, directors, employees,
 agents, volunteers and subcontractors (collectively, the " <u>Indemnified Parties</u> ")
 on an ongoing basis from and against any and all suits, claims and proceedings (each a " <u>Claim</u> ")
 resulting in expenses and losses, including court costs and reasonable attorneys' fees,
 damages, costs, or liability (collectively " <u>Losses</u> ") incurred by the Indemnified
 Parties which arise out of the performance or non- performance by Vendor of Services contemplated
 by this Agreement, including Losses arising from and relating to (i) the negligent or willful
 act or omission, fault, or fraud of Vendor and/or its contractors, employees or agents in
 the performance of duties under or related to this Agreement; (ii) the breach by Vendor of
 any covenant, warranty or condition of this Agreement or any breach by the Personnel of any
 agreements entered into individually pursuant to any Addendum; (iii) any infringement of
 any patent, trademark, copyright, misappropriation of any trade secret or other intellectual
 property or proprietary right of any third party arising out of the performance of Services
 or arising out of the acquisition or use by the Indemnified Parties of any Services, software,
 materials, equipment, combination, concepts, information or process designed, procured or
 delivered by Vendor pursuant to or in connection with this Agreement; (iv) any taxes, penalties,
 interest and/or fines assessed by any regulatory authority or governmental entity having
 authority over the Indemnified Parties as a result of Vendor's failure to comply with
 applicable law in the performance of the Services under the Agreement; (v) the breach of
 any confidentiality or data protection obligations and (vii) any failure by Vendor or its
 Personnel to comply with applicable law and regulations in the performance of its duties
 under this Agreement. Customer may, at its expense, assist in such defense if it chooses,
 provided that Vendor shall control such defense and all negotiations relative to the settlement
 of any such claim. The Vendor shall obtain Customer's prior written consent,
 which consent shall not be unreasonably withheld or delayed, for any settlement or compromise
 of any claim that does not include the unconditional release of Customer from the
 indemnified liability hereunder or requires any specific performance, non-pecuniary remedy
 or for the payment of any amount by Customer. Customer shall promptly provide Vendor
 with written notice of any claim which Customer believes falls within the scope of
 this Section 12, but failure to give such notice shall not relieve Vendor of its obligations
 except to the extent Vendor can demonstrate actual, material prejudice to its ability to
 mount a defense because of such failure. If the Services become the subject of a Claim, or
 Vendor reasonably believes that use of the Services may become the subject of a Claim, then
 Vendor may, at its own expense and option, (i) procure for Customer the right to continue
 use of the Service at no additional cost to Customer for such right; (ii) replace
 the Service with a non-infringing product while maintaining the Service's essential
 specifications; (iii) modify the Service so that it becomes non-infringing while maintaining
 the Service's essential specifications; or (iv) refund to Customer the Fees
 paid for the Service. This indemnity shall not be Customer's sole remedy.

**13.**  **<u>ACCESS TO CUSTOMER'S PREMISES.</u>** Nothing contained in the Agreement shall permit
 Vendor to access Customer's premises unless such access is conditioned upon
 reasonable prior written notice to Customer. Any such access shall be subject to the
 confidentiality and data protection obligations set forth in this Agreement, any Addendum,
 and to Customer's security procedures. Nothing in the Agreement shall be deemed
 to require Customer to disclose any information respecting its business operations
 or other information not directly related to the subject matter of the Agreement.

Page 8 of 28

**14.**  **<u>INSURANCE.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** During the term of this Agreement, Vendor shall maintain insurance in the minimum amounts as follows:

---

| | |
|:---|:---|
| Workers Compensation | Statutory Workers Compensation in accordance with all state and local requirements of the state(s) in which work is to be performed |
| Employers Liability insurance with minimum occurrence limits as follows | Bodily injury by accident $1,000,000 each accident |
| Employers Liability insurance with minimum occurrence limits as follows | Bodily injury by disease $1,000,000 policy limit |
| Employers Liability insurance with minimum occurrence limits as follows | Bodily injury by disease $1,000,000 each employee |
| Commercial General Liability Insurance, written on an occurrence basis, including bodily injury, property damage, personal injury, advertising injury, products and completed operations, and contractual liability, in an amount not less than | Each Occurrence Limit $1,000,000 |
| Commercial General Liability Insurance, written on an occurrence basis, including bodily injury, property damage, personal injury, advertising injury, products and completed operations, and contractual liability, in an amount not less than | Products/Completed Operations Aggregate Limit $1,000,000 |
| Commercial General Liability Insurance, written on an occurrence basis, including bodily injury, property damage, personal injury, advertising injury, products and completed operations, and contractual liability, in an amount not less than | Advertising Injury and Personal Injury Limit $1,000,000 |
| Commercial General Liability Insurance, written on an occurrence basis, including bodily injury, property damage, personal injury, advertising injury, products and completed operations, and contractual liability, in an amount not less than | General Aggregate $2,000,000 |
| Commercial Automobile Insurance (owned, non- owned or hired) in a combined single limit | $1,000,000 per accident for bodily injury and property damage liability |
| Umbrella or Excess Liability Insurance | not less than $10,000,000 general aggregate |
| Professional Liability or Errors & Omissions Insurance | $5,000,000 per claim and $5,000,000 in the aggregate; (If coverage is written on a claims–made basis, the coverage must be maintained for a period of three years post completion of contract or purchase of run- off or tail coverage.) |
| Commercial Crime insurance | $2,000,000 including coverage for theft or loss of money, securities, or other property (1) owned by Customer (2) held by Customer in any capacity or (3) for which Customer is legally liable, as a result of any dishonest or fraudulent act(s) committed by an employee of Vendor. Customer shall be named Loss Payee as its interests may appear in the Commercial Crime Insurance Policy |
| Cyberinsurance | $5,000,000 covering any and all loss, damage, liability, cost, or expense arising from, or in any way attributable to, an "Information Security Incident" involving Personal Information in Vendor's possession, custody, or control, or for which Vendor is otherwise responsible. The Cyberinsurance required to be maintained by Vendor shall include, without limitation, coverage for legal fees; notifications; investigation/forensic and restoration costs; crisis management/public relations; credit monitoring/identity protection services; call center expenses; network interruption and extra expense/business interruption; and cyber threat extortion costs. |
| Property Insurance | ![](ex10-1_001.jpg) Full replacement value of any and all property of Customer which may be in Vendor's care, custody and/or control during the term of this Agreement. Customer shall be named as a Loss Payee as its interests may appear on the Property Insurance Policy<br> ![](ex10-1_001.jpg) Full replacement value of any and all property of Vendor that may be used on Customer premises in connection with the<br> Vendor's duties |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** All insurance policies provided and maintained by Vendor shall be underwritten by insurers that are rated "A-VII" or higher. Vendor shall be responsible for any self-insured retentions, deductibles or self-insurance associated with the coverages described in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Vendor's coverage shall be primary and non-contributory to the fullest extent afforded by the policies and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** The Commercial General Liability Insurance, Commercial Automobile Insurance, Employer's Liability Insurance, Cyberinsurance and Umbrella or Excess Liability Insurance shall include a waiver of the insurers' subrogation rights and coverage and shall name Customer as an Additional Insured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Certificates of Insurance and evidence of the foregoing endorsements shall be provided to Customer upon request. Such certificates shall provide that the insurer will give thirty (30) days' written notice to Customer prior to cancellation of any policy or endorsement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** The insurance requirements in this Section do not create a limitation of Vendor's liability under this Agreement. If any claim by Customer against Vendor is a claim covered by an insurance policy maintained by Vendor, any recovery of proceeds under such policy will be paid to Customer to the extent Customer's damages exceed the limitations of liability contained in this Agreement.

Page 9 of 28

**15.**  **<u>NO PROMOTION.</u>** Vendor agrees that it shall not, without the prior written consent of
 Customer in each instance, (i) use in advertising, publicity, marketing or other promotional
 materials or activities, the name, tradename, trademark, trade device, service mark or symbol,
 or any abbreviation adaptations, contraction or simulation thereof, of Customer or
 any of its Affiliates or their respective partners or employees or (ii) represent, directly
 or indirectly, that any product or any service provided by Vendor has been approved or endorsed
 by Customer or any of its Affiliates. Vendor and its contractors, employees and agents
 shall not hold themselves out as an employee, Affiliate, or subsidiary of Customer
 at any time while performing or providing the Services under this Agreement. Any materials
 provided to Vendor by Customer pursuant to this Agreement or in connection with Vendor's
 provision or performance of Services hereunder, bearing any Customer names, logos,
 styles, or trademarks may be used by Vendor only as necessary to provide or perform Services
 under this Agreement. This provision shall survive termination or expiration of this Agreement.

**16.**  **<u>FORCE MAJEURE EVENT.</u>** Neither party shall be liable for any breach of this Agreement due
 to a Force Majeure Event. In the event a Force Majeure Event occurs, the affected party shall
 provide written notice to the other party providing all relevant information related to such
 Force Majeure Event. If a Force Majeure Event precludes Vendor from providing Services under
 this Agreement, Customer shall have the right to suspend payment for such Services
 until Vendor is able to resume providing such Services. If Customer has pre-paid for
 such Services, Vendor shall issue a pro-rata refund to Customer for the unused Services
 during the Force Majeure Event period. Unless otherwise set forth in this Agreement, if the
 Force Majeure Event continues for more than fifteen (15) consecutive days and the Vendor
 is the affected Party, then Customer may immediately terminate this Agreement upon
 written notice to Vendor. Neither Party shall be entitled to claim relief under this Section
 to the extent the effect of the Force Majeure Event could have been avoided or mitigated
 by the proper performance of its disaster recovery and business continuity obligations.

**17.**  **<u>TRANISITION SERVICES.</u>** In the event of a termination or expiration of this Agreement or an applicable
 Addendum, for any reason, at Customer's request, Vendor shall continue to provide
 the Services and Customer shall continue to have all rights and obligations hereunder,
 including the obligation to pay Fees at the Fees set forth in the applicable Ordering Document,
 for a period of up to thirty (30) days to facilitate the transition of the services to a
 third party.

**18.**  **<u>GENERAL.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Affiliate Use Rights.** Customer and Vendor specifically acknowledge and agree that all rights and benefits granted hereunder to Customer shall extend to and may be accessed by Customer's Affiliates provided that the use is in accordance with this Agreement. Absent a separate Ordering Document between Vendor and a Customer Affiliate, Vendor shall not have the right to make a claim against or seek to hold any Customer Affiliates liable for any claims or damages under this Agreement. Customer Affiliates shall have the same licenses, rights and obligations as Customer with respect to this Agreement: and the term "Customer", when used in this Agreement alone or as a component of another term, shall also include each Affiliate or Portfolio Company, as applicable. Vendor agrees to provide Services to any Portfolio Company on terms and conditions substantially similar to those contained in this Agreement and any applicable Ordering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. Assignment.** Vendor may not assign this Agreement, or its rights under this Agreement, or delegate any duties hereunder, without the prior written consent of Customer. Subject to Section 18.c of this Agreement, Customer agrees that Vendor may subcontract its duties under the Agreement and all Ordering Documents provided Vendor remains liable for any breaches of this Agreement. Any attempted assignments or delegations by Vendor, without the prior written consent of Customer, shall be null and void and may be deemed by Customer to be a material breach of this Agreement. Notwithstanding the foregoing, either party may assign this Agreement without consent of the other party to the acquiring or surviving entity in a merger or acquisition in which either party is the acquired entity (whether by merger, reorganization, acquisition or sale of stock) or to the purchaser of all or substantially all of either party's assets and shall provide prompt notice of such assignment to the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective successors and permitted assigns.

Page 10 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. Subcontracts.** Vendor may enter subcontracts with third parties to perform the Services with prior notice to Customer and with Customer's written consent which shall not be unreasonably withheld or delayed. Such notice shall include the identity and location of such third party and the services being performed. The performance of services by third parties shall not relieve Vendor of its obligations under this Agreement. The terms and conditions of any subcontract shall conform to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. Dispute Resolution.** Upon request by a Party, the Parties will cause appropriate senior level executives from each Party to meet to negotiate in good faith to resolve any dispute arising out of or relating to this Agreement. If, after five (5) business days of first meeting, the Parties are unable to resolve the dispute, each Party will then cause its senior level executives to meet to negotiate in good faith to resolve the dispute. A Party will not initiate a legal proceeding with respect to such dispute until either Party's designated representative notifies the other that it has determined in good faith that amicable resolution is unlikely (except a Party may institute legal proceedings or dispute resolution procedures earlier than provided in this Section in order to request immediate injunctive relief or specific performance, to protect its Confidential Information or intellectual property, to avoid the expiration of any applicable limitations period, or to preserve a superior position with respect to other creditors). Discussions, documents, and correspondence exchanged pursuant to this Section for purposes of these negotiations will be deemed Confidential Information developed for purposes of settlement, exempt from discovery and production and not admissible in any legal proceeding. Vendor will continue to provide the Services and Customer will continue to pay for the Services pending the resolution of any dispute arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. Governing Law.** The Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to principles of conflicts of law, and each party's consent to the exclusive jurisdiction of, and venue in, the state or federal court of competent jurisdiction in New York County, State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f. Arbitration.** The Parties agree to submit any dispute arising from or relating to this Agreement to binding arbitration at the New York City offices of the American Arbitration Association ("AAA"), pursuant to the Commercial Dispute Resolution Rules of the AAA. Each party will bear its own costs of the arbitration. The award of the arbitrator shall be final, conclusive and binding upon the Parties. The arbitrator shall not have the power to add to, subtract from, or in any way modify the terms of this Agreement. Neither Party shall be entitled to recover attorneys' fees expended in the cause of arbitration. In the event of any violation or alleged violation of Section 8 of this Agreement, Customer shall, in addition to all other remedies available to it, be entitled to seek injunctive relief from a court of competent jurisdiction without any requirement to first seek arbitration.

Page 11 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g. Notices.** Any notices to the parties shall be sent to the following addresses, by registered mail or certified mail, return receipt requested or recognized overnight courier.

---

| | |
|:---|:---|
| From Vendor to Customer: | From Customer to Vendor: |
| [Address] |  |
| Customer | TG-17 Inc. d/b/a Bond |
|  | 85 Broad St. |
|  | New York, NY 10004 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h. Waiver.** All waivers under this Agreement must be in writing to be effective and signed by a duly authorized representative of the waiving party. No waiver by a party of any default or breach will be deemed a waiver of any subsequent default or breach. No failure or delay by a party to exercise any right it may have due to the default or breach of the other party will operate as a waiver of such default or breach or prevent the exercise of any right of such party, or the enforcement of any obligation of the other party, under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Severability and Survival.** If any part of this Agreement is found to be unenforceable, the rest will remain in full force and effect and shall be interpreted to give full effect to the intent of the parties. Any rights and obligations of the parties hereunder that by their nature are reasonably intended to survive termination or expiration of this Agreement, shall survive termination or expiration of this Agreement including but not limited to the sections entitled: Definitions, Warranties, Confidentiality, Information Security, Limitation of Liability, Indemnification, Transition Services, and General.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j. Order of Precedence.** To the extent that there is ambiguity or conflict between this Agreement, an Addendum or an Ordering Document the inconsistency shall be resolved by giving precedence in the following order: Addendum, this Agreement, Ordering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k. Remedy.** Except if expressly provided herein, no remedy specified in this Agreement is intended to be exclusive of any other remedy, and each and every remedy will be cumulative and in addition to every other right or remedy provided herein or available at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l. Exclusion of Alternative Terms.** This Agreement contains the exclusive set of terms applicable to the Services, notwithstanding any other set of terms (i) that may be embedded in or displayed by the Services, during or after installation or operation of the Services, (ii) to which the Services may refer, (iii) that may accompany or be packaged with the Services, or (iv) that may be presented at any time to Customer personnel or agents orally, online, electronically or in writing (the foregoing, collectively, "Other Terms"), whether or not any Customer personnel or agent assents to the Other Terms online, electronically or otherwise at any time. Such Other Terms shall be void with respect to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m. Entire Agreement.** This Agreement constitutes the entire agreement of the parties as to the subject matter herein and supersedes all prior oral or written agreements of the parties. This Agreement cannot be changed or modified except in a written instrument mutually agreed-upon and signed by a duly authorized representative of both parties.

Page 12 of 28

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n. Electronic Signatures; Counterparts.** The Parties may execute this Agreement in one or more counterparts. Execution of counterparts may occur by manual signature or manual signature contained in an imaged document attached to an email transmission or by electronic signature. Each counterpart executed in accordance with the foregoing will be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Agreement or of executed signature pages to this Agreement as an imaged document attached to an email transmission constitutes effective execution and delivery of this Agreement and may be used for all purposes in lieu of a manually executed copy of this Agreement. However, any Party delivering an executed counterpart of this Agreement electronically may also request a manually executed counterpart of this Agreement as soon as reasonably practicable following electronic transmission and the other Party will promptly execute and deliver the manually signed counterpart. Failure to make such request will not affect the validity, enforceability or binding effect of this Agreement.

IN WITNESS WHEREOF, the undersigned by their duly authorized representatives have caused this Agreement to be executed as of the dates set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **CUSTOMER** | **CUSTOMER** | **TG-17 Inc. d/b/a Bond** | **TG-17 Inc. d/b/a Bond** |
| **By:** | **Customer** |  |  |
| **By:** | /s/[Name] | **By:** | /s/Doron Kempel |
| **Name:** | [Name] | **Name:** | Doron Kempel |
| **Title:** | [Title] | **Title:** | CEO |
| **Date:** | [Date] | **Date:** | [Date] |

---

Page 13 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

This Professional Services Addendum ("PSA") is effective as of [FILL IN] (the "PSA Effective Date") and amends and supplements the Customer Master Agreement dated [FILL IN] (the "Agreement") between **Customer,** and TG-17 Inc. d/b/a Bond 85 Broad Street, 9<sup>th</sup> Floor, New York, NY 10004 ("**Vendor**") (the "Agreement"). In the event of a conflict or inconsistency, the terms of this Addendum shall supersede those of the Agreement. Capitalized terms used but not defined in this Addendum have the meanings given to them in the Agreement.

Vendor will provide to Customer skilled technical, scientific, engineering or general professional services (the "Consulting Services") set forth in an Ordering Document on the terms and conditions set forth in this PSA.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>SCOPE AND QUALITY OF CONSULTING SERVICES.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Vendor
 shall provide Consulting Services to Customer as set forth in any Statement of Work
 ("SOW") executed by the Parties in the form shown in Exhibit A attached to this
 PSA. Each SOW shall contain the names of each a Consultant performing Services covered by
 that SOW, their job classification, the hourly or daily rate of payment applicable to each
 listed Consultant, the description of Consulting Services Consultant will be providing, the
 name of the Customer project ("Project") the Consultant is working on,
 each Consultant's start date and end date on the Project, the work location of each
 Consultant, the name of the Customer manager for the Project and any such additional
 information, terms and conditions as the Parties may agree upon and wish to include and the
 effective date and duration of the SOW.

**b.** Each
 SOW shall be consecutively numbered to facilitate identification and, when executed by an
 authorized representative of both Parties, shall be incorporated herein and made a part hereof.
 Vendor shall use its best efforts in the performance of the Consulting Services described
 in each SOW and shall perform said Consulting Services in a timely, professional, and satisfactory
 manner and in compliance with all applicable laws and then-current industry standards and
 in compliance with Customer's guidance and standards. Vendor represents that
 it is not bound by any agreement or obligation that will limit or otherwise interfere with
 the performance of its duties hereunder. Customer generally will not instruct Vendor
 as to how to perform its consultancy duties and Vendor shall determine details and means
 of performing the Consulting Services as detailed in a SOW.

**c.** Either
 Party may request a change to a SOW by describing the proposed change and reason for the
 change in writing to the other Party ("Change Order"). Upon receipt of such request,
 the receiving Party agrees to work with the requesting Party in good faith to determine the
 anticipated impact on the SOW. No Change Order will take effect until accepted by the parties
 in writing as indicated in a document signed by a duly authorized representative of both
 parties describing the changes to the SOW including, as applicable, changes to the scope,
 schedule, fees, rights and/or obligations of the Parties.

Page 14 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>TERM AND TERMINATION.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** This
 PSA shall commence on the PSA Effective Date and remain in full force and effect until terminated
 pursuant to the terms herein

**b.** Either
 party may terminate this PSA or a SOW by written notice if the other Party has committed
 a breach of a material term and such breach has remained uncured for thirty (30) days. Customer
 and Vendor may terminate this PSA or any SOW at any time, with or without cause, upon five
 (5) business days' prior written notice. Any termination of a SOW shall not be interpreted
 to terminate this PSA and each Party shall continue to abide by the terms and conditions
 of this PSA and comply fully with its obligations hereunder and shall not in any way hinder
 or interrupt the performance of this PSA during any period between the date of service of
 a termination notice and the effective date of such termination. No termination shall relieve
 either party of obligations which have accrued hereunder as of the date of termination. In
 the event of termination for any reason, until any dispute regarding the monies due is resolved,
 Customer will only be required to pay the undisputed pro-rata portion of amounts due
 attributable to work performed in accordance with this Agreement before the date of termination
 and will be refunded a pro-rata portion of any prepaid amounts. If Customer terminates
 this PSA for cause Vendor shall be required to return any Work Product to Customer
 immediately, upon Customer's request.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>FEES AND PAYMENT.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** For
 SOWs where Consulting Services are provided on a time and materials basis, Vendor shall submit
 weekly and/or monthly timesheets as required by and in the manner determined by Customer
 tracking the work the Vendor performed during the relevant period, providing hours worked
 by Project and by day into Customer's services tracking systems. The timesheet
 will reference an approved Customer Project code and will note the Project name/description.
 After timesheets have been approved by the Customer manager, Vendor will issue invoices
 for Consulting Services rendered to Customer **.** 

**b.** For
 SOWs where Consulting Services are provided on a fixed fee basis, Vendor shall submit invoices
 in accordance with deliverables and payout schedule stipulated in the SOW. Invoices will
 be processed for payment after a deliverable(s) is accepted per the Acceptance process outlined
 in Section 4 of this PSA.

**c.** Each
 invoice shall include: the Vendor's name and business address, an account number, invoice
 number, invoice date, purchase order number (if applicable), Consultant's name, Project
 or business unit code(s), a detailed description of the Consulting Services provided for
 the invoice period by the Vendor by Project name, the date(s) upon which Consulting Services
 were provided, the Customer Project Manager/Contact Name, and the related fees and
 pre- approved expenses permitted under Section 5 of this PSA, if any.

**d.** Timesheets
 approved by Customer manager(s) shall also be attached to the invoice for the appropriate
 invoice period. If a Consultant works 10 or more hours in a given day, Customer will
 be billed one full day at the agreed upon daily rate. If a Consultant works less than 10
 hours in a given day, Customer will be billed on a pro-rata basis. Any work on a weekend
 or holiday requires written pre-approval via e-mail from Customer.

Page 15 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Customer shall not withhold or be responsible for the direct payment of employment related or income taxes from payments to Vendor. Vendor shall
 be solely responsible for all income, employment, social security, and other taxes associated with this PSA, and shall hold Customer
 harmless from and against any taxes owed by Vendor. Customer will not provide Vendor and its Consultant's with any Customer
 benefits including, but not limited to, workers' compensation, disability benefits, unemployment insurance, or medical, dental,
 or life insurance or pension plans.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** Intentionally
 Omitted.

**5.**  **<u>EXPENSES.</u>** Customer will reimburse Vendor for documented and actual business travel or
 other expenses that have been pre-approved by Customer in writing and that are required
 by Vendor in furtherance of the duties specified in an applicable SOW. Expenses will not
 be reimbursed without detailed receipts and backup for any expenses invoiced to Customer.

**6.**  **<u>STATUS OF THE PARTIES.</u>** Vendor shall provide its Consulting Services hereunder as an independent
 contractor and is responsible for all payments to its Consultants. No employer-employee relationship
 shall exist or be deemed to exist between Customer and Vendor, or between Customer
 and any of Vendor's Consultants, as a result of or in connection with this PSA. Customer
 is not liable to Vendor's Consultants for any fees or expenses payable directly to
 such Consultants. Vendor may decide in its sole discretion to use the Consulting Services
 of its own Consultants and shall be liable for the acts, omissions, and compliance with this
 PSA of such Consultants, and will inform such individuals of the obligations in this PSA
 and warrants to Customer that such individuals will comply with the terms of this
 PSA. Customer will not supervise or otherwise instruct Vendor's Consultants,
 and Vendor retains the sole right to discipline or reassign such individuals. Vendor shall
 have no authority to enter binding contracts on behalf of Customer.

**7.**  **<u>DUTY TO PRESERVE CUSTOMER IMAGE.</u>** Vendor understands and agrees that it shall not
 engage in any actions or behavior that would directly reflect negatively on Customer.
 Vendor further understands and agrees that any violation or threatened violation of this
 section would materially and irreparably injure Customer and its business in a manner
 inadequately compensable in damages, and that therefore Customer may obtain injunctive
 relief against the breach or threatened breach of Vendor's obligations herein in addition
 to any other legal remedies that may be available. This provision shall survive termination
 or expiration of this Agreement.

**8.**  **<u>RIGHTS IN WORK AND RETURN OF MATERIALS.</u>** Vendor hereby assigns Customer any rights
 that Vendor otherwise would have in Work Product and agrees that Customer will be
 deemed the sole author and owner of any copyrightable material created pursuant to this PSA.
 Vendor agrees to sign without charge any additional documents Customer may reasonably
 require to confirm or record Customer's ownership in any Work Product. Upon
 Customer's request at any time, Vendor will deliver any Work Product immediately
 to Customer. Vendor will return to Customer within ten (10) days after completion
 of work under this PSA or the termination of this PSA, whichever is sooner, any Work Product
 as defined in the preceding paragraph as well as any documents, lists, computer-generated
 material, computer files or information in whatever form, that the Vendor has either received
 from Customer or has prepared for Customer during the Vendor's engagement
 with Customer. If Vendor receives a request or subpoena to produce or convey any Work
 Product, Vendor will immediately notify the General Counsel of The Customer Group,
 or his/her designee so that Customer may seek a protective order if desired. This
 Section 7 shall survive termination of this PSA for any reason.

Page 16 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Vendor Representations and Warranties.** With respect to the Consulting Services provided under
 this PSA, and in addition to the warranties set forth in the Agreement, Vendor hereby represents
 and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** it
 and its subcontractors will provide all services in a professional and workmanlike manner consistent with then-current industry standards
 and practices and will minimize errors and disruptions during the term of this Agreement;

**ii.** the
 Personnel assigned by it will possess the proper skill, training and experience necessary to perform the services in a competent
 and professional manner compatible with Customer's business operations at the premises and it will provide all Consulting
 Services in a professional and workmanlike manner consistent with then-current industry standards and practices;

**iii.** the
 Personnel are eligible to legally work and accept employment in the geographic locations where the service are being provided

**iv.** Vendor
 and/or its subcontractors will hold, and will continue to hold, any and all licenses, permits or other authorizations required by
 law (including, but not limited to, securities laws, income and sales tax laws, consumer protections laws, occupational safety and
 health laws, workers' compensation laws, and unemployment insurance laws) to provide the services as set forth in this Agreement,
 and it and the Personnel assigned to provide services to Customer are free from any legal or contractual restraints prohibiting
 working or the exercise of skills, including employment or non-competition agreements with other or former employers;

**v.** the
 Consulting Services and each deliverable contemplated in this PSA and/or Ordering Document shall conform in all material respects
 to any documentation or specifications provided by Vendor to Customer and meet such other specifications for same as mutually
 agreed to in writing by Customer and Vendor from time to time;

**vi.** it
 owns all rights, title, and interest in and to, and sole and exclusive ownership of the documentation and any material claimed by
 it to be its intellectual property which do not and will not infringe any third party's rights; and

**vii.** Any
 software provided or developed in the performance of the Consulting Services does not and shall not contain any malicious code, including
 any viruses, disabling code, time bombs or Trojan horses, and shall accurately process and present all date and monetary information
 and shall be interoperable with other software used by Vendor or Customer which may deliver records to such software, receive
 records from such software or interact with such software, including to back-up and archive data.

Page 17 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>CONFIDENTIAL INFORMATION STATEMENT.</u>** Consultant will require Personnel assigned to provide Consulting Services to Customer to execute and comply
 with Exhibit C.

&nbsp;&nbsp;&nbsp;&nbsp;**11.**  **<u>AUDIT RIGHTS.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Vendor
 shall keep detailed accounts and records of all activities carried out, and all costs and
 expenses incurred, in the performance of its obligations under this Agreement. Upon twenty-
 four (24) hours' notice to Vendor and during normal business hours, Customer
 has the right to audit and verify Vendor's operating environment and other areas of
 service (including those of any Customer approved subcontractors) to ensure that Vendor
 is maintaining adequate controls and security measures, that Vendor's billings to Customer
 are correct, and that reports relating to Vendor's performance are accurate. Customer
 may conduct audit and verification reviews itself or with the assistance of a third-party
 organization (provided that the third-party organization executes a confidentiality agreement
 that contains protections for confidential information comparable to this Agreement), at
 Customer's expense, subject to Section 13.e below. All audits shall be performed
 in a manner intended to minimize disruption to the parties' respective businesses.

**b.** Without
 limiting the foregoing and to the extent required by any applicable domestic, state, federal
 or any foreign law or regulation, Vendor shall provide Customer's and its Affiliates'
 internal and external auditors as well as regulatory or supervisory authorities access to:
 (i) facilities where the Services are being performed; (ii) Personnel and subcontractors
 who are providing any of the Services; and (iii) data and records in the possession of Vendor
 relating to any of the Services to permit them to perform periodic onsite audits as may be
 required to examine Vendor's and its Personnel's performance of the Services
 and Vendor's related technology, internal controls, security and business continuity
 plans and systems as well as any documents, media and other sources of information related
 to such Services. Customer shall notify Vendor as soon as reasonably practical under
 the circumstances after receiving a request from its Affiliates or its Affiliates internal
 or external auditors as well as regulators or supervisory authorities to conduct such an
 audit.

**c.** Vendor
 shall assist Customer's auditors (including internal audit staff), regulators,
 consultants and other representatives as is reasonably required. Vendor shall cooperate fully
 with Customer or its designees in connection with audit functions and with regard
 to examinations by regulatory authorities and shall, on a timely basis, furnish each with
 information requested. In no event shall Customer while conducting audits and investigations
 materially interfere with Vendor's ability to perform its obligations under this Agreement
 or conduct its other operations in the ordinary course of business.

**d.** Audits
 and inspections shall be limited to information relating to the Services, and may include:
 (i) Vendor's practices and procedures; (ii) Vendor's computer systems; (iii)
 Vendor's controls and security measures and procedures; (iv) Vendor's disaster
 recovery and back-up procedures; (v) any matter necessary to enable Customer to meet
 requirements of Law; (vi) Vendor's compliance with service levels; (vii) billing data
 and records; and (viii) Vendor's procedures to maintain the confidentiality of Customer's
 Confidential Information.

Page 18 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Customer shall bear its expenses relating to any audit performed under this provision; provided, however, if any such inspection reveals any
 invoice or payment is not been rendered or made in accordance with the terms of this Agreement and results in an overcharge to Customer
 of five percent (5%) or more of the aggregate charges subject to audit, Vendor shall reimburse Customer for its reasonable internal
 costs and external expenses in connection with any audit without prejudice to any other remedies or claims of Customer. In no
 event shall Customer be obligated to pay to Vendor any costs or expenses incurred by Vendor in assisting the completion of the
 audits contemplated under this provision.

&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>POLICIES AND PROCEDURES.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Vendor
 will comply with Customer's vendor onboarding and risk assessment process and
 any ongoing confirmation and security reviews and processes to the extent attached hereto.
 Vendor shall and shall cause its Consultants to comply with Customer's regulatory
 compliance, security, and work site requirements and policies to the extent they are applicable
 to Consultant's performance of the Consulting Services under this PSA and an applicable
 SOW as attached hereto. In addition, Vendor will supply the information requested by Customer
 in Customer's Vendor onboarding portal or any other form which is requested
 by Customer to collect Vendor information, including but not limited to banking and
 payment instructions.

**b.** Vendor
 agrees that, in providing Consulting Services under this PSA, it shall require its Consultants
 to comply with applicable statutes, rules and regulations prohibiting discrimination in the
 workplace based on any legally protected category. Vendor agrees to comply with Customer's
 "Sexual and Other Forms of Unlawful Harassment" policy attached hereto as Exhibit
 B-1. Vendor shall execute Exhibit B acknowledging Vendor's compliance with Exhibit
 B-1 and anyone assigned by the Vendor to provide Consulting Services for Customer
 shall execute Exhibit B-1.

**c.** Vendor
 agrees to ensure that anyone working on Customer premises who provides investment
 advice, or who Customer deems to be a "supervised person", as defined
 under the Investment Advisers Act of 1940, as amended, will abide by the requirements and
 restrictions of the Customer Code of Ethics, provided such requirements and restrictions
 do not violate applicable law.

**d.** Vendor
 shall cause its Consultants working at Customer's facilities to honor all reasonable
 demands made by Customer's Physical Security department. Vendor shall comply,
 and shall cause its Consultants to comply, with all Customer rules and regulations
 regarding hours of work, access, conduct, and otherwise applicable rules and regulations
 in effect at Customer's premises. Customer reserves the right, at its
 sole discretion, to refuse entrance temporarily or permanently to Customer's
 premises to any Consultants. Vendor is required to conduct background checks of all individuals
 considered to provide Consulting Services to Customer. Vendor is solely responsible
 for conducting background checks and ensuring background checks and decisions regarding assignment
 of resources comply with federal, state, and/or local law. Vendor, in compliance with federal,
 state and/or local law, shall not assign any individual to provide Consulting Services to
 Customer if such individual's prior conviction record bears a direct relationship
 to the individual's ability to safely provide Consulting Services to Customer
 and/or access Customer's confidential information or client information. All
 decisions regarding assignment of resources based upon the results of background checks,
 or otherwise, are the sole responsibility of Vendor.

**e.** If
 any Consultant performing Consulting Services hereunder is found to be unacceptable to Customer
 for any lawful reason, Customer shall have the right to notify Vendor of such fact
 (without waiving any other rights or remedies it may have hereunder) in writing and Vendor
 shall immediately remove said Consultant from performing Consulting Services hereunder and,
 if requested by Customer, provide a qualified replacement. If any anticipated or actual
 delays in meeting Customer's deadlines or scheduled completion dates for Consulting
 Services performed hereunder are caused by the unsatisfactory performance of any Consultant,
 Vendor shall provide additional temporary personnel, as requested by Customer and
 at no charge to Customer, to complete the assignment involved in a timely manner.

**f.** Vendor
 agrees that, if requested by Customer and if legally permissible, it will require
 its Consultants who will be performing Consulting Services for Customer, to undergo
 pre- employment drug screening or in the case of existing employees that are newly assigned
 to provide Services to Customer post employment drug screening(excluding legally permissible
 substances, subject to the laws where the candidate resides and/or performs Services) and
 fingerprinting as required and/or permitted by law.

Page 19 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

IN WITNESS WHEREOF, the undersigned by their duly authorized representatives have caused this Addendum, inclusive of attached Exhibits, to be executed as of the dates set forth below.

---

| | | | |
|:---|:---|:---|:---|
| On behalf of<br> Customer | On behalf of<br> Customer | On behalf of<br> TG-17 Inc. d/b/a Bond | On behalf of<br> TG-17 Inc. d/b/a Bond |
| By: | Customer |  |  |
| <br> By:  | /s/[Name] | <br> By:  | /s/Doron Kempel |
| Print Name: | [Name] | Print Name: |  |
| Title: | [Title] | Title: | CEO |
| Date: | [Date] | Date: | [Date] |

---

Page 20 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

**EXHIBIT A – SAMPLE STATEMENT OF WORK**

**Statement of Work [insert number]**

This Statement of Work ("SOW") is entered into on [Month] [Day], [Year] (the "SOW Effective Date") by Customer ("Customer") and _______________ ("Vendor") pursuant to the Professional Services Addendum between the Parties with an Effective Date of [Month] [Day], [Year] (the "PSA") and the Customer Master Agreement between the Parties with an Effective Date of [Month] [Day], [Year] (the "Agreement"). This SOW incorporates by reference the terms of the PSA and the Agreement. Unless specifically defined in this SOW, capitalized terms herein shall have the meanings set forth in the PSA or Agreement, as applicable.

**Project Name:**

**Start Date:**

**End Date:**

**Description of Consulting Services: Customer Manager:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consultant Assignment Details** | **Consultant Assignment Details** | **Consultant Assignment Details** | **Consultant Assignment Details** | **Consultant Assignment Details** |
| **Consultant Name** | **Title** | **Work Location** | **Start Date** | **End Date** |
| **Consultant Fee Details** | **A** | **B** | **C** | **D** |

---

Page 21 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Consultant Name** | **W-2, 1099, or**<br> **"Corp-to- Corp" Consultant** | **Daily Professional Fee Charged to**<br> **Customer** | **Employer Paid Employee Taxes Cost to**<br> **Customer** **($)** | **Pass Through Cost Charged to Customer ($)** | **Fee Received by Consultant ($)** | **Percentage Mark Up Charged to**<br> **Customer**<br> **(A- D)/D x 100 (%)** |

---

Monthly payment total not-to-exceed fee limit (if applicable):

**Assumptions:**

**Deliverables:**

**Acceptance Criteria:**

IN WITNESS WHEREOF, the undersigned by their duly authorized representatives have caused this SOW to be executed as of the dates set forth below.

---

| | | |
|:---|:---|:---|
| On behalf of<br> Customer | On behalf of<br> Customer | On behalf of<br> Company XYZ |
| By: | Customer |  |
| <br> By:  | /s/[Name] | <br> By:  |
| Print Name: | [Name] | Print Name: |
| Title: | [Title] | Title: |

---

Page 22 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

**EXHIBIT B**

**ACKNOWLEDGEMENT OF "SEXUAL AND OTHER UNLAWFUL FORMS OF HARASSMENT" POLICY**

**(TO BE SIGNED BY VENDOR)**

Vendor and its Consultants agree to abide by Customer's "Sexual and Other Unlawful Forms of Harassment" policy which is attached as Exhibit B-1.

I have read the foregoing and the attached policy and fully understand its terms and effects. By affixing my signature below, I hereby agree to its terms.

---

| | | | |
|:---|:---|:---|:---|
| On behalf of | On behalf of | On behalf of | On behalf of |
| Customer | Customer | TG-17 Inc. d/b/a Bond | TG-17 Inc. d/b/a Bond |
| By: |  |  |  |
| By: | /s/[Name] | By: | /s/Doron Kempel |
| Print Name: |  | Print Name: | Doron Kempel |
| Title: | [Title] | Title: | CEO |
| Date: | [Date] | Date: | 12/20/203 |

---

Page 23 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

**EXHIBIT B-1**

**SEXUAL AND OTHER FORMS OF UNLAWFUL HARASSMENT**

**(To Be Signed by each Consultant Performing Work and attached for reference purposes)**

Consultant agrees to abide by Customer's "Sexual and Other Unlawful Forms of Harassment" policy which reads as follows:

The Customer Group, Inc. ("Customer") is committed to providing a work environment that is free from discrimination and unlawful harassment. Actions, words, jokes, or comments based on race, color, religion, creed, gender, sex, sexual orientation, national origin or ancestry, alienage or citizenship status, age, disability, marital or partnership status, military status, predisposing genetic characteristics, status as a victim of domestic violence, sex offense or stalking or any other protected category will not be tolerated. Harassment (both overt and subtle) is a form of misconduct that is demeaning to another person, undermines the integrity of the professional relationship, and is strictly prohibited. Federal, state, and local law forbids harassment of an individual based on race, color, religion, creed, actual or perceived gender, sex, sexual orientation, national origin or ancestry, alienage or citizenship status, age, disability, marital or partnership status, military status, predisposing genetic characteristics, status as a victim of domestic violence, sex offense or stalking or any other legally protected category.

Sexual harassment is a unique form of discrimination which the Equal Employment Opportunity Commission has defined as follows:

Unwelcome sexual advances, requests for sexual favors, and other verbal or physical conduct of a sexual nature constitutes sexual harassment when (1) submission of such conduct is made either explicitly or implicitly a term or condition of an individual's employment; (2) submission to or rejection of such conduct is used as the basis for employment decisions affecting such individual; or (3) such conduct has the purpose and effect of unreasonably interfering with an individual's work performance or creating an intimidating, hostile or offensive working environment.

Sexual harassment may include explicit sexual propositions, suggestive or persistent comments of a sexual nature, the display of obscene or sexually oriented material, sexually oriented kidding or teasing, or jokes about gender-specific traits, foul or obscene language or gestures, and physical contact such as patting, pinching, or brushing against another's body, and any similar behavior which is unwelcome or offensive. Sex-based harassment—that is, harassment not involving sexual activity or language—may also constitute discrimination if it is severe or pervasive and directed at employees because of their sex.

Harassment based on any other protected characteristic is also strictly prohibited. Under this policy, harassment is verbal or physical conduct that denigrates or shows hostility or aversion toward an individual because of his/her race, color, religion, creed, actual or perceived gender, sex, sexual orientation, national origin or ancestry, alienage or citizenship status, age, disability, marital or partnership status, military status, predisposing genetic characteristics, status as a victim of domestic violence, sex offense or stalking or any other legally protected category and that: (i) has the purpose or effect of creating an intimidating, hostile or offensive work environment; (ii) has the purpose or effect of unreasonably interfering with an individual's work performance; or (iii) otherwise adversely affects an individual's employment opportunities.

Page 24 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

Harassing conduct includes, but is not limited to: epithets, slurs, or stereotyping; threatening, intimidating or hostile acts; denigrating jokes, pranks or display or circulation in the workplace of written or graphic material that denigrates or shows hostility or aversion toward an individual or group (including through e-mail or other electronic means).

Conduct prohibited by this policy is unacceptable in the workplace and in any work- related setting outside the workplace, such as during business trips, business meetings and business-related social events.

Individuals who are not employees of the Firm but who are on the Firm's premises performing services are expected to and must avoid conduct prohibited by this policy. If such individuals are found to have engaged in prohibited conduct, the Firm may conclude the services of such individuals. In addition, if such individuals feel that they are being unlawfully harassed or subjected to conduct prohibited by this policy, they should inform the Chief Legal Officer of the Firm.

The Firm will investigate all reports or complaints and, if appropriate, take immediate corrective action. Efforts will be made to conduct investigations with due regard for confidentiality to ensure to the extent possible the protection of the complainant and the accused.

**<u>Policy Compliance Agreement</u>**

I agree to abide by Customer's "Sexual and Other Unlawful Forms of Harassment" policy which is attached hereto.

I have read the foregoing and attachment and fully understand its terms and effects. By affixing my signature below, I hereby agree to its terms.

---

| | |
|:---|:---|
| Your name: | |
|  | (Print Your Name) |
| Your address: | |
| Home phone number: | |
| Cell phone number: | |
| Your affiliation: | |
|  | (Company Name) |
| SIGNATURE: | |
| DATE: | |
| Supervisor: | |

---

Page 25 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

**EXHIBIT C**

**<u>Confidentiality and Non-Disparagement Agreement</u>**

**(To Be Signed by each Consultant Performing Work and attached for reference purposes)**

**Confidential Information (Consultant)**

In consideration of your temporary assignment with The Customer Group, Inc. ("Customer"), you agree to maintain the confidentiality of, and not to disclose to or discuss with, any entity or person any Confidential Information (as hereinafter defined) at all times during and subsequent to your assignment, except (i) to the extent reasonably necessary or appropriate to perform your duties, or (ii) with the prior written consent of Customer, or (iii) as otherwise required by law, regulation or legal process or by any regulatory or self-regulatory organization having jurisdiction.

For purposes of this Agreement, "<u>Confidential Information</u>" means Personal Information (as hereinafter defined) and all other information concerning the business, affairs, operations, strategies, policies, procedures, organizational and personnel matters related to any present or former employee, partner or member of Customer, including compensation and investment arrangements, terms of agreements, financial structure, financial position, financial results or other financial affairs, actual or proposed transactions or investments, investment results, existing or prospective clients or investors, computer programs or other confidential information related to the business of Customer or to its members, actual or prospective clients or investors (including funds managed by affiliates of Customer), their respective portfolio companies or other third parties. Such information may have been or may be provided in written or electronic form or orally. As used herein, "Personal Information" means any information relating to an identified or identifiable individual that is disclosed to you by Customer or that you otherwise obtain in the performance of your duties under this Agreement. All such information, from whatever source learned or obtained and regardless of Customer's connection to the information, is referred to herein as "Confidential Information." Except for Personal Information, Confidential Information excludes information that has been made generally available to the public (although it does include any confidential information received by Customer from any clients), but information that when viewed in isolation may be publicly known or can be accessed by a member of the public will still constitute Confidential Information for these purposes if such information has become proprietary to Customer through Customer's aggregation or interpretation of such information. Without limiting the foregoing, Confidential Information includes any information, whether public or not, which (i) represents, or is aggregated in such a way as to represent, or purport to represent, all or any portion of the investment results of, or any other information about the investment "track record" of, (a) Customer, (b) a business group of Customer, (c) one or more funds managed by Customer, or (d) any individual or group of individuals during their time at Customer, or (ii) describes an individual's role in achieving or contributing to any such investment results. You agree that you will immediately notify Customer or the Firm of any Information Security Incident of which you become aware.

Page 26 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

You are aware of the restrictions imposed by the United States securities laws on the purchase or sale of securities by any person who has received material, nonpublic information from the issuer of such securities and on the communication of such information to any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities in reliance upon such information. You hereby acknowledge that the Confidential Information may contain material, nonpublic information regarding Customer and/or any of its underlying investments and agree to comply with applicable securities laws.

You shall return to Customer or the Firm all originals and copies of documents, materials and computer disks containing or derived from Confidential Information, and any other Customer property and materials, that are in your possession or control, upon termination of your assignment. You will always comply with the Firm's written information security plan. In addition, you shall not remove or transfer from Customer's premises or computer systems any originals or copies of documents, materials and computer disks containing or derived from Confidential Information, or any other Customer property and materials, without Customer's or the Firm's written approval.

**Non-Disparagement**

You agree that, during and at any time after your assignment with Customer, you will not, directly or indirectly, through any agent or affiliate, make any disparaging comments or criticisms (whether of a professional or personal nature) to any individual or other third party (including without limitation any present or former member, partner or employee of Customer) or entity regarding Customer (or the terms of any agreement or arrangement of any Customer entity) or any of their respective affiliates, members, partners or employees, or regarding your relationship with Customer or the termination of such relationship which, in each case, are reasonably expected to result in damage to the business or reputation of Customer or any of its affiliates, members, partners or employees.

**Remedies**

You acknowledge and agree that Customer's remedy at law for any breach of the covenants contained herein would be inadequate and that for any breach of such covenants, Customer shall, in addition to other remedies as may be available to it at law or in equity, or as provided for in this Confidentiality and Non-Disparagement Agreement, be entitled to an injunction, restraining order or other equitable relief, without the necessity of posting a bond, restraining you from committing or continuing to commit any violation of such covenants. You agree that proof shall not be required that monetary damages for breach of the provisions of this Confidentiality and Non-Disparagement Agreement would be difficult to calculate and that remedies at law would be inadequate.

Page 27 of 28

**PROFESSIONAL SERVICES ADDENDUM**

**TO CUSTOMER MASTER AGREEMENT**

**(INCLUDES EXHIBITS A-C)**

I have read the foregoing and fully understand its terms and effects. By affixing my signature below, I hereby agree to its terms.

---

| | |
|:---|:---|
| Your name: | |
|  | (Print Your Name) |
| Your address: | |
| Home phone number: | |
| Cell phone number: | |
| Your affiliation: | |
|  | (Company Name) |
| SIGNATURE: | |
| DATE: | |
| Supervisor: | |

---

Page 28 of 28

## Exhibit 10.2

**Exhibit 10.2**

**TG-17, Inc.**

**Amended and Restated**

**2017 Equity Plan**

**Adopted on May 26, 2017**

**Amended on June 29, 2018**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| SECTION 1. | ESTABLISHMENT AND PURPOSE | 1 |
| SECTION 2. | ADMINISTRATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Committees of the Board of Directors | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Authority of the Board of Directors | 1 |
| SECTION 3. | ELIGIBILITY | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General Rule | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Ten-Percent Stockholders | 1 |
| SECTION 4. | STOCK SUBJECT TO PLAN | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Basic Limitation | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Additional Shares | 2 |
| SECTION 5. | TERMS AND CONDITIONS OF AWARDS OR SALES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Stock Grant or Purchase Agreement | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Duration of Offers and Nontransferability of Rights | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Purchase Price | 3 |
| SECTION 6. | TERMS AND CONDITIONS OF OPTIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Stock Option Agreement | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Number of Shares | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Exercise Price | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Vesting and Exercisability | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Basic Term | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Termination of Service (Except by Death) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Leaves of Absence | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Death of Optionee | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Restrictions on Transfer of Options | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | No Rights as a Stockholder | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) | Modification, Extension and Assumption of Options | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) | Company's Right to Cancel Certain Options | 5 |
| SECTION 7. | TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Restricted Stock Unit Agreement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Payment for Restricted Stock Units | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Vesting Conditions | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Forfeiture | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Voting and Dividend Rights | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Form and Time of Settlement of Restricted Stock Units | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Death of Recipient | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Creditors' Rights | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Modification, Extension and Assumption of Restricted Stock Units | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) | Restrictions on Transfer of Restricted Stock Units | 7 |

---

i

---

| | | |
|:---|:---|:---|
| SECTION 8. | PAYMENT FOR SHARES | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General Rule | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Services Rendered | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Promissory Note | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Surrender of Stock | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Cashless Exercise | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Net Exercise | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Other Forms of Payment | 8.0 |
| SECTION 9. | ADJUSTMENT OF SHARES | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | General | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Corporate Transactions | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Dissolution or Liquidation | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Reservation of Rights | 10.0 |
| SECTION 10. | MISCELLANEOUS PROVISIONS | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Securities Law Requirements | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | No Retention Rights | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Treatment as Compensation | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Governing Law | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | Conditions and Restrictions on Shares | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Tax Matters | 11.0 |
| SECTION 11. | DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Term of the Plan | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Right to Amend or Terminate the Plan | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Effect of Amendment or Termination | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | Stockholder Approval | 12.0 |
| SECTION 12. | DEFINITIONS | 12.0 |

---

ii

**TG-17, Inc. Amended and Restated**

**2017 Equity Plan**

**SECTION 1.** **ESTABLISHMENT AND PURPOSE**.

The purpose of this Amended and Restated 2017 Equity Plan (the "**Plan**") is to attract, incentivize and retain Employees, Outside Directors and Consultants through the grant of Awards. The Plan provides for the direct award or sale of Shares, the grant of Options to purchase Shares and the grant of Restricted Stock Units to acquire Shares. Options granted under the Plan may be ISOs intended to qualify under Code Section 422 or NSOs which are not intended to so qualify.

Capitalized terms are defined in Section 12.

**SECTION 2.** **ADMINISTRATION**.

&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) **Committees of the Board of Directors**. The Plan may be administered by one or more Committees. Each Committee shall consist, as required by applicable law, of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors has assigned to it. If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan or an Award Agreement shall be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a particular function.

&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) **Authority of the Board of Directors**. Subject to the provisions of the Plan, the Board of Directors shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. Notwithstanding anything to the contrary in the Plan, with respect to the terms and conditions of awards granted to Participants outside the United States, the Board of Directors may vary from the provisions of the Plan to the extent it determines it necessary and appropriate to do so; provided that it may not vary from those Plan terms requiring stockholder approval pursuant to Section 11(d) below. All decisions, interpretations and other actions of the Board of Directors shall be final and binding on all Participants and all persons deriving their rights from a Participant.

**SECTION 3.** **ELIGIBILITY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General Rule**. Employees, Outside Directors and Consultants shall be eligible for the grant of Awards under the Plan. However, only Employees shall be eligible for the grant of ISOs.

&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) **Ten-Percent Stockholders**. A person who owns more than 10% of the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the Exercise Price is at least 110% of the Fair Market Value of a Share on the Date of Grant and (ii) such ISO by its terms is not exercisable after the expiration of five years from the Date of Grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of Code Section 424(d) shall be applied.

**SECTION 4.** **STOCK SUBJECT TO PLAN**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Basic Limitation**. Not more than _________ Shares may be issued under the Plan, subject to Subsection (b) below and Section 9(a).<sup>1</sup> All of these Shares may be issued upon the exercise of ISOs. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be authorized but unissued Shares or treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Additional Shares**. In the event that Shares previously issued under the Plan are forfeited to or repurchased by the Company due to failure to vest, such Shares shall be added to the number of Shares then available for issuance under the Plan. In the event that Shares that otherwise would have been issuable under the Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding taxes, such Shares shall remain available for issuance under the Plan. In the event that an outstanding Option, Restricted Stock Unit or other right for any reason expires or is canceled, the Shares allocable to the unexercised or unsettled portion of such Option, Restricted Stock Unit or other right shall remain available for issuance under the Plan. To the extent an Award is settled in cash, the cash settlement shall not reduce the number of Shares remaining available for issuance under the Plan. Notwithstanding the foregoing, in the case of ISOs, this Subsection (b) shall be subject to any limitations imposed under Section 422 of the Code and the treasury regulations thereunder.

**SECTION 5.** **TERMS AND CONDITIONS OF AWARDS OR SALES**.

&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) **Stock Grant or Purchase Agreement**. Each award of Shares under the Plan shall be evidenced by a Stock Grant Agreement between the Grantee and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by a Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Stock Grant Agreement or Stock Purchase Agreement. The provisions of the various Stock Grant Agreements and Stock Purchase Agreements entered into under the Plan need not be identical.

&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) **Duration of Offers and Nontransferability of Rights**. Any right to purchase Shares under the Plan (other than an Option) shall automatically expire if not exercised by the Purchaser within 30 days (or such other period as may be specified in the Award Agreement) after the grant of such right was communicated to the Purchaser by the Company. Such right is not transferable and may be exercised only by the Purchaser to whom such right was granted.

**<sup>1</sup> Please refer to Exhibit A for a schedule of the initial share reserve and any subsequent increases in the reserve**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Purchase Price**. The Board of Directors shall determine the Purchase Price of Shares to be offered under the Plan at its sole discretion. The Purchase Price shall be payable in a form described in Section 8.

**SECTION 6.** **TERMS AND CONDITIONS OF OPTIONS**.

&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) **Stock Option Agreement**. Each grant of an Option under the Plan shall be evidenced by a Stock Option Agreement between the Optionee and the Company. The Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Board of Directors deems appropriate for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical.

&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) **Number of Shares**. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall provide for the adjustment of such number in accordance with Section 9. The Stock Option Agreement shall also specify whether the Option is an ISO or an NSO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Exercise Price**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **General**. Each Stock Option Agreement shall specify the Exercise Price, which shall be payable in a form described in Section 8. Subject to the remaining provisions of this Subsection (c), the Exercise Price shall be determined by the Board of Directors in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **ISOs**. The Exercise Price of an ISO shall not be less than 100% of the Fair Market Value of a Share on the Date of Grant, and a higher percentage may be required by Section 3(b). This Subsection (c)(ii) shall not apply to an ISO granted pursuant to an assumption of, or substitution for, another incentive stock option in a manner that complies with Code Section 424(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **NSOs**. Except as specifically set forth in this Subsection (c)(iii), the Exercise Price of an NSO shall not be less than 100% of the Fair Market Value of a Share on the Date of Grant. This Subsection (c)(iii) shall not apply to an NSO granted to a person who is not a U.S. taxpayer on the Date of Grant or to an NSO that is intended either to be exempt from Code Section 409A as a "short-term deferral" or to comply with the requirements of Code Section 409A. In addition, this Subsection (c)(iii) shall not apply to an NSO granted pursuant to an assumption of, or substitution for, another stock option in a manner that complies with Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Vesting and Exercisability**. Each Stock Option Agreement shall specify the date when all or any installment of the Option is to become vested and exercisable. No Option shall be exercisable unless the Optionee (i) has delivered an executed copy of the Stock Option Agreement to the Company or (ii) otherwise agrees to be bound by the terms of the Stock Option Agreement. The Board of Directors shall determine the vesting and exercisability provisions of the Stock Option Agreement at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Basic Term**. The Stock Option Agreement shall specify the term of the Option. The term shall not exceed 10 years from the Date of Grant, and in the case of an ISO, a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall determine when an Option is to expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Termination of Service (Except by Death)**. If an Optionee's Service terminates for any reason other than the Optionee's death, then the Optionee's Options shall expire on the earliest of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The expiration date determined pursuant to Subsection (e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The date three months after the termination of the Optionee's Service for any reason other than Disability, or such earlier or later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee's Service); 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) The date six months after the termination of the Optionee's Service by reason of Disability, or such later date as the Board of Directors may determine.

The Optionee may exercise all or part of the Optionee's Options at any time before the expiration of such Options under the preceding sentence, but only to the extent that such Options had become exercisable before the Optionee's Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee's Service terminated (or vested as a result of the termination). In the event that the Optionee dies after the termination of the Optionee's Service but before the expiration of the Optionee's Options, all or part of such Options may be exercised (prior to expiration) by the executors or administrators of the Optionee's estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee's Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee's Service terminated (or vested as a result of the termination). In no event will an Option, or the Shares underlying an Option, become vested and/or exercisable after termination of the Optionee's Service unless the Board of Directors takes affirmative action or unless expressly provided in a written agreement between the Company and the Optionee.

&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) **Leaves of Absence**. For purposes of Subsection (f) above, Service shall be deemed to continue while the Optionee is on a bona fide leave of absence approved by the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Death of Optionee**. If an Optionee dies while the Optionee is in Service, then the Optionee's Options shall expire on the earlier of the following dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The expiration date determined pursuant to Subsection (e) above; 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;(ii) The date 12 months after the Optionee's death, or such earlier or later date as the Board of Directors may determine (but in no event earlier than six months after the Optionee's death).

All or part of the Optionee's Options may be exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators of the Optionee's estate or by any person who has acquired such Options directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee's death (or became exercisable as a result of the death) and the underlying Shares had vested before the Optionee's death (or vested as a result of the Optionee's death). In no event will an Option, or the Shares underlying an Option, become vested and/or exercisable after the Optionee's death unless the Board of Directors takes affirmative action or unless expressly provided in a written agreement between the Company and the Optionee.

&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) **Restrictions on Transfer of Options**. An Option shall be transferable by the Optionee only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If the Board of Directors so provides, in a Stock Option Agreement or otherwise, an NSO may be transferable to the extent permitted by Rule 701 under the Securities Act. An ISO may be exercised during the lifetime of the Optionee only by the Optionee or by the Optionee's guardian or legal 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;(j) **No Rights as a Stockholder**. An Optionee, or a transferee of an Optionee, shall have no rights as a stockholder with respect to any Shares covered by the Optionee's Option until such person submits a notice of exercise, pays the Exercise Price and satisfies all applicable withholding taxes pursuant to the terms of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Modification, Extension and Assumption of Options**. Within the limitations of the Plan, the Board of Directors may modify, reprice, extend or assume outstanding Options or may accept the cancellation of outstanding options (whether granted by the Company or another issuer) in return for the grant of new Options or a different type of award for the same or a different number of Shares and at the same or a different Exercise Price (if applicable). The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee's rights or increase the Optionee's obligations under such Option; provided, however, that a modification of an Option that is otherwise favorable to the Optionee (for example, providing the Optionee with additional time to exercise the Option after termination of employment or providing for additional forms of payment) but causes the Option to lose its tax-favored status (for example, as an ISO) shall not require the consent of the Optionee.

&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) **Company's Right to Cancel Certain Options**. Any other provision of the Plan or a Stock Option Agreement notwithstanding, the Company shall have the right at any time to cancel an Option that was not granted in compliance with Rule 701 under the Securities Act. Prior to canceling such Option, the Company shall give the Optionee not less than 30 days' notice in writing. If the Company elects to cancel such Option, it shall deliver to the Optionee consideration with an aggregate value equal to the excess of (i) the Fair Market Value of the Shares subject to such Option as of the time of the cancellation over (ii) the Exercise Price of such Option. The consideration may be delivered in the form of cash or cash equivalents, in the form of Shares, or a combination of both. If the consideration would be a negative amount, such Option may be cancelled without the delivery of any consideration.

**SECTION 7. TERMS AND CONDITIONS OF RESTRICTED STOCK UNITS**

&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) **Restricted Stock Unit Agreement**. Each grant of Restricted Stock Units under the Plan shall be evidenced by a Restricted Stock Unit Agreement between the recipient and the Company. Such Restricted Stock Units shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Restricted Stock Unit Agreement. The provisions of the various Restricted Stock Unit Agreements entered into under the Plan need not be identical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Payment for Restricted Stock Units**. No cash consideration shall be required of the recipient in connection with the grant of Restricted Stock Units.

&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) **Vesting Conditions**. Each Restricted Stock Unit Agreement shall specify the vesting requirements applicable to the Restricted Stock Units subject thereto, which the Board of Directors shall determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Forfeiture**. Unless a Restricted Stock Unit Agreement provides otherwise, upon termination of the recipient's Service and upon such other times specified in the Restricted Stock Unit Agreement, any unvested Restricted Stock Units shall be forfeited to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Voting and Dividend Rights**. The holders of Restricted Stock Units shall have no voting rights. Prior to settlement or forfeiture, any Restricted Stock Unit granted under the Plan may, at the discretion of the Board of Directors, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. Dividend equivalents may be converted into additional Restricted Stock Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Shares, or in a combination of both. Prior to distribution, any dividend equivalents that are not paid shall be subject to the same conditions and restrictions as the Restricted Stock Units to which they attach.

&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) **Form and Time of Settlement of Restricted Stock Units**. Settlement of vested Restricted Stock Units may be made in the form of (i) cash, (ii) Shares or (iii) any combination of both, as determined by the Board of Directors. The actual number of Restricted Stock Units eligible for settlement may be larger or smaller than the number included in the original award, based on predetermined performance factors. Vested Restricted Stock Units shall be settled in such manner and at such time(s) as specified in the Restricted Stock Unit Agreement. Until Restricted Stock Units are settled, the number of Shares represented by such Restricted Stock Units shall be subject to adjustment pursuant to Section 9.

&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) **Death of Recipient**. Any Restricted Stock Units that become distributable after the Participant's death shall be distributed to the Participant's estate or to any person who has acquired such Restricted Stock Units directly from the recipient by beneficiary designation, bequest or inheritance.

&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) **Creditors' Rights**. A holder of Restricted Stock Units shall have no rights other than those of a general creditor of the Company. Restricted Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Restricted Stock Unit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Modification, Extension and Assumption of Restricted Stock Units**. Within the limitations of the Plan, the Board of Directors may modify, extend or assume outstanding restricted stock units (whether granted by the Company or a different issuer). The foregoing notwithstanding, no modification of a Restricted Stock Unit shall, without the consent of the Participant, impair the Participant's rights or increase the Participant's obligations under such Restricted Stock Unit.

&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) Restrictions on Transfer of Restricted Stock Units**. A Restricted Stock Unit shall be transferable by the Participant only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. In addition, if the Board of Directors so provides, in a Restricted Stock Unit Agreement or otherwise, a Restricted Stock Unit shall also be transferable to the extent permitted by Rule 701 under the Securities Act.

**SECTION 8.** **PAYMENT FOR SHARES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General Rule**. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 8. In addition, the Board of Directors in its sole discretion may also permit payment through any of the methods described in (b) through (g) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Services Rendered**. Shares may be awarded under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary prior to the award.

&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) **Promissory Note**. All or a portion of the Purchase Price or Exercise Price (as the case may be) of Shares issued under the Plan may be paid with a promissory note. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors in its sole discretion shall specify the term, interest rate, recourse, amortization requirements (if any) and other provisions of such 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) **Surrender of Stock**. All or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value as of the date when the Option is exercised.

&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) **Cashless Exercise**. All or part of the Exercise Price and any withholding taxes may be paid pursuant to a cashless exercise arrangement (whether through a securities broker or otherwise) established by the Company whereby Shares subject to an Option are sold and all or part of the sale proceeds are delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Net Exercise**. An Option may permit exercise through a "net exercise" arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise by the largest whole number of Shares having an aggregate Fair Market Value (determined by the Board of Directors as of the exercise date) that does not exceed the aggregate Exercise Price or the sum of the aggregate Exercise Price and any withholding taxes (with the Company accepting from the Optionee payment of cash or cash equivalents to satisfy any remaining balance of the aggregate Exercise Price and, if applicable, any additional withholding taxes not satisfied through such reduction in Shares); *provided* that to the extent Shares subject to an Option are withheld in this manner, the number of Shares subject to the Option following the net exercise will be reduced by the sum of the number of Shares withheld and the number of Shares delivered to the Optionee as a result of the exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Other Forms of Payment**. To the extent that an Award Agreement so provides, the Purchase Price or Exercise Price of Shares issued under the Plan may be paid in any other form permitted by the Delaware General Corporation Law, as amended.

**SECTION 9.** **ADJUSTMENT OF SHARES**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General**. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a combination or consolidation of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued shares of Stock effected without receipt of consideration by the Company, proportionate adjustments shall automatically be made, as applicable, in each of (i) the number and kind of Shares available under Section 4, (ii) the number and kind of Shares covered by each outstanding Option, Award of Restricted Stock Units and any outstanding and unexercised right to purchase Shares that has not yet expired pursuant to Section 5(b), (iii) the Exercise Price under each outstanding Option and the Purchase Price applicable to any unexercised stock purchase right described in clause (ii) above, and (iv) any repurchase price that applies to Shares granted under the Plan pursuant to the terms of a Company repurchase right under the applicable Award Agreement. In the event of a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Stock, a recapitalization, a spin-off, or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of the items listed in clauses (i) through (iv) above; provided, however, that the Board of Directors shall in any event make such adjustments as may be required by Section 25102(o) of the California Corporations Code to the extent the Company is relying on the exemption afforded thereunder with respect to an Award. No fractional Shares shall be issued under the Plan as a result of an adjustment under this Section 9(a), although the Board of Directors in its sole discretion may make a cash payment in lieu of fractional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Corporate Transactions**. In the event that the Company is a party to a merger or consolidation, or in the event of a sale of all or substantially all of the Company's stock or assets, all Shares acquired under the Plan and all Awards outstanding on the effective date of the transaction shall be treated in the manner described in the definitive transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Board of Directors in its capacity as administrator of the Plan, with such determination having final and binding effect on all parties), which agreement or determination need not treat all Awards (or all portions of an Award) in an identical manner. The treatment specified in the transaction agreement or as determined by the Board of Directors may include (without limitation) one or more of the following with respect to each outstanding Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company, the surviving corporation or a parent thereof may continue or assume the Award or substitute a comparable award for the Award (including, but not limited to, an award to acquire the same consideration paid to the holders of Shares in the transaction). For avoidance of doubt, a comparable award need not be the same type of award as the Award for which it is substituted, and, in the case of an Option, need not have the same tax-status (e.g., an NSO may be substituted for an ISO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The cancellation of the Award and a payment to the Participant with respect to each Share subject to the portion of the Award that is vested as of the transaction date equal to the excess of (A) the value, as determined by the Board of Directors in its absolute discretion, of the property (including cash) received by the holder of a share of Stock as a result of the transaction, over (if applicable) (B) the per-Share Exercise Price of the Award (such excess, the "**Spread**"). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its parent having a value equal to the Spread. In addition, any escrow, indemnification, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Stock. Receipt of the payment described in this Subsection (b)(ii) may be conditioned upon the Participant acknowledging such escrow, indemnification, holdback, earn-out or other provisions on a form prescribed by the Company. If the Spread applicable to an Award is zero or a negative number, then the Award may be cancelled without making a payment to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Even if the Spread applicable to an Option is a positive number, the Option may be cancelled without the payment of any consideration; provided that the Optionee shall be notified of such treatment and given an opportunity to exercise the Option (to the extent the Option is vested or becomes vested as of the effective date of the transaction) during a period of not less than five (5) business days preceding the effective date of the transaction, unless (A) a shorter period is required to permit a timely closing of the transaction and (B) such shorter period still offers the Optionee a reasonable opportunity to exercise the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the case of an Option: (A) suspension of the Optionee's right to exercise the Option during a limited period of time preceding the closing of the transaction if such suspension is administratively necessary to facilitate the closing of the transaction and/or (B) termination of any right the Optionee has to exercise the Option prior to vesting in the Shares subject to the Option (i.e., "early exercise"), such that following the closing of the transaction the Option may only be exercised to the extent it is vested.

For the avoidance of doubt, the Board of Directors has discretion to accelerate, in whole or part, the vesting and exercisability of an Award in connection with a corporate transaction covered by this Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Dissolution or Liquidation**. To the extent not previously exercised or settled, Options, Restricted Stock Units and other rights to purchase Shares shall terminate immediately prior to the liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Reservation of Rights**. Except as provided in Section 7(e) or this Section 9, a Participant shall have no rights by reason of (i) any subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of stock of any class. Any issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Award. The grant of an Award pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any part of its business or assets.

**SECTION 10.** **MISCELLANEOUS PROVISIONS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Securities Law Requirements**. Shares shall not be issued under the Plan unless, in the opinion of counsel acceptable to the Board of Directors, the issuance and delivery of such Shares complies with (or is exempt from) all applicable requirements of law, including (without limitation) the Securities Act, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company's securities may then be traded. The Company shall not be liable for a failure to issue Shares as a result of such requirements. Without limiting the foregoing, the Company may suspend the exercise of some or all outstanding Options for a period of up to 60 days in order to facilitate compliance with Securities Act Rule 701(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Retention Rights**. Nothing in the Plan or in any right or Award granted under the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Treatment as Compensation**. Any compensation that an individual earns or is deemed to earn under this Plan shall not be considered a part of his or her compensation for purposes of calculating contributions, accruals or benefits under any other plan or program that is maintained or funded by the Company, a Parent or a 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;(d) **Governing Law**. The Plan and all awards, sales and grants under the Plan shall be governed by, and construed in accordance with, the laws of the State of Delaware (except its choice-of-law provisions), as such laws are applied to contracts entered into and performed in such State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Conditions and Restrictions on Shares**. Shares issued under the Plan shall be subject to such forfeiture conditions, rights of repurchase, rights of first refusal, other transfer restrictions and such other terms and conditions as the Board of Directors may determine. Such conditions and restrictions shall be set forth in the applicable Award Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. In addition, Shares issued under the Plan shall be subject to conditions and restrictions imposed either by applicable law or by Company policy, as adopted from time to time, designed to ensure compliance with applicable law or laws with which the Company determines in its sole discretion to comply including in order to maintain any statutory, regulatory or tax advantage, which (for avoidance of doubt) need not be set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As a condition to the award, grant, issuance, vesting, purchase, exercise, settlement or transfer of any Award, or Shares issued pursuant to any Award, granted under this Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise expressly set forth in an Award Agreement, it is intended that Awards shall be exempt from Code Section 409A, and any ambiguity in the terms of an Award Agreement and the Plan shall be interpreted consistently with this intent. To the extent an Award is not exempt from Code Section 409A (any such award, a "**409A Award**"), any ambiguity in the terms of such Award and the Plan shall be interpreted in a manner that to the maximum extent permissible supports the Award's compliance with the requirements of that statute. Notwithstanding anything to the contrary permitted under the Plan, in no event shall a modification of an Award not already subject to Code Section 409A, or any subsequent action taken with respect to such Award, be given effect if such modification or action would cause the Award to become subject to Code Section 409A unless the parties explicitly acknowledge and consent to the modification or action as one having that effect. A 409A Award shall be subject to such additional rules and requirements as specified by the Board of Directors from time to time in order for it to comply with the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a "separation from service" to an individual who is considered a "specified employee" (as each term is defined under Code Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the Participant's separation from service or (ii) the Participant's death, but only to the extent such delay is necessary to prevent such payment from being subject to Section 409A(a)(1). In addition, if a transaction subject to Section 9(b) constitutes a payment event with respect to any 409A Award, then the transaction with respect to such award must also constitute a "change in control event" as defined in Treasury Regulation Section 1.409A-3(i)(5) to the extent required by Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Neither the Company nor any member of the Board of Directors shall have any liability to a Participant in the event an Award held by the Participant fails to achieve its intended characterization under applicable tax law.

**SECTION 11.** **DURATION AND AMENDMENTS; STOCKHOLDER APPROVAL**.

&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 of the Plan**. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors, subject to approval of the Company's stockholders under Subsection (d) below. The Plan shall terminate automatically 10 years after the later of (i) the date when the Board of Directors adopted the Plan or (ii) the date when the Board of Directors approved the most recent increase in the number of Shares reserved under Section 4 that was also approved by the Company's stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Right to Amend or Terminate the Plan**. Subject to Subsection (d) below, the Board of Directors may amend, suspend or terminate the Plan at any time and for any reason.

&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) **Effect of Amendment or Termination**. No Shares shall be issued or sold and no Award granted under the Plan after the termination thereof, except upon exercise or settlement of an Award granted under the Plan prior to such termination. Except as expressly provided in Section 6(k) above, the termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Stockholder Approval**. To the extent required by applicable law, the Plan will be subject to approval of the Company's stockholders within 12 months of its adoption date. An amendment of the Plan will be subject to the approval of the Company's stockholders only to the extent required by applicable laws, regulations or rules.

**SECTION 12.** **DEFINITIONS**.

&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) "**Award**" means any award granted under the Plan, including as an Option, an award of Restricted Stock Units or the grant or sale of Shares pursuant to Section 5 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Award Agreement**" means a Restricted Stock Unit Agreement, Stock Grant Agreement, Stock Option Agreement or Stock Purchase Agreement or such other agreement evidencing an Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Board of Directors**" means the Board of Directors of the Company, as constituted 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;(d) "**Code**" means the Internal Revenue Code of 1986, as amended.

&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) "**Committee**" means a committee of the Board of Directors, as described in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Company**" means TG-17, Inc., a Delaware corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Consultant**" means a person, excluding Employees and Outside Directors, who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor and who qualifies as a consultant or advisor under Rule 701(c)(1) of the Securities Act or under Instruction A.1.(a)(1) of Form S-8 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Date of Grant**" means the date of grant specified in the Award Agreement, which date shall be the later of (i) the date on which the Board of Directors resolved to grant the Award or (ii) the first day of the Participant's Service.

&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) "**Disability**" means that the Optionee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment.

&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) "**Employee**" means any individual who is a common-law employee of the Company, a Parent or a 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;(k) "**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

&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) "**Exercise Price**" means the amount for which one Share may be purchased upon exercise of an Option, as specified by the Board of Directors in the applicable Stock Option 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;(m) "**Fair Market Value**" means the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination shall be conclusive and binding on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Grantee**" means a person to whom the Board of Directors has awarded Shares under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**ISO**" means an Option that qualifies as an incentive stock option as described in Code Section 422(b). Notwithstanding its designation as an ISO, an Option that does not qualify as an ISO under applicable law shall be treated for all purposes as an NSO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**NSO**" means an Option that does not qualify as an incentive stock option as described in Code Section 422(b) or 423(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Option**" means an ISO or NSO granted under the Plan and entitling the holder to purchase Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Optionee**" means a person who holds an Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Outside Director**" means a member of the Board of Directors who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Parent**" means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Participant**" means the holder of an outstanding Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Plan**" means this TG-17, Inc. Amended and Restated 2017 Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Purchase Price**" means the consideration for which one Share may be acquired under the Plan (other than upon exercise of an Option), as specified by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Purchaser**" means a person to whom the Board of Directors has offered the right to purchase Shares under the Plan (other than upon exercise of an Option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Restricted Stock Unit**" means a bookkeeping entry representing the equivalent of one Share, as awarded under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Restricted Stock Unit Agreement**" means the agreement between the Company and the recipient of a Restricted Stock Unit that contains the terms, conditions and restrictions pertaining to such Restricted Stock Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Securities Act**" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Service**" means service as an Employee, Outside Director or Consultant. In case of any dispute as to whether and when Service has terminated, the Board of Directors shall have sole discretion to determine whether such termination has occurred and the effective 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;(cc) "**Share**" means one share of Stock, as adjusted in accordance with Section 9 (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Stock**" means the Common Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Stock Grant Agreement**" means the agreement between the Company and a Grantee who is awarded Shares under the Plan that contains the terms, conditions and restrictions pertaining to the award of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Stock Option Agreement**" means the agreement between the Company and an Optionee that contains the terms, conditions and restrictions pertaining to the Optionee's Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Stock Purchase Agreement**" means the agreement between the Company and a Purchaser who purchases Shares under the Plan that contains the terms, conditions and restrictions pertaining to the purchase of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Subsidiary**" means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date.

**Exhibit A**

**Schedule of Shares Reserved for Issuance under the Plan**

---

| | | | |
|:---|:---|:---|:---|
| **Date of Board**<br> **Approval** | **Date of Stockholder Approval** | **Number of<br> Shares Added** | **Cumulative Number of Shares** |
| May 26, 2017 |  | Not Applicable | 1000000 |
| June 28, 2017 |  | 16250000 | 17250000 |
| November 17, 2017 |  | 2610000 | 19860000 |
| January 9, 2018 |  | 3244514 | 23104514 |
| April 4, 2018 |  | 1000000 | 24104514 |
| June 29, 2018 | June 29, 2018 | 0 | 24104514 |
| October 1, 2018 | October 1, 2018 | 36916034 | 61020548 |

---

**Summary of Modifications and Amendments to the Plan**

The following is a summary of material modifications made to the Plan (including any material deviations from the Gunderson Dettmer precedent form used to create the Plan):

● On June 29, 2018, the Company's equity plan was amended and restated to reflect the Company's conversion from a Delaware limited liability company to a Delaware corporation.

## Exhibit 10.3

**Exhibit 10.3**

**TG-17, INC.**

**AMENDED AND RESTATED SUB-PLAN: ISRAEL**

**TO THE AMENDED AND RESTATED 2017 EQUITY PLAN**

1. GENERAL

This sub-plan (the "**Sub-Plan**") shall apply only to participants who are residents of the State of Israel or those who are deemed to be residents of the State of Israel for the payment of tax (hereinafter referred to as "**Optionee**"). The provisions specified hereunder shall form an integral part of the Amended and Restated 2017 Equity Plan of TG-17, Inc. (hereinafter: the **"Plan"**), which applies to the issuance of options to purchase Shares of Common Stock of TG-17, Inc. (hereinafter: the **"Company"**).

This Sub-Plan is to be read as a continuation of the Plan and only modifies options granted to Optionees so that they comply with the requirements set by the Israeli law in general, and in particular with the provisions of Section 102 (as specified herein), as may be amended or replaced from time to time. For the avoidance of doubt, this Sub-Plan does not add to or modify the Plan in respect of any other category of optionees.

The Plan and this Sub-Plan are complementary to each other and shall be deemed as one. In any case of contradiction, whether explicit or implied, between the provisions of this Sub-Plan and the Plan, the provisions set out in the Sub-Plan shall prevail. For avoidance of doubt, Section 9 of the Plan are incorporated herein by reference. The Board at any time and from time to time may suspend, terminate, modify or amend this Sub-Plan, whether retroactively or prospectively. Any amendment effected in accordance with the aforementioned shall be binding upon all Optionees and all Options and Shares, whether granted prior to or after the date of such amendment, and without the need to obtain the consent of any Optionee.

Any capitalized terms not specifically defined in this Sub-Plan shall be construed according to the interpretation given to it in the Plan.

2. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 "**Affiliate** "
 means any "employing company" within the meaning of Section 102(a) of the Ordinance.

2.2 "**Approved 102 Option**" means an Option granted pursuant to Section 102(b) of the Ordinance
 and held in trust by a Trustee for the benefit of the Optionee.

2.3 "**Capital Gain Option (CGO)**" as defined in Section 4.4 below.

2.4 "**Companies Law**" means the Israeli Companies Law 5759-1999 and the regulations thereunder,
 as may be amended from time to time.

2.5 "**Controlling Shareholder**" shall have the meaning ascribed to it in Section 32(9) of the Ordinance.

2.6 "**Employee** "
 means a person who is employed by the Company or its Affiliates in accordance with the provisions
 of Section 102(a) of the Ordinance, including an individual who is serving as a director
 or an office holder, but excluding Controlling Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 "**Exercise Price**" shall have the meaning ascribed to it in the Plan, except that for the purposes
 of this Sub-Plan, the Exercise Price may be lower than 100% of the Fair Market Value, at
 the discretion of the Board.

2.8 "**Fair Market Value** ": shall have the same interpretation as the interpretation given to
 such term in the Plan.

2.9 "**IPO** "
 means the initial public offering of the Company's securities.

2.10 "**ITA** "
 means the Israeli Tax Authorities.

2.11 "**Non-Employee** "
 means a consultant, adviser, service provider, Controlling Shareholder or any other person
 who is not an Employee.

2.12 "**Ordinary Income Option (OIO)**" as defined in Section 4.5 below.

2.13 "**Option** "
 means an option to purchase one or more Shares of Common Stock of the Company pursuant to
 the Plan and this Sub-Plan.

2.14 "**102 Option**" means any Option granted to Employees pursuant to Section 102 of the Ordinance.

2.15 "**3(i) Option**" means an Option granted pursuant to Section 3(i) of the Ordinance to any
 person who is a Non-Employee.

2.16 "**Ordinance** "
 means the Israeli Income Tax Ordinance [New Version] 1961 as now in effect or as hereafter
 amended.

2.17 "**Section 102**" means section 102 of the Ordinance as now in effect or as hereafter amended.

2.18 "**Option Agreement**" means the written or electronic agreement setting forth the terms and
 provisions applicable to each Option granted under the Plan, which is subject to the terms
 and conditions of the Plan and Sub-Plan.

2.19 "**Trustee** "
 means any entity appointed by the Company to serve as a trustee and approved by the ITA,
 all in accordance with the provisions of Section 102(a) of the Ordinance.

2.20 "**Unapproved 102 Option**" means an Option granted pursuant to Section 102(c) of the Ordinance
 and not held in trust by a Trustee.

3. DESIGNATION OF
PARTICIPANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The
 persons eligible for participation in the Plan as Optionees shall include any Employees and/or
 Non-Employees of the Company or of any Affiliate; provided, however, that (i) Employees may
 only be granted 102 Options; (ii) Non-Employees may only be granted 3(i) Options; and (iii)
 Controlling Shareholders may only be granted 3(i) Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Anything
 in the Plan to the contrary notwithstanding, all grants of Options to directors and office
 holders shall be authorized and implemented in accordance with the provisions of the Companies
 Law or any successor act or regulation, as in effect from time to time.

4. DESIGNATION OF
OPTIONS PURSUANT TO SECTION 102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The
 Company may designate Options granted to Employees pursuant to Section 102 as Unapproved
 102 Options or Approved 102 Options.

4.2 The
 grant of Approved 102 Options shall be made under this Sub-Plan adopted by the Board of Directors
 (the "**Board** "), and shall be conditioned upon the approval of this Sub-Plan
 by the ITA.

4.3 Approved
 102 Options may either be classified as Capital Gain Options ()"**CGO**") or
 Ordinary Income Options ()"**OIO** ").

4.4 Approved
 102 Options elected and designated by the Company to qualify under the capital gain tax treatment
 in accordance with the provisions of Section 102(b)(2) of the Ordinance shall be referred
 to herein as **CGO**.

4.5 Approved
 102 Options elected and designated by the Company to qualify under the ordinary income tax
 treatment in accordance with the provisions of Section 102(b)(1) of the Ordinance shall
 be referred to herein as **OIO**.

4.6 The
 Company's election of the type of Approved 102 Options as CGO or OIO granted to Employees
 (the "**Election** "), shall be appropriately filed with the ITA before the
 date of grant of an Approved 102 Option. Such Election shall become effective beginning the
 first date of grant of an Approved 102 Option under this Sub-Plan and shall remain in effect
 at least until the end of the year following the year during which the Company first granted
 Approved 102 Options. The Election shall obligate the Company to grant *only* the type
 of Approved 102 Option it has elected, and shall apply to all Optionees who were granted
 Approved 102 Options during the period indicated herein, all in accordance with the provisions
 of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent
 the Company from granting Unapproved 102 Options simultaneously.

4.7 All
 Approved 102 Options must be held in trust by a Trustee, as described in Section 5 below.

4.8 For
 the avoidance of doubt, the designation of Unapproved 102 Options and Approved 102 Options
 shall be subject to the terms and conditions set forth in Section 102 of the Ordinance and
 the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 With
 regards to Approved 102 Options, the provisions of the Plan and/or this Sub-Plan and/or the
 Award Agreement shall be subject to the provisions of Section 102 and the applicable tax
 assessing officer's (from the ITA) permit and/or any tax ruling provided by the ITA,
 and the said provisions, permit and tax ruling shall be deemed an integral part of the Plan
 and/or of this Sub-Plan and of the Award Agreement. Any provision of Section 102 and/or the
 said permit and/or tax ruling which is necessary in order to receive and/or to keep any tax
 benefit pursuant to Section 102, which is not expressly specified in the Plan and/or the
 Sub-Plan and/ or the Award Agreement, shall be considered binding upon the Company and the
 Optionees.

5. TRUSTEE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Approved
 102 Options which shall be granted under this Sub-Plan and/or any Shares allocated or issued
 upon exercise of such Approved 102 Options and/or other securities received subsequently
 following any realization of rights, including without limitation bonus shares, shall be
 allocated or issued to the Trustee and held for the benefit of the Optionees for such period
 of time as required by Section 102 or any regulations, rules or orders or procedures promulgated
 thereunder, including the abovementioned tax ruling, if any (the "**Holding Period** ").
 In the case the requirements for Approved 102 Options are not met, then the Approved 102
 Options may be treated as Unapproved 102 Options, all in accordance with the provisions of
 Section 102 and regulations promulgated thereunder.

5.2 Notwithstanding
 anything to the contrary, the Trustee shall not release any Shares allocated or issued upon
 exercise of Approved 102 Options prior to the full payment of the Optionee's tax liabilities
 arising from Approved 102 Options which were granted to Optionee and/or any Shares allocated
 or issued upon exercise of such Options.

5.3 With
 respect to any Approved 102 Option, subject to the provisions of Section 102 and any rules
 or regulation or orders or procedures promulgated thereunder, an Optionee shall not sell
 or release from trust any Share received upon the exercise of an Approved 102 Option and/or
 any Share received subsequently following any realization of rights, including without limitation,
 bonus shares, until the lapse of the Holding Period. Notwithstanding the above, if any such
 sale or release occurs during the Holding Period, the sanctions under Section 102 of the
 Ordinance and under any rules or regulation or orders or procedures promulgated thereunder
 and/or any applicable tax ruling shall apply to and shall be borne by such Optionee.

5.4 Upon
 receipt of an Approved 102 Option, the Optionee will sign an undertaking to release the Trustee
 from any liability in respect of any action or decision duly taken and bona fide executed
 in relation with the Sub-Plan, or any Approved 102 Option or Share granted to the Optionee
 thereunder.

6. THE OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The
 terms and conditions upon which the Options shall be issued and exercised, shall be as specified
 in the Award Agreement to be executed pursuant to the Plan and this Sub-Plan. Each Award
 Agreement shall state, among other matters, the name, identification number and address of
 the Optionee, the number of Shares to which the Option relates, the type of Option granted
 thereunder (whether a CGO, OIO, Unapproved 102 Option or a 3(i) Option), the vesting dates
 and the Exercise Price per Share, the expiration date and such other terms and conditions
 as the Board or Committee in its discretion may prescribe, provided that they are consistent
 with this Sub-Plan.

6.2 To
 the extent the Optionee elects to exercise its options and until the consummation of an IPO,
 such Shares (and/or other securities of the Company such Shares may be converted into and/or
 replaced thereby) shall be voted by an irrevocable proxy and power of attorney by the Optionee
 or the Trustee (if so requested from the Trustee) (the "**Proxy**") to the
 Board pursuant to the directions of the Board, which shall designate such person or persons
 (with a right of substitution) from time to time as determined by the Board (and in the absence
 of such determination, the CEO of the Company, ex officio). The Trustee is deemed to be instructed
 by the Optionee to sign such proxy, as requested by the Company. The Proxy shall entitle
 the holder thereof to receive notices, vote and take such other actions in respect of the
 Shares and/or other securities of the Company such Shares may be converted into and/or replaced
 thereby. Any person holding or exercising such voting proxies shall do so solely in his/her
 capacity as the proxy holder and not individually. All Options granted hereunder shall be
 conditioned upon the execution of such Proxy in substantially the form prescribed by the
 Board from time to time. So long as any such Shares (and/or other securities of the Company
 such Shares may be converted into and/or replaced thereby) are subject to such Proxy or held
 by a Trustee (and unless a Proxy was given by the Trustee as aforesaid): (i) in any meeting
 or written consent in lieu thereof of the holders of Shares (and/or other securities of the
 Company such Shares may be converted into and/or replaced thereby), such shall be voted by
 the Proxy holder (or the Trustee, as applicable), unless directed otherwise by the Board,
 in the same proportion as the result of the vote at the meeting (or written consent in lieu
 thereof) in respect of which such are being voted (whether an extraordinary or annual or
 class meeting), and (ii) or in any act or consent of Shares under the Company's Certificate
 of Incorporation and/or Bylaws, as amended from time to time, or otherwise, such Shares shall
 be cast by the Proxy (or the Trustee, as applicable), unless directed otherwise by the Board,
 in the same proportion as the result of the Shares act or consent. The provisions of this
 Section shall apply to the Optionee and to any purchaser, assignee or transferee of any Shares.
 Such person or persons designated by the Board as the Proxy holder shall be indemnified and
 held harmless by the Company against any cost or expense (including counsel fees) reasonably
 incurred by him/her, or any liability (including any sum paid in settlement of a claim with
 the approval of the Company) arising out of any act or omission to act in connection with
 the voting of such Proxy unless arising out of such holder's own fraud or bad faith,
 to the extent permitted by applicable law. Such indemnification shall be in addition to any
 rights of indemnification the person(s) may have as a director or otherwise under the Company's
 incorporation documents, any agreement, insurance policy or otherwise.

7. EXERCISE OF OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Options
 shall be exercised by the Optionee by giving written notice to the Company and/or to any
 third party designated by the Company (the "**Representative** "), in such
 form and method as may be determined by the Company in the applicable Award Agreement or
 otherwise, and when applicable, by the Trustee in accordance with the requirements of Section
 102, which exercise shall be effective upon receipt of such notice by the Company and/or
 the Representative and the payment of the Exercise Price at the Company's or the Representative's
 principal office, pursuant and subject to the aforementioned terms. The notice shall specify
 the number of Shares with respect to which the Option is being exercised.

7.2 With
 respect to Unapproved 102 Option, if the Optionee ceases to be employed by the Company or
 any Affiliate, the Optionee shall extend to the Company and/or its Affiliate a security or
 guarantee for the payment of tax due at the time of sale of Shares, all in accordance with
 the provisions of Section 102 and the rules, regulation or orders promulgated thereunder.

8. DIVIDENDS

With respect to all Shares (but excluding, for avoidance of any doubt, any unexercised Options) allocated or issued upon the exercise of Options purchased by the Optionee and held by the Optionee or by the Trustee, as the case may be, the Optionee shall be entitled to receive dividends in accordance with the quantity of such Shares, subject to the Award Agreement, the provisions of the Company's incorporation documents, including, but not limited to, the Certificate of Incorporation and Bylaws (and all amendments thereto) and other stockholder agreements, and subject to any applicable taxation on distribution of dividends, and when applicable subject to the provisions of Section 102 and the rules, regulations or orders promulgated thereunder, and any applicable tax ruling.

9. ASSIGNABILITY AND
SALE OF OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Notwithstanding
 any other provision of the Plan, no Option or any right with respect thereto, purchasable
 hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral
 or any right with respect to it given to any third party whatsoever, and during the lifetime
 of the Optionee each and all of such Optionee's rights to purchase Shares hereunder
 shall be exercisable only by the Optionee.

Any such action made directly or indirectly, for an immediate validation or for a future one, shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 As
 long as Options and/or Shares are held by the Trustee on behalf of the Optionee, all rights
 of the Optionee over the Shares are personal and shall not be transferred, assigned, pledged
 or mortgaged, other than by will or pursuant to the laws of descent and distribution.

10. GOVERNING LAW &
JURISDICTION

This Sub-Plan shall be governed by and construed and enforced in accordance with the laws of the State of Israel without giving effect to the principles of conflict of laws. The competent courts of Tel Aviv, Israel, shall have sole jurisdiction in any matters pertaining to this Sub-Plan.

11. TAX CONSEQUENCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Any
 tax consequences arising from the grant or exercise of any Option, from the payment for Shares
 covered thereby or from any other event or act (of the Company and/or its Affiliates, the
 Trustee or the Optionee), hereunder, shall be borne solely by the Optionee. The Company and/or
 its Affiliates and/or the Trustee shall withhold taxes according to the requirements under
 the applicable tax rulings, laws, rules, and regulations, including withholding taxes at
 source. Furthermore, the Optionee shall agree to indemnify the Company and/or its Affiliates
 and/or the Trustee and hold them harmless against and from any and all liability for any
 such tax or interest or penalty thereon, including without limitation, liabilities relating
 to the necessity to withhold, or to have withheld, any such tax from any payment made to
 the Optionee.

11.2 The
 Company and/or, when applicable, the Trustee shall not be required to release any share certificate
 to an Optionee until all required payments have been fully made.

11.3 THE
 COMPANY DOES NOT UNDERTAKE OR ASSUME ANY LIABILITY OR RESPONSIBILITY TO THE EFFECT THAT ANY
 OPTION AND/OR SHARE SHALL QUALIFY WITH ANY PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR
 TAX TREATMENT, OR BENEFIT FROM ANY PARTICULAR TAX TREATMENT OR TAX ADVANTAGE OF ANY TYPE
 AND THE COMPANY SHALL BEAR NO LIABILITY IN CONNECTION WITH THE MANNER IN WHICH ANY OPTION
 AND/OR SHARE IS EVENTUALLY TREATED FOR TAX PURPOSES, REGARDLESS OF WHETHER THE OPTION AND/OR
 SHARE WAS GRANTED OR WAS INTENDED TO QUALIFY UNDER ANY PARTICULAR TAX REGIME OR TREATMENT.
 THIS PROVISION SHALL SUPERSEDE ANY TYPE OF AWARDS OR TAX QUALIFICATION INDICATED IN ANY CORPORATE
 RESOLUTION OR AWARD AGREEMENT, WHICH SHALL AT ALL TIMES BE SUBJECT TO THE REQUIREMENTS OF
 APPLICABLE LAW. THE COMPANY DOES NOT UNDERTAKE AND SHALL NOT BE REQUIRED TO TAKE ANY ACTION
 IN ORDER TO QUALIFY THE OPTION AND/OR SHARE WITH THE REQUIREMENT OF ANY PARTICULAR TAX TREATMENT
 AND NO INDICATION IN ANY DOCUMENT TO THE EFFECT THAT ANY AWARD IS INTENDED TO QUALIFY FOR
 ANY TAX TREATMENT SHALL IMPLY SUCH AN UNDERTAKING. NO ASSURANCE IS MADE BY THE COMPANY OR
 ANY OF ITS AFFILIATES THAT ANY PARTICULAR TAX TREATMENT ON THE DATE OF GRANT WILL CONTINUE
 TO EXIST OR THAT THE OPTION AND/OR SHARE WOULD QUALIFY AT THE TIME OF EXERCISE OR DISPOSITION
 THEREOF WITH ANY PARTICULAR TAX TREATMENT. THE COMPANY AND ITS AFFILIATES SHALL NOT HAVE
 ANY LIABILITY OR OBLIGATION OF ANY NATURE IN THE EVENT THAT AN OPTION AND/OR SHARE DOES NOT
 QUALIFY FOR ANY PARTICULAR TAX TREATMENT, REGARDLESS WHETHER THE COMPANY COULD HAVE OR SHOULD
 HAVE TAKEN ANY ACTION TO CAUSE SUCH QUALIFICATION TO BE MET AND SUCH QUALIFICATION REMAINS
 AT ALL TIMES AND UNDER ALL CIRCUMSTANCES AT THE RISK OF THE OPTIONEE. THE COMPANY DOES NOT
 UNDERTAKE OR ASSUME ANY LIABILITY TO CONTEST A DETERMINATION OR INTERPRETATION (WHETHER WRITTEN
 OR UNWRITTEN) OF ANY TAX AUTHORITIES, INCLUDING IN RESPECT OF THE QUALIFICATION UNDER ANY
 PARTICULAR TAX REGIME OR RULES APPLYING TO PARTICULAR TAX TREATMENT. IF THE OPTIONS AND/OR
 SHARES DO NOT QUALIFY UNDER ANY PARTICULAR TAX TREATMENT IT COULD RESULT IN ADVERSE TAX CONSEQUENCES
 TO THE OPTIONEE.

## Exhibit 10.4

**Exhibit 10.4**

**SECURITIES PURCHASE AGREEMENT**

This **Securities Purchase Agreement** (this "**Agreement**") is dated as of June 25, 2025, by and among TG-17, Inc., a Delaware corporation (together with its successors and, if permitted, assigns, the "**Company**"), and the purchasers identified on the signature pages hereto (each, an "**Initial Purchaser**" and, including their respective successors and permitted assigns, a "**Purchaser**") .

**WHEREAS,** subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (together with the Regulations promulgated thereunder, the "**Securities Act**"), the Company desires to issue and sell to the Initial Purchasers, and the Initial Purchasers desire to purchase from the Company for cash and other valuable consideration, the Purchased Securities as defined and described more fully in this Agreement.

**NOW, THEREFORE,** in consideration of the representations, warranties and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I DEFINITIONS**

**1.1 Definitions.** When used in this Agreement, the following terms have the following meaning:

"**Affiliate**" means each Person that controls, is controlled by or is under common control with such Person or any Affiliate of such Person. For purpose of this definition, "control" and related words are used as such terms are used in and construed under Rule 405 under the Securities Act. Notwithstanding the foregoing, the Purchasers and their Subsidiaries, on the one hand, and the Company Parties and their Subsidiaries, on the other hand, shall not be considered "**Affiliates**" of each other.

"**AML/CTF Regulation**" has the meaning specified in **Section 3.1(jj).**

"**BHCA**" has the meaning specified in **Section 3.1(ee)**.

"**Board of Directors**" means the board of directors of the Company.

"**Business Day**" means any day except Saturdays, Sundays, any day that is a federal holiday in the United States and any day on which the Federal Reserve Bank of New York is not open for business.

"**Capital Lease**" means, as applied to any Person, any lease of, or other arrangement conveying the right to use, any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of such Person.

**"Capital Stock"** means all shares, participation or other equivalent (however designated) of capital stock (whether denominated as common stock or preferred stock), and all other equity interests, including all beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether voting or non-voting.

"**Certificate of Designations**" means the Certificate of Designations, Preferences and Rights of the Series C Convertible Preferred Stock of the Company, in the form attached hereto as **Exhibit A** with such changes satisfactory to such Initial Purchaser.

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"**Closing**" means the closing of the purchase and sale of the Purchased Securities pursuant to **Section 2.1**.

"**Closing Date**" means the Trading Day on which, or next following the day on which, all of the Transaction Documents required to be executed or delivered prior to the Closing have been executed and delivered by the applicable parties thereto and all other conditions precedent to (i) each Initial Purchaser's obligations to pay the Purchase Price and (ii) the Company's obligations to deliver the Purchased Securities, in each case, have been satisfied or waived.

**"Closing Statement"** has the meaning specified in **Section 2.2(a).**

"**Common Stock**" means the common stock of the Company, par value $0.0001 per share, any Capital Stock into which such shares of common stock shall have been changed, and any share capital resulting from a reclassification of such common stock.

"**Common Stock Equivalents**" means any securities of any Company Party which would entitle the holder thereof to acquire at any time Common Stock, including whether or not presently convertible, exchangeable or exercisable, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to purchase, subscribe or otherwise receive, Common Stock.

"**Company Covered Person**" has the meaning specified in **Section 3.1(kk)**.

**"Company Party"** means each of the Company and its Subsidiaries.

**"Consents"** means any approval, consent, authorization, notice to, or any other action by, any Person other than any Governmental Authority.

"**Contractual Obligation**" means, with respect to any Person, any provision of any security or similar instrument issued by such Person or of any agreement, undertaking, contract, lease, indenture, mortgage, deed of trust or other instrument (other than a Transaction Document) to which such Person is a party or by which it or any of its property is bound or to which any of its property is subject.

"**Conversion Price**" means, with respect to the Series C Preferred Stock, the "Conversion Price" under and as defined in the Certificate of Designations.

"**Conversion Shares**" means the shares of Common Stock issuable upon conversion of the Series C Preferred Stock.

"**Currency Agreement**" means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement. For purposes of this definition, cryptocurrencies shall be considered currencies.

**"Default"** means any event which, with the passing of time or the giving of notice or both, would become an Event of Default.

"**Derivative**" means any Interest Rate Agreement, Currency Agreement, futures or forward contract, spot transaction, commodity swap, purchase or option agreement, other commodity price hedging arrangement, cap, floor or collar transaction, any credit default or total return swap, any other derivative instrument, any other similar speculative transaction and any other similar agreement or arrangement designed to alter the risks of any Person arising from fluctuations in any underlying variable, including interest rates, currency values, insurance, catastrophic losses, climatic or geological conditions or the price or value of any other derivative instrument. For the purposes of this definition, "derivative instrument" means "any derivative instrument" as defined in Statement of Financial Accounting Standards No. 133 (Accounting for Derivative Instruments and Hedging Activities) of the United States Financial Accounting Standards Board, and any defined with a term similar effect in any successor statement or any supplement to, or replacement of, any such statement.

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|:---|:---|
| ![](ex10-4_002.jpg) | <br>- 2 - |

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"**Direct Listing**" means the listing of shares of Common Stock for trading on the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange without a firm commitment underwritten public offering, pursuant to an effective registration statement under the Securities Act.

"**Disclosure Certificate**" means a certificate disclosing detailed information about the Company Parties in form and substance satisfactory to each Initial Purchaser, together with any update with respect to any other information set forth in such certificate separately required to be provided pursuant to, and provided in accordance with, any Transaction Document.

"**Disqualification Event**" has the meaning specified in **Section 3.1(kk)**.

**"Dollars"** and the sign **"$"** each mean the lawful money of the United States of America.

**"Equity Line of Credit"** means any transaction involving a Contractual Obligation of any Person with a counterparty whereby such Person has an option to Sell its Securities to such counterparty over an agreed period of time and at future determined price or price formula, other than customary "preemptive" or "participation" rights or "weighted average" or "full-ratchet" anti-dilution provisions and other than in connection with fixed-price rights public offerings and similar transactions that are not Variable-Priced Equity-Linked Instruments.

"**Evaluation Date**" has the meaning specified in **Section 3.1(o)**.

**"Event of Default"** means any event constituting an "Event of Default" under and as defined in the Certificate of Designations.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Exchange Transaction**" has the meaning specified in **Section 4.6(b).**

"**Exempt Issuance**" means the issuance of (a) shares of Common Stock or options or other awards of Capital Stock or Stock Equivalents to employees, officers, directors, advisors or independent contractors of the Company Parties as compensation for services provided to any Company Party or any of their Subsidiaries; **provided**, that such issuance is approved by a majority of the board of directors of the Company; and **provided**, **further** that such issuance shall not exceed in the aggregate five percent (5%) of the outstanding shares of Common Stock without the prior approval of the Purchasers, (b) shares of Common Stock, warrants or options to advisors or independent contractors of any Company Party for compensatory purposes, (c) shares of the Company's Non-Voting Common Stock and Common Stock issuable upon the conversion of Series B-1 Preferred Stock, Series B-2 Preferred Stock, Series B-3 Preferred Stock, Series CF-1 Preferred Stock and Series CF-2 Preferred Stock in connection with the Direct Listing, (d) Securities upon the exercise or exchange of or conversion of any Transaction Securities issued hereunder and/or other Securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date hereof, **provided** that such Securities have not been amended since the date hereof to increase the number of such Securities or to decrease the exercise price, exchange price or conversion price of such Securities, (e) Securities issuable pursuant to any contractual anti-dilution obligations of the Company in effect as of the date hereof, **provided** that such obligations have not been materially amended since the date of hereof, and (f) Securities issued pursuant to acquisitions or any other strategic transactions approved by a majority of the disinterested members of the Board of Directors; **provided**, that (x) such acquisitions and other strategic transactions shall not include transactions in which any Company Party or any of its Subsidiaries is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities; (y) such Securities are not issued to persons who were officers, directors or other Related Parties or advisors or independent contractors of the Company Parties and its Subsidiaries prior to such acquisition or strategic transaction (unless such Securities are issued to such advisors or independent contractors for the purpose of compensation for work done solely in connection with such acquisition or other strategic transaction); (z) Securities issuable under the provisions of (i) an Equity Line of Credit extended by Ascent Partners Fund LLC or its designee or affiliate ("Ascent"); and (aa) Securities to be issued in connection with, or which become issuable as a result of, an additional private placement of preferred stock and warrants by the Company to Ascent concurrently with the Direct Listing. Notwithstanding the foregoing, **"Exempt Issuance"** shall not include an issuance of any Variable-Priced Equity Linked Instruments or any issuance pursuant to any Equity Line of Credit extended to the Company by any party other than Ascent.

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|:---|:---|
| ![](ex10-4_002.jpg) | <br>- 3 - |

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"**Federal Reserve**" has the meaning specified in **Section 3.1(ee)**.

"**GAAP**" means United States generally accepted accounting principles as in effect from time to time, applied consistently throughout the periods referenced and consistently with (a) the principles and standards set forth in the opinions and pronouncements of the Financial Accounting Standards Board or any successor entity, (b) to the extent consistent with such principles, generally accepted industry practices and (c) to the extent consistent with such principles and practices, the past practices of the Company as reflected in its financial statements disclosed in the Disclosure Certificate.

**"Governmental Authority"** means any nation, sovereign or government, any state, province, territory or other political subdivision thereof, any municipality, any agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing, including any central bank stock exchange regulatory body, arbitrator, Trading Market or other exchange, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including the National Association of Insurance Commissioners).

"**Indebtedness**" means, with respect to any Person, without duplication, the following: (a) all indebtedness of such Person for borrowed money, (b) all merchant cash advances and similar arrangements and all other obligations of such Person to repay an advance, whether using receipts from sales of inventory, share of profits, Securities, or otherwise, (c) all obligations of such Person for the deferred purchase price of property or services other than accounts payable and accrued liabilities incurred in respect of property or services purchased in the ordinary course of business (**provided**, that such accounts payable and accrued liabilities are not overdue by more than 180 days), (d) all obligations of such Person evidenced by notes, bonds, debentures or similar borrowing or securities instruments, (e) all obligations of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, (f) all obligations of such Person as lessee under Capital Leases, (g) all reimbursements and all other obligations of such Person with respect to (i) letters of credit, bank guarantees or bankers' acceptances or (ii) surety, customs, reclamation, performance or other similar bonds, (h) all obligations of such Person secured by Liens on the assets of such Person, (i) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Capital Stock, Stock Equivalent (valued, in the case of redeemable preferred stock, at the greater of its voluntary liquidation preference and its involuntary liquidation preference plus accrued and unpaid dividends) or any warrants, rights or options to acquire such Capital Stock, (j) after taking into account the effect of any legally-enforceable netting Contractual Obligation of such Person, all payments that would be required to be made in respect of any Derivative in the event of a termination (including an early termination) on the date of determination and (k) all obligations of another Person of the type described in clauses (a) through (j) secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) a Lien on the assets of such Person (whether or not such Person is otherwise liable for such obligations of such other Person).

"**Intellectual Property Rights**" means, collectively, all copyrights, patents, trademarks, service marks, trade names, internet domain names, and all applications for any of the foregoing or for any renewal thereof, together with: (i) all inventions, processes, production methods, proprietary information, know-how and trade secrets; (ii) all licenses or user or other agreements granted with respect to any of the foregoing, in each case whether now or hereafter owned or used; (iii) all customer lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, recorded knowledge, surveys, engineering reports, test reports, manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs; (iv) all field repair data, sales data and other information relating to sales or service of products now or hereafter manufactured; (v) all accounting information and all media in which or on which any information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data; (vi) all applications for any of the foregoing and (vii) all causes of action, claims and warranties, in each case, now or hereafter owned or acquired in respect of any item listed above.

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"**Interest Rate Agreement**" means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedging agreement or other similar agreement or arrangement.

"**Issuable Securities**" means the Conversion Shares and the Warrant Shares, as well as any other shares of Common Stock either issued or required to be issued by the Company hereunder to any Initial Purchaser under any Transaction Document after the Closing Date, whether as payment for an Obligation or otherwise.

"**Legend Removal Date**" has the meaning specified in **Section 4.1(c)**.

"**Liabilities**" means all amounts, indebtedness, obligations, liabilities, covenants and duties of every type and description owing by any Company Party from time to time to any Purchaser or any other Purchaser Party, whether direct or indirect, joint or several, absolute or contingent, due or to become due, liquidated or unliquidated, accrued or not, mature or not, secured or unsecured, now existing or hereafter arising and however created, acquired (regardless of whether acquired by assignment), whether or not evidenced by any note or other instrument or for the payment of money and whether arising under Contractual Obligations, Regulations or otherwise, including, without duplication, (i) all amounts, fees, interest (including any prepayment premium), commissions, charges, costs, expenses, attorneys' fees and disbursements, indemnities, reimbursement of amounts paid and other sums chargeable to the Company under this Agreement or any other Transaction Document (including attorneys' fees) or otherwise arising under any Transaction Document and (ii) all interest on any item otherwise qualifying as a "Liability" hereunder, whether or not accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or similar Proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such Proceeding.

"**License Agreement**" has the meaning specified in **Section 3.1(m)**.

"**Lien**" means any lien (statutory or other) mortgage, pledge, hypothecation, assignment, security interest, encumbrance, charge, claim, right of first refusal, preemptive right, restriction on transfer or similar restriction or other security arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement and any capital or financing lease having substantially the same economic effect as any of the foregoing.

"**Lock-Up Agreements**" means each Lock-Up Agreement between a director or officer of the Company required to be delivered pursuant to **Section 2.2** of this Agreement. for the benefit of the Purchasers, and in the form attached hereto as **Exhibit D** with such changes satisfactory to each Initial Purchaser.

**"Losses"** means all liabilities, rights, demands, covenants, duties, obligations (including indebtedness, receivables and other contractual obligations), claims, damages, Proceedings and causes of actions, settlements, judgments, damages, losses (including reductions in yield), debts, responsibilities, fines, penalties, sanctions, commissions and interest, disbursements, Taxes, interest, charges, costs, fees and expenses (including fees, charges, and disbursements of financial, legal and other advisors, consultants and professionals and, if applicable, any value-added and other taxes and charges thereon), in each case of any kind or nature, whether joint or several, whether now existing or hereafter arising and however acquired and whether or not known, asserted, direct, contingent, liquidated, due, consequential, actual, punitive or treble.

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"**Material Adverse Effect**" means material adverse effect on, or change in, (a) the legality, validity or enforceability of any portion of any Transaction Document or any transaction contemplated therein, (b) the operations, assets, business, prospects or condition (financial or otherwise) of any Company Party, or (c) the ability of any Company Party to perform on a timely basis its obligations under any Transaction Document for any reason whatsoever, whether foreseen or unforeseen, including due to pandemic, acts of a Governmental Authority, interruption of transportation systems, strikes, terrorist activities, interruptions of supply chains or acts of God.

**"Maximum Rate"** has the meaning specified in **Section 6.12**.

"**Notice of Conversion**" has the meaning specified in **Section 4.1(e).**

**"Obligation"** means all amounts, indebtedness, obligations, liabilities, covenants and duties of every type and description owing by any Company Party from time to time to the Holder or any of their Purchaser Parties under any Transaction Document, whether direct or indirect, joint or several, absolute or contingent, due or to become due, liquidated or unliquidated, secured or unsecured, now existing or hereafter arising and however acquired (regardless of whether acquired by assignment), whether or not evidenced by any note or other instrument or for the payment of money, including, without duplication, (i) all amounts, fees, liquidated damages, commissions, charges, costs, expenses, attorneys' fees and disbursements, reimbursement of amounts paid and other sums chargeable to any Company Party under any Transaction Document or otherwise arising under any Transaction Document and (ii) all interest on any item otherwise qualifying as "Obligation" hereunder, whether or not accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or similar proceeding, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding.

"**OFAC**" has the meaning specified in **Section 3.1(cc)**.

"**Participation Maximum**" has the meaning specified in **Section 4.7(a)**.

**"Permit"** means, with respect to any Person, any permit, filing, notice, license, approval, variance, exception, permission, concession, grant, franchise, confirmation, endorsement, waiver, certification, registration, qualification, clearance or other Contractual Obligation or arrangement with, or authorization by, to or under the authority of, any Governmental Authority or pursuant to any Regulation, or any other action by any Governmental Authority in each case whether or not having the force of law and affecting or applicable to or binding upon such Person, its Contractual Obligations or arrangements or other liabilities or any of its property or to which such Person, its Contractual Obligations or any of its property is or is purported to be subject.

"**Person**" means an individual, partnership, corporation, incorporated or unincorporated association, limited liability company, limited liability partnership, joint stock company, land trust, business trust or unincorporated organization, or a government or agency, department or other subdivision thereof or other entity of any kind.

"**Pre-Notice**" has the meaning specified in **Section 4.7(b)**.

**"Principal Trading Market"** for any Security, means the then principal Trading Market for such Security, as listed in the applicable offering documents for such Security.

**"Proceeding"** against a Person means an action, suit, litigation, arbitration, investigation, complaint, dispute, contest, hearing, inquiry, inquest, audit, examination or other proceeding threatened or pending against, affecting or purporting to affect such Person or its property, whether civil, criminal, administrative, investigative or appellate, in law or equity before any arbitrator or Governmental Authority.

"**Pro Rata Portion**" means, with respect to a Purchaser and a group of Purchasers as of a particular date, the ratio of (i) the Purchase Price for the Purchased Securities purchased on or prior to such date by such Purchaser (including, for the avoidance of doubt its predecessors and assignors) that remain outstanding on such date to (ii) the aggregate Purchase Price for the Purchased Securities purchased by all Purchasers (including, for the avoidance of doubt, their predecessors and assignors) in such group on or prior to such date that remain outstanding on such date.

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"**Public Information Failure**" has the meaning specified in **Section 4.8(b)**.

"**Public Information Failure Payments**" has the meaning specified in **Section 4.8(b)**.

"**Purchase Price**" means, as to any Purchaser, the aggregate amount to be paid for the Series C Preferred stock and Warrants purchased hereunder as specified on **Schedule I**.

"**Purchaser Party**" has the meaning specified in **Section 4.14**.

"**Purchased Securities**" means the Series C Preferred Stock and the Warrants.

"**Registration Rights Agreement**" means that certain Registration Rights Agreement required to be delivered pursuant to **Section 2.2** of this Agreement, in the form attached hereto as **Exhibit C** with such changes satisfactory to each Initial Purchaser.

**"Regulation"** means, all international, federal, state, provincial and local laws (whether civil or common law or rule of equity and whether U.S. or non- U.S.), treaties, constitutions, statutes, codes, tariffs, rules, guidelines, regulations, writs, injunctions, orders, judgments, awards, decrees, rulings, ordinances and administrative or judicial precedents or authorities, including, in each case whether or not having the force of law, the interpretation or administration thereof by any Governmental Authority, all policies, recommendations, directives, requirements, determinations, guidance and requests of any Governmental Authority and all administrative orders, directed duties and stipulations entered by or with a Governmental Authority.

"**Related Parties**" of any Person means (i) such Person, (ii) each Affiliate of such Person, (iii) each Person that, directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five percent (5%) or more of the Capital Stock having ordinary voting power in the election of directors of such Person or such Affiliate, (iv) each of such Person's or such Affiliate's officers, managers, directors, joint venture partners, partners and employees (and any other Person with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title or classification as a contractor under employment Regulations), (v) any lineal descendants, ancestors, spouse or former spouses (as part of a marital dissolution) of any of the foregoing, (vi) any trust or beneficiary of a trust, of which any of the foregoing are the sole trustees, that is established in whole or in part by any of the foregoing, or that is for the benefit of any of the foregoing. Notwithstanding the foregoing, the Purchasers and their Subsidiaries, on the one hand, and the Company Parties and their Subsidiaries, on the other hand, shall not be considered "**Related Parties**" of each other.

"**Required Filings**" means (a) any filing with any Governmental Authority required pursuant to **Section 4.9** or **4.10** or the Registration Rights Agreement and (b) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Transaction Securities and the listing of the Transaction Securities for trading thereon in the time and manner required thereby.

"**Required Purchasers**" means Purchasers holding more than fifty percent (50%) of the number of shares of Series C Preferred Stock and the number of Warrants then outstanding or, if no shares of Series C Preferred Stock or Warrant shall then be outstanding, more than fifty percent (50%) in interest of the Issuable Securities then issued and outstanding.

"**Reserve Amount**" means, as of any date, 250% of the maximum aggregate number of shares of Common Stock then issued or potentially issuable in the future pursuant to the Transaction Documents, calculated (i) including any Issuable Securities issuable upon conversion or exercise of the Purchased Securities, (ii) ignoring any conversion or exercise limits set forth therein, (iii) assuming that the Conversion Prices of the Series C Preferred Stock and the exercise prices of the Warrants are, at all times on and after the date of determination, the then-effective Conversion Prices or exercise prices, as the case may be, on the Trading Day immediately prior to the date of determination and (iv) adjusting all of the foregoing ratably to account for any reverse stock split or similar reclassification of the Common Stock.

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"**Resignation Effective Date**" has the meaning specified in **Section 5.6** **(a)**.

**"Restricted Payment"** means, for any Person, (a) any dividend, stock split or other distribution, direct or indirect (including by way of spin off, reclassification, corporate rearrangement, scheme of arrangement or similar transaction), on account of, or otherwise to the holder or holders of, any shares of any class of Capital Stock of such Person now or hereafter outstanding, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of such Person by such Person or any Affiliate thereof now or hereafter outstanding, and (c) any payment made to retire, or to obtain the surrender of, any Stock Equivalents now or hereafter outstanding; **provided**, that, for the avoidance of doubt, (i) any cashless exercise of an employee stock option in which options are cancelled to the extent needed such that the "in-the-money" value of the options (i.e. the excess of market price over exercise price) that are cancelled is utilized to pay the exercise price, and applicable taxes, shall not constitute a "**Restricted Payment**" and (ii) a distribution of rights (including rights to receive assets) or options shall constitute a "**Restricted Payment**".

"**Rule 144**" means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any similar Regulation hereafter adopted by the SEC having substantially the same effect as such rule.

"**Rule 424**" means Rule 424 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended or interpreted from time to time, or any similar Regulation hereafter adopted by the SEC having substantially the same purpose and effect as such rule.

**"Sale"** means a sale, lease or sublease (as lessor or sublessor), sale and leaseback, conveyance, transfer, assignment or other disposition to, or any exchange of property (other than cash and cash equivalents) with, any Person of, or any other transaction permitting any Person to acquire, in one transaction or a series of transactions, any right, title or interest in, all or any part of a business or any property of any kind (other than cash and cash equivalents) including a sale, factoring at maturity, collection of or other disposal, with or without recourse, of any notes or accounts receivable and including acquiring or Selling any Derivative intended to transfer, or having the effect of transferring, any risk relating to any such right, title or interest in such business or property, including any risk of Loss relating to holding any such right, title or interest. To **"Sell"** shall have a correlative meaning.

"**Sanctioned Jurisdiction**" means, at any time, a country, territory or geographical region that is subject to, the target of, or purported to be subject to, Sanctions Laws.

"**Sanctioned Person**" means (a) any Person that is listed in the annex to, or otherwise subject to the provisions of, Executive Order 13224 – Blocking Property and Prohibiting Transactions with Persons Who Commit and Threaten to Commit or Support Terrorism, effective September 24, 2001; (b) any Person that is named in any Sanctions Laws-related list maintained by OFAC, including the "Specially Designated National and Blocked Person" list; (c) any Person or individual located, organized or resident or determined to be resident in a Sanctioned Jurisdiction that is, or whose government is, the target of comprehensive Sanctions Laws; (d) any organization or Person directly or indirectly owned or controlled by any such Person or Persons described in the foregoing clauses (a) through (c); and (e) any Person that commits, threatens or conspires to commit or supports "terrorism"," as defined in applicable United States Regulations.

"**Sanctions Laws**" means all applicable Regulations concerning or relating to economic or financial sanctions, requirements or trade embargoes imposed, administered or enforced from time to time by OFAC, including the following (together with their implementing Regulations, in each case, as amended from time to time): the International Security and Development Cooperation Act (ISDCA) (22 U.S.C. §23499aa-9 et seq.); the Patriot Act; and the Trading with the Enemy Act (TWEA) (50 U.S.C. §5 et seq.).

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"**SEC**" means the United States Securities and Exchange Commission.

"**SEC Reports**" has the meaning specified in **Section 3.1(f)**.

"**Securities**" means any Capital Stock, voting trust certificates, certificates of interest or participation in any profit sharing Contractual Obligation or arrangement, loans, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, any other item commonly known as "security," any other item treated as "security" under the Securities Act, the Investment Company Act of 1940, the Investment Advisers Act of 1940 or any other Regulation of the United States, any State, province or any political subdivision of either of them and any certificate of interest, share or participation in temporary or interim certificates for the purchase or acquisition of, or any option, warrant, right to subscribe to, purchase or acquire, or any Derivative valued by reference to, any item otherwise qualifying as Security hereunder.

"**Securities Act**" has the meaning specified in the recitals.

"**Short Sales**" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act.

"**Solvent**" means, with respect to any Person, that on the date of determination such Person is able to pay all liabilities of such Person as such liabilities mature and does not have unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

**"Standard Enforceability Exceptions"** means (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally; (ii) as limited by Regulations relating to the availability of specific performance, injunctive relief or other equitable remedies; and (iii) insofar as indemnification and contribution provisions may be limited by applicable Regulations.

**"Stock Equivalents"** means all Securities and Indebtedness convertible into or exchangeable for Capital Stock or any other Stock Equivalent and all warrants, options, scrip rights, calls or commitments of any character whatsoever, and all other rights or options or other arrangements (including through a conversion or exchange of any other property) to purchase, subscribe for or acquire, any Capital Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or exercisable.

"**Subsequent Financing**" has the meaning specified in **Section 4.7**.

"**Subsequent Financing Notice**" has the meaning specified in **Section 4.7(b)**.

"**Subsidiary**" means, with respect to any Person, (a) if such Person is the Company, any subsidiary of the Company as set forth in, or otherwise required to be set forth in the Disclosure Certificate, whether before, on or after the date hereof, and (b) in any case, any other Person (other than natural persons) the management of which is, directly or indirectly, controlled by, or of which an aggregate of fifty percent (50%) or more of the outstanding Voting Stock is, at the time, owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person.

"**Taxes"** means any present or future taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever nature, including income, receipts, excise, property, sales, use, transfer, license, payroll, withholding, social security and franchise taxes now or hereafter imposed or levied by the United States or any other Governmental Authority and all interest, penalties, additions to tax and similar liabilities with respect thereto, but excluding, in the case of any Purchaser, taxes imposed on or measured by the net income or overall gross receipts of such Purchaser.

"**Third Party Exchange Transfer**" has the meaning specified in **Section 4.6(b).**

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"**Trading Day**" means a day on which the Principal Trading Market for the Common Stock is open for trading; **provided**, that, if the Common Stock does not trade on any Trading Market, "Trading Day" shall mean "Business Day".

"**Trading Market**" means, for any Security, any of the following markets or exchanges on which such Security is listed, designated or quoted for trading on the date in question: the NYSE American; the Nasdaq Capital Market; the Nasdaq Global Market; the Nasdaq Global Select Market; the New York Stock Exchange; OTC Markets or the OTC Bulletin Board (and any successors to any of the foregoing).

"**Transaction Documents**" means this Agreement, the Disclosure Certificate, the Certificate of Designations, each Warrant, the Registration Rights Agreement, each Lock-Up Agreement, the Transfer Agent Instruction Letter, the Closing Statement, each Subsequent Financing Notice, each Notice of Conversion and each other agreement, notice and other document executed in connection with the transactions contemplated hereunder.

**"Transaction Securities"** means the Purchased Securities and the Issuable Securities.

"**Transfer Agent**" means VStock Transfer, LLC and any successor transfer agent for the Company's Common Stock.

"**Transfer Agent Instruction Letter**" means the letter from the Company to the Transfer Agent, duly acknowledged and agreed by the Transfer Agent, which instructs the Transfer Agent to issue the Issuable Securities pursuant to the Transaction Documents, in the form attached hereto as **Exhibit E** with such changes satisfactory to each Initial Purchaser.

"**UCC**" means the Uniform Commercial Code as from time to time in effect in the State of Delaware, or the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of the definitions related to or otherwise used in such provisions, as applicable.

**"Variable-Priced Equity-Linked Instrument"** has the meaning specified in **Section 4.6(a)**.

**"Voting Stock"** means Capital Stock of any Person (i) having ordinary power to vote in the election of any member of the board of directors or any manager, trustee or other controlling Persons of such Person (irrespective of whether, at the time, Capital Stock of any other class or classes of such entity shall have or might have voting power by reason of the happening of any contingency) and (ii) any Capital Stock of such Person convertible or exchangeable without restriction at the option of the holder thereof into Capital Stock of such Person described in clause (i) of this definition.

**"Warrant**" means the Warrants issued hereunder by the Company to each Initial Purchaser, in the form attached hereto as **Exhibit B** with such changes satisfactory to such Initial Purchaser.

**"Warrant Shares"** means the shares of Common Stock that may be purchased upon exercise of a Warrant in accordance with the terms of such Warrant.

**ARTICLE II PURCHASE AND SALE**

**2.1 Closing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Purchase.** On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and each Initial Purchaser agree, severally and not jointly, to purchase, a number of shares of Series C Preferred Stock set forth in **Schedule I** for such Initial Purchaser**,** and a number of Warrants set forth in **Schedule I** for such Initial Purchaser, in exchange for the Purchase Price set forth in **Schedule I** for such Initial Purchaser. In the case of the Series C Preferred Stock, this Purchase Price reflects the original issue discount shown on **Schedule I**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Mechanics**. At the Closing, (i) each Initial Purchaser shall deliver to the Company, without set off or counterclaim, via wire transfer to an account designated by the Company, such Initial Purchaser's Purchase Price in immediately available Dollars, (ii) the Company shall deliver to such Initial Purchaser, as set forth in **Section 2.2(a)**, its Purchased Securities and (iii) the Company and such Initial Purchaser shall deliver to each other the other items set forth in **clauses (a)** and **(b)** of **Section 2.2** respectively. Upon satisfaction of the terms and conditions set forth in **Section 2.3**, such Closing shall occur remotely by electronic exchange of Closing documentation using DocuSign or a similar service or, if the parties mutually agree, physically at any location chosen by the parties.

**2.2 Deliveries.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Deliveries to Initial Purchasers.** On or prior to the Closing, the Company shall deliver or cause to be delivered to each Initial Purchaser the following, each dated as of the Closing Date and in form and substance satisfactory to the Initial Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement, duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Disclosure Certificate, duly executed by the Company Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Series C Preferred Stock duly issued by the Company, equal to the amount set forth opposite for such Initial Purchaser on **Schedule I**, registered in the name of such Initial Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Warrants duly issued by the Company, to purchase the number of shares of Common stock set forth for such Initial Purchaser on **Schedule I**, registered in the name of such Initial Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Rights Agreement, duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Lock-Up Agreements duly executed by each officer and director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Transfer Agent Instruction Letter, duly executed by the Transfer Agent in addition to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) legal opinions of counsel to the Company (including local counsel as may be requested by such Purchaser) in form and substance acceptable to such Initial Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a certificate from each officer of each Company Party with respect to corporate authorization and incumbency, each in form and substance acceptable to such Initial Purchaser, attaching organizational documents, duly-adopted resolutions approving the Transaction Documents and good standing certificates of such Company Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) an additional certificate from the Company, in form and substance acceptable to such Initial Purchaser, certifying as to the occurrence of various Closing conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a a closing statement, duly executed by the Company, attaching a flow of funds, each in form and substance acceptable to such Initial Purchaser (the **"Closing Statement**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) such other opinions, statements, agreements and other documents as such Initial Purchaser may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Deliveries to the Company.** On or prior to the Closing, each Initial Purchaser shall deliver or cause to be delivered to the Company, as applicable, the following, each duly executed by such Initial Purchaser and dated as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Registration Rights Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Lock-Up Agreements.

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| ![](ex10-4_002.jpg) | <br>- 11 - |

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**2.3 Closing Conditions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Conditions to the Company's Obligations.** The obligations of the Company pursuant to **Section 2.1(a)** in connection with the Closing are subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions on or before the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties of each Purchaser contained herein shall be true and correct as of the Closing Date (unless expressly made as of an earlier date herein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements required to be performed by any Initial Purchaser on or prior to the Closing Date (other than the obligations set forth in **Section 2.1(a)** to be performed at the Closing) shall have been performed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the delivery by each Purchaser of the items such Purchaser is required to deliver prior to the Closing Date pursuant to **Section 2.2(b)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Conditions to the Initial Purchasers' Obligations.** The respective obligations of each Initial Purchaser pursuant to **Section 2.1(a)** in connection with the Closing are subject to the satisfaction, or waiver in accordance with this Agreement, of the following conditions on or before the Closing Date, both before and after giving effect to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties of each Company Party contained in any Transaction Document shall be true and correct as of the Closing Date (unless expressly made as of an earlier date herein in which case they shall be accurate as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all obligations, covenants and agreements required to be performed by any Company Party or any on or prior to the Closing Date pursuant to any Transaction Document (other than the obligations set forth in **Section 2.1(a)** to be performed at the Closing) shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the items that the Company is required to deliver on or prior to the Closing Date pursuant to **Section 2.2(a)** shall have been delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there shall exist no Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no Material Adverse Effect shall have occurred from the date hereof through the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other conditions to the Closing or the obligations of such Initial Purchaser contained herein or in the other Transaction Documents shall have been satisfied.

**2.4 Post-Closing Deliveries.** The Company shall deliver or cause to be delivered to the Initial Purchaser the following items by the following deadlines, each in form and substance satisfactory to the Initial Purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ten (10) Business Days following the end of the calendar month containing the Closing, proof of receipt of the Purchase Price from each party receiving a payment at Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within one (1) Trading Day of any Person becoming a new Transfer Agent hereunder, a new Transfer Agent Instruction Letter issued by such new Transfer Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon request by the Initial Purchaser, such other opinions, statements, agreements and other documents as the Purchaser may reasonably require to effect the transactions contemplated in the Transaction Documents.

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|:---|:---|
| ![](ex10-4_002.jpg) | <br>- 12 - |

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**ARTICLE III REPRESENTATIONS AND WARRANTIES**

**3.1 Representations and Warranties of the Company Parties**. The Company hereby makes the following representations and warranties as to each Company Party (and, to the extent provided in the any other Transaction Document, each other Company Party makes the following representations and warranties as, and to the extent applicable to, such Company Party) to each Purchaser as of the date hereof and the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Subsidiaries**. All direct and indirect Subsidiaries of the Company are set forth in the Disclosure Certificate, which Disclosure Certificate is deemed a part hereof. The Company owns, directly or indirectly, all Capital Stock and all Stock Equivalents of each of its Subsidiaries free and clear of any Liens, other than as set forth in the Disclosure Certificate on the date hereof, and all of the issued and outstanding shares of Capital Stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Organization and Qualification**. Each Company Party is a Person having the corporate form listed in the Disclosure Certificate, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization listed in the Disclosure Certificate and is duly qualified or licensed to transact business in its jurisdiction of organization, the jurisdiction of its principal place of business, and except where the failure to do so would not have a Material Adverse Effect, any other jurisdiction where such qualification is necessary to conduct its business or own the property it purports to own – and no Proceeding exists or has be instituted or threatened in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification. Each Company Party has the right, power and authority to enter into and discharge all of its obligations under each Transaction Document to which it purports to be a party and has the right, power, authority, Permits and License Agreements to own its property and to carry on its business as presently conducted. No Company Party is engaged in the business of extending credit (which shall not include intercompany credit among the Company Parties) for the purpose of purchasing or carrying margin stock or any cryptocurrency, token or other blockchain asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Authorization; Enforcement**. The execution, delivery, performance by each Company Party of its obligations, and exercise by such Company Party of its rights under the Transaction Documents, including, if applicable, the sale of Purchased Securities under this Agreement, (i) have been duly authorized by all necessary corporate actions of such Company Party, (ii) except for the Required Filings, do not require any Consents or Permits that have not been obtained prior to the date hereof and each such Permit or Consent is in full force and effect and not subject of any pending or, to the best of any Company Party's knowledge, threatened, attack or revocation, and (iii) are not and will not be in conflict with or prohibited or prevented by or create a breach under (A) except for those that do not have a Material Adverse Effect, any Regulation or Permit, (B) any corporate governance document or resolution or (C) except for those that do not have a Material Adverse Effect, any Contractual Obligation or provision thereof binding on such Company Party or affecting any property of such Company Party. Upon execution and delivery thereof, each Transaction Document to which such Company Party purports to be a party shall constitute the legal, valid and binding obligation of such Company Party, enforceable against such Company Party in accordance with its terms, subject only to the Standard Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Issuance of the Transaction Securities**. Each Transaction Security is duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued in compliance with all applicable Regulations, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents or by applicable Regulations. The Company has reserved for issuance of the Issuable Securities from its duly authorized Capital Stock the number of shares of Common Stock required by **Section 4.5(a)**.

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| ![](ex10-4_002.jpg) | <br>- 13 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Capitalization**. The capitalization of the Company is as set forth in the Disclosure Certificate, which Disclosure Certificate also includes the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof. The Company has not issued any Capital Stock or Stock Equivalent since the date of the most recent financial statements provided to the Initial Purchaser except (i) as set forth in the Disclosure Certificate, (ii) for the issuance of shares of Common Stock to employees pursuant to the Company's employee stock purchase plans and (iii) pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recent financial statements provided to the Initial Purchaser as set forth in the Disclosure Certificate. No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in, or triggered by, the transactions contemplated by the Transaction Documents (including the issuance of the Transaction Securities in accordance with the terms of the applicable Transaction Documents), except as set forth in the Disclosure Certificate. There are no outstanding Stock Equivalents with respect to any Common Stock, and there are no Contractual Obligations by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents except as set forth in the Disclosure Certificate. The issuance and sale of the Transaction Securities will not obligate the Company to issue shares of Common Stock or any other securities to any Person (other than to any Purchaser) and will not result in a right of any holder of securities issued by any Company Party to adjust the exercise, conversion, exchange or reset price under any Stock Equivalent, except as set forth in the Disclosure Certificate. All of the outstanding shares of Capital Stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all securities Regulations, and no such outstanding share was issued in violation of any preemptive right or similar or other right to subscribe for or purchase securities or any other existing Contractual Obligation. No further approval or authorization of any stockholder or the Board of Directors, and no other Permit or Consent, is required for the issuance and sale of the Transaction Securities. Except as set forth in the Disclosure Certificate on the date hereof, there are no stockholders' agreements, voting agreements or other similar Contractual Obligations with respect to the Company's Capital Stock or Stock Equivalents to which the Company is a party or, to the knowledge of the Company, between or among any of the Company's stockholders or other equity investors.

**Private Company Financial Statements**. The Company has furnished or made available to each Initial Purchaser true, complete, and correct copies of the consolidated financial statements of the Company and its Subsidiaries as of and for the fiscal years ended December 31, 2024 and December 31, 2023,, including balance sheets, income statements, statements of cash flows and any related notes (collectively, the "**Financial Statements**"). The Financial Statements (A) have been prepared in accordance with GAAP consistently applied, except as may be disclosed in the notes thereto or, in the case of unaudited interim statements, subject to customary year-end adjustments and the absence of footnotes, (B) fairly present in all material respects the consolidated financial position, results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates and for the periods indicated, and (C) are consistent with the books and records of the Company and its Subsidiaries in all material respects. The Company has no material liabilities or obligations, whether accrued, absolute, contingent, or otherwise, that are not disclosed in the Financial Statements or otherwise disclosed in writing to the Initial Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Material Adverse Effects; Undisclosed Events, Liabilities or Developments**. Since the date of the latest audited financial statements disclosed in the Disclosure Certificate: (i) there has been no event that has had, or could reasonably be expected to result in, a Material Adverse Effect, (ii) no Company Party has incurred any Indebtedness or other liability (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required by GAAP to be reflected in the Company's financial statements and not required to be disclosed in filings made with the SEC, (iii) no Company Party has altered its fiscal year or accounting methods; (iv) no Company Party has declared or made any Restricted Payment or entered in any Contractual Obligation to do so, (v) no Company Party has issued any Security to any officer, director or other Affiliate, and (vi) there has been no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to any Company Party, their Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by any Company Party under applicable securities Regulations at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Litigation**. Except as set forth in the Disclosure Certificate, there is no Proceeding (and, to the knowledge of the Company Parties, no such Proceeding has been threatened) against any Company Party of any Subsidiary of any Company Party or any current or former officer or director of any Company Party or any Subsidiary of any Company Party in its capacity as such which (i) adversely affects or challenges the legality, validity or enforceability of any Transaction Document or Transaction Security, (ii) involves the SEC or otherwise involves violations of securities Regulations or (iii) could, assuming an unfavorable result, have or reasonably be expected to result in a Material Adverse Effect, and none of the Company Parties, their Subsidiaries, or any director or officer of any of them, is or has been the subject of any Proceeding involving a claim of violation of or liability under securities Regulations or a claim of breach of fiduciary duty. The SEC has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

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| ![](ex10-4_002.jpg) | <br>- 14 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Labor Relations**. There is (i) no unfair labor practice at any Company Party, (ii) no unfair labor practice complaint pending (or, to the knowledge of any Company Party, threatened) against any Company Party or any Subsidiary of any Company Party before the National Labor Relations Board, (iii) no grievance or arbitration proceeding arising out of or under any collective bargaining agreement that is pending (or, to the knowledge of any Company Party, threatened) against any Company Party or any Subsidiary of any Company Party before the National Labor Relations Board, (iv) no strike, work stoppage or other labor dispute in existence (or, to the knowledge of any Company Party, threatened) involving any Company Party or any Subsidiary of any Company Party, (v) no union representation question existing with respect to the employees of any Company Party or any Subsidiary of any Company Party, as the case may be, (vi) no union organization activity that is taking place at any Company Party or any Subsidiary of any Company Party, except, in each case with respect to any matter specified in clauses (i) through (vi) above, for such matters that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None of any Company Party's or its Subsidiaries' employees is a member of a union that relates to such employee's relationship with such Company Party or such Subsidiary, and none of the Company Parties nor any of their Subsidiaries is a party to a collective bargaining agreement. To the knowledge of the Company, the continued service to the Company Parties and their Subsidiaries of the executive officers of the Company Parties and their Subsidiaries is not, and is not expected to be, in violation of any material term of any Contractual Obligation in favor of any third party and does not subject any Company Party or any Subsidiary of any Company Party to any Loss with respect to any of the foregoing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Compliance**. No Company Party and no Subsidiary thereof, except as set forth in the Disclosure Certificate or as could not have or reasonably be expected to result in a Material Adverse Effect: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has any Company Party or any Subsidiary thereof received notice of a claim that it is in default under or that it is in violation of, any Contractual Obligation (whether or not such default or violation has been waived); (ii) is or has been in violation of any Regulation (including any judgment, decree or order of any Governmental Authority), and to the knowledge of each Company Party, no Person has made or threatened to make any claim that such a violation exists (including relating to taxes, environmental protection, occupational health and safety, product quality and safety, employment or labor matters) or (iii) has incurred, or could reasonably be expected to incur Losses relating to compliance with Regulations (including clean-up costs under environmental Regulations), nor have any such Losses been threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **Permits**. Each Company Party and its Subsidiaries possess all Permits, each issued by the appropriate Governmental Authority, that are necessary to conduct their respective businesses as described in the Disclosure Certificate and which failure to possess could reasonably be expected to result in a Material Adverse Effect and no Company Party nor any Subsidiary thereof has received any notice of Proceedings relating to the revocation or modification of any such Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **Title to Assets; Insurance**. Each Company Party and their Subsidiaries have good and marketable title in fee simple to all real property owned by them and good title in fee simple to all personal property owned or purported to be owned by any of them that is material to the business of any Company Party or any Subsidiary of any Company Party, in each case free and clear of all Liens except as set forth in the Disclosure Certificate and except for (i) Liens that do not materially affect the value of any such property and do not materially interfere with the use made and proposed to be made of such property by the Company Parties and their Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and, the payment of which is neither delinquent nor subject to penalties. Any real property and facilities held under lease by any Company Party or any Subsidiary of the Company Parties (and any personal property if such lease is material to the business of any Company Party or any Subsidiary of any Company Party) are held by them under valid, subsisting and enforceable leases with which the Company Parties and their Subsidiaries party thereto are in compliance. The Company Parties and each of their Subsidiaries are insured by nationally reputable insurers against such losses and risks and in such amounts as management of the Company Parties believe to be prudent and customary in the businesses in which the Company Parties and their Subsidiaries are engaged. The Company Parties have no reason to believe that they will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue their business and, in each case, at a cost that would not have a Material Adverse Effect.

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| ![](ex10-4_002.jpg) | <br>- 15 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **Intellectual Property**. Each Company Party and each Subsidiary of the Company Parties have, or have rights to use, all Intellectual Property Rights they purport to have or have rights to use, which, in the aggregate for all such Company Party and such Subsidiary, constitute all Intellectual Property Rights necessary or required for use in connection with the businesses of the Company Parties and their Subsidiary as presently conducted. No Company Party and no Subsidiary of any Company Party has received a notice (written or otherwise) that any of the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, and, to the knowledge of each Company Party and its Subsidiaries, no event has occurred that permits, or would permit after notice or passage of time or both, the revocation, suspension or termination of such rights. No Company Party and no Subsidiary of any Company Party has received, since the date of the latest audited financial statements listed in the Disclosure Certificate, a written notice of a claim, nor has such a claim been threatened or could reasonably be expected to be made, and no Company Party and no Subsidiary of any Company Party otherwise has any knowledge that any slogan or other advertising device, product, process, method, substance or other Intellectual Property Right or goods or services bearing or using any Intellectual Property Right presently contemplated to be sold by or employed by Intellectual Property Right of any Company Party or any Subsidiary of any Company Party violate or infringe upon the rights of any Person, except as could not reasonably be expected to have a Material Adverse Effect. To the knowledge of each Company Party and its Subsidiaries, all such Intellectual Property Rights are enforceable (subject only to the Standard Enforceability Exceptions) and there is no existing infringement by another Person of any of the Intellectual Property Rights. Each Company Party and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Company Party and no Subsidiary of any Company Party has any Intellectual Property Right registered, or subject to pending applications, in the United States Patent and Trademark Office or any similar office or agency in the United States, any State thereof, any political subdivision thereof or in any other country, other than those set forth in the Disclosure Certificate on the date hereof (or any later updates acceptable to each Purchaser), or has granted any licenses with respect thereto other than as set forth in the Disclosure Certificate on the date hereof (or any later updates acceptable to each Purchaser). On the date hereof, the Disclosure Certificate also sets forth all Contractual Obligations or other arrangements of any Company Party or any Subsidiary of any Company Party as in effect on the date hereof pursuant to which such Company Party or such Subsidiary has a license or other right to use any Intellectual Property Right owned by another Person and the dates of the expiration of such Contractual Obligations or other arrangements (collectively, together with such Contractual Obligations or other arrangements as may be entered into by any Company Party or any Subsidiary of any Company Party after the date hereof, the "**License Agreements**"). All material License Agreements and related rights are in full force and effect, no default or event of default exists with respect thereto in respect of the obligations of licensor or with respect to any royalty or other payment obligations of any Company Party or any Subsidiary of any Company Party or any obligation of any Company Party or any Subsidiary of any Company Party with respect to manufacturing standards, quality control or specifications and each such Company Party or such Subsidiary is in compliance with the terms thereof in all material respects and no owner, licensor or other party thereto has sent any notice of termination or its intention to terminate such license or rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **Transactions with Related Parties**. Except as set forth in the Disclosure Certificate, no Company Party and no Subsidiary of any Company Party is a party to any Contractual Obligation or other transaction with any Related Party that is not a Company Party or Subsidiary of a Company Party, including (a) investments by any Company Party or any Subsidiary thereof in such other Related Party, whether in Capital Stock, Stock Equivalents, other Securities, Indebtedness owing by such Related Party or otherwise, or Indebtedness owing to any such other Related Party and (b) transfers, sales, leases, assignments or other acquisitions or dispositions of any asset, in each case except for (x) transactions in the ordinary course of business on a basis no less favorable to the Company Parties and their Subsidiaries as would be obtained in a comparable arm's length transaction with a Person not a Related Party and (y) salaries and other director or employee or other staff compensation, including expense reimbursements and employee benefits, of the Company Parties and their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **Internal Accounting Controls**. The Company Parties and their Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Effective as of the Direct Listing, the Company and its Subsidiaries shall have established disclosure controls and procedures for the Company and its Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed in the reports the Company is required to file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's Regulations.

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| ![](ex10-4_002.jpg) | <br>- 16 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **Certain Fees**. There is no Person (other than Maxim Group LLC and a Company Covered Person) that has been or will be paid (directly or indirectly) remuneration (including brokerage, finder's fee, commissions or similar fees) for solicitation of the Purchaser in connection with the sale of any Transaction Securities. No Purchaser has or shall have any obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this **Section 3.1(p)** that may be due in connection with the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **Private Placement**. Assuming the accuracy of each Purchaser's representations and warranties set forth in **Section 3.2**, no registration under the Securities Act is required for the offer and sale of the Transaction Securities by the Company to the Purchasers as contemplated hereby. The issuance and sale of the Transaction Securities under the Transaction Documents does not contravene the Regulations of any Trading Market of any Securities of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **Registration Rights**. Except as set forth in the Disclosure Certificate, no Person (other than as part of the Transaction Documents) has any right to cause any Company Party or any Subsidiary of any Company Party to effect the registration under the Securities Act of any Securities of any Company Party or any Subsidiary of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **Registration and Listing Requirements.** The Company has taken no action designed to, or which to its knowledge is likely to have the effect of, denying the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating denying such registration. The Company has not, in the twelve (12) months preceding the date hereof, received notice from any Trading Market on which the Common Stock may be, is or has been listed or quoted (if any) to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company has no reason to believe that it will not be in compliance with all such listing and maintenance requirements of the Nasdaq Global Market within six (6) months from the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **Application of Takeover Protections**. The Company and the Board of Directors (or equivalent body) have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company's Articles of Incorporation (or similar charter documents) or the laws of its state of incorporation that is or could become applicable as a result of any Purchaser or any Company Party fulfilling their obligations or exercising their rights under the Transaction Documents, including as a result of the Company's issuance of the Transaction Securities and the ownership of the Transaction Securities by any Purchaser or any Affiliate of any Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **MNPI**. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, each Company Party confirms that none of the Company Parties, their Affiliates, or agents or counsel or any other Person acting on behalf of the foregoing has provided any Purchaser, any Purchaser Party or their agents or counsel with any information that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that each Purchaser will rely on the foregoing representation in effecting transactions in securities of the Company. Each Company Party acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in **Section 3.2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **No Integrated Offering**. Assuming the accuracy of each Purchaser's representations and warranties set forth in **Section 3.2**, no Company Party, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Purchased Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the Securities of the Company Parties are or may be listed or designated.

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| ![](ex10-4_002.jpg) | <br>- 17 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **No General Solicitation**. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Transaction Securities by any form of general solicitation or general advertising. The Company has offered the Transaction Securities for sale only to the Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **Foreign Corrupt Practices**. No Company Party and no Related Party of any Company Party, has done any of the following, directly or indirectly (including through agents, contractors, trustees, representatives and advisors): (i) made contributions or payments of, or reimbursement for, gifts, entertainment or other expenses, in each case that could reasonably be viewed as unlawful under U.S. or other Regulations related to foreign or domestic political activity or (ii) made payments to U.S. or other officials, judges, employees or other staff members of any Governmental Authority or other Persons viewed as government officials under any Regulation or to any foreign or domestic political parties, elected or union officials or campaigns in order to obtain, retain or direct business or obtain any improper advantage, and no part of the proceeds of the sale of Purchased Securities hereunder will be used, directly or indirectly, to fund any such payment; (iii) failed to disclose fully any contribution or other payment made by any Company Party or any Subsidiary of any Company Party (or made by any Person acting on the behalf of any of the foregoing) which could reasonably be viewed as in violation of U.S. or other Regulations; or (iv) any other activity in violation of the United States Foreign Corrupt Practices Act of 1977, as amended, or any other Regulation sanctioning or purporting to sanction bribery, corruption and other improper payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) **Accountants**. The Company's accounting firm is M&K CPAS, PLLC. To the knowledge and belief of the Company, such accounting firm is a registered public accounting firm as required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) **No Disagreements with Accountants and Lawyers**. There are no disagreements of any kind presently existing, or reasonably anticipated by any Company Party to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company's ability to perform any of its obligations under any of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) **No Fiduciary or Advisory Relationship**. The Company acknowledges and agrees that each Purchaser is acting solely in the capacity of an arm's length purchaser with respect to the Transaction Documents and the transactions contemplated thereby and has no business relationship with any Company Party or any of their Subsidiaries other than as an investor in Securities of the Company. The Company further acknowledges that no Purchaser is acting as a financial, legal, tax, investment or other advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser, any Purchaser Party or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers' acquisition of the Purchased Securities. The Company further represents to each Purchaser that the Company's decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Regulation M Compliance**. The Company has not, and to its knowledge no Company Party, Subsidiary of any Company Party or no one acting on any of their behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Transaction Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Transaction Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company's placement agent in connection with the placement of the Transaction Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Stock Option Plans**. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

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| ![](ex10-4_002.jpg) | <br>- 18 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **Sanctions**. No Company Party and no Related Party of any Company Party, directly or indirectly (including through agents, contractors, trustees, representatives or advisors) (a) is in violation of any Sanctions Law or engages in, or conspire or attempts to engage in, any transaction evading or avoiding any prohibition in any Sanction Law, (b) is a Sanctioned Person or derive revenues from investments in, or transactions with Sanctioned Persons, (c) has any assets located in Sanctioned Jurisdictions or (d) deals in, or otherwise engages in any transactions relating to, any property or interest in property blocked pursuant to any Regulation administered or enforced by the U.S. Office of Foreign Assets Control ("**OFAC**"). The Company will not use, directly or indirectly, any part of the proceeds of the sale of Purchased Securities hereunder to fund, and none of the Company or the Company Parties, either directly or indirectly (including through agents, contractors, trustees, representatives or advisors), are engaged in any operations involving, the financing of any investments or activities in, or any payments to, a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) **U.S. Real Property Holding Corporation**. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) **Regulated Entities**. No Company Party and no Affiliate of any Company Party is subject to the Bank Holding Company Act of 1956, as amended (the "**BHCA**") and to regulation by the Board of Governors of the Federal Reserve System (the "**Federal Reserve**"). No Company Party and no Subsidiary or Affiliate of any Company Party owns or controls, directly or indirectly, individually or in the aggregate, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. No Company Party and no Subsidiary or Affiliate of any Company Party, either individually or in the aggregate, directly or indirectly, exercise or has the ability to exercise a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. The Company is not an "investment company" and is not a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940. The Company is not subject to regulation under the Public Utility Holding Company Act of 2005, the Federal Power Act, the Interstate Commerce Act or the Investment Company Act of 1940 or to any other Regulation or Permit limiting the Company's ability to incur indebtedness for borrowed money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) **Use of Proceeds.** The proceeds of the sale of Purchased Securities hereunder shall be used as set forth in the Disclosure Certificate.. No Company Party shall, nor shall any Subsidiary of any Company Party, use the proceeds of the sale of Purchased Securities hereunder (A) for the purpose of purchasing or carrying of "margin security" or "margin stock" within the meaning of Regulations U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and 224, (B) for the compensation of executive officer and management or to make distributions, or repay Indebtedness owing to, any holder of any Security of the Company or (C) in any manner that might cause the purchase of the Series C Preferred Stock or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) **Promotional Stock Activities**. No Company Party, no Subsidiary of any Company Party and none of their officers, directors, managers, affiliates or agents have engaged in any stock promotional activity that could give rise to a complaint, inquiry, or trading suspension by the SEC alleging (i) a violation of the anti-fraud provisions of the federal securities laws, (ii) violations of the anti-touting provisions, (iii) improper "gun-jumping; or (iv) promotion without proper disclosure of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) **Tax Status**. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company Parties (i) have made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) have paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) have set aside on their respective books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes of any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company Parties know of no basis for any such claim.

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| ![](ex10-4_002.jpg) | <br>- 19 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Seniority**. Except as set forth in the Disclosure Certificate on the date hereof, no Indebtedness or other claim against any Company Party is senior in right of payment or liquidation preference to the Series C Preferred Stock or the obligations associated therewith, whether with respect to dividends, liquidation, dissolution, or otherwise, other than capital lease obligations (which is senior only as to the property covered thereby).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) **AML/CTF Regulations**. The operations of the Company Parties and their Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970 and other applicable money laundering and counter-terrorism financing Regulations (collectively, the "**AML/CTF Regulations**"), and no Proceeding by or before any Governmental Authority involving any Company Party or any Subsidiary of any Company Party with respect to any AML/CTF Regulation is pending or, to the knowledge of any Company Party or any such Subsidiary, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) **Disqualification Events**. No Company Party, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of any Company Party, no beneficial owner of twenty percent (20%) or more of the Company's outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as such term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (as each such term is used and understood in Rule 506(d) of Regulation D under the Securities Act, each a "**Company Covered Person**") is (i) subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) of Regulation D under the Securities Act except for the events listed in Rule 506(d)(2) or (d)(3) of Regulation D under the Securities Act or (ii) is subject to any event that would result in a disciplinary disclosure under Item 11 of Form ADV if such Person was a "supervised person" (as defined for purposes of such Form ADV) of an investment adviser (a "**Disqualification Event**"). The Company has exercised reasonable care to determine whether any Company Covered Person is subject to a Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) **Subsidiary Rights**. Each Company Party has the unrestricted right to vote, and (subject to limitations imposed by applicable Regulation) to receive dividends and distributions on, all capital securities of its Subsidiaries as owned by any Company Party or any Subsidiary of any Company Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) **Shell Company Status.** The Company has never been, and is not presently, an issuer identified as an entity that fits within the definition of "shell company" under Section 12b-2 and Rule 144 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) **Full Disclosure**. All of the disclosures furnished on behalf of, and all of the representations and warranties made by, any Company Party in any Transaction Document and all statements contained in the Disclosure Certificate or any certificate or other document furnished or to be furnished to any Purchaser or any Purchaser Party or their attorneys or advisors pursuant to any Transaction Document are true and correct and none contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. The Company Parties have responded to all questions in the due diligence questionnaire (and any amendment or additional questions or questionnaires) provided by the Initial Purchaser prior to the date hereof completely and truthfully and have provided in response all of the information available to them that would reasonably be qualified as responsive thereto, except where such Company Parties have indicated to the Initial Purchaser that specific information could not be provided and why. The press releases disseminated by the Company Parties during the twelve months preceding the date of this Agreement, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.

**3.2 Representations and Warranties of Each Purchaser**. Each Purchaser, severally and not jointly, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein in which case they shall be accurate as of such date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Organization; Authority**. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, subject only to the Standard Enforceability Exceptions.

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| ![](ex10-4_002.jpg) | <br>- 20 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Own Account**. Such Purchaser understands that the Purchased Securities are "restricted securities" and have not been registered under the Securities Act or any applicable state securities law. Such Purchaser is acquiring the Transaction Securities acquired as of the date this representation is made as principal for its own account, in the ordinary course of business, and not with a view to or for distributing or reselling such securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any such Transaction Security in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of any such Securities in violation of the Securities Act or any applicable state securities law; **provided**, that nothing in this **clause (b)** shall be construed to limit such Purchaser's ability to sell such Securities or to require such Purchaser to hold any such Securities for any minimum or other specific term and such Purchaser reserves the right to dispose of any of such Securities at any time in accordance with an exemption from the registration requirements of the Securities Act and applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Purchaser Status**. At the time such Purchaser was offered or otherwise purchased or acquired the Purchased Securities, it was, and as of the date hereof it is, and on each date on which it converts the Series C Preferred Stock or otherwise acquires Issuable Securities it is and will be, a sophisticated investor accustomed to transactions like the purchase of the Purchased Securities hereunder and an "accredited investor" as defined under the Securities Act and the Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Experience of Such Purchaser**. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment in the Purchased Securities and, at the present time, is able to afford a complete loss of such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **General Solicitation**. Such Purchaser is not acquiring any Purchased Security as a result of any advertisement, article, notice or other communication regarding Purchased Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Certain Transactions and Confidentiality**. Other than consummating the transactions contemplated hereunder, such Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchases or sales, including Short Sales, of the Securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding the foregoing, if such Purchaser is a multi-managed investment vehicle (whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets), the representation set forth above in this **clause (f)** shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to acquire the Purchased Securities covered by this Agreement.

Each Company Party acknowledges and agrees that the representations and warranties of each Purchaser set forth in **Section 3.2** shall not modify, amend or affect any Purchaser's right to rely on the representations and warranties of any Company Party contained in this Agreement or in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transaction contemplated hereby.

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**ARTICLE IV OTHER AGREEMENTS OF THE PARTIES**

**4.1 Transfer Restrictions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transaction Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Transaction Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in **Section 4.1(b)**, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, at the Company's sole expense in the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Transaction Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Purchaser agrees, severally but not jointly, to the imprinting, for as long as is required by this **Section 4.1**, of a legend on all of the Purchased Securities in the following form:

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY [CONVERTIBLE][EXCHANGEABLE] HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR APPLICABLE STATE SECURITIES REGULATIONS, AND, ACCORDINGLY, MAY NOT BE SOLD, OFFERED FOR SALE OR PLEDGED AS SECURITY IN THE ABSENCE OF SUCH REGISTRATION WITHOUT RELIANCE ON AN EXEMPTION UNDER THE SECURITIES ACT AND COMPLIANCE WITH APPLICABLE STATE SECURITIES REGULATIONS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON [CONVERSION] [EXERCISE] OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN FROM AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

The Company acknowledges and agrees that each Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of its Transaction Securities to a financial institution that is a sophisticated investor and an "accredited investor" as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this Agreement and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Transaction Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the Company's expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Transaction Securities may reasonably request in connection with a pledge or transfer of the Transaction Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No certificate evidencing any Transaction Security shall contain any legend (including the legend set forth in **Section 4.1(b)**) in the following cases: (i) while a registration statement covering the resale of such Transaction Security is effective under the Securities Act; (ii) following any sale of such Transaction Security pursuant to Rule 144; (iii) if such Transaction Security is eligible for sale under Rule 144; or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). The Company shall upon request of any Purchaser and at the Company's sole expense cause its counsel (or at such Purchaser's option, exercised in its sole discretion, counsel selected by such Purchaser) to issue a legal opinion to the Transfer Agent promptly after any of the events described in (i)-(iv) in the preceding sentence to effect the removal of any legend (including that described in **Section 4.1(b)**), with a copy to such Purchaser and its broker. If all or any portion of any Purchased Security is converted or exercised, respectively, at a time when there is an effective registration statement to cover the resale of the Issuable Securities, or if any Transaction Security may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC) then such Issuable Security or Transaction Security shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under this **Section 4.1(c)**, it will, no later than two (2) Trading Days following the delivery by any Purchaser to the Company or the Transfer Agent of a certificate representing a Transaction Security issued with a restrictive legend (such second (2<sup>nd</sup>) Trading Day being referred to as the "**Legend Removal Date**" of such Transaction Securities of such Purchaser), instruct the Transfer Agent to deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this **Section 4.1**. Certificates for the Transaction Securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to such Purchaser by crediting the account of such Purchaser's prime broker with the Depository Trust Company System as directed by such Purchaser.

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| ![](ex10-4_002.jpg) | <br>- 22 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In addition to such Purchaser's other available remedies, the Company shall pay to such Purchaser, in cash, as partial liquidated damages and not as a penalty, $1,000 per Trading Day for each Trading Day after the Legend Removal Date for such Transaction Securities of such Purchaser until such certificate is delivered without a legend. Nothing herein shall limit such Purchaser's right to pursue actual damages for the Company's failure to deliver certificates representing any Transaction Securities as required by the Transaction Documents, and each Purchaser shall have, severally and not jointly, the right to pursue all remedies available to it at law or in equity including a decree of specific performance and/or injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Conversion Procedures**. The form of "Notice of Conversion" (each a "**Notice of Conversion**") included in the Series C Preferred Stock of any Purchaser sets forth the totality of the procedures required of such Purchaser in order to convert such Series C Preferred Stock. Without limiting the preceding sentences, no ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be required in order to convert the Series C Preferred Stock. No additional legal opinion, other information or instructions shall be required of any Purchaser to convert the Series C Preferred Stock. The Company shall honor conversions of the Series C Preferred Stock, and shall deliver Transaction Securities in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

**4.2 No Claims Under Stockholder's Rights Plan**. No claim will be made or enforced by any Company Party or, with the consent of any Company Party, by any other Person, that any Purchaser Party is an "acquiring person" (or similar or equivalent term) under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser Party could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Transaction Securities under the Transaction Documents or under any other agreement between the Company and any Purchaser Party.

**4.3 Acknowledgment of Dilution**. The Company acknowledges that the issuance of the Transaction Securities may result in dilution of the outstanding shares of Common Stock, which dilution may be substantial under certain market conditions. The Company further acknowledges that its obligations under the Transaction Documents, including its obligation to issue the Transaction Securities pursuant to the Transaction Documents, are unconditional and absolute and not subject to any right of set off, counterclaim, delay or reduction, regardless of the effect of any such dilution or any claim the Company may have against any Purchaser and regardless of the dilutive effect that such issuance may have on the ownership of the other stockholders of the Company.

**4.4 Integration**. The Company shall not engage in any Sale, offer for Sale or engage in any solicitation of offers to buy, any Security (or otherwise negotiate in respect of any of the foregoing) that would be integrated with (i) the offer or sale of the Transaction Securities in a manner that would require the registration under the Securities Act of the sale of the Transaction Securities or (ii) the offer or sale of the Transaction Securities for purposes of the Regulations of any Trading Market of any Securities of any Company Party in a manner that would require shareholder approval prior to the closing thereof, unless such shareholder approval is obtained before such closing.

**4.5 Reservation and Listing.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall reserve for issuance of the Issuable Securities from its duly authorized Capital Stock a number of shares of Common Stock at least equal to the higher of the Reserve Amount or such amount as may then be required to fulfill its obligations in full under the Transaction Documents. Upon a reverse stock split or increase in the authorized Common Stock of the Company, the Company will immediately instruct the Transfer Agent to reserve at least the new amount applicable under this **Section 4.5(a)** after giving effect to such stock split or increase. In addition, the Company shall update with the Transfer Agent at least monthly the amount reserved pursuant to this **Section 4.5(a)**.

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| ![](ex10-4_002.jpg) | <br>- 23 - |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Reserve Amount on such date, then the Board of Directors shall amend the Company's Articles of Incorporation (or equivalent governing document) to increase the number of authorized but unissued shares of Common Stock to the Reserve Amount at such time, as soon as possible and in any event not later than the 60<sup>th</sup> day after such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, if applicable: (i) in the time and manner required by the Principal Trading Market for the Common Stock, prepare and file with such Principal Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Reserve Amount on the date of such application; (ii) take all steps necessary to cause such shares of Common Stock to be approved for listing or quotation on such Principal Trading Market as soon as possible thereafter; (iii) provide to each Purchaser evidence of such listing or quotation; and (iv) maintain the listing or quotation of such Common Stock on any date at least equal to the Reserve Amount on such date on such Principal Trading Market or any other Trading Market for such Common Stock.

**4.6 Issuances of Variable-Priced Equity-Linked Instruments and Exchanges Transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **No Issuance of Variable-Priced Equity-Linked Instruments.** For as long as any shares of Series C Preferred Stock, Warrant or Obligation remains outstanding, no Company Party shall effect, or enter into any Contractual Obligation to effect, any issuance by any Company Party or any Subsidiary of a Variable-Priced Equity-Linked Instrument. **"Variable-Priced Equity-Linked Instrument"** means (A) any Stock Equivalent convertible into, exercisable or exchangeable for, or carrying the right to receive, shares of Common Stock or any other Securities of any Company Party either (1) at any conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for such Common Stock or Securities at any time after the initial issuance of such Stock Equivalent, or (2) with a conversion, exercise or exchange price that is subject to being reset on more than one occasion at some future date at any time after the initial issuance of such Stock Equivalent due to a change in the market price of such Common Stock or Securities since such initial issuance (other than customary "preemptive" or "participation" rights or "weighted average" or "full-ratchet" anti-dilution provisions or in connection with fixed-price rights offerings and similar transactions), and (B) any amortizing, convertible Stock Equivalent that amortizes prior to its maturity date, where any Company Party is required or has the option to (or any investor in such transaction has the option to require such Company Party to) make such amortization payments in shares of Common Stock or other Securities which are valued at a price that is based upon and/or varies with the trading prices of or quotations for Common Stock or other Securities at any time after such initial issuance of such Stock Equivalent (regardless of whether making such payments in such manner is subject to various conditions). Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any issuance of any Variable-Priced Equity-Linked Instrument (without the need for the posting of any bond or similar item, which the Company hereby expressly and irrevocably waives the requirement for), which remedy shall be in addition to any right to collect damages. Notwithstanding the foregoing, the term "Variable-Priced Equity-Linked Instrument" shall exclude: (i) an Equity Line of Credit extended by Ascent Partners Fund LLC or its designee or affiliate ("Ascent"); and (ii) all Securities to be issued in connection with, or which become issuable as a result of, an additional private placement of preferred stock and warrants by the Company to Ascent concurrently with the Direct Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **No Exchange Transactions.** For as long as any Series C Preferred Stock, Warrant or Obligation remains outstanding, no Company Party, no Related Party of any Company Party will, directly or indirectly (including through agents, contractors, trustees, representatives or advisors): (a) solicit, initiate, encourage or accept any other inquiries, proposals or offers from any Person relating to any exchange (i) of any Security of any Company Party for any other Security of any Company Party, except to the extent consummated pursuant to the terms of Stock Equivalents of the Company as in effect as of the date hereof and disclosed in the Disclosure Certificate on the date hereof or (ii) of any Indebtedness for any Security of, or claim against, any Company Party (any such transaction described in clauses (i) or (ii), an "**Exchange Transaction**"); (b) enter into, effect, alter, amend, announce or recommend to its stockholders any Exchange Transaction with any Person; or (c) participate in any discussions, conversations, negotiations or other communications with any Person regarding any Exchange Transaction, or furnish to any Person any information with respect to any Exchange Transaction, or otherwise cooperate in any way, assist or participate in, facilitate or encourage, any effort or attempt by any Person to seek an Exchange Transaction involving any Company Party. Notwithstanding the foregoing, the definition of "Exchange Transaction" shall not include the conversion of debt to Preferred Shares by Eastward Fund Management, LLC. For as long as any Series C Preferred Stock, Warrant or Obligation remains outstanding, no Company Party and no Related Party of any Company Party, will, either directly or indirectly (including through agents, contractors, trustees, representatives or advisors), cooperate in any way, assist or participate in, facilitate or encourage any effort or attempt by any Person to effect any acquisition of securities or indebtedness of, or claim against, the Company by such Person from an existing holder of such securities, indebtedness or claim in connection with a proposed exchange of such securities or indebtedness of, or claim against, the Company (whether pursuant to Section 3(a)(9) or 3(a)(10) of the Securities Act or otherwise) (a "**Third Party Exchange Transfer**"). The Company Parties and each of their Related Parties shall immediately cease and cause to be terminated all existing discussions, conversations, negotiations and other communications with any Persons with respect to any of the foregoing. For all purposes of this Agreement, violations of the restrictions set forth in this **Section 4.6** by any Company Party, or any Subsidiary or Affiliate of any Company Party, or any officer, employee, director, agent or other representative of any Company Party or any Subsidiary or Affiliates of any Company Party shall be deemed a direct breach of this **Section 4.6** by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **No Other Offerings.** For as long as any share of Series C Preferred Stock, Warrant or Obligation remains outstanding, except with the consent of the Required Purchasers and except for Exempt Issuances, no Company Party shall, without the consent of the Required Purchasers, directly or indirectly, issue, offer, Sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, Sale, grant of any option or right to purchase or other disposition of) any Indebtedness, equity-linked lined of credit, factoring or other financing arrangement or Security (including any "equity security" (as that term is defined under Rule 405 promulgated under the Securities Act), or otherwise amend, modify, waive or alter any terms of conditions of any Security outstanding as of the date hereof to decrease the exercise, conversion and/or exchange price, as applicable, thereunder or otherwise increase the aggregate number of shares of Common Stock issuable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Purchaser shall, severally and not jointly, be entitled to obtain injunctive relief against any Company Party to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Most Favorable Terms.** For so long as any Series C Preferred Stock, Warrant or any Obligation remains outstanding, if the Company grants, issues, Sell or modifies any term of, any Securities or Indebtedness in the future or has entered into on or prior to the date of this Agreement, or shall in the future enter into, any Contractual Obligation with any purchaser or holder of any Securities or Indebtedness of the Company, in each case that provides any purchaser or holder of any such Security or Indebtedness with any term that is more favorable than a term available to the Purchasers in the Transaction Documents, the Company shall notify each Purchaser of such term in writing on or before the date that is three (3) Trading Days after the date of such grant, issuance, Sale or modification or, as the case may be, of execution of such Contractual Obligation, and each Purchaser shall have the right, by notifying the Company of its election to do so, to elect in writing within thirty (30) days of the receipt of such notice to elect to have such terms apply to such Transaction Documents. Upon effective delivery of such notice from a Purchaser, the applicable Transaction Documents shall, automatically and without any further action (and notwithstanding the requirements of **Section 6.3)**, be deemed to be amended to include such more favorable term (and, if applicable, replace any less favorable term). On the next Trading Day following receipt of such notice and request from such Purchaser, the Company shall deliver an acknowledgment of such amendment in form and substance satisfactory to such Purchaser in its sole discretion; **provided**, that the Company's failure to timely provide such acknowledgement shall not change the effectiveness of such amendment.

**4.7 Right of First Refusal.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the next eighteen (18) full calendar months following the Closing, upon any issuance by any Company Party of Common Stock, any other Capital Stock or Stock Equivalents or other Indebtedness or other equity or debt or hybrid securities, including any preferred Capital Stock, Equity Line of Credit and convertible Indebtedness, whether for cash consideration or a combination of units thereof, (a "**Subsequent Financing**"), each Purchaser shall have the right to participate up to its Pro Rata Portion (measured against all Purchasers) of (i) in the case of any issuance qualifying as an Equity Line of Credit, 100% and (ii) otherwise, 33.33% of such issuance (the "**Participation Maximum**") on the same terms, conditions and price provided for in the Subsequent Financing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least three (3) Trading Days (eight (8) hours in case of a Subsequent Financing structured as a public offering or as an "overnight" deal or other similar transaction) prior to the closing of a Subsequent Financing, the Company shall deliver to each Purchaser a written notice of its intention to effect a Subsequent Financing ("**Pre-Notice**"), which Pre-Notice shall ask such Purchaser if it wants to review the details of such financing (each additional notice containing such details, a "**Subsequent Financing Notice**"). The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Persons through or with whom such Subsequent Financing is proposed to be effected, the Pro Rata Portion of the Participation Maximum of such Purchaser, an inquiry as to whether such Purchaser is willing to participate above their Pro Rata Portion (and what is the maximum amount such Purchaser is willing to commit), and shall include a term sheet or similar document relating thereto as an attachment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Purchaser desires to participate in such Subsequent Financing, such Purchaser must provide written notice to the Company within one (1) Trading Day of receipt of the Subsequent Financing Notice (eight (8) hours in the event of a Subsequent Financing structured as a public offering or as an "overnight" deal or other similar transaction) that such Purchaser is willing to participate in the Subsequent Financing, the maximum amount for which such Purchaser would be willing to participate if it is allocated to it (up to the Participation Maximum), and representing and warranting that the Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent Financing Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At first, each Purchaser shall first have the right to purchase its Pro Rata Portion (measured against all Purchasers) of the Participation Maximum. If some Purchasers have declined to participate in such Subsequent Financing, and some portion of the Participation Maximum remains unallocated, each Purchaser having agreed to participate above its current allocation shall be allocated its Pro Rata Portion (measured against all Purchaser having so agreed) of the next dollar – and so on and so forth until the Participation Maximum shall be fully allocated or all Purchasers shall have been given their desired allocation in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The transaction documents related to any Subsequent Financing applicable to any Purchaser participating in such Subsequent Financing shall not include any term or provision whereby such Purchaser shall be required to agree to any restrictions on trading as to any of the Transaction Securities. In addition, the transaction documents related to the Subsequent Financing shall not include any requirement to consent to any amendment to or termination of, or grant any waiver, release or other modification or the like under or in connection with, this Agreement, without the prior written consent of the number of Purchasers required hereunder to consent to this amendment, termination, waiver, consent, release or other modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this **Section 4.7** and unless otherwise agreed to by the applicable Purchaser, the Company shall either confirm in writing to each Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that each Purchaser will not be in possession of any material, non-public information, by the fifth (5<sup>h</sup>) Trading Day following delivery of the Subsequent Financing Notice. If by such fifth (5<sup>th</sup>) Trading Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received by the Purchaser, such transaction shall be deemed to have been abandoned and the Purchaser shall not be deemed to be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing, this **Section 4.7** shall not apply in respect of an Exempt Issuance or to any issuance of "Permitted Debt" (as defined under the Certificate of Designations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Section 4.7 shall terminate if, at the time of the Direct Listing, the Purchaser has not purchased preferred stock of the Company for an aggregate purchase price of at least $5,000,000.

**4.8 Public Disclosures and Notices.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the date of the Direct Listing, the Company covenants to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act once obtained and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time during after the Direct Listing and ending at such time that all of the Transaction Securities have been sold or may be sold by the Purchasers without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company shall fail for any reason to satisfy the current public information requirement under Rule 144(c) (a "**Public Information Failure**") then, in addition to any Purchaser's other available remedies, the Company shall pay to each Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell its Transaction Securities, an amount in cash equal to two percent (2.0%) of the aggregate Purchase Price of such Purchaser's Purchased Securities on the day of a Public Information Failure and on every thirtieth (30<sup>th</sup>) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required for such Purchaser to transfer pursuant to Rule 144 any Transaction Securities. The payments to which such Purchaser shall be entitled pursuant to this **Section 4.8(b)** are referred to herein as "**Public Information Failure Payments**." Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3<sup>rd</sup>) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured. In the event the Company fails to make Public Information Failure Payments when required by the preceding sentence, such Public Information Failure Payments shall bear interest at the rate of two percent (2.0%) per month (accruing and due daily and prorated for partial months) until paid in full. Nothing herein shall limit each Purchaser's right to pursue actual damages for the Public Information Failure, and each Purchaser shall have the right to pursue all remedies available to it at law or in equity including a decree of specific performance and/or injunctive relief and recovery of loss profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall immediately notify each Purchaser in writing of (i) any Disqualification Event relating to any Company Covered Person and (ii) any event that, with the passage of time, would become such a Disqualification Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall immediately notify each Purchaser in writing of the occurrence of any Default, Event of Default and any other failure to comply with any Warrant or any other Transaction Document. Each Company Party shall promptly (and in any event within five (5) Business Days) provide to each Purchaser Party any documents or other information requested by such Purchaser Party to determine compliance with any provision of any Transaction Document.

**4.9 Securities Laws Disclosures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Disclosure of Transaction Documents.** The Company shall publicly disclosure the Transaction Documents by including such Transaction Documents as exhibits to the registration statement for the Direct Listing. The Company represents and warrants to, and agree with, each Purchaser Party that, from and after such disclosure, it shall have publicly disclosed all material, non-public information delivered to any Purchaser Party or their Related Parties (or their respective agents, contractors, trustees, representatives and advisors) by any Company Party (including through agents, contractors, trustees, representatives and advisors) in connection with the transactions contemplated by the Transaction Documents. Thereafter, to the extent any new Transaction Document (including any notice provided thereunder) could be argued to include any material non-public information, the Company shall: (i) prior to the Direct Listing include such Transaction Documents as exhibits to a pre-effective amendment to the registration statement for the Direct Listing; and (ii) from and after the Direct Listing, within two (2) Trading Days disclose such Transaction Document on Form 8-K. From and after such disclosure, the Company represents and warrants to each Purchaser Party that it shall have publicly disclosed (and shall ensure that as part of such disclosure and thereafter it shall publicly disclose within two (2) Trading Days) all material, non-public information delivered to any Purchaser Party or any of their Related Parties (or their respective agents, contractors, trustees, representatives and advisors) by any Company Party or any of their Affiliates or any of their respective Related Parties (or their respective agents, contractors, trustees, representatives and advisors), in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon such disclosure, any and all confidentiality or similar obligations under any Contractual Obligation, whether written or oral, between any Company Party, any of their Affiliates or any of their respective Related Parties (or their respective agents, contractors, trustees, representatives and advisors), on the one hand, and any Purchaser Party or any of their Related Parties (or their respective agents, contractors, trustees, representatives and advisors), on the other hand, shall immediately terminate and, from and after such disclosure, no such obligations shall be valid, even if entered into after the date of this Agreement (unless such obligation specifically mentions and refers to this **clause (a)** as inapplicable in a writing signed by such Purchaser Party), including "click through" agreements and confidentiality clauses incorporated in larger agreements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Financing Statements and Other Periodic Filings.** From and after the date the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall timely file all reports, schedules, forms, statements, and other documents required to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, taking into account any extensions of time duly granted by the SEC (the foregoing materials, including any exhibits and documents incorporated by reference therein, and including any registration statements and prospectuses, collectively, the "SEC Reports"). All SEC Reports shall comply in all material respects with the requirements of the Securities Act and the Exchange Act and shall not, when filed (or, if amended or supplemented, then as of the date of such amendment or supplement), contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made. The financial statements and other financial data included in the SEC Reports shall comply in all material respects with applicable accounting requirements and SEC rules and regulations and shall fairly present in all material respects the consolidated financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of the dates and for the periods indicated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investor Access. For so long as any Initial Purchaser holds any securities of the Company, the Company shall deliver to such Initial Purchaser, upon request, copies of its Financial Statements (including quarterly and annual financial statements), and such other material financial or corporate information reasonably requested by such Initial Purchaser. If the Company becomes subject to SEC reporting obligations, it shall be deemed to have satisfied such delivery obligations to the extent such materials are made publicly available on the SEC's EDGAR website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Private Transaction.** This is a private transaction negotiated with, and tailored to, each Purchaser and no Securities were offered or sold to any Purchaser by means of any form of general solicitation or general advertising. This transaction does not rely on Regulation D under the Securities Act (and, therefore, the Company does not intend or need to file a Form D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Press Releases.** The Company and the Initial Purchasers shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and no Company Party or Initial Purchaser shall issue any such press release nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Initial Purchaser, or without the prior consent of the Initial Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by Regulation, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Irrespective of the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the SEC or any Trading Market or any other Governmental Authority, without the prior written consent of such Purchaser, except as required by Regulations, in which case the Company shall provide to such Purchaser prior notice of such disclosure permitted under this **clause (d)**.

**4.10 Custodians; Freely Tradeable and Trading Markets Listing**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **DWAC.** The Company shall ensure that its shares of Common Stock are and remain eligible for the "Deposit and Withdrawal at Custodian" (DWAC) service of the Deposit Trust Corporation and not subject to any restriction or limitation imposed by or on behalf of the Deposit Trust Corporation on any of its services or any other restriction or limitation on the use of the services provided by the Deposit Trust Corporation (DTC chill).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Freely Tradeable.** The Company shall ensure that all Issuable Securities are "freely tradeable" following the consummation of the Direct Listing. For the purposes of this **Section 4.10(b)**, such shares shall be deemed "**freely tradeable**" if such shares are eligible for resale pursuant to (i) Rule 144 (provided the Company is compliant with its current public information requirements) promulgated by the SEC pursuant to the Securities Act or such shares are the subject of a then effective registration statement or (ii) an effective "shelf" or resale registration statement under the Securities Act, in customary form, is effective under the Securities Act, registering the resale of such Transaction Securities by such security holder and names such holder as a selling security holder thereunder, and such registration statement is reasonably acceptable such holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Trading Markets.** Following the consummation of the Direct Listing, the Company shall use its best efforts to ensure that all Issuable Securities are listed or quoted for uninterrupted trading on a Trading Market.

**4.11 Trading Activities of Purchasers**. Anything in this Agreement or elsewhere herein to the contrary notwithstanding, it is understood and acknowledged by the Company that (i) no Purchaser has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling Transaction Securities of the Company or from entering into Short Sales or Derivatives based on securities issued by the Company or to hold the Transaction Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including Short Sales or Derivatives, before or after the Closing, as well as the closing of any future private placement transactions, may negatively impact the market price of the Company's publicly-traded securities, (iii) each Purchaser, and counter-parties in Derivatives to which any Purchaser is a party, directly or indirectly, may presently have a "short" position in the shares of Common Stock and (iv) no Purchaser shall be deemed to have any affiliation with or control over any arm's length counter-party in any Derivative. The Company further understands and acknowledges that (y) each Purchaser may engage in hedging activities at various times during the period that the Transaction Securities are outstanding, including, during the periods that the value of the Issuable Securities deliverable with respect to Transaction Securities are being determined, and (z) such hedging activities (if any) could reduce the value of the existing stockholders' equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities and Derivatives do not constitute a breach of any of the Transaction Documents.

**4.12 Material Non-Public Information**. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, each Company Party covenants and agrees that neither it, nor any of its Affiliates, nor any other Person acting on its behalf, will provide any Purchaser, any Purchaser Party or their respective agents or counsel with any information that any Company Party believes constitutes material non-public information, unless prior thereto such information is disclosed to the public, or such Purchaser shall have entered into a written agreement with the Company regarding the confidentiality and use of such information. There has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control (as each such term is defined in the Certificate of Designations) that has not been consummated. No Purchaser has been provided by any Company Party or any Related Party of any Company Party any information, that constitutes, or may constitute, material non-public information with respect to any Company Party. The Company understands and confirms that each Purchaser shall be relying on the foregoing representations, warranties and covenants in effecting transactions in securities of the Company.

**4.13 Credit Reports and Inquiries**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Credit Reports.** Each Company Party authorizes the Purchaser Parties, their agents and representatives and any credit reporting agency engaged by any Purchaser Party, to (i) investigate any references given or any other statements or data obtained from or about the Company Parties for the purpose of the Transaction Documents, (ii) obtain consumer business credit reports on the Company Parties, (iii) contact personal and business references provided by any Company Parties, at any time now or for so long as any amounts remains unpaid under the Transaction Documents, and (iv) share information regarding the Company Parties' performance under this Agreement with affiliates and unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Credit Inquiries.** Each Company Party hereby authorizes the Purchasers (but they shall have no obligation) to respond to usual and customary credit inquiries from third parties concerning any Company Party.

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**4.14 Indemnification of Each Purchaser Party**. Each Company Party shall, jointly and severally, indemnify against, and hold harmless from, each Purchaser, its Related Parties, each Person who controls any of them (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and their agents, contractors, trustees, representatives and advisors (each, a "**Purchaser Party**") any and all Losses that any Purchaser Party may suffer or incur as a result of or relating to any of the following: (a) the execution, existence, administration, performance or enforcement by any Purchaser Party of any of the Transaction Documents or consummation of any transaction described therein, including any real or alleged untrue statement of a material fact, or real or alleged omission of any material fact, in any SEC Report, including any registration statement, or any prospectus or any amendment or supplement thereto, (b) the existence of, perfection of, a Lien upon or the Sale or collection of, or any other damage, Loss, failure to return or other realization upon any collateral, (c) any representation or warranty of any Company Party or any of their Related Parties in any Transaction Document being untrue when made or the failure of any Company Party or any of their Related Parties (whether directly or through their agents, contractors, trustees, representatives and advisors) to observe, perform or discharge any of the covenants or duties under any of the Transaction Documents, or (d) any Proceeding, whether or not any Purchaser Party is a party thereto (including Proceedings instituted by any Governmental Authority or any holder of any equity interest in, or other direct or indirect investor in, the Company who is not an Affiliate of such Purchaser Party) with respect to any of the Transaction Documents or the transactions contemplated therein. Additionally, if any Taxes (excluding Taxes imposed upon or measured solely by the net income of the recipient of any payment made under any Transaction Document, but including any intangibles tax, stamp tax, recording tax or franchise tax) shall be imposed on any Company Party or Purchaser Party, whether or not lawfully payable, on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording of any of the other Transaction Documents, or the creation or repayment of any of obligations hereunder, by reason of any applicable Regulations now or hereafter in effect, each Company Party shall, jointly and severally, pay (or shall promptly reimburse such Purchaser Party for the payment of) all such Taxes, including any interest, penalties, expenses and other Losses with respect thereto), and will indemnify and hold the Purchaser Parties harmless from and against all Losses arising therefrom or in connection therewith. **The foregoing indemnities shall not apply to Losses (x) incurred by any Purchaser Party as a result of its own gross negligence or willful misconduct as determined by a final non-appealable order of a court of competent jurisdiction or (y) incurred by any Purchaser Party and directly and solely caused by the Company Parties including in SEC Reports or any prospectus or any amendment or supplement thereto information about such Purchaser Party provided by such Purchaser Party and approved by such Purchaser Party for inclusion in such filing.** Notwithstanding anything to the contrary in any Transaction Document, the obligations of the Company Parties with respect to each indemnity given by them in this Agreement or any of the other Transaction Documents in favor of the Purchaser Parties shall survive the termination of this Agreement. The indemnification required by this **Section 4.14** shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnification contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against any Company Party or others and any liabilities any Company Party may be subject to pursuant to any Regulation.

**ARTICLE V [RESERVED]**

**ARTICLE VI MISCELLANEOUS**

**6.1 Termination and Survival**. This Agreement may be terminated by each Purchaser, as to the Purchaser's obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the Company and the other Purchasers, if the Closing has not occurred on or before the tenth (10<sup>th</sup>) Business Day following the date hereof. Termination of this Agreement will not affect the right of any party to sue for any breach by any other party (or parties) prior to such termination. The representations and warranties, covenants and other provisions hereof shall survive the Closing and the delivery of the Purchased Securities. Notwithstanding any termination of any Transaction Document, the reimbursement and indemnities to which the Purchaser Parties are entitled under the provisions of any Transaction Document shall continue in full force and effect and shall protect the Purchaser Parties against events arising after such termination as well as before.

**6.2 Fees and Expenses**. Whether or not the transactions contemplated hereby shall be consummated or any Purchased Securities shall be purchased, the Company agrees to pay promptly to each Purchaser Party, or reimburse each Purchaser Party for, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of any Transaction Document and the transfer of any Transaction Security in connection therewith and the consummation of the other transactions contemplated thereby, in each case on or about the Closing Date, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the actual and reasonable costs, fees and expenses of negotiation, preparation, execution and closing of any Transaction Document and the issuance, delivery and transfer of any Transaction Security in connection therewith and the consummation of the other transactions contemplated thereby, in each case after the Closing Date, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all the costs, fees and expenses of preparation, printing and distribution of any registration statement or prospectus for any Transaction Securities, of any other registration statement or prospectus, of any amendment or supplement to any of the foregoing, or of the Transfer Agent (including any fees required for same-day processing of any instruction letter delivered by the Company and any Notice of Conversion, exercise notice or other Transaction Document delivered after the Closing by any Purchaser Party) and all other costs and expenses (including stamp taxes and other taxes and duties levied) incurred in connection with the delivery to, or exercise or conversion by, any Purchaser of any Transaction Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all the actual and reasonable costs, fees and expenses of administration of the Transaction Documents, including the transfer of the Transaction Securities to the Purchasers and the removal of any legend thereon, and preparation, execution and closing of any consents, amendments, waivers or other modifications thereto, including the reasonable fees, expenses and disbursements of counsel to such Purchaser Party in connection therewith and in connection with any other documents or matters requested by such Company Party (including through agents, contractors, trustees, representatives and advisors) or otherwise prepared or delivered in connection with any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all the actual and reasonable costs, fees, expenses and disbursements of any auditors, accountants, consultants or appraisers used in connection with the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all actual documented costs, fees and expenses (including the fees, expenses and disbursements of any appraisers, consultants, legal counsel, including allocated costs of internal counsel, advisors and agents employed or retained by such Purchaser Party) and costs of settlement, incurred by any Purchaser Party in enforcing any obligation owed hereunder or under the other Transaction Documents. or in collecting any payments due from any Company Party hereunder or under the other Transaction Documents (including in connection with the sale of, collection from, or other realization upon any collateral or the enforcement of any guaranty) or in any other Proceeding hereunder or under any Transaction Document (including the costs, fees and expenses of any investment bank hired pursuant to any dispute resolution provision of the Certificate of Designations) or in connection with any negotiations, reviews, refinancing or restructuring of the credit arrangements provided hereunder, including in the nature of a "work out" or pursuant to any insolvency or bankruptcy Proceedings.

The foregoing shall be in addition to, and shall not be construed to limit, any other provisions of the Transaction Documents regarding indemnification and costs and expenses to be paid by the Company Parties.

**6.3 Modifications and Signatures**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Entire Agreement.** This Agreement and the other Transaction Documents contain and constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, and understandings, whether written or oral, of the parties hereto, which the parties acknowledge have been merged into such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Amendments**. No amendment, modification or termination of any provision of this Agreement or any other Transaction Document shall be effective without the written consent of the Company and the Required Purchasers (or such other number of Purchasers as expressly stated in other provisions of the Transaction Documents); **provided**, that (i) if any such amendment, modification or termination disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of holders of a majority of the Series C Preferred Stock held by such disproportionately impacted Purchaser (or group of Purchasers) shall also be required and (ii) this clause (b) may only be modified with the consent of all Purchasers. No waiver or consent shall be effective against any party unless given in writing by such party and then any such waiver shall then be effective only in the specific instance and for the specific purpose for which it was given. Where the consent or waiver of the Purchasers generally (and not each Purchaser) is required, it may be given by the Required Purchasers. Any modification effected in accordance with accordance with this **Section 6.3(b)** shall be binding upon each Purchaser and holder of Purchased Securities and the Company Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Beneficiaries; Successors and Assigns.** Except as otherwise expressly provided in any other Transaction Document with respect to such Transaction Document, this Agreement and the other Transaction Documents shall bind and inure solely to the benefit of the Company Parties, the other Purchaser Parties, and their respective successors and, if permitted, assigns; **provided**, that no Company Party may assign any part of this Agreement or any other Transaction Document, or any right, obligation, benefit, title or interest hereunder or thereunder, without the Required Purchasers' prior written consents and any assignment done without such consents shall be void *ab initio*. Unless otherwise expressly provided in any Transaction Document, each Purchaser may Sell, or Sell, issue, negotiate or grant participations in, all or any part of any right, obligation, benefit, title or interest under, including any remedy under, any Transaction Security or Transaction Document without the consent of any Company Party; **provided**, that any transferee of the Purchased Securities shall agree in a writing for the benefit of the Company Parties to be bound, with respect to such transferred Purchased Securities, by the provisions of the Transaction Documents that apply to "Purchasers" (and any attempt to effect such transfer without securing such agreement shall be null and void but any such agreement shall be effective to make such transferee a party to this Agreement as a Purchaser and to be bound by, and benefit from, the provisions of this Agreement applying to a Purchaser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **No Implied Waivers or Notice Rights***.* No notice to or demand on any Company Party, whether or not in any Proceeding, pursuant to any Transaction Document shall entitle any Company Party to any other or further notice (except as specifically required hereunder or under any other Transaction Document) or demand in similar or other circumstances. The failure by any Purchaser Party at any time or times to require strict performance by any Company Party of any provision of this Agreement or any of the other Transaction Documents or the granting of any waiver or indulgence shall not waive, affect or otherwise diminish any right of any Purchaser Party thereafter to demand strict compliance and performance with such provision, shall not affect, or operate a waiver under, any other provision of any Transaction Document (except as specifically mentioned) and shall not constitute a course of dealing by such Purchaser Party at variance with the terms of this Agreement or any other Transaction Document (and therefore, among other things, shall not be construed to require any notice by such Purchaser Party of its intent to require strict adherence to the terms of such Transaction Document in the future). No waiver of any Default or Event of Default or any default under or breach of any provision, condition or requirement of this Agreement or any other Transaction Document shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. None of the foregoing actions shall in any way affect the ability of each Purchaser Party, in its discretion, to exercise any rights available to it under this Agreement, the other Transaction Documents or under applicable Regulations, except as specifically agreed in any written waiver or other modification made in accordance with accordance with this **Section 6.3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Counterparts**. This Agreement and each Transaction Document may be executed in counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and both of which, when taken together, shall constitute but one and the same Agreement. In proving this Agreement in any Proceedings, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom such enforcement is sought. Delivery of an executed signature page of this Agreement and each other Transaction Document by email or other electronic transmission shall be as effective as delivery of a manually executed counterpart by hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Electronic Signatures***.* Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Agreement or in any other Transaction Document are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including emailed electronic signatures. The Company expressly agrees that this Agreement and all other Transaction Documents are "transferable records" as defined in applicable Regulations relating to electronic transaction and that it may be created, authenticated, stored, transmitted and transferred in a manner consistent with and permitted by such applicable Regulations.

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**6.4 Notices.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices, requests, demands, and other communications to either party hereto given under this Agreement or any other Transaction Document shall be in writing (including email) and shall be given to such party at the physical address or send to the email address set forth in the signature pages hereof or at such other physical address or email address as such party may hereafter specify for the purpose of notice to the Purchasers and the Company in accordance with the provisions of this **Section 6.4**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each such notice, request or other communication shall be effective (i) if given by mail, three (3) Business Days after such communication is deposited in the U.S. Mail with first class postage pre-paid, addressed to the noticed party at the address specified herein, (ii) if by nationally recognized overnight courier, when delivered with receipt acknowledged in writing by the noticed party, (iii) if given by personal delivery, when duly delivered with receipt acknowledged in writing by the noticed party or (iv) if given by email, when delivered (receipt by the sender of a receipt using the "return receipt" function or receipt of a reply email being presumptive evidence of receipt thereof); **provided**, that if such email is not sent prior to the last trading hour of the Principal Trading Market of the Transaction Securities on a Trading Day, such email shall be deemed to have been sent at the opening of trading on the next Trading Day for such Principal Trading Market. Any notice that must be given **"promptly"** or **"immediately"** shall be given by email. Any written notice, request or demand that is not sent in conformity with the provisions hereof shall nevertheless be effective on the date that such notice, request or demand is actually received by the individual to whose attention at the noticed party such notice, request or demand is required to be sent.

**6.5 Set-Off**. In addition to any rights now or hereafter granted under applicable Regulations and not by way of limitation of any such rights, each Purchaser Party is hereby authorized by the Company Parties at any time or from time to time, without notice or demand to any Company Party or to any other Person, any such notice or demand being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, time or demand, provisional or final, including indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other indebtedness or other amounts at any time held or owing by such Company Party to or for the credit or the account of any Company Party or any of their Related Parties against and on account of any amounts due by any Company Party or any of their Related Parties to any Purchaser Party under any Transaction Documents (including from the purchase price to be disbursed hereunder for the purchase of the Purchased Securities), irrespective of whether or not such amounts are then due and payable or are contingent or unmatured. If, as a result of such set off, appropriate or application, such Purchaser Party receives more than it is owed under any Transaction Document, it shall hold such amounts in trust for the other Purchaser Parties and transfer such amounts to the other Purchaser Parties ratably according to the amounts they are owed on the date of receipt.

**6.6 Governing Law; Courts.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Except as otherwise expressly provided in any other Transaction Document, this Agreement, the other Transaction Documents and all claims, disputes, Proceedings, and matters related hereto or thereto or arising hereunder or thereunder or arising from or relating to the relationship among any of the parties hereto or thereto, are governed by, and shall be construed, interpreted and enforced exclusively in accordance with, the laws of the State of Delaware (without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Any such Proceeding shall be brought exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan.** Each Company Party (i) accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of such courts, (ii) irrevocably and unconditionally waives any objection, including any objection to the laying of venue, whether based on the grounds of *forum non conveniens* or on the fact that such jurisdiction is improper or otherwise, or any other objection that such party is not subject to the jurisdiction of such courts, that it may now or hereafter have to the bringing of any Proceeding in that jurisdiction, (iii) irrevocably and unconditionally consents to the service of process of any court referred to above in any Proceeding by the mailing of copies of the process to the parties hereto as provided in **Section 6.4** and (iv) irrevocably and unconditionally agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Service effected as provided in this manner will become effective ten (10) calendar days after the mailing of the process. Notwithstanding the foregoing, nothing contained in any Transaction Document shall affect the right of any Purchaser Party to serve process in any other manner permitted by applicable Regulations or commence Proceedings or otherwise proceed against any Company Party in any other jurisdiction.

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**6.7 Severability**. Any provision of any Transaction Document being held illegal, invalid or unenforceable in any jurisdiction shall not affect any part of such provision not held illegal, invalid or unenforceable, any other provision of any Transaction Document or any part of such provision in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby or thereby is not affected in any manner adverse to any party. In addition, upon any determination that any such term or other provision is invalid, illegal or incapable of being enforced, the parties hereto will negotiate in good faith to modify the relevant Transaction Document so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.

**6.8 Rescission and Withdrawal Right**. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser Party exercises a right, election, demand or option under a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser Party may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights; **provided**, that, in the case of a rescission by any Purchaser of a conversion or exercise of any Transaction Security, such Purchaser shall be required to return any Issuable Security subject to such rescinded conversion or exercise.

**6.9 Replacement of Certificates**. If any certificate or instrument evidencing any Transaction Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Transaction Securities.

**6.10 Remedies.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each Purchaser (severally and not jointly) and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Company Party shall fail to discharge any covenant, duty or obligation hereunder or under any of the other Transaction Documents, each Purchaser may, in its discretion at any time, for the account and at the expense of the Company Parties jointly and severally, pay any amount or do any act required of such Company Party hereunder or under any of the other Transaction Documents or otherwise lawfully requested by any Purchaser (including buying-in Transaction Securities in the Principal Trading Market of such Transaction Securities in case of failure by the Company to deliver Transaction Securities). All fees, costs and expenses incurred by any Purchaser in connection with the taking of any such action shall be reimbursed to such Purchaser by the Company Parties, jointly and severally, on demand, with interest at the highest interest rate that may be applicable, whether in the absence or during an Event of Default, to amounts due under the Transaction Documents from the date such payment is made or such costs or expenses are incurred to the date of payment thereof. Any payment made or other action taken by any Purchaser under this **clause (b)** shall be without prejudice to any right to assert, and without waiver of, any breach of any Transaction Document and without prejudice to any Purchaser Party's right to proceed thereafter as provided herein or in any of the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The remedies provided in this Agreement and all other Transaction Documents shall be cumulative and in addition to all other remedies available under any Transaction Document, whether at law or in equity (including a decree of specific performance and/or other injunctive relief).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in any Transaction Document shall limit any Purchaser Party's rights to pursue actual and consequential damages for any failure by any Company Party to comply with the terms of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Company Party acknowledges and agrees that any Event of Default will cause irreparable harm to each Purchaser Party and the remedy at law for any such breach may be inadequate. Therefore, in the event of any such Event of Default, each such Purchaser Party shall be entitled, in addition to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and without any bond or other security being required.

**6.11 Marshaling; Payment Set Aside**. No Purchaser Party shall be under any obligation to marshal any property in favor of any Company Party or any other party or against or in payment of any amount due under any Transaction Document. To the extent that any Company Party makes a payment or payments to any Purchaser Party pursuant to any Transaction Document or any Purchaser Party enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to any Company Party, a trustee, receiver or any other Person under any Regulation (including any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied, the Obligations repaid, the Transaction Documents and all Liens, rights and remedies thereunder, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

**6.12 Usury**. To the extent it may lawfully do so, each Company Party hereby agrees not to insist upon or plead or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, usury laws wherever enacted, now or at any time hereafter in force, in connection with any Proceeding that may be brought by any Purchaser Party in order to enforce any right or remedy under any Transaction Document. Notwithstanding any provision to the contrary contained in any Transaction Document, it is expressly agreed and provided that the total liability of each Company Party under the Transaction Documents for payments in the nature of interest shall not exceed the maximum lawful rate authorized under applicable Regulations (the "**Maximum Rate**") and, without limiting the foregoing, in no event shall any rate of interest or default interest, or both of them, when aggregated with any other sums in the nature of interest that any Company Party may be obligated to pay under the Transaction Documents exceed such Maximum Rate. It is agreed that if the maximum contract rate of interest allowed by law and applicable to the Transaction Documents is increased or decreased by statute or any official governmental action subsequent to the date hereof, the new maximum contract rate of interest allowed by law will be the Maximum Rate applicable to the Transaction Documents from the effective date thereof forward, unless such application is precluded by applicable Regulations. If under any circumstances whatsoever, interest in excess of the Maximum Rate is paid by any Company Party to any Purchaser Party with respect to any Obligation, such excess shall be applied by such Purchaser Party to any outstanding Obligation or be refunded to the Company, the manner of handling such excess to be at the election of the Purchaser Party.

**6.13 Liquidated Damages**. The Company's obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

**6.14 Further Assurances**. The Company Parties agree to take such further actions as each Purchaser shall reasonably request from time to time in connection herewith to evidence, give effect to or carry out this Agreement and the other Transaction Documents and any of the transactions contemplated hereby or thereby.

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**6.15 Interpretation**. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of any Transaction Document. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement. Except as otherwise expressly provided in any Transaction Document, if the last or appointed day for a payment, the taking of any action or the expiration of any right required or granted under any Transaction Document shall not be a Business Day, then such payment may be made, such action may be taken or such right may be exercised on the next succeeding Business Day. As used in any Transaction Document, references to the singular will include the plural and vice versa and references to the masculine gender will include the feminine and neuter genders and vice versa, as appropriate. When used in any Transaction Document, unless otherwise expressly provided in such Transaction Document, (a) the words "**hereof**," "**herein**" and "**hereunder**" and words of similar import refer to such Transaction Document as a whole and not to any particular provision of such Transaction Document, (b) recital, article, section, subsection, schedule and exhibit references are references with respect to such Transaction Document unless otherwise specified, (c) any reference to any agreement shall include a reference to all recitals, appendices, exhibits and schedules to such agreement and, unless the prior written consent of any party is required hereunder and is not obtained, shall be a reference to such agreement as waived, amended, restated, supplemented or otherwise modified and (d) any reference to a specific Regulation shall be to such Regulation, as modified from time to time, together with any successor or replacement Regulation, in each case as in effect at the time of determination. Unless the context otherwise requires, when used in any Transaction Document, the following terms have the following meaning: (t) "**asset**" and "**property**" have the same meaning and mean, "collectively, all rights and interests in tangible and intangible assets and properties, whether real, personal or mixed and including cash, capital stock, revenues, accounts, leasehold interests, contract rights and other rights under Permits and Contractual Obligations," (u) "**documents**" and "**documentation**" have the same meaning and mean "collectively, all documents, drafts, instruments, agreements, indentures, certificates, forms, opinions, powers of attorney, notices, summons, reports, financial statements and other writings, however evidenced, whether in physical or electronic form," (v) "**execution**," "**signed**," "**signature**" and words of like import shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Regulation, including the Federal Electronic Signatures in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act and any other similar state Regulation based on the Uniform Electronic Transactions Act, (w) "**incur**" means incur, create, make, issue, assume or otherwise become or remain directly or indirectly liable in respect of or responsible for, in each case whether directly or indirectly, as primary obligor or guarantor or endorser, and the terms "**incurrence**" and "**incurred**" and similar derivatives shall have correlative meanings, (x) "**including**" means "including, without limitation," (y) "**knowledge**" of the any Company Party means the best knowledge of any officer, director or employee of such Company Party after due inquiry and (z) "**ordinary course of business**" means in the ordinary course of business, as conducted on the date hereof, consistent with past practices reflected in written disclosures made on or prior to the date hereof in accordance with this Agreement, together with such changes thereto as may be approved by the Required Purchasers in their sole discretion. The headings in this Agreement are included for convenience of reference only and will not affect in any way the meaning or interpretation of this Agreement. All references in this Agreement or any other Transaction Document to statutes and regulations shall include all amendments of same and implementing regulations and any successor statutes and regulations; to any instrument or agreement (including any of the Transaction Documents) shall include any and all modifications and supplements thereto and any and all restatements, extensions or renewals thereof to the extent such modifications, supplements, restatements, extensions or renewals of any such documents are permitted by the terms hereof and thereof. An Event of Default shall be deemed to exist at all times during the period commencing on the date that such Event of Default occurs to the date on which such Event of Default is waived in writing pursuant to the Transaction Documents. Whenever in any provision of any Transaction Document, any Purchaser is authorized to take or decline to take any action (including making any determination) in the exercise of its "**discretion**," such provision shall be understood to mean that such Purchaser may take or refrain to take such action in its sole discretion. References to times of the day in any Transaction Document shall refer to Eastern Time. In the computation of periods of time from a specified date to a later specified date, the word "**from**" means "from and including," the words "**to**" and "**until**" each mean "to but excluding" and the word "**through**" means "to and including." Time is of the essence of this Agreement and the other Transaction Documents. No provision of this Agreement or any of the other Transaction Documents shall be construed against or interpreted to the disadvantage of any party hereto by any Governmental Authority by reason of such party having or being deemed to have structured, drafted or dictated such provision. "**month**" (but not "calendar month") means each period from a date of determination to the day in the next calendar month numerically-corresponding to such date (**provided,** that, if such calendar month does not have any such numerically-corresponding day, such numerically-corresponding day shall be deemed to be the last day of such calendar month). The reporting entity relied upon for the determination of trading price and trading volume shall be Bloomberg, L.P.

**6.16 Waiver of Jury Trial and Certain Other Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **The parties hereto hereby irrevocably and unconditionally waive, to the fullest extent permitted by applicable Regulations, any right that they may have to trial by jury of any claim or cause of action or in any Proceeding, directly or indirectly based upon or arising out of, under or in connection with, this Agreement or any Transaction Document or the transactions contemplated therein or related thereto (whether founded in contract, tort or any other theory). Each party hereto (a) certifies that no other party, no Purchaser Party and no Affiliate of any of them and no attorney, agent or other representative of any of the foregoing has represented, expressly or otherwise, that any Person would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties have been induced to enter into this Agreement and the other Transaction Documents by, among other things, the mutual waivers and certifications in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Company Party acknowledges and agrees that the foregoing waivers are a material inducement to the Purchasers to enter into and accept this Agreement. Each Company Party has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial rights following consultation with such legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. This **Section 6.16** shall not restrict a party from exercising remedies under the UCC or from exercising pre- or post-judgment remedies under applicable Regulations.

***[*** ***Signature Pages Follow]***

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**In witness whereof**, each of the undersigned has duly executed this Agreement as of the date first written above.

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| | | Address for Notices: |
|  |  | 18 West 18th Street, 6th Floor |
|  |  | New York, NY 10011 |
| By: | */s/ Doron Kempel* | Email: Doron.Kempel@ourbond.com |
| Name: | Doron Kempel |  |
| Title: | CEO |  |

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***[*** ***Signature Pages for Initial Purchaser Follow]***

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| ![](ex10-4_002.jpg) | <br>- 37 - |

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| **ASCENT PARTNERS FUND LLC**, | **ASCENT PARTNERS FUND LLC**, |
| as Purchaser | as Purchaser |
| By: | /s/ Mikhail Gurevich |
| Name: | Mikhail Gurevich |
| Title: | Authorized Person |

---

---

| |
|:---|
| Address for Notices: |
| 19505 Biscayne Blvd., Suite 2350 |
| Aventura, FL 33180 |
| legal@ascentpartnersllc.com |

---

**SECURITIES PURCHASE AGREEMENT**

![](ex10-4_002.jpg)

![](ex10-4_001.jpg)

**SCHEDULE I**

**PURCHASERS**

---

| | | | |
|:---|:---|:---|:---|
| **Purchaser** | **Shares of Series C Preferred Stock** | **Warrants<br> (Number)** | **Series C Preferred Stock and Warrants<br> (Purchase Price)** |
| **Ascent Partners Fund LLC** | 329671 | 4000000 | $3000000 |

---

**SECURITIES PURCHASE AGREEMENT**

![](ex10-4_001.jpg)

**EXHIBIT A**

**FORM OF CERTIFICATE OF DESIGNATIONS**

**SECURITIES PURCHASE AGREEMENT**

![](ex10-4_001.jpg)

**EXHIBIT B**

**FORM OF WARRANTS**

**SECURITIES PURCHASE AGREEMENT**

![](ex10-4_001.jpg)

**EXHIBIT C**

**FORM OF REGISTRATION RIGHTS AGREEMENT**

**SECURITIES PURCHASE AGREEMENT**

**EXHIBIT D**

**FORM OF LOCK-UP AGREEMENT**

**SECURITIES PURCHASE AGREEMENT**

![](ex10-4_001.jpg)

**EXHIBIT E**

**FORM OF TRANSFER AGENT INSTRUCTION LETTER**

**SECURITIES PURCHASE AGREEMENT**

## Exhibit 10.5

**Exhibit 10.5**

TG-17, Inc.

August 15th, 2018

Doron Kempel

766 Chestnut St.

Needham, MA 02492

Dear Doron,

TG-17, Inc. (the "Company") is pleased to offer you this offer of employment on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Position.** Your initial title will be CEO. This is a full-time position. You will be expected to perform duties as are normally associated with your position and such duties as are assigned to you from time to time, subject to the oversight and direction of your manager. The Company may change your position and duties from time to time in its discretion. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that is competitive with the Company or would create a conflict of interest with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Salary.** Upon your commencement of employment, the Company will pay you a starting annual salary at the rate of $25,000 per year, payable in accordance with the Company's standard payroll schedule. This salary will be subject to adjustment pursuant to the Company's employee compensation policies in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Employee Benefits.** As a regular full-time employee of the Company, you will be eligible to participate in the Company-sponsored benefit plans in accordance with the terms of such plans when established. In addition, you will be entitled to paid vacation in accordance with the Company's vacation policy, as in effect from time to time. The Company may modify benefits from time to time, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Proprietary Information and Inventions Agreement.** Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company's standard Proprietary Information and Inventions Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Employment Relationship.** Employment with the Company is for no specific period of time. Your employment with the Company will be "at will," meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Tax Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Withholding.** All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Tax Advice.** You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Interpretation, Amendment and Enforcement.** 1bis letter agreement, along with the PIIA to be executed prior to commencement of employment, constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the "Disputes") will be governed by Massachusetts law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in Massachusetts in connection with any Dispute or any claim related to any Dispute.

\* \* \* \* \*

In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. By accepting this offer, you confirm that you are able to accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities, such as restrictions imposed by any party including, a current or former employer. You also represent that you have informed the Company of any such restrictions and provided the Company with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities. You further confirm that you have not removed or taken (and will not remove or take) any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer or any other person to whom you have an obligation of confidentiality to the Company without their prior written authorization. If you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.

\* \* \* \* \*

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating the enclosed original of this letter agreement, and return to paul.morin@TG-17.com. This offer, if not accepted, will expire on **August 16, 2018_at** 5:00 pm ET. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States, including your completion of Section l of Form 1-9 (Employment Eligibility Verification). Your employment is also contingent upon your starting work with the Company **on or before August 16, 2018.**

If you have any questions, please feel free to contact me via email or phone at 917-767-1099.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| TG-17, INC. | TG-17, INC. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | Chief Executive Officer |

---

I have read and accept this employment offer:

---

| | |
|:---|:---|
| By: | */s/ Doron Kempel* |
|  | Doron Kempel |
| Date: | August 15, 2018 |

---

 ****

 ****

---

| | |
|:---|:---|
| **From:** | Doron Kempel |
| **Sent:** | Thursday, December 29, 2022 11:44 AM |
| **To:** | Yvette Mueller |
| **Cc:** | Amit Hod |
| **Subject:** | Re: Change in Salary for 2023 |

---

Thank you very much Approved

Doron

Please forgive mobility typos

On Dec 29, 2022, at 8:27 AM, Yvette Mueller wrote:

Hi Doron,

Due to the minimum wage change in MA, effective 2023-01-01, your rate of pay will change from $28,080 annual to $31,200 annual.

Please let me know if you have any questions. Thank you.

**Yvette Mueller**

Finance Manager

yvette.mueller@ourbond.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817) 874-4366

## Exhibit 10.6

**Exhibit 10.6**

**<u>PERSONAL EMPLOYMENT AGREEMENT</u>**

This Personal Employment Agreement (the **"Agreement")** is entered into this 25<sup>th</sup> day of May 2017 by and between **TG-17 (Israel) Ltd.,** reg. no. 515649051, a company organized under the laws of the State of Israel, having its principal office at (the **"Company")** and Amit Hod whose details are specified in <u>**Annex A**</u> hereto (the **"Employee").**

**WITNESSETH**

**WHEREAS,** the Company desires to engage the Employee in the position indicated hereinafter and the Employee represents that he/she has the requisite skills and knowledge to serve as such; and

**WHEREAS,** the parties desire to state the terms and conditions of the Employee's engagement with the Company, effective as of the Employment Starting Date, as such term is defined hereinafter, all subject to the terms set forth below.

**NOW THEREFORE,** in consideration of the mutual promises contained herein, and intending to be legally bound, the parties hereto hereby declare and agree as follows:

**1.** **Appointment; The Position** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The
 Company hereby appoints the Employee to the position detailed in <u>**Annex A**</u> (the **"Position"),** which shall include the responsibilities
 as detailed in <u>**Annex A.**</u> The
 Employee shall perform the services hereunder in accordance with the Company's policy,
 under the supervision of a person in the position detailed in <u>**Annex A**</u> and in accordance with his/her instructions and in any other framework as the
 Company shall direct in order to facilitate its needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The
 parties hereto warrant and confirm that Employee's employment by the Company shall
 commence on the date specified in <u>**Annex A**</u> (the **"Employment Starting Date").** The provisions of this
 Agreement shall apply to the parties as of the Employment Starting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The
 Employee shall perform his/her duties hereunder at the Company's premises in Israel.
 Employee acknowledges and agrees that the performance of his/her duties hereunder may require
 domestic and international travel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 This
 Agreement is specific and personal and exclusively determines the Employee's terms
 of employment.

**2.** **Devotion of Time** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 During
 the term of this Agreement, and unless and until otherwise agreed, Employee shall be employed
 on a full-time basis 5 days a week (Sunday to Thursday), 9 hours per day including half an
 hour lunch break. Saturday (Shabbat) shall be the Employee's official rest day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 In
 addition the performance of Employee's responsibilities require work during over-time
 hours, over and above the regular working days and hours and the Employee undertakes to work
 these hours, in accordance with the Company's demands and requirements. The Company
 estimates that the Employee shall be required to work overtime hours in a number as detailed
 in <u>**Annex A**</u> **.** 

In any event, Employee shall not work more than 12 hours per day or 15 overtime hours per week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 As
 of the Employment Starting Date, Employee shall devote the required and necessary business
 time, attention and efforts to the performance of his/her duties and responsibilities hereunder.
 The Employee shall perform his/her duties and responsibilities hereunder with expertise and
 in a professional and efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 As
 of the Employment Starting Date, Employee shall not engage in any other business activities,
 whether or not such activities are conducted outside of normal business hours and whether
 or not such activities are pursued for gain or profit, unless specifically approved by the
 CEO of the Company's parent company (or whomever is designated by the board of directors
 of the Company for such purpose) in advance and in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 The
 Employee shall cooperate with the Company in maintaining a record of the number of hours
 of work performed, in accordance with the Company's policy and instructions.

**3.** **Term and Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 This
 Agreement shall be effective as of the Employment Starting Date, and shall continue for an
 undefined period (the **"Term").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The
 Company and/or the Employee may terminate this Agreement at any time by giving the other
 party a prior written notice of termination, of a period detailed in <u>**Annex A**</u> (the **"Notice Period").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Without
 derogating from the provisions of Section 3.2 above, the Employee undertakes to continue
 working in the Company during the Notice Period and cooperate with Company in the integration
 of the person or persons who will assume Employee's position and responsibilities,
 unless the Company waives the requirement of Employee's services during such time.
 In the event that the Company notifies Employee of such waiver, the Company shall be entitled
 to pay Employee the Monthly Salary (as defined below) payable to Employee during such applicable
 notice period in one lump-sum, and by doing so bring the employer-employee relations between
 the parties to end upon such payment. In the event that the Employee shall resign without
 providing advance notice as required by Section 3.2 above, the Company shall be entitled
 to deduct from all amounts due to the Employee, an amount equal to the Monthly Salary that
 would have been paid to him in respect of the Notice Period that he did not work, as liquidated
 damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Notwithstanding
 the above, the Company shall have the right to immediately terminate this Agreement for a
 Cause, as determined by the Company, without the delivery of a prior written notice. A "Cause"
 shall mean either (i) circumstances entitling the Company under any applicable law to terminate
 the employment of the Employee without payment of severance pay (in whole or in part); (ii)
 any material breach by the Employee of this Agreement, any breach of the NOA or any breach
 of the Employee's fiduciary duties; (iii) conducting by the Employee of any felony
 involving moral turpitude which has an effect on the Company and/or (iv) a willful failure
 to perform Employee's responsibilities or duties. In the event of termination for Cause,
 Employee's entitlement to severance pay will be subject to Sections 16 and 17 of the
 Severance Pay Law 5723-1963 (the **"Severance Law")** and/or any other applicable
 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Upon
 the earlier of the Company's request or the termination of employment, the Employee
 shall return to the Company all equipment belonging to the Company in good and working form
 (including without limitation, laptop, computer etc., if applicable), and any documents and
 information, including all records, products and samples received by the Company and/or in
 the course of his employment with the Company, and any copies, reproductions and summaries
 thereof, as well as any notes, memoranda or other documentation and materials, in the Employee's
 possession or control or that were provided to the Employee and belong to the Company whether
 in the form of magnetic or digital media, formula, letter, certificate, copy, picture, movie
 etc., related in any manner, directly or indirectly, to the Company, even if same were created
 by the Employee. Furthermore, Employee shall provide the Company with a list of all passwords,
 write-protect codes and similar access codes used in the context of his/her work.

**4.** **Salary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 During
 the term of this Agreement, the Company shall pay Employee a monthly gross salary in a total
 amount detailed in <u>**Annex A**</u> (the **"Monthly Salary").** The Monthly Salary is composed of a base salary in
 the gross amount detailed in <u>**Annex A**</u> (the **"Base Salary")** and a global additional payment for overtime hours
 (in an estimated number detailed in <u>**Annex A),**</u> in a gross amount detailed in <u>**Annex A**</u> (the **"Global Overtime Payment"),** which will be paid to the
 Employee subject to working overtime hours.

For avoidance of doubt, it is hereby declared and clarified that the amount of the Global Overtime Payment specified in <u>**Annex A**</u> has been determined and agreed in light of the anticipated number of monthly overtime hours to be conducted by the Employee, therefore in the event the Employee shall not work the full number of over-time hours, mentioned above, Employee will still be entitled to receive the Global Overtime Payment. The Company shall, on a regular basis from time to time, reevaluate the Employee's number of monthly overtime hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The
 Monthly Salary shall be paid on the I <sup>st</sup> day of each following month in accordance
 with the Company's normal payroll procedures but no later than the 9<sup>th</sup> day
 of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The
 Employee acknowledges that the Monthly Salary and all other benefits as detailed in this
 Agreement shall be considered as a special compensation for the Employee's obligation
 for non-competition, non-solicitation, and IP obligations all as set forth in <u>**Annex B**</u> herein.

**5.** **Additional Benefits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Pension Insurance</u> -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to guidelines set from time to time by the applicable authorities, as of the date and to
 the extent required to do so by the applicable extension order or any applicable law, the
 Company shall insure the Employee under a pension fund and/or managers' insurance and/or
 provident fund and/or a combination of several types of such arrangements (the **"Pension Arrangement"),** according to the Employee's selection regarding the pension
 product as well as the pension provider. For avoidance of any doubt it is hereby clarified
 that in any event the Company's overall contributions will not be made from an amount
 exceeding the Employees' Monthly Salary (which for the purposes of this Section 5 herein
 shall include the applicable portion of the CEAO Payout (as defined below), if applicable).

The presentage of the contributions to the pension fund and/or managers' insurance and/or provident fund shall be in the rate as detailed in <u>**Appendix A.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Company and the Employee agree and acknowledge that the Company's contribution towards
 the pension fund and/or managers insurance and/or provident fund as set forth in this Section,
 are in lieu of severance payments to which the Employee (or his beneficiaries) is otherwise
 entitled to with respect to the Monthly Salary upon which such contributions were made and
 for the period in which they were made, pursuant to Section 14 of the Severance Law, 5723-1963
 (the **"Severance Law")** and the General Approval of the Minister of Labor
 and Welfare, which is attached hereto as <u>**Appendix C**</u> and the Expansion Order.

The Company hereby forfeits any right it may have for reimbursement of sums paid by the Company to pension fund and/or managers insurance and/or provident fund, except: (i) in the event that the Employee withdraws such sums from the pension fund and/or managers insurance and/or provident fund, other than in the event of death, disability or retirement at the age of 60 or more; or (ii) upon the occurrence of any of the events provided for in Sections 16 and 17 of the Severance Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In
 the event the Employee shall not notify the Company in writing within 30 days of the Employment
 Starting Date regarding the Employee's choice of Pension Arrangement, as mentioned
 above, the Company shall insure the Employee under the default pension fund elected and published
 by the Commissioner of the Capital Market, Insurance and Savings Division at the Ministry
 of Finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Employee's contributions shall be deducted by the Company from the Employee's
 Monthly Salary (as it may be from time to time) and shall be transferred by the Company to
 the Employee's pension fund and/or managers' insurance and/or provident fund.
 By signing this Agreement the Employee herby irrevocably authorizes the Company to perform
 such a deduction from the Employee's Monthly Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Employee
 shall receive additional benefits, if any, as detailed in <u>**Annex A.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Annual Vacation:</u> Employee
 shall be entitled to paid annual vacation days as detailed in <u>**Annex A,**</u> for each year of employment with the Company. Employee may elect to use only
 a portion of the vacation days each year and to add the unused vacation days to the vacation
 days of Employee during the following year, provided that Employee shall use each year at
 least 7 consecutive vacation days (including Friday-Saturday). Employee shall not be entitled
 to accumulate, in the aggregate, at any given time during his/her employment by the Company,
 more than the amount of vacation days detailed in <u>**Annex A**</u> **.** 

Unused vacation days accumulated in accordance with the provisions of this Section (i.e. up to the amount of vacation days detailed in <u>**Annex A)**</u> shall be redeemed only upon termination of this Agreement.

The dates of the Employee's vacation shall be determined by the Company, at its own discretion, in accordance with the Company's needs, and to the extent possible, taking into consideration the Employee's request.

The Company shall be entitled to set uniform dates for vacation for all or part of its employees, with respect to all or any part of the vacation days, as it shall deem fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Sick Leave & Recreation pay:</u> The
 Employee shall be entitled to sick leave (commencing the first day of sickness) and recreation
 pay ("dmei havra'ah") according to any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Monthly Travel Expenses:</u> Employee
 will be entitled to monthly travel expenses according to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 It
 is hereby clarified that the Employee shall not be entitled to receive any consideration
 or payment of any kind other than the Monthly Salary and other benefits or payments which
 are expressly detailed in this Agreement, unless otherwise agreed in writing between the
 Company and the Employee.

**6.** **Tax Withholding** 

For the avoidance of doubt, all payments and benefits under this Agreement are gross amounts. Any tax consequences arising from the grant or exercise of any option or right or from any payment made to Employee under this Agreement or any other event or act, whether on Employee's part or the Company's part, shall be borne solely by Employee. The Company retains the right to deduct by way of withholding the applicable taxes and similar payments that the Employee is required to pay under any applicable law from any Monthly Salary, CEAO Payout and/or from all other payments and/or benefits granted to Employee under this Agreement.

**7.** **Proprietary Information & Non Disclosure** 

The provisions of the Proprietary Information, Assignment of Inventions, Non Disclosure and Non Compete Agreement attached hereto as <u>**Annex B**</u> (the **"NDA")** are hereby incorporated by reference. Employee hereby acknowledges and agrees that this Agreement shall not come into force, unless the NDA is executed. The provisions of the NDA shall survive the rescission or termination, for any reason, of this Agreement.

**8.** **Company Equipment and Personal Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Employee
 represents and warrants that he/she will use any of the Company's assets (including
 equipment, Company computer/laptop, email account and/or documentation) (collectively **"Company's Equipment")** for the purpose of his/her employment only and according to the Company
 policies. Thus, the Employee shall not have any right to use the Company's Equipment,
 including the email account assigned to him by the Company, for personal purposes and shall
 not be entitled to store any private material for personal purposes on his/her personal computer/laptop
 if provided by the Company. Notwithstanding the above, the Employee shall be entitled to
 use Internet-related email services (such as Gmail, etc.) and cloud storage services, for
 personal use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 It
 is strictly forbidden to: (i) make use of the Company's Equipment and/or Systems (as
 defined below) for any purposes that are illegal, inappropriate or unsuitable, (ii) install
 any software/programs on Company Equipment and/or Systems or make use of any of the foregoing
 in a manner detrimental to the Company. If in doubt, please contact the Company's IT
 manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Employee
 agrees that the Company may monitor his/her use of its (and any of its parent and/or subsidiary
 corporations) Systems and copy, transfer and disclose all electronic communications and content
 transmitted by or stored in such Systems, in pursuit of the Company's legitimate business
 interests, all in accordance with the Company's policy as in force from time to time
 and subject to applicable law. For the purposes of this Section, the term "Systems"
 includes telephone, computers, computer system, internet server, electronic database and
 software, whether under Employee's direct control or otherwise. Employee may use the
 Company's Systems for reasonable personal use all subject to Company's policy
 as in force from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 In
 addition, the Employee acknowledges and agrees as follows: (i) in light of his/her undertaking
 that the sole use of his/her personal computer/laptop and email account which were provided
 by the Company shall be for the Company's business purposes, the Company shall have
 the right to conduct inspections on any and all the Company's computers, including
 inspections of electronic mail transmissions, internet usage and inspections of their content,
 all in accordance with the Company's policy regarding the use of the Company's
 computer systems as in force from time to time and applicable law; (ii) In any and all times
 Employee will transfer to the Company Employee's log-on passwords to Employee's
 personal computer/laptop provided by the Company and his/her assigned Company's email
 account. It is clarified that the Company does not forbid private use of the Company Equipment
 made available to the Employee, within reasonable bounds, while always maintaining and abiding
 by, the terms of this Agreement, and the foregoing does not derogate from the Company's
 rights herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Employee
 consents, of his/her own free will and although not required to do so under law, that the
 information in this Agreement and any information concerning him/her and gathered by the
 Company, will be held and managed by the Company or on its behalf, inter alia, on databases
 according to law, and that the Company shall be entitled to transfer such information to
 third parties, in Israel or abroad. The Company undertakes that the information will be used,
 and transferred for legitimate business purposes only. Without derogating from the generality
 of the above, such purposes may include human resources management and assessment of potential
 transactions, to the extent required while maintaining the Employees' right to privacy.

**9.** **Notice; Addresses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The
 addresses of the parties for purposes of this Agreement shall be the addresses first written
 above, or any other address which shall be provided by due notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 All
 notices in connection with this Agreement shall be sent by registered mail or delivered by
 hand to the addresses set forth above, and shall be deemed to have been delivered to the
 other party at the earlier of the following two dates: if sent by registered mail, as aforesaid,
 3 (three) business days from the date of mailing; if delivered by hand, upon actual delivery
 or proof of delivery at the address of the addressee (in the event of a refusal to accept
 it). Delivery by cable, telex, facsimile or other electronic communication shall be sufficient
 and be deemed to have occurred upon electronic confirmation of receipt.

**10.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Employee
 represents and warrants to the Company that the execution and delivery of this Agreement
 and the fulfillment of the terms hereof (i) will not constitute a default under or conflict
 with any agreement or other instrument to which he/she is or was a party or by which he/she
 is bound (including any obligation or agreement with any previous or current employer and/or
 academic institution), and (ii) does not require the consent of any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The
 Employee represents that he/she has the requisite skills and knowledge to perform his/her
 duties, responsibilities and obligations under this Agreement. Employee further represents
 that he/she is familiar with all safety precautions required in connection with the performance
 of his/her duties under this Agreement and the Company's field of activity and that
 he/she will comply with all safety measures and requirements reasonably necessary in connection
 with the performance of his/her duties under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 In
 the event that Employee discovers that he/she has, or might have at some point in the future,
 any direct or indirect personal interest in any of the Company's business, or a conflict
 of interest with his/her employment duties and functions, Employee shall immediately inform
 the Company upon such discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Employee
 hereby undertakes to comply with all Company disciplinary regulations, work rules, policies,
 procedures and objectives, as in effect from time to time, including the applicable Code
 of Ethics and Prevention of Sexual Harassment Rules (the **"Rules").** This
 Agreement prevails to the extent of any inconsistency with the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The
 preamble to this Agreement constitutes an integral part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Headings
 are included for reference purposes only and are not to be used in interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 This
 Agreement is a personal employment agreement and therefore no collective bargaining agreements
 whatsoever shall apply with respect to the relationship between the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 No failure, delay of forbearance
 of either party in exercising any power or right hereunder shall in any way restrict or diminish such party's rights and powers
 under this Agreement, or operate as a waiver of any breach or nonperformance by either party of any terms or conditions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Any
 determination of the invalidity or unenforceability of any provision of the Agreement shall
 not affect the remaining provisions hereof unless the business purpose of this Agreement
 is substantially frustrated thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 This
 Agreement, including any annexes thereto, constitutes the entire understanding and agreement
 between the parties hereto, supersedes any and all prior discussions, agreements and correspondence
 with regard to the subject matter hereof (including the personal employment agreement parties
 hereto dated May 1ot11, 2017 which is hereby amended and replaced in its entirety), and may
 not be amended, modified or supplemented in any respect, except by a subsequent writing executed
 by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 This Agreement including
 all annexes thereto constitutes an "employee notice" as to
 employment terms, as required under the Notice to the Employee and to the Job Candidate (Employment Conditions
 and Screening and Hiring Processes) Law, 5762-2002. Nothing contained in this Agreement shall derogate from any rights to which the
 Employee is entitled under any law, extension order or general bargaining agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 It is hereby agreed between
 the parties that this Agreement shall be governed by and construed according to the laws of the State oflsrael. Any dispute arising
 under or relating to this Agreement or any transactions contemplated herein shall be resolved by the courts of Tel Aviv, and each of
 the parties hereby submits irrevocably to the exclusive jurisdiction of such venue.

**IN WITNESS WHEREOF,** the parties have executed this Personal Employment Agreement as of the date first above written.

---

| | | | |
|:---|:---|:---|:---|
| **The Company:** | TG-17 (Israel) Ltd. | **The Employee:** | */s/ Amit Hod* |

---

---

| | |
|:---|:---|
| **By:** | ***/s/ Doron Kempel*** |
| **Name:** | Doron Kempel |
| **Title:** | CEO |

---

**<u>ANNEX A</u>**

I. Employee's
 Personal Details Full
 Name: Amit Hod Israeli
 ID Number: ________________ Address: ________________ Phone
 No.: ________________

2. Position
 in the Company: Supervisor/ direct manager: Director
 of Operations Global
 Head of Operations or his/her designate

3. Employment
 Starting Date: June
 4th, 2017

4. Period
 of Prior Written Notice 14
 calendar days during the first 6 months of employment, and 30 calendar days notice thereafter.

5. Monthly
 Salary: Base
 Salary: Global
 Overtime Payment: NIS
 34,200 NIS
 27,360 NIS
 6,840 on account of working 35 additional monthly overtime hours

6. Continuous
 Excellence & Alignment Objectives (CEAO) bonus program Employee
 will be eligible to be considered for an incentive payout pursuant to the Company's
 Continuous Excellence & Alignment Objectives **("CEAO")** bonus program.
 Employee's annual target CEAO payout is up to a gross amount of NIS 21,600 (the **"CEAO Payout").** The CEAO Payout (if any) will be awarded quarterly (NIS 21,600/4), based
 on objective and/or subjective criteria established by Employee's department VP and
 the CEO of the Company or its parent corporation. The CEAO payment for Employee's first
 quarter is guaranteed, ex gratis, on a pro- rated basis depending on when Employee starts
 in the quarter. Beginning with the first full quarter of employment, in order to be eligible
 to receive a quarterly portion of the CEAO Payout, Employee must be employed by the Company
 for the entire quarter to which the CEAO Payout applies. Whether the Employee earns an applicable
 CEAO Payout portion for any given quarter, and the amount of any such payout, will be determined
 by the CEO in his sole discretion.

---

| | | |
|:---|:---|:---|
|  |  | The determinations of the CEO with respect to the Employee's CEAO Payout will be final and binding. No CEAO Payouts are guaranteed, and no partial or prorated bonuses will be provided (other than Employee's initial quarterly one-time CEAO payment, as stated above). The applicable portion of the CEAO Payout shall be considered, ex gratis, as part of the Monthly Salary, as applicable and Employee will receive social benefits (detailed in Section 5 of the Agreement) on such applicable CEAO Payout, and shall bear all taxes and other compulsory payments associated with such CEAO payout. |
| 7. | Pension Insurance (percentages out of the Monthly Salary (which for the purposes of this Section 7 herein shall include the applicable portion of the CEAO Payout, if applicable)): | Remunerations - Out of the Monthly Salary, the <u>following percentages</u> shall be contributed to the remuneration component:<br>The Company shall contribute 6.5% to the remuneration component, provided the Employee contributes 6% for this purpose.<br>It 1s hereby clarified that the Company's contributions to the remuneration component to managers' insurance and/or provident fund (if so chosen by the Employee), shall include a contribution of 5% for the remuneration component as well as payment for acquiring loss of ability to work insurance to insure 75% of the Monthly Salary. Notwithstanding, in the event that in order to acquire the aforementioned loss of ability to work insurance, the Company shall be required to increase the percentage of its contributions, in such case the Company's contributions shall be increased up to 7.5% of the Monthly Salary. For the avoidance of any doubt, the Company's contributions percentages to the remuneration component for managers' insurance and/or provident fund shall not be lower than 5% of the Monthly Salary, and the total amount of the Company's contributions, including loss of ability to work insurance shall not be higher than 7.5% of the Monthly Salary.<br><u>Severance Pay</u> - The Company shall contribute each month an amount equal to 8.33% of the Monthly Salary to the component of Severance Pay. |
| 8. | Contributions for Education Fund (percentages of the Monthly Salary (which for the purposes of this Section 8 herein shall include the applicable portion of the CEAO Payout, if applicable)) | As of the Employment Starting Date: Company shall contribute 7.5% of the Monthly Salary, and the Employee shall contribute to 2.5% of the Monthly Salary. The Employee instructs the Company to transfer to such Education Fund the amount of Employee's and the contribution from each Monthly Salary. |

---

9. Options (i)
 Conditional upon the Employee's continued employment with the Company and subject to
 approval by the board of directors/managers (the **"Board")** of the Company's
 parent corporation (the **"Parent"),** in its sole discretion, and subject
 further to the adoption by the Board of an employee share option plan with respect to the
 Company and the approval of such option plan as a I 02 capital gains route plan, by the applicable
 Israeli tax authorities, the Employee will be granted an option (the **"Option")** to purchase an aggregate of 52,500 Common Units of the Parent. The terms of the Option
 shall be as resolved by the Board at its discretion, and the Option, if and when granted,
 shall be subject to the provisions of an Option Grant Agreement to be entered between the
 Company's employee, the Parent's equity plan and any sub-plan applicable to Israeli
 employees (the **"Plan")** applicable law and any applicable tax ruling. It
 is clarified that nothing herein is intended to constitute a grant of, nor to entitle the
 Employee to, an Option or any other rights with respect to the Common Units of the Parent
 and/or any shares of the Company. (ii)
 The Options when and if granted shall vest as follows: twenty five percent (25%) of the Units subject to the Option shall vest when
 the Employee completes 12 months of continuous service from the Employment Starting Date and the balance will vest 111 equal monthly
 installments over the next 36 months of continuous service following such initial 12 months, as shall be described in the applicable
 Option Grant Agreement.

10. Annual
 Vacation Days: Maximum
 accumulated vacation days: 18
 days 18
 days

<u>**ANNEX B**</u>

**PROPRIETARY INFORMATION, ASSIGNMENT OF INVENTIONS NON DISCLOSURE AND NON COMPETE AGREEMENT (the "Agreement")**

The undersigned, an employee of the Company (the **"Employee"),** hereby acknowledges that in the course of his/her employment with the Company (the **"Employment"),** he/she will have access to, and/or participate in the development or marketing of, the Company's products and/or certain proprietary information, inventions, commercial secrets and other confidential information of the Company disclosed to the Employee, and/or accessed by, and/or developed by the Employee and/or with the assistance of the Employee. In relation to such confidential information, the Employee hereby undertakes as follows, in full knowledge that the force of this undertaking is in no way dependent upon the force of the Employee's employment agreement entered with the Company on _______________, 2017, and is entirely independent from the obligations thereunder, (the **"Employment Agreement"):**

**1.** **Proprietary Information and Non Disclosure** 

1.1. Employee acknowledges and agrees that he/she had, and will have access to or be involved in the making or development of, confidential and proprietary information concerning the business and financial activities of the Company or any of its affiliated entities and/or information and technology regarding the Company's products, services, research and development, including without limitation, the Company's banking, investments, investors, properties, operational methods, plans and strategies, business plans, research projects, employees, marketing plans, supplier lists, customers, data, operating procedures, trade secrets, test results, formulas, processes, data and know-how, improvements, inventions, patents, application for patents, copyrights, trademarks, engineering specifications, product designs, technical information, discoveries, studies, techniques, specifications, computer programs (in source and object code), databases, products (actual or planned), any other commercial secret, as defined in the Commercial Torts Law, 5759-1999, and any intellectual property. Such information, whether in documentary, written, oral, digital format or otherwise, including the terms of the Employment Agreement, shall be deemed to be and referred to as "Proprietary Information". The term "Company" shall include for purposes of this Section I any parents, subsidiaries and/or affiliates thereof.

1.2. Proprietary Information shall be deemed to include any and all proprietary information disclosed by or on behalf of the Company irrespective of form, but excluding information that (i) was known to Employee prior to his/her association with the Company and can be so proven by Employee by documentary evidence; (ii) is or has become a part of the public knowledge, except as a result of a breach of this Agreement by Employee; (iii) was received by Employee from a third party, having no obligation to the Company.

1.3. Employee agrees and declares that all Proprietary Information and rights in connection therewith are, and shall be the sole property of the Company and its assignees and no license or other rights to Proprietary Information is granted or implied hereby to have been granted to Employee, in the past, now or in the future.

1 .4. At all times, both during his/her engagement by the Company and after its termination, Employee will continue to keep in strict confidence and trust all Proprietary Information, and Employee will not copy, transmit, reproduce, summarize, quote, publish, reverse engineer, make any commercial or other use, disclose and/or make available, directly or indirectly any Proprietary Information or anything relating to it without the prior written consent of the Company, except as may be necessary in the ordinary course of performing Employee's duties under his/her employment with the Company in the best interests of the Company.

1.5. Upon termination of his/her Employment with the Company, or upon the Company's first request, Employee will promptly deliver to the Company all Proprietary Information and all documents and materials of any nature (whether in printed, digital or other form) prepared by Employee or which came to Employee's possession howsoever, at any time during the Employment with the Company. Employee will not take with him/her or retain any documents or materials or copies thereof containing any Proprietary Information in whatever form.

1.6. Employee recognizes that the Company received and will receive confidential or proprietary information from third parties subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. At all times, both during his/her Employment and after its termination, Employee undertakes to keep and hold all such information in strictest confidence and trust, and not to use or disclose any of such information without the prior written consent of the Company, except as may be necessary to perform his/her duties as an employee of the Company and consistent with the Company's agreement with such third party. Upon termination of his/her Employment with the Company, Employee shall act with respect to such information as set forth in Section 1.4, mutatis mutandis.

1.7. Without derogating from the generality of the foregoing, Employee agrees as follows: (i) Employee undertakes not to place itself in a situation of any potential or actual conflict of interests between itself and the Company and to notify the Company immediately of any matter which may lead to the creation of a conflict of interests between the Employee and the Company; (ii) Employee shall exercise the highest degree of care in safeguarding the Proprietary Information against loss, theft or other inadvertent disclosure and has, and will take all reasonable steps necessary to ensure the maintaining of confidentiality; and (iii) Employee shall not enter into the databases of Company for any purpose whatsoever, including, without limitation, review, download, insert, change, delete and/or relocate any information, except as may be necessary in the performance of his/her duties pertaining to the Company.

1.8. The provisions of this Section I shall survive the termination of the Employee's Employment with the Company regardless of the cause of such termination.

**2.** **Assignment of Inventions** 

2.1. Employee understands that the Company is engaged, involved or associated in a continuous program of research, development, production or marketing in connection with its business and that, as an essential part of his/her employment with the Company, he/she may and is expected to make new contributions to and create inventions of value for the Company.

2.3. Employee agrees and represents, that all Inventions will be the sole and exclusive property of the Company. Employee hereby covenants and agrees that so long as he/she will be employed with the Company, he/she shall not cooperate with any third party in purpose of creating any lnvention/s, unless a prior written consent is obtained from the Company.

2.4. Employee agrees to keep and maintain adequate and current written records of all Inventions made by him/her (solely or jointly with others) during his/her Employment. The records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records will be available to and remain the sole property of the Company at all times and will be returned to the Company upon the earlier of completion of the services or the request of the Company.

2.5. Employee agrees that if in the course of performing services, he/she will wish to incorporate any intellectual property right, including without limitation, invention (whether or not patentable), work of authorship, mask work, design, trade secret, improvement, development, concept, discovery or other proprietary information that does not belong to the Company, but rather owned by him/her or in which he has an interest **("Employee's IP")** into any Invention developed hereunder **("Incorporated IP")** (i) Employee shall inform the Company, in writing, before incorporating such Employee's IP into any Invention; and, whether or not he complies with the foregoing, (ii) the Company is hereby granted and shall have a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license (including the right to sublicense) use, reproduce, publish, make available to the public, distribute, perform, display, prepare derivative works of, make, have made, modify, exploit, sell, export or make any commercial use of such Employee's IP.

2.6. Employee shall not incorporate any invention, work of authorship, mask work, protectable design, improvement, development, concept, discovery, trade secret or other proprietary information owned in whole or in part by any third party into any Invention without prior written permission of the Company.

2.7. Without thereby derogating from any right of the Company pursuant to any applicable law, and to the extent that Employee may have rights in any Inventions which do not vest upon creation in the Company, Employee hereby irrevocably transfers and assigns to the Company and/or its assignees, successors and legal representatives, and shall transfer and assign, as and when any such Invention is first created or conceived and when first reduced to practice or first fixed in a tangible medium, as applicable, without additional consideration other than his/her salary and other benefits to which he is entitled to as an employee of the Company (including without limitation, without any compensation or royalties in accordance with Section 134 of the Patent Law), any and all worldwide patents, patent rights, patent applications, copyright rights, mask works, trade secrets, data base rights, and any other rights, intellectual and industrial property rights, titles and interests, in any Invention, including all powers, privileges and immunities arising thereunder or conferred thereby, and all applications for intellectual or industrial property rights that have been or may hereinafter be filed for the Inventions in any jurisdiction, and all divisions, renewals and continuations thereof, and all registrations that may be granted thereon and all extensions and reissues thereof, together with any and all rights of priority relating to the Inventions and any registrations that may be granted thereon, expressly including the right to sue for past infringement, and hereby further acknowledges and shall in the future acknowledge Company's full and exclusive ownership in all such Inventions.

2.8. Employee also hereby forever waives and agrees never to assert any and all Moral Rights he/she may have in or with respect to any Invention, even after termination of his/her Employment with the Company. "Moral Rights" mean any rights of paternity or integrity, any right to claim authorship of an invention, to object to any distortion, mutilation or other modification of, or other derogatory action in relation to, any Invention, whether or not such would be prejudicial to his/her honor or reputation, and any similar right, existing under judicial or statutory law of any jurisdiction whatsoever, or under any treaty, regardless of whether or not such right is denominated or generally referred to as a "moral right". Employee further agree that, with respect to all Inventions and Proprietary Information and other matters concerning his/her Employment with the Company that may result in publishable material, all such publication rights shall belong exclusively to the Company.

2.9. Employee expressly, unconditionally and irrevocably waives: (i) any right and/or claim for ownership in relation to any Invention; (ii) all economic rights in the Inventions, including without limitation, in the framework of Section 132(b) of the Patent Law and any rights to royalties from any intellectual property rights (specifically including patent rights under the Patent Law), and any right to receive any payment or other consideration whatsoever with respect to the Inventions (other than any salary, consideration and other benefits provided to him/her under his/her Employment with the Company) pursuant to any applicable law, in any jurisdiction, including (but not limited to) pursuant to Section 134 of the Patent Law, or any provision that may supersede it.

2.10. Employee agrees to assist the Company in every proper way to obtain and enforce, for the benefit of the Company and/or its assignees exclusive and absolute title, right, interest, patents, copyrights, mask work rights, and other legal protections for the Inventions in any and all countries, including: communicate with the Company any facts known to Employee regarding the Invention, testify in any legal proceeding, sign all lawful papers when called upon to do so, execute and deliver any and all papers that may be necessary or desirable to perfect title to the Invention in the Company, execute all divisions, continuations, and reissue applications, make all rightful oaths and generally do everything possible to aid the Company, and its successors and assigns, to obtain and enforce protection for the invention in every country of the world. Employee's obligations under this Section <u>2.9;h.92.10</u> will survive the termination of his/her Employment with the Company, provided that the Company will compensate him/her at a reasonable rate after such termination for time or expenses actually spent by him/her at the Company's request on such assistance. After the termination of the Employee's Employment with the Company, any assistance requested by the Company pursuant to this Section 2.10 shall take into account the Employee's obligations towards third parties.

2.11. Employee hereby irrevocably appoints the Company and/or its duly authorized officers and agents (including, without limitation, the chairman of the Company's board of directors) as his/her attorney-in-fact to execute documents on his/her behalf for this purpose and agrees that, if the Company is unable because of Employee's unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure Employee's signature for the purpose of applying for or pursuing any application for any United States or foreign patents or mask work or copyright registrations covering the Inventions assigned to the Company in this Section 2_2, to act for and on Employee's behalf to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyright and mask work registrations with the same legal force and effect as if executed by the Employee.

2.12. <u>Full Consideration</u>. Employee hereby acknowledges and agrees that any salary, consideration and other benefits provided to him/her during his/her Employment, constitute appropriate, full and fair consideration in connection with his/her engagement with the Company, including, without limitation, with respect to this Agreement and including with respect to his/her undertakings under this Section *2±* and with respect to any Inventions, all of which are assigned to the Company and/or its subsidiaries and/or affiliates, as applicable, in accordance with this Agreement. In the event that for any reason the rights detailed in this Section 2_2 cannot be waived, Employee hereby assigns and transfers to the Company any such right he may have to receive any additional payment or other consideration whatsoever with respect to any Invention pursuant to any applicable law, including the Patent Law, in any jurisdiction.

2.13. The provisions of this Section *2.1* shall survive the termination of the Employee's Employment with the Company regardless of the cause of such termination.

**3.** **Non-Competition; non solicitation** 

3.1. Employee agrees and undertakes that he/she will not, without the prior written consent of Company, so long as he/she is employed by the Company and for a period of 12 months following termination of his/her employment for whatever reason, directly or indirectly, as owner, founder, partner, member, joint venture, shareholder, employee, consultant, broker, agent, advisor, principal, corporate officer, director, licensor or in any other capacity whatsoever, without derogating from the above stated in sections I and 2: (a) engage in, become financially interested in, be employed by, any business, venture or commercial activity that is engaged in any activities involving either (i) products and/or business similar to or competing or are reasonably likely to compete with actual or planned products and/or business of the Company and/or any other persons or entities that control, are controlled by or are under common control with the Company **("Affiliates"),** or (ii) information, processes, technology or equipment that is similar to information, processes, technology or equipment in which the Company or its Affiliates then have a proprietary interest, in the United States, Israel, and any geographic area where, during the time of employment, such business of the Company or any of its Affiliates is being or had been conducted, provided, however, that Employee may own securities of any corporation which is engaged in such business and is publicly owned and traded but in an amount not to exceed at any one time one percent (I%) of any class of stock or securities of such company, so long as he/she has no active role in the publicly owned and traded company as director, employee, consultant or otherwise; or (b) assist any other person, entity, or organization in competing or in preparing to compete with the business or demonstrably anticipated business of the Company; or (c) entice, solicit or encourage any past, present or prospective customer employee, consultant, customer, vendor, supplier, distributor or other business partner of Company or any Affiliate to cease doing business with the Company and/or any Affiliate, reduce its relationship with the Company and/or any Affiliate or refrain from establishing or expanding a relationship with the Company and/or any Affiliate or in any other way interfere with the Company's and/or any Affiliate's relationships with its employee, consultant, customer, vendor, supplier or distributors. Exceptions to the restriction set forth in Section 3.1 (a) will be permitted with written consent of the board of directors of the Company.

3.2. Employee agrees and undertakes that during the period of his/her employment with the Company and for a period of 24 months following its termination for any reason, he/she will not, directly or indirectly, including personally or in any business in which he/she is an officer, director or shareholder, for any purpose or in any place, hire or engage with any person employed by the Company on the date of such termination or during the preceding twelve months.

3.3. Employee acknowledges that the Company has entered into his/her employment agreement in reliance on his/her undertaking set forth in this Section _13, and that given his/her access to information regarding the Company, the provisions of this Section _J-3- are reasonable and necessary to protect the Company's business and rights.

3.4. If any one or more of the terms contained in this Section }:3 shall for any reason be held to be excessively broad with regard to time, geographic scope or activity, the term shall be construed in a manner to enable it to be enforced to the extent compatible with applicable law.

**4.** **MISCELLANEOUS** 

4.1. <u>Governing Law.</u> This Agreement shall be governed by and construed according to the laws of the State of Israel. Any dispute arising under or relating to this Agreement or any transactions contemplated herein shall be resolved by the competent courts of Tel Aviv, and each of the parties hereby irrevocably agree to the exclusive jurisdiction of such venue.

4.2. <u>Severability.</u> If one or more provisions of this Agreement are held to be illegal or unenforceable under applicable Israeli law, such illegal or unenforceable provision(s) shall be limited or excluded from this agreement to the minimum extent required so that this Agreement shall otherwise remain in full force and effect and enforceable in accordance with its terms.

4.3. <u>Transferability</u>. This Agreement is fully assignable and transferable by the Company, but any purported assignment or transfer by the Employee is void.

4.4. <u>Injunctive Relief.</u> Any breach of this Agreement will cause irreparable harm to the Company, for which damages would not be an adequate remedy, and therefore, the Company will be entitled as a matter of right to an injunctive relief, out of any court of competent jurisdiction, restraining any violation or further violation of this Agreement by me or others acting on my behalf. The Company's right to injunctive relief shall be cumulative and in addition to any other remedies provided by law or equity and without any requirement to post bond.

4.5. <u>Change of Title/Responsibilities</u>. Any change in Employee's title and/or responsibilities and/or terms of employment by the Company, shall not effect this Agreement and the provisions herein shall remain in full force, regardless of the execution of a new agreement between Employee and the Company pursuant to such change(s).

**IN WITNESS WHEREOF,** the Employee has signed this Proprietary Information, Assignment of Inventions, Non Disclosure and Non Compete Agreement as of the<u> </u> day of<u> </u> 2017.

---

| | | |
|:---|:---|:---|
| */s/ Amit Hod* | | */s/ Doron Kempel* |
| Employee Name |  | TG-17 (Israel) Ltd. |
|  |  | By: Doron Kempel |
|  |  | Title: CEO |

---

 

**Annex C**

**<u>GENERAL APPROVAL REGARDING PAYMENTS BY EMPLOYERS TO A PENSION FUND AND INSURANCE FUND IN LIEU OF SEVERANCE PAY UNDER THE SEVERANCE PAY LAW, 5723-1963</u>**

![](ex10-6_001.jpg)

![](ex10-6_002.jpg)

Date: April 21<sup>st</sup>, 2022

To: Amit Hod

I.D Number: 039702097

Address: Bnei Efraim 213, Tel-Aviv, Israel

Dear Amit,

Re: **<u>Notice of Change in Employee's Employment Terms</u>**

1. In
 accordance with section 3 to the Notice to Employee and to the Job Candidate (Employment
 Conditions and Screening and Hiring Processes) Law, 5762-2002 and further to our conversation,
 TG-17 (Israel) Ltd. (the "**Company**") hereby informs you that as of April
 1<sup>st</sup>, 2022 the terms of your employment shall be changed as follows (the "**Notice** "):

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Your
 Monthly Salary shall be NIS 49,400 which is comprised of a Base Salary of NIS 39,520 and
 a Global Overtime Payment of NIS 9,880 on account of working 35 additional monthly overtime
 hours.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Your
 Continuous Excellence & Alignment Objectives (CEAO) payout is up to a gross amount of
 NIS 31,200 (the "CEAO Payout"). The CEAO Payout (if any) will be awarded quarterly
 (NIS 31,200/4), based on objective and/or subjective criteria established by Employee's
 department VP and the CEO of the Company or its parent corporation.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 We'd
 like to give you a one-time bond appreciation cash bonus (BACB) of one month salary, less
 all applicable withholdings. The BACB will be paid in July 1<sup>st</sup> 2022. You understand
 that if you terminate your employment with the Company for any reason prior to July 1<sup>st</sup>
 2022 you will not be entitled to the BACB. For the avoidance of doubt, the BACB payout shall
 not be considered in any case whatsoever as part of the monthly salary and will not be subject
 to any social benefits.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 This
 Notice constitutes an integral part of the employment agreement dated May 29<sup>th</sup>
 2017, entered between you and the Company (the "**Employment Agreement** ").
 Capitalized terms used but undefined herein shall have the meaning ascribed to them in the
 Employment Agreement.

![](ex10-6_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1.5 All
 other terms and conditions of the Employment Agreement shall remain unchanged and in full
 force and effect and the Employment Agreement as updated and amended by this Notice constitutes
 the entire understanding and agreement between the parties hereto with regard to the subject
 matter hereof and supersedes any and all prior discussions, agreements and correspondence
 with regard to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;1.6 The
 sections contained in this Notice shall not derogate from any of your rights under any Law,
 Expansion Order and/or Collective Bargaining Agreement.

2. As
 a token to our appreciation for your outstanding efforts and the commitment you have shown
 to the team and Bond, we are making the following change to your stock:

&nbsp;&nbsp;&nbsp;&nbsp;a. Effective April 1, 2022,
 we would like to grant you an additional 500,000 stock options that will join your total grants up to now. This will vest over 4 years
 and have a one-year cliff.

We trust this affirms our appreciation, confidence in your abilities, and the value we place on your contributions. Your belief in our technology, our culture, your team mates, and our mission is exemplary. We look forward to your continued success and the tremendous opportunities ahead.

---

| | | |
|:---|:---|:---|
| */s/ Doron Kempel* | | */s/ Amit Hod* |
| Doron Kempel |  | Amit Hod |
| CEO |  | VP, Corporate Operations |

---

## Exhibit 10.7

**Exhibit 10.7**

**bond**

July 19th, 2021

Joseph Desalvo

14 Bretton Road

Dover, MA 02030

Dear Joseph,

TG-17, Inc., a Delaware corporation, doing business as Our Bond, (the "Company"), is pleased to offer you this offer of employment on the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Position.** Your title will be Global Head of Security and you will report to the CEO. The Company anticipates that the date you commence employment ("Start Date") will be on or around July 27, 2021. This is a full-time position. You will be expected to perform duties as are normally associated with your position and such duties as are assigned to you from time to time, subject to the oversight and direction of your manager. Your initial responsibilities are to establish and run Bond's professional security consulting services business. The Company may change your title, compensation, position, and duties from time to time in its discretion. While you render services to the Company, you will not engage in any other employment, consulting, or other business activity (whether full-time or part-time) without the Company's express written consent. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. Upon commencement of employment, you will perform your services at the Company's U.S. headquarters as designated by the Company. Some work will also be conducted at other locations such as prospect and partner offices, conferences, home office and other remote locations based on the situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Base Salary.** Upon your commencement of employment, the Company will pay you a starting annual base salary at the rate of $285,000 per year, less applicable withholdings, payable in accordance with the Company's standard payroll schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Commission Compensation.** From the date your employment commences and until the one-year anniversary of your Start Date, you will be eligible to earn commission compensation ("Commissions") according to the following terms (the "Commission Terms"). Your eligibility for Commissions and the Commissions Terms herein may be altered or terminated by the Company at any time in its sole discretion.

Commissions are calculated as your Individual Commission Rate ("ICR") (defined below) multiplied by the revenue received from the first 12 months of Eligible Services. A "Booking" is a written, signed, and valid client contract for Eligible Services that you procure based on your individual and PSCS team efforts. If a Booking is procured with the assistance of more than one Commission-eligible employee, the Company will determine the allocation of the Commissions in its sole discretion. "Eligible Services" are the Company's Professional Security Consulting Services (PSCS) offerings and new logo bookings. Your "ICR" for the first 12 months of employment is: 10%. For the avoidance of doubt, for the PSCS services such 10% shall be based on gross revenues minus only the cost of third-party services.

The Commissions you are eligible to earn do not become earned until all of the following conditions have been met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Company has received and accepted in writing a signed, valid, and unconditional acknowledged
 Booking prior to the Company altering or terminating these Commissions terms; <u>and</u> 

B. The
 Company recognizes and declares revenue of product/service sales in the Company's quarterly
 reports; <u>and</u> 

C. The
 sale price of the Company product, system or service is fixed or determinable; <u>and</u> 

D. Risk
 of loss and title has transferred to the customer and collection on the account is not in
 doubt; <u>and</u> 

E. The
 client has paid all amounts invoiced on the Booking or are paid within 6 months of your exit
 from the company.; <u>and</u> 

F. You
 are employed by the Company on the date all of the other conditions in this list are fulfilled.
 For deals for which a Booking is procured before departure, you will receive Commissions
 based on such Booking based on revenue generated and collected for six months after departure.

Upon all of the above conditions being met for a Booking, Commissions calculated pursuant to such Booking become "Earned Commissions". Commissions shall be paid in the pay period following the date on which they become Earned Commissions. Notwithstanding the above, the Company may pay Commissions in advance of becoming Earned Commissions. You acknowledge and agree that any portion of the Commissions paid in advance of becoming Earned Commissions are subject to offset against future Earned Commissions or repayment, at the sole discretion of the Company. If, upon termination of employment, you have been paid advance portions of the Commissions that exceed your Earned Commissions, you must promptly repay the Company within fifteen (15) days after the date your employment terminates. For avoidance of doubt, you will no longer be eligible to earn Commissions after the date your employment terminates, except for deals covered in F. above. Any Earned Commissions not yet paid on the date your employment terminates will be paid in the pay period following the date your employment terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Bookings Bonus (new logo bonus).** From the date your employment commences and until the one-year anniversary of your Start Date, you are eligible to earn a bonus of $5,000.00, less applicable withholdings, for every Booking by you with a New Customer for which the Company collects at least $10,000.00 and for which you are solely responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Performance Based Compensation After First Anniversary of Start Date** - After the first anniversary of your Start Date, the Company will develop a new sales plan for you with the following anticipated components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A
 reasonable sales revenue plan with target annual commissions of $100,000, less applicable
 withholdings in earned commissions

B. A
 stretch sales revenue plan with additional potential commissions of $100,000, less applicable
 withholdings

C. The
 ability to earn Commissions based on revenue "dragged" by the Professional Security
 Consulting Services business; "dragged" revenue is other Bond services revenue
 outside of PSCS that is brought in by closing a PSCS deal.

D. The
 ability to earn Commissions based on all revenue produced by the Professional Security Consulting
 Services business

E. At
 CEO's discretion, there may also be an ICR based on non-PSCS business and non-PSCS
 "dragged" business, "drag" is standard Bond services that the PSCS
 influences the customer to buy. Non-drag is revenue that Bond generated irrespectively of
 the PSCS, and that we may choose to allow the PSCS or the head of PSCS to generate commission on).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Incentive Compensation.** In addition, as of your Start Date, you will be eligible to earn quarterly incentive compensation pursuant to the Company's Continuous Excellence and Alignment Objectives {CEAO) Compensation Plan. Your annual target CEAO payout is $15,000 {$3,750 quarterly), less applicable withholdings. The CEAO payout (if any) will be awarded quarterly based on objective and/or subjective criteria established and determined by the CEO in his sole discretion. The CEAO payment, if any, for your first quarter will be prorated based on the number of days you are employed by the Company during such quarter. Beginning with the first full quarter of employment, in order to be eligible to receive a quarterly CEAO payout, you must be employed by the Company for the entire quarter to which the CEAO payout applies. Whether you earn a CEAO payout for any given quarter, and the amount of any such payout, will be determined by the CEO in his sole discretion. The determinations of the CEO with respect to your CEAO payout will be final and binding. No CEAO payouts are guaranteed, and no partial or prorated bonuses will be provided (other than your initial quarterly CEAO payment, as stated above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Employee Benefits.** As a regular full-time employee of the Company, you will be eligible to participate in the Company-sponsored benefit plans in accordance with the terms of such plans when established. In addition, you will be entitled to paid vacation in accordance with the Company's vacation policy, as in effect from time to time. The Company may modify benefits from time to time, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Stock Options.** Subject to your commencement of employment, you will be granted an option to purchase 3,050,917 shares of the Company's Common Stock (the "Option") with a vesting commencement date on your Start Date, four year vesting, one-year vesting cliff. Specifically, you will vest in 25% of the Option shares only after 12 months of continuous service following the vesting commencement date, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as described in the applicable Stock Option Agreement. The exercise price per share of the Option will be determined by the Board of Directors or the Compensation Committee when the Option is granted and will not be less than the fair market value per share of the Company's Common Stock. The Option will be subject to the terms and conditions applicable to options granted under the Company's Amended and Restated 2017 Equity Plan (the "Plan"), as described in the Plan and the applicable Stock Option Agreement. The Company makes no representations regarding the value of your Option or the underlying Common Stock either now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This grant also has Change of Control (as defined below) provisions that enable vesting acceleration, under certain conditions, as follows: If within one month before or following a Change of Control, (i) your continuous Service is involuntarily terminated without Cause (as defined below), or (ii) youterminate your continuous service for Good Reason (as defined below), and in either case other than as a result of death or disability, and provided such termination constitutes a "separation from service" within the meaning of Treasury Regulation Section l.409A-l(h), then 100% of the unvested shares subject to the option will immediately become fully vested as of the effective date of such termination. "Good Reason" shall mean that you resign within the vesting term for this grant after one of the following conditions has come into existence without his or her consent: (i) a reduction in your base salary and bonus by more than 10% other than as part of salary reduction plan for all senior executives; or (ii) a relocation of your principal workplace by more than 30 miles; or (iii) a material diminution in your authority or responsibilities. A condition shall not be considered "Good Reason" unless you give the Company written notice of such condition within 90 days after such condition comes into existence and the Company fails to remedy such condition within 30 days after receiving your written notice.

For purposes of this offer, **"Cause"** for termination will mean your: (a) commission of any felony or crime involving dishonesty; (b) participation in any fraud against the Company; (c) material breach of your duties to the Company; (d) persistent unsatisfactory performance of job duties after written notice from the Company and a reasonable opportunity to cure (if deemed curable); (e) intentional damage to any property of the Company; (f) material misconduct, or other violation of Company policy that causes harm; (g) breach of any written agreement with the Company; and (h) conduct which in the good faith and reasonable determination of the Company demonstrates gross unfitness to serve provided such conduct materially damages the company.

For purposes of this letter agreement, "Change of Control" will mean either: (i) the consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity; or (ii) the sale, transfer or other disposition of all or substantially all of the Company's assets. The forgoing notwithstanding, a merger or consolidation of the Company shall not constitute a "Change of Control" if immediately after such merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of such continuing or surviving entity, will be owned by persons who were the Company's stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company's capital stock immediately prior to such merger or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Severance Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General.** If the Company terminates your employment for any reason other than Cause, or if you resign for Good Reason as defined in paragraph 7b, then you will be entitled to the benefits described in this Section 8. However, this Section 8 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of Managers or Boards of Directors of the Company and all of its subsidiaries, parent companies, and affiliates, to the extent applicable, and (iii) have executed a release of all claims that you may have against the Company or persons affiliated with the Company. The release must be in the form prescribed by the Company, negotiated by the parties in good faith. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). The Release Deadline will in no event be later than 60 days after the date your employment terminates. If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 8. The requirement of the execution of the release to qualify for the severance payment under this Section 8, shall have no effect on your rights to enforce Section 5, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Salary Continuation.** If the Company terminates your employment for any reason other than Cause, or if you resign for Good Reason as defined in paragraph 7b, then the Company will continue to pay your base salary for a period of 3 months after the date your employment terminates, or your resignation becomes effective. Your base salary will be paid at the rate in effect at the time of the date your employment terminates and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 days after the date your employment terminates and, once they commence, will include any unpaid amounts accrued from the date of the date your employment terminates. However, if the 60-day period described in the preceding sentence spans two calendar years, then the payments will in any event begin in the second calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Proprietary Information and Inventions Agreement.** Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company's standard Proprietary Information and Inventions Agreement ("PIIA"), a copy of which is attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Employment Relationship.** Employment with the Company is for no specific period of time. Your employment with the Company will be "at will," meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. In the event you decide to resign from employment prior to the one-year anniversary of your Start Date (except in the event of resignation for Good Reason), you agree to give the Company 2 months' prior written notice, during which time you commit to working for the Company and transitioning your duties in good faith. During any notice period, the Company will pay you at your base salary (without reduction if you are resigning for Good Reason due to a salary reduction), Commission Compensation, Bookings Bonus and Incentive Compensation and you will remain eligible to earn all other compensation that you are eligible to earn plus vesting pursuant to paragraph 7a, in each case until the date your employment terminates. For the avoidance of doubt, in the event you resign from employment pursuant to this paragraph (except for a resignation for Good Reason) the Company shall be permitted to reduce all or a portion of the offered period of notice and accelerate the termination of your employment, at its discretion, and this shall not be construed as a termination without cause hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures, may change from time to time, the "at will" nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Tax Matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Withholding.** All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Tax Advice.** You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Interpretation, Amendment and Enforcement.** This letter agreement, along with the PIIA to be executed prior to your Start Date, constitutes the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company (other than you). The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the "Disputes") will be governed by New York law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in New York in connection with any Disputes or any claim related to any Disputes.

\* \* \* \* \*

In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. By accepting this offer, you confirm that you are able to accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities, such as restrictions imposed by any party including, a current or former employer. You also represent that you have informed the Company of any such restrictions and provided the Company with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities. You further confirm that you have not removed or taken (and will not remove or take) any documents or proprietary data or materials of any kind, electronic or otherwise, with you from your current or former employer or any other person to whom you have an obligation of confidentiality to the Company without their prior written authorization. If you have any questions about the ownership of particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.

\* \* \* \* \*

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to paul.morin@ourbond.com. This offer, if not accepted, will expire on July 23rd at 5PM ET. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States, including your completion of Section 1 of Form 1-9 (Employment Eligibility Verification). Your employment is also contingent upon our receipt of satisfactory results from a background check, which you authorize us to complete, and any other verifications which we require. Your employment is further contingent upon your starting work with the Company **on or before July 27, 2021**.

If you have any questions, please feel free to contact me at 917-767-1099.

Very truly yours, <br>TG-17,INC.

---

| | |
|:---|:---|
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | CEO |

---

I have read and accept this employment offer:

---

| |
|:---|
| */s/ Joseph DeSalvo* |
| Joseph DeSalvo |
| Date: July 22, 2021 |

---

**Attachment**

Exhibit A: Proprietary Information and Inventions Agreement

---

| | |
|:---|:---|
| **From:** | Amit Hod |
| **To:** | Doron Kempel; Yvette Mueller |
| **Subject:** | RE: JDS |
| **Date:** | Thursday, June 27, 2024 9:33:47 AM |
| **Attachments:** | image001.png |
|  | image002.png |
|  | image003.png |

---

With @Yvette Mueller

**From:** Amit Hod

**Sent:** Thursday, June 27, 2024 5:33 PM

**To:** Doron Kempel

**Subject:** RE: JDS

Only DK and Yvette

DK – when you're saying "retroactively" – to when? January 1, 2024?

**From:** Doron Kempel

**Sent:** Thursday, June 27, 2024 12:01 PM

**To:** Joe DeSalvo ; Yvette Mueller ; Amit Hod

**Subject:** Re: JDS

Thank you very much, Joe

We will retroactively bring your OTE back to $415k.

We can more evenly distribute your commission by increasing the base % of commission and lowering what is now a 95% upon exceeding the target. Thank you

Doron

Doron Kempel

Chairman & CEO

<u>doron.kempel@ourbond.com</u>

(m) +1-917-767-1099

<u>www.ourbond.com</u>

Please forgive mobility typos

On Jun 26, 2024, at 4:53 PM, Joe DeSalvo wrote:

Good afternoon, Doron,

Jazmin adjusted our 2 meetings for tomorrow to 1 meeting, so we will cover both the Weekly PSCS Synch and our 1:1 at 10:30AM for 1 hour. For the 1:1, we have the below open item to cover as our only agenda item.

**From:** Joe DeSalvo

**Date:** Tuesday, June 11, 2024 at 5:42 PM

**To:** Doron Kempel

**Subject:** Re: JDS

Thank you, Doron,

---

| |
|:---|
| My concern about the approach below is that my commissions will go down from 14.3% to 9.5% for the Q1 – Q3 commission payments because that's how long it will take to reach the profit target of $1,050,000. You can see in Yvette's table below the actual profit for Q1 was $346K ($704K short of the profit target). I'd like the OTE to be distributed equally over the calendar year. |
| Also, my current OTE is not $415K, that number includes CEAO of $15K and a base of $300K, which are no longer accurate (the total for those 2 categories is $283K). |

---

![](ex10-7_001.jpg)

**From:** Doron Kempel

**Date:** Sunday, June 9, 2024 at 2:09 PM

**To:** Amit Hod , Yvette Mueller , Joe DeSalvo

**Subject:** JDS

Team,

FYI

I concluded with Joe that we'll put him in a position to reach an OTE of $650k in 2024, but will reduce his stock option grant by 20%.

&nbsp;&nbsp;&nbsp;&nbsp;1. Amit,
 please discuss with me how we reduce Joe's stock option grant by 20%

2. Yvette,
 here is how we get Joe to $650k possible income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 sales target for PSCS in 2024 is in cell 2J

2. Commission
 % on any collected revenues up to 2J

is: On BX related revenues: 9.5% in cell 7J

On non-BX revenues: 9.5% in cell 7K

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Commission
 % on any collected revenues above the $5.25M target is On BX related: 8J (95%)

On non-BX 19%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Commission
 on any revenue collected, after JDS has reached $650k full 2024 payment is 9.5% 15J (whether
 BX or non-BX).

Joe, please critic my outline.

Yvette, please test the math.

Amit, let's discuss how we orchestrate the change in stock option allocation.

![](ex10-7_002.jpg)

**From:** Joe DeSalvo

**Sent:** Tuesday, June 4, 2024 7:12 PM

**To:** Doron Kempel

**Subject:** FW: Book4.xlsx

Thank you, Doron.

---

| |
|:---|
| Yvette has calculated the PSCS actuals for Q1 without any commissions entered for the Q1 net collections (see below). As a basis for your feedback, I would like to propose increasing my commission target to get my total OTE into the $650K range, as we've been discussing. Based on the increased payout of $200K, I understand that will reduce my equity by 0.2% of the current number of outstanding shares, to 0.8% of the current number of outstanding shares, which we discussed at our last meeting and is noted in the attached "Book 4" sheet you sent after we met ("for each $100k payment above Bond 10% profit margin, reduce Stock options by 0.1%"). |
| In order to achieve that increase in my annual commissions, I've modeled out a projection for 2024, which differentiates between the "Proprietary" net collections and the rest of the PSCS net collections (which I'm calling "Other"). The Q1 actual net collections for those 2 categories are provided below, along with a projection showing an OTE of $657K (my OTE will continue to be 100% funded by PSCS net collections). The model is based on the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. $6.5MM
 in sales (using Q1 actuals as a guidepost)

2. 32%
 commission on the Proprietary net collections

3. 15%
 commission on the Other net collections

4. 10%
 Bond profit on the Other net collections

---

| | |
|:---|:---|
| **Q1 2024 Actuals** | **2024 Projected with 32% Commission** |
| **on the Proprietary** |  |
| **Without Commission** | **Net Collections and 15% on the** |
| **Other Net Collections** |  |

---

![](ex10-7_003.jpg)

Please let me know if you have any questions and how you'd like to proceed. Thank you for your continued support.

**From:** Doron Kempel

**Date:** Friday, May 17, 2024 at 9:59 AM

**To:** Joe DeSalvo

**Subject:** Book4.xlsx

## Exhibit 10.8

**Exhibit 10.8**

**bond**

2024-01-02

Michael Lambert 250

Marticville Rd

Conestoga, PA 17516

Dear Michael,

TG-17, Inc., a Delaware corporation, doing business as Bond, (the "Company"), is pleased to offer you this offer of employment on the following terms:

**Position.** Your initial title will be Global Head of Sales and you will initially report to the CEO. This is a full-time position. You will be expected to perform duties as are normally associated with your position and such duties as are assigned to you from time to time, subject to the oversight and direction of your manager. The Company may change your position and duties from time to time in its discretion. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) without the Company's express written consent. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. Upon commencement of employment, you will perform your services at the Company's US headquarters as designated by the Company. Some work will also be conducted at other locations such as prospect and partner offices, conferences, home office and other remote locations based on the situation.

**Base Salary and Commission.** Upon your commencement of employment, the Company will pay you a starting annual base salary at the rate of $240,000 per year, payable in accordance with the Company's standard payroll schedule. In addition, you will have a commissions plan targeted at $250,000 per year ("Commissions Target"). This base salary and commissions will be subject to adjustment pursuant to the Company's employee compensation policies in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Commission Compensation.** From the date your employment commences you will be eligible to earn commission compensation ("Commissions") according to the following Commissions terms (the "Commissions Terms"). Your eligibility for Commissions and the Commissions terms herein may be altered or terminated by the Company at any time in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To be eligible for a Commission, all of the following conditions must have been met, as determined by the Company: (1) the Company has received and accepted a Booking (as defined below), (2) the sale price of the services is fixed or determinable, and (3) you are employed by the Company on the date all of the preceding conditions are satisfied. However, for deals for which a Booking is procured before the termination of your employment, you will receive Commissions on such Bookings provided that all of the other conditions of this Letter are met. After that date, you will no longer be entitled to any Commission based on a Booking you procured during your employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commissions are calculated as your Individual Commission R.te ("ICR") multiplied by the Bookings value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Your ICR will be calculated at the first month of employment using t formula: 2024 Commission Target divided by your 2024 annual gross booking target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A "Booking" is a written, signed, and valid client contract for Bo Security Platform (PSP).

&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) Commissions are paid monthly Bookings, 30 days after the end of the month. Except as otherwise provided in this Letter, Commission paid will be clawed-back if the client does not pay its invoice within 30 days of agreed payment terms. Multi-year deal commissions are paid annually starting on the effective date of the first years' Booking and on the anniversary date(s) thereafter in accordance with the commission plan for those respective year(s), and will b potentially viewed as renewals.

&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) A guaranteed commission (non-recoverable draw) of $62,500 will be paid at the end of the first calendar quarter of 2024. The Recoverable draw covers the initial 2 % of your 2024 Commission Target. You will only be eligible to earn additional commissions on every incremental Booking exceeding 25% from your 2024 Commission Target.

&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) A recoverable draw of $50,000 (which is part of your Commission agent) will be paid 60 days after your resignation from your current employer. This recoverable aw will be considered as advance payment that will be paid back to the Company in three equal quarterly installments starting Q2'24 unless you generate enough Bookings to cover such repayment. For the avoidance of doubt, the Bookings you should generate for the purpose of calculating your monthly earnings and\or quarterly repayment of the recoverable draw will be coupled with sales target of the non-recoverable draw in section (f) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Incentive Compensation.** In addition, upon your commencement of employment, you will be eligible to be considered for a quarterly incentive payout pursuant to the Company's Continuous Excellence and Alignment Objectives (CEAO) Compensation Plan. Your annual target CEAO payout is $10,000. Your quarterly target CEAO payout is $2,500. The CEAO payout (if any) will be awarded quarterly based on objective and/or subjective criteria established by the CEO. The CEAO payment, if any, for your first quarter will be prorated based on the number of days you are employed by the Company during such quarter. Beginning with the first full quarter of employment, in order to be eligible to receive a quarterly CEAO payout, you must be employed by the Company for the entire quarter to which the CEAO payout applies. Whether you earn a CEAO payout for any given quarter, and the amount of any such payout, will be determined by the CEO in their sole discretion. The determine ions of the CEO with respect to your CEAO payout will be final and binding. No CEAO payouts are guaranteed, and no partial or prorated bonuses will be provided (other than your initial quarterly CEAO paymer' as stated above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Employee Benefits.** As a regular full-time employee of the Company, ou will be eligible to participate in the Company-sponsored benefit plans in accordance with the terms o such plans when established. In addition, you will be entitled to paid vacation in accordance with the Company's vacation policy, as in effect from time to time. The Company may modify benefits from tim to time, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Stock Options.** Subject to your commencement of employment and the approval of the Company's Board of Directors or its Compensation Committee, you will be granted an option o purchase 2,086,384 shares of the Company's Common Stock (the "Option"). Should Bond raise seri s C funding before July 1 2024, Bond will grant you stock options in order to get your total stock opt on grant to 0.75% of total outstanding shares. The Vesting Commencement Date will be the day you start at the Company and the Option is subject to a one-year cliff. You will vest in 25% of the Option . hares after 12 months of continuous service following the Vesting Commencement Date, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as described in the applicable Stock Option Agreement. The exercise price per share of the Option will be determined by the Board of Directors or the Compensation Committee when the Option is granted and will not be less than the fair market value per share of the Company's Common Stock. The Option will be object to the terms and conditions applicable to options granted under the Company's Amended and Re tated 2017 Equity Plan (the "Plan"), as described in the Plan and the applicable Stock Option Agreement. The Company makes no representations regarding the value of your Option or the underlying Common Stock either now or in the future. Notwithstanding the foregoing, if within six months before o 12 months following a Change in Control, (i) the Employee's continuous Service is involuntarily terminated without Cause, or (ii) the Company terminates the Employee's continuous Service for Good Reason, and in either case other than as a result of death or disability, and provided such termination constitutes a "separation from service" within the meaning of Treasury Regulation Section l.409A-l(h), then 50*Vo* from the unvested option will immediately become fully vested, and the Right of Repurchase shall lapse with respect to the vested Shares subject to the option, as of the effective date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Severance Benefits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **General.** If you are subject to a termination without cause, then you will be entitled to the benefits described in this section 5. However, this section 5 will not apply unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of Managers or Boards of Directors of the Company and all if its subsidiaries, t the extent applicable, and (iii) have executed a release of all claims for wages and earnings that yow may have against the Company or persons affiliated with the Company. The release must be i the form prescribed by the Company, without alterations. You must execute and return the release on or before the date specified by the Company in the prescribed form (the "Release Deadline"). he Release Deadline will in no event be later than 50 days after your separation. If you fail to return he release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this section 5. The requirement of the execution of the release to qualify for the severance payment under this section 5, shall have no effect on your rights to enforc Section 4 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Salary Continuation.** If you are subject to a Termination without , ause, then the Company will continue to pay your base salary for a period of three (3) months after your separation. Your based salary will be paid at the rate in effect at the time of your separation and in accordance with the Company's standard payroll procedures. The salary continuation payments will commence within 60 days after your separation and, once they commence, will include ny unpaid amounts accrued from the date of your separation. However, if the 60-day period desc ibed in the preceding sentence spans two calendar years, then the payment will in any event begin in the second calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Proprietary Information and Inventions Agreement.** Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company's standard Proprietary Information and Inventions Agreement, a copy of which is attache, hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Employment Relationship.** Employment with the Company is for no speci 1c period of time. Your employment with the Company will be "at will," meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. y contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although you job duties, title, compensation and benefits, as well as the Company's personnel policies and procedures change from time to time, the "at will" nature of your employment may only be changed i an express written agreement signed by you and a duly authorized officer of the Company (other than ou).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Tax Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Withholding.** All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Tax Advice.** You are encouraged to obtain your own tax advice re arding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not ma ,e any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Interpretation, Amendment and Enforcement.** This letter agreement along with the PIIA to be executed prior to commencement of employment, constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede and replace any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company. This letter agreement may not be . mended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company (other than you). The terms of this letter agreement and the resolution of an disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company o any other relationship between you and the Company (the "Disputes") will be governed by New York la , excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in New York in connection with any Dispute or any claim related to any Dispute.

\* \* \* \* \*

In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which s otherwise provided or developed by the Company. By accepting this offer, you confirm that you are able to accept this job and carry out the work that it would involve without breaching any legal restrictions on your activities, such as restrictions imposed by any party including, a current or forme employer. You also represent that you have informed the Company of any such restrictions and provided the Company with as much information about them as possible, including any agreements between you and your current or former employer describing such restrictions on your activities. ou further confirm that you have not removed or taken (and will not remove or take) any documents or proprietary data or materials of any kind, electronic or otherwise, with you from you current or former employer or any other person to whom you have an obligation of confidentiality tot e Company without their prior written authorization. If you have any questions about the ownership , f particular documents or other information, discuss such questions with your former employer before removing or copying the documents or information.

\* \* \* \* \*

We hope that you will accept our offer to join the Company. You may i dicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to april.little@ourbond.com. This offer, if not accepted, will expire on Friday, January 5<sup>th</sup>, 2024 at 5:00 PM ET. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work i the United States, including your completion of Section 1 of Form I-9 (Employment Eligibility Verification). Your employment is also contingent upon our receipt of satisfactory results from a backer ·und check, which you authorize us to complete, and any other verifications which we require. Your employment is further contingent upon your starting work with the Company.

If you have any questions, please feel free to contact me via email at <u>usfinance@ourbond.com.</u>

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| TG-17, Inc. | TG-17, Inc. |
| By: | */s/ Doron Kempel* |
| Name: | Doron Kempel |
| Title: | CEO |

---

---

| |
|:---|
| I have read and accept this employment offer: |
| TG-17, Inc. |
| */s/ Michael T. Lambert* |
| Candidate Name: Michael T. Lambert |
| Date: January 17, 2024 |

---

**Attachment**

Exhibit A: Proprietary Information and Inventions Agreement

![](ex10-8_001.jpg)

September 9, 2024

Michael Lambert 250 Marticville Road

Conestoga, PA 17516 Dear Michael,

This letter confirms the change in your annual base and CEAO compensation with TG-17, Inc. (the "Company").

&nbsp;&nbsp;&nbsp;&nbsp;1. **Reduction in Annual CEAO.** Effective Date, your annual CEAO will be reduced from $10,000 to $0.
 This reduced pay will remain in effect until further written notice from me.

2. **Reduction in Annual Base Salary.** Effective Date, you annual Salary will be reduced from $240,000
 to $225,000, less all applicable withholdings. This reduced pay rate will remain in effect
 until further written notice from me.

3. **At-Will Employment.** Your employment with the Company remains "at will" meaning that
 either you or the Company may terminate your employment at any time and for any reason, with
 or without cause.

4. **Entire Agreement.** This letter supersedes all prior agreements (whether verbal or written) or
 representations between you and the Company related to the subject matter of this letter.

Please confirm your receipt of this letter by signing it below and returning to me. Sincerely,

---

| |
|:---|
| */s/ Doron Kempel* |
| Doron Kempel CEO |

---

I HAVE READ AND UNDERSTAND THIS LETTER

---

| | |
|:---|:---|
| Signature: | */s/ Michael T. Lambert* |
| Date: | 09/10/2024 |

---

85 Broad Street, 9<sup>th</sup> Floor, New York, NY 10004

## Exhibit 10.9

**Exhibit 10.9**

**WAIVER and TWENTy-SEVENTH** **AMENDMENT**

**TO**

**LOAN AND SECURITY AGREEMENT**

THIS **WAIVER AND TWENTY-SEVENTH** **AMENDMENT TO LOAN AND SECURITY AGREEMENT** (this "**Amendment**") is entered into as of August 6, 2025, by and between **EASTWARD FUND MANAGEMENT, LLC**, a Delaware limited liability company ("**Lender**"), and **TG-17, INC.**, a Delaware corporation ("**Borrower**").

**Recitals**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Lender and Borrower have entered into that certain Loan and Security Agreement dated as of June 5, 2019 (as amended by that certain First Amendment dated as of January 29, 2021, that certain Second Amendment dated as of June 21, 2021, that certain Forbearance Agreement and Third Amendment dated as of January 10, 2022, that certain Fourth Amendment dated as of February 11, 2022, that certain Fifth Amendment dated as of March 15, 2022, that certain Sixth Amendment dated as of May 12, 2022, that certain Seventh Amendment dated as of May 23, 2022, that certain Eighth Amendment dated as of June 3, 2022, that certain Nineth Amendment dated as of November 23, 2022, that certain Tenth Amendment dated as of December 7, 2022, that certain Eleventh Amendment dated as of February 24, 2023, that certain Twelfth Amendment dated as of March 3, 2023, that certain Thirteenth Amendment dated as of March 10, 2023, that certain Fourteenth Amendment dated as of March 27, 2023, that certain Fifteenth Amendment dated as of April 11, 2023, that certain Sixteenth Amendment dated as of May 12, 2023, that certain Seventeenth Amendment dated as of May 26, 2023, that certain Eighteenth Amendment dated as of June 2, 2023, that certain Nineteenth Amendment dated as of June 16, 2023, that certain Twentieth Amendment dated July 5, 2023, that certain Twenty-First Amendment dated October 11, 2023, that certain Twenty-Second Amendment dated November 17, 2023, that certain Twenty-Third Amendment dated November 17, 2023, that certain Twenty-Fourth Amendment dated September 27, 2024, that certain Twenty-Fifth Amendment dated December 31, 2024, and that certain Twenty-Sixth Amendment dated March 31, 2025, and as the same may from time to time be further amended, modified, supplemented or restated, collectively, the "**Loan Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Lender has extended credit to Borrower for the purposes permitted in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** Borrower has defaulted under the Loan Agreement by virtue of Borrower's failure to make payments pursuant to Section 8.1 of the Loan Agreement as of January 10, 2022 through and including August 6, 2025 (collectively, the "**Existing Defaults**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** Borrower has requested that Lender waive its rights and remedies against Borrower, limited specifically to the Existing Defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** Although Lender is under no obligation to do so, Lender is willing to not exercise its rights and remedies against Borrower related to the specific Existing Defaults on the terms and conditions set forth herein, so long as Borrower complies with the terms, covenants and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** Further, Borrower has requested that Lender amend the Loan Agreement to make certain other revisions to the Loan Agreement as more fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** Lender has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below.

**Agreement**

**Now, Therefore**, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions**. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Waiver of Existing Defaults.** So long as no Event of Default, other than the Existing Defaults, shall have occurred and be continuing as of the date of this Amendment, Lender hereby waive the Existing Defaults. Lender's agreement to waive the Existing Defaults shall not limit or impair such parties' right to demand strict performance of all other provisions of the Loan Agreement, as amended hereunder, as of any date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Amendment to Loan Agreement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Section 2.2A. (Term Advances).** Section 2.2A. is amended and restated in its entirety to read 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;**2.2 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;(a) <u>Availability</u>. Upon Borrower's request, during the Draw Period, Lender shall make up to ten (10) advances (each, an "Advance," and collectively, the "Advances") to Borrower in an aggregate original principal amount not to exceed Ten Million Dollars ($10,000,000) (the "Maximum Loan Amount"); provided that each Advance will be in a minimum amount of not less than $1,000,000. After repayment, no Advance (or any portion thereof) may 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;(b) <u>Interest Payments</u>. With respect to each Advance, commencing on the first (1st) Business Day of the month following the month in which the Funding Date of such Advance occurs, and continuing on the first (1st) Business Day of each month thereafter, Borrower shall make monthly payments of interest in cash, in arrears for the prior month, on the outstanding principal amount of such Advance at the rate set forth in Section 2.3(a); provided, that Lender and Borrower hereby agree that Borrower's payments due, and not paid, prior to the earlier of (i) June 30, 2026, and (ii) the date Borrower closes one or more equity financings yielding an aggregate amount of net cash proceeds of at least $20,000,000 prior to such date (the "**Payment Restart Date**"), shall be deferred and payable pursuant to Section 2.2(c) below); provided, further, that, a portion of such accrued interest was converted into Borrower's preferred equity on November 17, 2023 and August 6, 2025 in connection with the preferred equity financings consummated on such dates and such portions shall be deemed paid as of the date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Repayment</u>. With respect to each Advance, commencing on the monthly payment due on the first (1st) Business Day of the month commencing after the Payment Restart Date and continuing on the first (1st) Business Day of each month thereafter, Borrower shall repay the then outstanding principal amount on Advances in twenty-four (24) consecutive equal monthly installments of principal (which principal amount shall include the interest portion due and payable, but not paid, prior to the Payment Restart Date as referenced in Section 2.2(b) above) based on a thirty-six (36) month amortization period, plus, as to each Advance, (ii) monthly payments of accrued interest at the rate set forth in Section 2.3(a), plus, as to each Advance, (iii) the Final Payment, which shall be due with the final monthly payment due hereunder. All outstanding principal and accrued and unpaid interest with respect to each Advance, and all other outstanding Obligations with respect to such Advance, are due and payable in full on the first (1st) Business Day of the 25<sup>th</sup> month commencing after the Payment Restart Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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;(i) <u>Permitted Prepayment</u>. Borrower shall have the option to prepay all, but not less than all, of the Advances, provided Borrower (i) delivers written notice to Lender of its election to prepay the Advances at least forty-five (45) days prior to such prepayment, and (ii) pays, on the date of such prepayment: (A) the outstanding principal plus accrued and unpaid interest with respect to the Advances plus (B) the Prepayment Premium, plus (C) the Final Payment, plus (D) all other sums, if any, that shall have become due and payable with respect to the Advances, including interest at the Default Rate with respect to any past due amounts owed to Lender (collectively, the "**Prepayment Amount**").

&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>Mandatory Prepayment Upon an Acceleration</u>. If the Advances are accelerated by Lender pursuant to this Agreement following the occurrence and during the continuance of an Event of Default or as a result of a Change in Control or initial public offering of its securities pursuant to a registration statement filed with the SEC pursuant to the Securities Act of 1933, as amended, Lender may require a payment equal to the Prepayment Amount in connection with the repayment of outstanding Obligations upon such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Conversion</u>. On August 6, 2025, in connection with that certain Securities Purchase and Conversion Agreement, by and between Borrower and Lender, Lender agreed to convert an amount of the outstanding Obligations equal to $6,827,698, representing fifty-percent (50%) of the outstanding amount of the Obligations under this Agreement immediately prior to the closing of the transactions contemplated by the Securities Purchase and Conversion Agreement, into Series E Convertible Preferred Stock 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;**3.2 Section 14 (Definitions)**. Section 14 is hereby amended by amending and restating the following definition in its entirety as follows:

"**Maturity Date**" means the first (1st) Business Day of the 25<sup>th</sup> month commencing after the Payment Restart Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Limitation of Waiver and Amendment**.

&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** The amendment set forth in Sections 2 and 3, above, is effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Lender may now have or may have in the future under or in connection with any 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;**4.2** This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Release 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;**5.1** FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Lender and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment solely to the extent such claims arise out of or are in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing (collectively "**Released Claims**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected in respect of the Released Claims; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Lender with respect to the facts underlying this release or with regard to any of such party's rights or asserted 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;**5.3** This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Lender to enter into this Amendment, and that Lender would not have done so but for Lender's expectation that such release is valid and enforceable in all events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** Borrower hereby represents and warrants to Lender, and Lender are relying thereon, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Except
 as expressly stated in this Amendment, neither Lender nor any agent, employee or representative
 of any of them has made any statement or representation to Borrower regarding any fact relied
 upon by Borrower in entering into this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Borrower
 has made such investigation of the facts pertaining to this Amendment and all of the matters
 appertaining thereto, as it deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 terms of this Amendment are contractual and not a mere recital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. This
 Amendment has been carefully read by Borrower, the contents hereof are known and understood
 by Borrower, and this Amendment is signed freely, and without duress, by Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Borrower
 represents and warrants that it is the sole and lawful owner of all right, title and interest
 in and to every claim and every other matter which it releases herein, and that it has not
 heretofore assigned or transferred, or purported to assign or transfer, to any person, firm
 or entity any claims or other matters herein released. Borrower shall indemnify Lender, defend
 and hold each harmless from and against all claims based upon or arising in connection with
 prior assignments or purported assignments or transfers of any claims or matters released
 herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Representations and Warranties**. To induce Lender to enter into this Amendment, Borrower hereby represents and warrants to Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing, other than the Existing Defaults;

&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** Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;

&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** The organizational documents of Borrower delivered to Lender in June of 2025 remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;

&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** The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents 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;**6.6** The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Ratification of Intellectual Property Security Agreement**. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Intellectual Property Security Agreement dated as of the Effective Date between Borrower and Lender, and acknowledges, confirms and agrees that said Intellectual Property Security Agreement (a) contains an accurate and complete listing of all Intellectual Property Collateral (as defined therein) and (b) shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Ratification of Perfection Certificate**. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information Borrower provided to Lender in such Perfection Certificate have not changed, as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Counterparts**. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Effectiveness**. This Amendment shall be deemed effective upon (a) the due execution and delivery to Lender of this Amendment by each party hereto, and (b) receipt by Lender of Lender Expenses associated with the preparation of this Amendment and the transactions contemplated hereby, which shall be deemed fully earned and nonrefundable on the date hereof, which may be debited from any of Borrower's accounts.

**[*Balance of Page Intentionally Left Blank*]**

**In Witness Whereof**, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.

---

| | |
|:---|:---|
| BORROWER: | BORROWER: |
| **TG-17, Inc.** | **TG-17, Inc.** |
| By: |  |
| Name: | Doron Kempel |
| Title: | President |

---

---

| | |
|:---|:---|
| LENDER: | LENDER: |
| **EASTWARD FUND MANAGEMENT, LLC** | **EASTWARD FUND MANAGEMENT, LLC** |
| By: |  |
| Name: | <u>Dennis Cameron</u> |
| Title: | <u>Chief Executive Officer</u> |

---

**Signature Page to Waiver and Twenty-Seventh Amendment to Loan and Security Agreement**

## Exhibit 10.10

**Exhibit 10.10**

**SECURITIES PURCHASE AND CONVERSION AGREEMENT**

THIS SECURITIES PURCHASE AND CONVERSION AGREEMENT (the "Agreement"), dated as of August 6, 2025, is made by and between TG-17 Inc., a Delaware corporation (the "Company"), and Eastward Fund Management, LLC ("Eastward").

WHEREAS, pursuant to that certain Loan and Security Agreement (as the same has been and may from time to time be further amended, modified, supplemented or restated, collectively, the "Loan Agreement") dated as of June 5, 2019, by and between the Company and Eastward, as lender (the "Lender"), the Lender has made certain credit accommodations to the Company and the Company is obligated to repay the Obligations (as defined therein) and has granted to the Lender a first-priority security interest to secure the payment obligations thereunder; and

WHEREAS, pursuant to the terms of this Agreement, the Company and Eastward have agreed to convert an amount of the Obligations equal to $6,827,698 (the "Loan Conversion Amount") for 682,770 shares of Series E Convertible Preferred Stock of the Company to be issued to Eastward on the date hereof and having a stated value of equal amount;

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and Lender agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purchase and Sale of Series E Preferred Stock</u>. Subject to the terms and conditions set forth herein, at the Closing, the Company shall issue and sell to Eastward, and Eastward shall purchase from the Company, in exchange for the conversion of the Loan Conversion Amount (the "Purchase Price"), 682,770 shares of Series E Convertible Preferred Stock of the Company (the "Preferred Stock"), to be designated by the Company as set forth in a Certificate of Designations of Rights and Preferences in the form attached hereto as <u>Exhibit A</u> (the "COD"). The Preferred Stock will, pursuant to the terms of the COD: (i) be convertible to common stock of the Company; and (ii) earn dividend payments which may be paid, at the option of the Company, in common stock of the Company. All shares of common stock of the Company issuable upon conversion of the Preferred Stock or paid as dividends thereon shall referred to herein as the "Eastward Common Stock."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>. Upon satisfaction of the conditions set forth herein, a closing shall occur remotely via the exchange of documents and signatures. At closing, the Company shall deliver to Eastward a book-entry account statement prepared by the Company's transfer agent reflecting Eastward's ownership of the Preferred Stock and Eastward shall deliver to the Company a receipt indicating that the Purchase Price has been credited to the Company against the Loan Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Further Assurances</u>

Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of Eastward</u>. Eastward represents and warrants, as of the date hereof and as of the closing, to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Organization and Qualification</u>. Eastward is a limited liability company, duly organized and validly existing in good standing under 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;b. <u>Authorization; Enforcement</u>. Eastward has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement by Eastward and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of Eastward and no further action is required by Eastward. This Agreement has been (or upon delivery will have been) duly executed by Eastward and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of Eastward enforceable against Eastward in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Tax Advisors</u>. Eastward has reviewed with its own tax advisors the U.S. federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. With respect to such matters, Eastward relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Eastward understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>No Conflicts</u>. The execution, delivery and performance of this Agreement by Eastward and the purchase of the Preferred Stock by Eastward will not (a) conflict with or result in a violation of Eastward's organizational documents, (b) conflict with, or constitute a material default (or an event which, with notice or lapse of time or both, would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, contract, indenture mortgage, indebtedness or instrument to which Eastward is a party, or (c) violate in any material respect any law applicable to Eastward or by which any of Eastward's properties or assets are bound or affected. No approval or authorization will be required from any governmental authority or agency, regulatory or self-regulatory agency or other third party in connection with the purchase of the Preferred Stock and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Investment Intent; Accredited Investor</u>. Eastward is purchasing the Preferred Stock for its own account, for investment purposes, and not with a view towards distribution. Eastward is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D of the 1933 Act. Eastward has, by reason of its business and financial experience, such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that it is capable of (a) evaluating the merits and risks of an investment in the Preferred Stock and making an informed investment decision, (b) protecting its own interests and (c) bearing the economic risk of such investment for an indefinite period of time..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Legend</u>. Eastward understands that the Preferred Stock has been issued, and that the Eastward Common Stock will be issued, pursuant to an exemption from registration or qualification under the Securities Act of 1933 and applicable state securities laws and all such securities shall bear any legend as required by the "blue sky" laws of any state and a restrictive legend in substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO EASTWARD (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties of the Company</u>. The Company hereby makes the following representations and warranties to Eastward:

&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>Authorization; Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company or the Board of Directors of the Company in connection therewith. This Agreement has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Organization and Qualification</u>. Each of the Company and its subsidiaries (the "Subsidiaries") are entities duly organized and validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authorization to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect. As used in this Agreement, "Material Adverse Effect" means any material adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby, or (iii) the authority or ability of the Company to perform any of its obligations under this Agreement or the COD. Other than its Subsidiaries, there is no Person (as defined below) in which the Company, directly or indirectly, owns capital stock or holds an equity or similar interest. "Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and any governmental entity or any department or agency thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** <u>Capitalization</u>. The authorized share capital of the Company consists of: (A) 200,000,000 shares of Common Stock, of which, as of the date hereof, 9,504,162 shares are issued and outstanding, (B) 50,000,00 shares of non-voting common stock, of which no shares are issued and outstanding; and (C) 150,000,000 shares of Preferred Stock. The designated and outstanding classes and series of Preferred Stock are: (i) 25,356,262 shares designated and Series B-1 Preferred Stock, of which 24,614,821 shares are issued and outstanding; (ii) 27,463,149 shares designated and Series B-2 Preferred Stock, all of which are issued and outstanding; (iii) 21,453,390 shares designated as Series B-3 Preferred Stock, all of which are issued and outstanding; (iv) 329,671 shares designated as Series C Preferred Stock, all of which are issued and outstanding; (v) 14,128,084 shares designated as Series CF-1 Preferred Stock, of which 10,104,017 shares are issued and outstanding; (vi) 2,900,000 shares designated as Series CF-2 Preferred Stock, none of which are outstanding; (vii) 682,770 shares of Series E Preferred Stock, none of which are issued and outstanding prior to the execution of this Agreement, but all of which shall be issued pursuant to the terms of this Agreement and shall be outstanding after giving effect to this Agreement; and (viii) 10,000 shares of Series F Preferred Stock, all of which are issued and outstanding. The issuance and sale of the Preferred Stock will not obligate the Company to issue shares of Common Stock or any other securities to any person other than to Eastward any Purchaser and will not result in a right of any holder of securities issued by the Company to adjust the exercise, conversion, exchange or reset price under any such securities. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>No Conflict</u>. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby will not (i) result in a violation of the Certificate of Incorporation, as amended, or other organizational documents of the Company or any of its Subsidiaries , (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including foreign, federal and state securities laws and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Consents</u>. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated by this agreement in accordance with the terms hereof. All consents, authorizations, orders, filings and registrations which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been obtained or effected on or prior to the date 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;f. <u>Securities Law Exemptions</u>. Assuming the accuracy of the representations and warranties of Eastward contained herein, the offer and issuance by the Company of the Preferred Stock is exempt from registration under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Issuance of Preferred Stock</u>. The issuance of the Preferred Stock is duly authorized and upon issuance in accordance with the terms of this Agreement shall be validly issued, fully paid and non-assessable and free from all taxes, liens, charges and other encumbrances with respect to the issue thereof. Upon issuance in accordance with the COD, the Eastward Common Stock, when issued, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof, with Eastward being entitled to all rights accorded to a holder of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Material Litigation and Regulatory Proceedings.</u> There are no material actions, causes of action, suits, claims, proceedings, inquiries or investigations (collectively, "Proceedings") before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of Company or any of the Subsidiaries, threatened against or affecting the Company or any of the Subsidiaries, the Common Stock or any other class of issued and outstanding shares of the Company's capital stock, or any of the Company's or the Subsidiaries' officers or directors in their capacities as such which would reasonably be anticipated to have a Material Adverse Effect and, to the knowledge of the executive officers of the Company, there is no reason to believe that there is any basis for any such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Compliance with Law.</u> The Company and each of the Subsidiaries have conducted and are conducting their respective businesses in compliance in all material respects with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Employee Relations.</u> Neither the Company nor any Subsidiary is involved in any union labor dispute nor, to the knowledge of the Company, is any such dispute threatened. Neither the Company nor any Subsidiary is a party to any collective bargaining agreement. No executive officer (as defined in Rule 501(f) of the 1933 Act) has notified the Company that such officer intends to leave the Company's employ or otherwise terminate such officer's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Intellectual Property Rights.</u> The Company and each Subsidiary owns or possesses adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights (collectively, "IP Rights") necessary to conduct their respective businesses as now conducted. Neither the Company nor any Subsidiary is infringing, misappropriating or otherwise violating any IP Rights of any other person. No claim has been asserted, and no Proceeding is pending, against the Company or any Subsidiary alleging that the Company or any Subsidiary is infringing, misappropriating or otherwise violating the IP Rights of any other person, and, to the Company's knowledge, no such claim or Proceeding is threatened, and the Company is not aware of any facts or circumstances which might give rise to any such claim or Proceeding. The Company and the Subsidiaries have taken commercially reasonable security measures to protect the secrecy, confidentiality and value of all of their material IP 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;l. <u>Environmental Laws.</u> Except, in each case, as would not be reasonably anticipated to have a Material Adverse Effect, the Company and the Subsidiaries (a) are in compliance with any and all applicable laws relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and hold all permits, licenses or other approvals required of them under all such Laws to conduct their respective businesses and (c) are in compliance with all terms and conditions of any such permit, license or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Title to Assets.</u> The Company and the Subsidiaries have good and marketable title to all personal property owned by them which is material to their respective businesses, in each case free and clear of all liens, encumbrances and defects. Any real property and facilities held under lease by the Company or any Subsidiary are held under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company and the Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. <u>Insurance. T</u>he Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company reasonably believes to be prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew all existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. <u>Regulatory Permits.</u> The Company and the Subsidiaries have in full force and effect all certificates, approvals, authorizations and permits from all regulatory authorities and agencies necessary to own, lease or operate their respective properties and assets and conduct their respective businesses, and neither the Company nor any Subsidiary has received any notice of Proceedings relating to the revocation or modification of any such certificate, approval, authorization or permit, except for such certificates, approvals, authorizations or permits with respect to which the failure to hold would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. <u>No Materially Adverse Contracts, Etc.</u> Neither the Company nor any of the Subsidiaries is (a) subject to any charter, corporate or other legal restriction, or any judgment, decree or order which in the judgment of the Company's officers has or is expected in the future to have a Material Adverse Effect or (b) a party to any contract or agreement which in the judgment of the Company's management has or would reasonably be anticipated 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;q. <u>Taxes.</u> Except as disclosed in Schedule 3.16, the Company and the Subsidiaries each has made or filed, or caused to be made or filed, all United States federal and other material tax returns, reports and declarations required by any jurisdiction to which it is subject and has paid all taxes and other governmental assessments and charges that are material in amount, required to be paid by it, regardless of whether such amounts are shown or determined to be due on such returns, reports and declarations, except those being contested in good faith by appropriate proceedings and for which it has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. <u>Investment Company</u>. Neither the Company nor any Subsidiary is, and neither the Company nor any Subsidiary is an Affiliate of, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. <u>No General Solicitation.</u> Neither the Company, nor any of its Affiliates, nor any person acting on its behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Preferred Stock pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. <u>No Brokers', Finders' or Other Advisory Fees or Commissions.</u> No brokers, finders or other similar advisory fees or commissions will be payable by the Company or any Subsidiary or by any of their respective agents with respect to the issuance of the Preferred Stock or any of the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. <u>OFAC.</u> None of the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or person acting on behalf of the Company and/or any Subsidiary has been or is currently subject to any United States sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury ("OFAC"); and the Company will not directly or indirectly use any proceeds received from Eastward, or lend, contribute or otherwise make available such proceeds to its Subsidiaries or to any affiliated entity, joint venture partner or other person or entity, to finance any investments in, or make any payments to, any country or person currently subject to any of the sanctions of the United States administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>No Foreign Corrupt Practices.</u> None of the Company or any of the Subsidiaries has, directly or indirectly: (a) made or authorized any contribution, payment or gift of funds or property to any official, employee or agent of any Governmental Authority of any jurisdiction except as otherwise permitted under applicable law; or (b) made any contribution to any candidate for public office, in either case, where either the payment or the purpose of such contribution, payment or gift was, is, or would be prohibited under the Foreign Corrupt Practices Act ("FCPA") or the rules and regulations promulgated thereunder or under any other legislation of any relevant jurisdiction covering a similar subject matter applicable to the Company or its Subsidiaries and their respective operations and the Company has instituted and maintained policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance with such legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. <u>Anti-Money Laundering.</u> The operations of each of the Company and the Subsidiaries are and have been conducted at all times in compliance with all applicable anti-money laundering laws, regulations, rules and guidelines in its jurisdiction of incorporation and in each other jurisdiction in which such entity, as the case may be, conducts business (collectively, the "Money Laundering Laws") and no action, suit or proceeding by or before any court or Governmental Authority involving the Company or its Subsidiaries with respect to any of the Money Laundering Laws is, to the knowledge of the Company, pending, threatened or contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Other Agreements of the Parties</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>Leak-out</u>. At all times prior to the Ascent Minimum Recovery Date, Eastward shall not, on any Trading Day, sell a number of shares of Common Stock that is in excess of 2.5% of the total daily share volume for the Company's Common Stock as reported by the Principal Market. At all times subsequent to the Ascent Minimum Recovery Date, Eastward shall not, on any Trading Day, sell a number of shares of Common Stock that is in excess of 7.5% of the total daily share volume for the Company's Common Stock as reported by the Principal Market. For the purposes of this Agreement, the "Ascent Minimum Recovery Date" means that date on which Ascent Partners Fund LLC, and/or its successors or assigns ("Ascent"), has received cumulative total proceeds of not less than $8,000,000.00 arising from all or any of the following: (i) cash redemptions by the Company of shares of preferred stock issued to Ascent; (ii) cash dividends paid by the Company on shares of preferred stock issued to Ascent; (iii) resales of shares of Common Stock issued to Ascent as dividends paid upon shares of preferred stock issued to Ascent; and (iv) resales of common stock issued to Ascent upon conversion of shares of preferred stock issued to Ascent. The "Principal Market" means the primary trading market on which the Common Stock is listed, designated or quoted for trading on the day in question. "Trading Day" means a day on which the Principal Market is open for trading.

&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>Integration.</u> The Company shall not, and shall use its best efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that will be integrated with the offer or sale of the Securities in a manner that would require the registration under the 1933 Act of the sale of the Securities to Eastward.

&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>Available Stock.</u> The Company shall, at all times, keep authorized and reserved and available for issuance, free of preemptive rights, such number of shares of Common Stock as are issuable upon conversion in full of the Preferred Stock at any time. If the Company determines at any time that it does not have a sufficient number of authorized shares of Common Stock to reserve and keep available for such issuance, the Company shall use all commercially reasonable efforts to increase the number of authorized shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

&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>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed by and construed under the laws of the State of Delaware without regard to the choice of law principles thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in Boston, Massachusetts for the adjudication of any dispute hereunder or in connection herewith or therewith or with any transaction contemplated hereby or thereby, and hereby irrevocably waives any objection 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. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Severability</u>. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Counterparts/Execution</u>. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains an electronic file of an executed signature page, such signature page 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 electronic file signature page (as the case may be) were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Notices</u>. Any notice or communication permitted or required hereunder shall be in writing and shall be deemed sufficiently given if hand-delivered or sent (i) postage prepaid by registered mail, return receipt requested, or (ii) by facsimile, to the respective parties as set forth below, or to such other address as either party may notify the other in writing.

---

| | |
|:---|:---|
| If to the Company, to: | TG-17, Inc. |
|  | Attention: Doron Kempel, CEO |
|  | 85 Broad Street |
|  | New York, New York 10004 |
|  | <u>doron.kempel@ourbond.com</u> |

---

If to Lender, to the address set forth on the signature page of Eastward.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Expenses</u>. Except as otherwise provided for herein, the parties hereto shall pay their own costs and expenses in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Entire Agreement; Amendments</u>. This Agreement constitutes the entire agreement between the parties with regard to the subject matter hereof and thereof, superseding all prior agreements or understandings, whether written or oral, between or among the parties. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by all parties, or, in the case of a waiver, by the party waiving compliance. Except as expressly stated herein, no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder preclude any other or future exercise of any other right, power or privilege 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;h. <u>Headings</u>. The headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

*{Signature page follows}*

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written.

**TG-17, Inc..**

By: <br> Doron Kempel, CEO

**Eastward Fund Management, LLC:** 

---

| | |
|:---|:---|
| By: |  |
| Print Name: | Dennis Cameron |
| Title: | Chief Executive Officer |

---

Address for Notices:

<u>432 Cherry Street</u>

<u>West Newton, MA 02465</u>

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of TG-17, Inc.**

---

| | |
|:---|:---|
| Name<br>| Jurisdiction |
| TG- 17 (Israel) Ltd.<br>| Israel |
| Bond Bodyguard New York, Inc. | New York |
| TG-17 (UK) Ltd. | England and Wales |
| TG-17 France | France |
| TG-17 Belgium | Belgium |
| TG-17 (Canada) Inc. | Canada |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

To the Board of Directors and

Stockholders of Our Bond (TG-17), Inc. and subsidiaries

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Our Bond (TG-17), Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, stockholders' deficit and statements cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. Management's plans regarding those matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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

**Critical Audit Matter**

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

***Revenue Recognition***

 ****

As discussed in note 4 to the financial statements, the Company recognizes revenue upon transfer of control of promised services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Auditing management's evaluation of agreements with customers involves significant judgment, given the fact that some agreements require management's evaluation and allocation of the standalone transaction prices to the performance obligations. To evaluate the appropriateness and accuracy of the assessment by management, we evaluated management's assessment in relationship to the relevant agreements.

**/s/ M&K CPAS, PLLC**

We have served as the Company's auditor since 2025.

Woodlands, TX

June 10, 2025, except for the effects of the reverse stock splits described in Note 11, as to which the date is October 5, 2025.

PCAOB ID #2738

## Exhibit 99.1

**Exhibit 99.1**

**<u>CONSENT TO BE NAMED AS DIRECTOR</u>**

In connection with the Registration Statement on Form S-1 (including any and all amendments, including post-effective amendments, or supplements thereto, the "Registration Statement") of TG-17, Inc. (the "Company"), the undersigned hereby consents to being named and described in the Registration Statement filed with the U.S. Securities and Exchange Commission as a person to become a director of the Company, with such appointment to become effective upon the effective date of the Registration Statement, and to the filing or attachment of this Consent with such Registration Statement.

IN WITNESS WHEREOF, the undersigned has executed this Consent as of October ____, 2025. <br>   <br> Randy Boutin

## Exhibit 99.2

**Exhibit 99.2** 

**<u>CONSENT TO BE NAMED AS DIRECTOR</u>**

In connection with the Registration Statement on Form S-1 (including any and all amendments, including post-effective amendments, or supplements thereto, the "Registration Statement") of TG-17, Inc. (the "Company"), the undersigned hereby consents to being named and described in the Registration Statement filed with the U.S. Securities and Exchange Commission as a person to become a director of the Company, with such appointment to become effective upon the effective date of the Registration Statement, and to the filing or attachment of this Consent with such Registration Statement.

---

| |
|:---|
| IN WITNESS WHEREOF, the undersigned has executed this Consent as of October ____, 2025. |
| Paul Morin |

---

## Exhibit 99.3

**Exhibit 99.3** 

**<u>CONSENT TO BE NAMED AS DIRECTOR</u>**

In connection with the Registration Statement on Form S-1 (including any and all amendments, including post-effective amendments, or supplements thereto, the "Registration Statement") of TG-17, Inc. (the "Company"), the undersigned hereby consents to being named and described in the Registration Statement filed with the U.S. Securities and Exchange Commission as a person to become a director of the Company, with such appointment to become effective upon the effective date of the Registration Statement, and to the filing or attachment of this Consent with such Registration Statement.

---

| |
|:---|
| IN WITNESS WHEREOF, the undersigned has executed this Consent as of October ____, 2025. |
| Adam Draizin |

---

## Ex-Filing

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

**Exhibit 107**

**Calculation of Filing Fee Tables**

**S-1**

(Form Type)

**TG-17, Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security<br> Type** | **Security<br> Class<br> Title** | **Fee<br> Calculation<br> or Carry<br> Forward Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering Price<br> Per Unit<sup>(1)</sup>** | **Market<br> Value of<br> Securities<sup>(2)</sup>** | **Fee Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form Type** | **Carry<br> Forward<br> File Number** | **Carry<br> Forward<br> Initial<br> effective date** | **Filing Fee<br> Previously Paid<br> In Connection<br> with Unsold<br> Securities<br> to be Carried<br> Forward** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be Paid | Equity | Common Stock; par value $0.0001 | 457 (f) | 8290298 | $12.36 | $102468083 | 0.00013810 | $14150.85 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  | $— |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities | None. |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | $102468083 |  | $14150.85 |  |  |  |  |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  | $— |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  | $14150.85 |  |  |  |  |

---

(1) Estimated
solely for purposes of calculating the amount of the registration fee pursuant to Rule 457(f) under the Securities Act.

(2) Based
 on third-party valuation.