Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

ASSET PURCHASE AGREEMENT

 

 

 

By and between

HIPCRICKET, INC.

 

and

 

SITO
Mobile, Ltd.

 

Dated as of January 20, 2015

 

 

 

 

 

 

    	 

    	 

    

 

table of contents

 

	 	Page
	 	 
	ARTICLE 1 DEFINITIONS	1
	 	 
	1.1       Certain Terms Defined	1
	1.2       Interpretation	2
	 	 
	ARTICLE 2 PURCHASE AND SALE OF THE ACQUIRED ASSETS	3
	 	 
	2.1       Purchase and Sale of Assets	3
	2.2       Excluded Assets	4
	2.3       Assumption of Liabilities	6
	2.4       Excluded Liabilities	7
	2.5       Assignment and Assumption of Contracts	8
	 	 
	ARTICLE 3 CONSIDERATION	10
	 	 
	3.1       Purchase Price	10
	3.3       Allocation of Purchase Price	11
	 	 
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLER	11
	 	 
	4.1       Organization; Standing and Power	11
	4.2       Validity and Execution	11
	4.3       No Conflicts	12
	4.4       No Subsidiaries	12
	4.5       Title to and Use of
    Acquired Assets	12
	4.6       Contracts	12
	4.7       Real Property	13
	4.8       Intellectual Property	13
	4.9       Permits	13
	4.10     Employee Benefit Plans	13
	4.11     Labor Matters	14
	4.12     Insurance	14
	4.13     No Brokers or Finders	14
	4.14     Litigation; Proceedings	14
	4.15     Compliance with Laws	14
	4.16     Affiliate Transactions	14
	4.17     Accounts Receivable	14
	4.18     PP&E	15
	4.19     Warranties Are Exclusive	15

 

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	ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF BUYER	15
	 	 
	5.1       Organization	15
	5.2       Authorization and Validity	15
	5.3       No Conflicts	15
	5.4       Financial Ability	16
	5.5       No Brokers or Finders	16
	5.6       No Other Representations and Warranties	16
	 	 
	ARTICLE 6 COVENANTS AND OTHER AGREEMENTS	16
	 	 
	6.1       Pre-Closing Covenants of Seller	16
	6.2       Pre-Closing Covenants of Buyer	17
	6.3       Employment Covenants and Other Undertakings	18
	6.4       Approvals	19
	6.5       Release of Liens	20
	6.6       Intellectual Property Registration	20
	6.7       Advertising Customer Deposits	20
	6.8       Post-Closing Access	21
	 	 
	ARTICLE 7 TAXES	21
	 	 
	7.1       Taxes Related to Purchase of Acquired Assets	21
	7.2       Waiver of Bulk Sales Laws	22
	 	 
	ARTICLE 8 BANKRUPTCY COURT MATTERS	22
	 	 
	8.1       Motions	22
	8.2       Contracts	22
	8.3       Buyer Protections	23
	8.4       Consultation with Buyer	23
	 	 
	ARTICLE 9 CONDITIONS PRECEDENT TO PERFORMANCE BY THE PARTIES	23
	 	 
	9.1       Conditions Precedent to Performance by Seller	23
	9.2       Conditions Precedent to the Performance by Buyer	24
	 	 
	ARTICLE 10 CLOSING AND DELIVERIES	25
	 	 
	10.1     Closing	25
	10.2     Seller’s Deliveries	25
	10.3     Buyer’s Deliveries	25
	10.4     Possession	25
	 	 
	ARTICLE 11 TERMINATION	26
	 	 
	11.1     Termination	26
	11.2     Effect of Termination	27
	11.3     Buyer Protections	27

 

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	ARTICLE 12 MISCELLANEOUS	28
	 	 
	12.1     Survival	28
	12.2     Further Assurances	28
	12.3     Successors and Assigns	29
	12.4     Governing Law; Jurisdiction	29
	12.5     Expenses	29
	12.6     Severability	29
	12.7     Notices	30
	12.8     Amendments; Waivers	31
	12.9     Entire Agreement	31
	12.10   Seller Disclosures	32
	12.11   Headings	32
	12.12   Counterparts	32
	12.13   Payments and Revenues	32
	12.14   Specific Performance	32
	12.15   Waiver of Jury Trial	32
	12.16   No Third Party Beneficiaries	33

 

Appendix A - Defined Terms

 

Exhibits

 

Exhibit A - Form of Assignment and Assumption
Agreement

Exhibit B - Form of Bid Procedures Order 

Exhibit C - Form of Bill of Sale

Exhibit D - Form of Patent Assignment Agreement

Exhibit E - Form of Sale Order 

Exhibit F - Form of Trademark Assignment Agreement

Exhibit G - Form of Escrow Agreement

 

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ASSET PURCHASE
AGREEMENT

 

THIS ASSET PURCHASE
AGREEMENT (as amended or modified, the “Agreement”) is made and entered into as of January 20, 2015 (the
“Execution Date”), by and between SITO Mobile, Ltd., a Delaware corporation (“Buyer”), and
Hipcricket, Inc., a Delaware corporation (“Seller” and, together with Buyer, the “Parties”).

 

RECITALS

 

WHEREAS, Seller is in the
business of providing end-to-end, data driven mobile advertising and marketing solutions through its proprietary AD LIFE® software-as-a
service platform (as such business is conducted by Seller, the “Business”);

 

WHEREAS, Seller intends
to file a voluntary petition for relief in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy
Court”), commencing voluntary proceedings (the “Bankruptcy Case”) pursuant to chapter 11 of title
11 of the United States Code, 11 U.S.C. § 101 et seq. (the “Bankruptcy Code”) on or before January
20, 2015;

 

WHEREAS, Seller desires
to sell, transfer and assign to Buyer, and Buyer desires to acquire and assume from Seller, pursuant to Sections 363 and 365
of the Bankruptcy Code, the Acquired Assets (as defined herein) and the Assumed Liabilities (as defined herein), as more specifically
provided herein;

 

WHEREAS, the board of directors
of Seller has determined that it is advisable and in the best interests of its estate and the beneficiaries of such estate to consummate
the transactions provided for herein pursuant to the Bid Procedures Order (as defined herein) and the Sale Order (as defined herein)
and has approved this Agreement;

 

WHEREAS, the transactions
contemplated by this Agreement are subject to the approval of the Bankruptcy Court and will be consummated only pursuant to the
Sale Order to be entered in the Bankruptcy Case; and

 

WHEREAS, pursuant to the
Bid Procedures Order, Seller shall conduct an Auction (as defined herein) to determine the highest and/or best offer for the Acquired
Assets.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements herein contained, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby,
Seller and Buyer hereby agree as follows:

 

ARTICLE 1

DEFINITIONS

 

1.1Certain Terms
Defined. Capitalized terms used in this Agreement and not otherwise defined herein shall have
the meanings ascribed to such terms in Appendix A attached hereto and as set forth elsewhere herein.

 

    	 

    	 

    

 

1.2Interpretation.

 

(a)When a
reference is made in this Agreement to a section or article, such reference shall be to a section or article of this Agreement
unless otherwise clearly indicated to the contrary.

 

(b)Whenever
the words “include,” “includes” or “including” are used in this Agreement they shall be deemed
to be followed by the words “without limitation.”

 

(c)The words
“hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated,
be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section,
paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and schedules of this Agreement
unless otherwise specified.

 

(d)The meaning
assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term. Where
a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning.

 

(e)A reference
to any Party to this Agreement or any other agreement or document shall include such Party’s permitted successors and assigns.

 

(f)A reference
to any legislation or to any provision of any legislation shall include any amendment to, and any modification or reenactment thereof,
any legislative provision substituted therefore and all regulations and statutory instruments issued thereunder or pursuant thereto.

 

(g)Any reference
in this Agreement to $ shall mean U.S. dollars.

 

(h)The parties
hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of
intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption
or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

 

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ARTICLE 2

PURCHASE AND SALE OF THE ACQUIRED ASSETS

 

2.1Purchase and
Sale of Assets. Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code, upon the terms
and subject to the conditions set forth in this Agreement, at the Closing, Buyer shall purchase, acquire and accept from Seller,
and Seller shall sell, transfer, assign, convey and deliver to Buyer, all of Seller’s right, title and interest in, to and
under all of Seller’s tangible and intangible assets, properties, rights and claims, to the extent owned, leased, licensed,
used or held for use in or relating to the Business, as the same shall exist as of the Closing Date, of whatever kind or nature
and wherever situated or located, other than the Excluded Assets, free and clear of all Liens, Claims, Interests or Encumbrances
(other than Permitted Liens). All of such assets, properties and rights (other than the Excluded Assets) are collectively referred
to in this Agreement as the “Acquired Assets.” Without limitation of the foregoing, the Acquired Assets shall
include Seller’s right, title and interest in and to the following assets and properties as of the Closing Date, except to
the extent that any of the following are enumerated in Section 2.2 as being Excluded Assets:

 

(a)all accounts
receivable, notes receivable, negotiable instruments, chattel paper (including without limitation, completed work which has not
yet been billed) and other receivables (including, without limitation, in respect of goods shipped, products sold, licenses granted,
services rendered or otherwise and all amounts that may be returned or returnable with respect to letters of credit drawn down
prior to the Closing) from third parties, together with any unpaid financing charges accrued thereon (collectively “Accounts
Receivable”);

 

(b)all Intellectual
Property related to the Business, including all Intellectual Property set forth on Schedule 4.8(a)(ii);

 

(c)all PP&E
set forth on Schedule 4.18;

 

(d)all Cash;

 

(e)all deposits
(including, without limitation, customer deposits and security deposits (whether maintained in escrow or otherwise) for rent, electricity,
telephone or otherwise), advances, prepayments, rights in respect of promotional allowances, vendor rebates and other refunds,
claims, causes of action, rights of recovery, rights under warranties and guaranties, rights of set-off and rights of
recoupment of every kind and nature (whether or not known or unknown or contingent or non-contingent), and the right to receive
and retain mail, Accounts Receivable payments and other communications of Seller, in each instance, to the extent relating to the
Business and/or the Acquired Assets;

 

(f)all Transferred
Leased Real Property, in each case together with all interests in and to all Improvements and fixtures located thereon or attached
thereto, and other appurtenances thereto, and rights in respect thereof;

 

(g)all Assumed
Contracts;

 

(h)all Documents
(including books and records) that are related to the Business and/or the Acquired Assets, to the extent reasonably available,
not subject to claims of attorney-client privilege, and otherwise permitted by applicable Law;

 

(i)all Permits
to the extent transferable;

 

(j)except
to the extent that such insurance policy is an Excluded Asset under Section 2.2(f) or Section 2.2(g) below, all rights
under or arising out of all insurance policies relating to the Acquired Assets (including, without limitation, returns and refunds
of any premiums paid, or other amounts due back to Seller, with respect to cancelled policies, all proceeds received after Closing
and all proceeds received prior to Closing in connection with casualty events involving tangible Acquired Assets;

 

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(k)any Claim,
right or interest in and to all (or the benefit of all to the extent not assignable) Tax refunds, rebates, abatements, credits
and similar items of Seller relating to any period, or portion of any period, beginning on or after the Closing Date or any Tax
Return, to the extent relating to the Business and/or the Acquired Assets post-Closing;

 

(l)all rights
and claims of Seller for any action under the Bankruptcy Code, including avoidance actions available to Seller under Sections 544
through 553 of the Bankruptcy Code, of whatever kind or nature against non-insiders of Seller;

 

(m)all rights
and claims of Seller in and to the corporate names “HipCricket”, “Augme Technologies”, “Modavox,
Inc.”, “Surfnet Media Group, Inc.”, “InnerSpace Corporation”, and “Idle Corporation”,
and any other corporate name currently or formerly used in connection with the Business;

 

(n)all rights
under non-disclosure or confidentiality, non-compete, or non-solicitation agreements with employees and agents of Seller or with
third parties (including, without limitation, any non-disclosure or confidentiality, non-compete, or non-solicitation agreements
entered into in connection with the Auction) to the extent relating to the Business and/or the Acquired Assets;

 

(o)all rights
under or pursuant to all warranties, representations and guarantees made by vendors, suppliers, manufacturers, contractors and
any other Person to the extent relating to products sold, or services provided, to Seller or to the extent affecting any Acquired
Assets, other than any warranties, representations and guarantees pertaining to any Excluded Assets;

 

(p)all sales
and promotional materials, catalogues and advertising literature relating to the Business; and

 

(q)those
additional assets listed on Schedule 2.1.

 

2.2Excluded Assets.
Notwithstanding anything to the contrary in this Agreement, nothing herein shall be deemed an agreement to sell, transfer, assign
or convey any of the Excluded Assets to Buyer, and Seller shall retain all right, title and interest to, in and under, and all
obligations with respect to the Excluded Assets. For all purposes of and under this Agreement, the term “Excluded Assets”
shall consist of the following items, assets and properties (whether or not such assets are otherwise described in Section 2.1)
as of the Closing:

 

(a)the corporate
minute books (including, without limitation, stock certificates and corporate seal), Tax records, work papers and other files,
documents, instruments, papers, books, reports and records of Seller (including in electronic format) as they pertain solely to
the Excluded Assets and/or ownership, organization, qualification to do business or existence of Seller; provided that Buyer will
have the right to make copies of any portion of such retained files, documents, instruments, papers, books, reports and records
that relate solely to the Business or any of the Acquired Assets, in each instance, to the extent (i) the same are not subject
to claims of attorney-client privilege, and (ii) permitted by applicable Law;

 

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(b)the rights
of Seller under this Agreement and the Ancillary Agreements and all Cash and non-Cash consideration payable or deliverable to Seller
under this Agreement;

 

(c)Permits
that are not transferable;

 

(d)all shares
of capital stock or other equity interests in Seller or any securities convertible into, exchangeable or exercisable for shares
of capital stock or other equity interests in Seller;

 

(e)(i) all
rights under or arising out of insurance policies not relating to the Acquired Assets, (ii) all insurance proceeds received or
to become due in connection with such rights, and (iii) all business interruption insurance proceeds;

 

(f)all current
and prior director and officer insurance policies of Seller and all rights of any nature with respect thereto, including all insurance
recoveries thereunder and rights to assert claims with respect to any such insurance recoveries;

 

(g)subject
to Section 2.5, all Contracts that are not Assumed Contracts;

 

(h)any causes
of action, claims and demands of whatever nature arising from or in connection with the Business and operation of the Acquired
Assets, in each case relating to any period, or portion of any period, on or prior to the Closing Date;

 

(i)all rights
and claims of Seller for any action under the Bankruptcy Code, including avoidance actions available to Seller under Sections 544
through 553 of the Bankruptcy Code, of whatever kind or nature against any insider (as such term is defined in section 101(31)
of the Bankruptcy Code);

 

(j)all Employee
Benefit Plans and all trust funds and Contracts related thereto;

 

(k)all rights
in or to assets leased or licensed by Seller (as lessee or licensee) except to the extent the liabilities and obligations under
the associated lease or license are assumed by Seller and such lease or license is assigned to Buyer;

 

(l)documents
prepared in connection with this Agreement or the transactions contemplated hereby or relating to the Bankruptcy Case, and other
Documents not related to the Business or the Acquired Assets;

 

(m)all rights
or interests in and to any Tax refunds (other than as set forth in Section 2.1(k)), tax loss or other attribute of Seller;

 

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(n)the goodwill
of Seller relating to the Business; and

 

(o)those
additional assets listed on Schedule 2.2.

 

2.3Assumption of
Liabilities. Upon the terms and subject to the conditions of this Agreement, Buyer shall, effective
at the time of the Closing, assume and agree to discharge and perform when due, the Liabilities of Seller (and only those Liabilities
of Seller) which are enumerated in this Section 2.3 (the “Assumed Liabilities”). The following Liabilities
of Seller (and only the following Liabilities) shall constitute the Assumed Liabilities:

 

(a)all Cure
Amounts due and owing under any Assumed Contracts up to a maximum of $500,000 (the “Cure Cap”);

 

(b)all of
Seller’s Liabilities under the Assumed Contracts arising on and after the Closing Date;

 

(c)all Liabilities
arising out of the operation or ownership of the Acquired Assets first arising during, and related to, any period following the
Closing Date;

 

(d)those
specific Liabilities of Seller (if any) identified on Schedule 2.3(d) attached hereto;

 

(e)all Tax
liabilities relating to the Acquired Assets for a Tax period (or portion thereof) beginning on or after the Closing Date, but excluding
(i) all income Tax liabilities of Seller for any Tax period, and (ii) any Transaction Taxes (which shall be governed by Section
7.1(a));

 

(f)the Obligations
(as defined in the DIP Order) which shall include, without limitation, (i) any obligations outstanding under the DIP Order as of
the Closing Date and (ii) the amount, if any, of the Carve-Out (as defined in the DIP Order) which is required to be funded after
the Closing Date; provided that the sum of all cash of the Business as of the Closing Date shall reduce the amount of such Obligations
(the “Assumed DIP Obligations”); and

 

(g)any Liabilities
to the Transferred Employees that may arise as a result of Buyer’s conduct after the Closing;

 

(h)all Liabilities
as set forth in Section 6.3;

 

(i)Liabilities
arising under the KEIP, to the extent the KEIP is approved pursuant to an order entered by the Bankruptcy Court, up to the KEIP
Limit; and

 

(j)Assumed
WARN Obligations.

 

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2.4Excluded Liabilities.
All Claims against Seller, and all Liabilities of Seller which are (x) enumerated below in this Section 2.4 or (y) not specifically
assumed by Buyer pursuant to Section 2.3 are collectively referred to herein as the “Excluded Liabilities.”
Buyer shall not assume, be deemed to have assumed, or otherwise be responsible or liable for, any of the Excluded Liabilities.
Notwithstanding Section 2.3, the following claims against, and liabilities of, Seller are Excluded Liabilities and shall not
be assumed or discharged by Buyer:

 

(a)any and
all Liabilities for Taxes of Seller or any of its Affiliates or any shareholder or equity owner of Seller or Affiliate or for which
such Seller or Affiliate may be liable, but excluding (i) those expressly enumerated in Section 2.3, and (ii) any Transaction Taxes
(which shall be governed by Section 7.1(a));

 

(b)any and
all Liabilities for indebtedness of Seller with respect to borrowed money (other than obligations with respect to capitalized leases
that are Assumed Contracts);

 

(c)any pre-Closing
litigation claim or assessment, breach of Contract (excluding Buyer’s obligation to pay the Cure Amounts with respect to
the Assumed Contracts), tort, infringement, violation of Law by Seller or any of its Affiliates arising from any facts, events
or circumstances arising on or prior to the Closing Date, in each case, of any kind or nature whatsoever and whether related to
the Acquired Assets or the Business or otherwise and regardless of when commenced;

 

(d)any and
all Liabilities (i) that are the subject of any dispute, litigation, arbitration, judgment, order, decree or other proceeding as
of the Closing Date, (ii) with respect to periods prior to the Closing Date and are or could be asserted as a claim in litigation
or arbitration after the Closing Date, or (iii) arising as a result of actions or omissions with respect to services provided to
customers prior to the Closing (including, without limitation, all matters noticed or pending and scheduled on Schedule 4.14
and any such liabilities or obligations that otherwise would be Assumed Liabilities), except to the extent that any of the foregoing
relates to any of the liabilities or obligations expressly enumerated in Section 2.3;

 

(e)any Liabilities
of Seller arising out of the ownership or operation of an Excluded Asset, including, for the avoidance of doubt, any Liability
with respect to Employee Benefit Plans (other than as provided in Section 2.4(g)) and those Contracts and Permits which constitute
Excluded Assets;

 

(f)any Liability
of Seller or any of its ERISA Affiliates under Title IV of ERISA;

 

(g)any Liability
of Seller or any of its ERISA Affiliates under COBRA except as provided in Section 6.3(g) below;

 

(h)any pension
or retirement Liability of Seller to its current or former employees which are accrued as of the Closing Date, whether or not under
any Employee Plan;

 

(i)all Liabilities
with respect to any costs and expenses (including all legal, accounting, financial advisory, valuation, investment banking and
other third party advisory or consulting fees and expenses) incurred by or on behalf of Seller or any Affiliates of Seller in connection
with the Bankruptcy Case or the transactions contemplated by this Agreement;

 

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(j)all Liabilities
(i) existing prior to the filing of the Bankruptcy Case that are subject to compromise under the Bankruptcy Case, other than the
Cure Amounts and (ii) to the extent not otherwise expressly assumed herein, incurred subsequent to the filing of the Bankruptcy
Case and prior to the Closing; and

 

(k)obligations,
liabilities or amounts payable to any security holder of Seller or any of its Affiliates.

 

2.5Assignment and
Assumption of Contracts.

 

(a)Assignment
and Assumption at Closing.

 

(i)Schedule 2.5(a)
sets forth a list of all executory Contracts to which Seller is a party and which Buyer has designated to be included in the Acquired
Assets (the “Assumed Contracts”), together with estimated Cure Amounts for each Assumed Contract. From and after
the date hereof until five (5) Business Days prior to the Sale Hearing, Buyer shall be entitled to make such additions and deletions
to Schedule 2.5(a) by delivery of written notice to Seller. Any such deleted Contract shall be deemed to no
longer be an Assumed Contract and any such added Contract shall be deemed an Assumed Contract. Additionally, if Seller shall enter
into any Contract after the Execution Date upon the express written consent of Buyer, then Buyer shall add such Contract to Schedule
2.5(a) as an Assumed Contract and Buyer shall not delete such Contract from Schedule 2.5(a) without the express
written consent of Seller.

 

(ii)Seller
shall provide timely written notice of the procedures for the assumption and assignment of Contracts to parties to all Contracts
in accordance with applicable Law and take all other commercially reasonable actions necessary to cause all Assumed Contracts to
be assumed by Seller and assigned to Buyer, provided that the only Contracts to be actually assumed and assigned to Buyer
at Closing will be the Assumed Contracts. Buyer shall, at or prior to Closing, comply with all requirements under Section 365
necessary to assign to Buyer the Assumed Contracts (including, without limitation, by providing “adequate assurance of future
performance” (within the meaning of Section 365 of the Bankruptcy Code)).

 

(iii)At Closing,
(x) Seller shall, pursuant to the Sale Order and the Assignment and Assumption Agreement(s), assume and assign to Buyer (the consideration
for which is included in the Purchase Price) each of the Assumed Contracts that are capable of being assumed and assigned and (y)
Buyer shall pay promptly all Cure Amounts (if any) in connection with such assumption and assignment (as agreed to among Buyer
and Seller or as determined by the Bankruptcy Court) and assume and perform and discharge the Assumed Liabilities (if any) under
the Assumed Contracts, pursuant to the Assignment and Assumption Agreement(s).

 

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(b)Previously
Omitted Contracts.

 

(i)If it is
discovered that a Contract should have been listed on Schedule 4.6 but was not listed on Schedule 4.6
(any such Contract, a “Previously Omitted Contract”), Seller shall, promptly following the discovery thereof
(but in no event later than five (5) Business Days following the discovery thereof), (x) notify Buyer of such Previously Omitted
Contract and all Cure Amounts (if any) for such Previously Omitted Contract, and (y) if requested by Buyer, file a motion with
the Bankruptcy Court on notice to the counterparties to such Previously Omitted Contract seeking entry of an order (the “Omitted
Contract Order”) fixing the Cure Amounts and approving the assumption and assignment of such Previously Omitted Contract
in accordance with this Section 2.5(b) (provided that no Previously Omitted Contract shall be assumed and assigned unless
such Previously Omitted Contract shall be designated by Buyer as “Assumed” in accordance with Section 2.5(a)(i)).

 

(ii)For purposes
of the application of this Section 2.5, only Previously Omitted Contract designated as “Assumed” by Buyer shall be
an Assumed Contract. Each Previously Omitted Contract shall then be treated in accordance with the provisions of this Section 2.5
with respect to Assumed Contracts. 

 

(c)Non-Assignment
of Contracts and Permits. Notwithstanding anything contained in this Agreement to the contrary, this Agreement shall not constitute
an agreement to assign or transfer any Assumed Contract or any Permit, if, notwithstanding the provisions of Sections 363
and 365 of the Bankruptcy Code, an attempt at assignment or transfer thereof, without the consent or approval of, or granting or
issuance of any license or permit by, any third party thereto (each such action, a “Necessary Consent”), would
constitute a breach thereof or in any way adversely affect the rights of Buyer thereunder. In such event, Seller and Buyer will
use their commercially reasonable efforts to obtain the Necessary Consents with respect to any such Assumed Contract or Permit
or any claim or right or any benefit arising thereunder for the assignment thereof to Buyer as Buyer may reasonably request. If,
notwithstanding the provisions of Sections 363 and 365 of the Bankruptcy Code such Necessary Consent is not obtained, neither
Seller nor Buyer shall be in breach of this Agreement nor shall the Purchase Price be adjusted nor (but subject to Buyer’s
termination right set forth in Section 11.1(d)(iii)) shall the Closing be delayed in respect of the Assumed Contracts or the
Permits; provided, however, if the Closing occurs, then, from and after the Closing, Seller shall cooperate with
Buyer in any reasonable arrangement Buyer may request to provide Buyer with all of the benefits of, or under, the applicable Assumed
Contract or applicable Permit, including enforcement for the benefit of Buyer of any and all rights of Seller against any party
to the applicable Assumed Contract or applicable Permit arising out of the breach or cancellation thereof by such party; provided,
however, to the extent that any such arrangement has been made to provide Buyer with the benefits of, or under, the applicable
Assumed Contract or applicable Permit, from and after Closing, Buyer shall be responsible for, and shall promptly pay, (x) all
costs and expenses of Seller to establish, implement, monitor, maintain, execute on, or carry into effect any such arrangement
(including any costs and expenses incurred in connection with enforcing rights under any such Assumed Contract or Permit), and
(y) all payment and other obligations under such Assumed Contract or Permit (all of which shall constitute, and shall be deemed
to be, Assumed Liabilities hereunder) to the same extent as if such Assumed Contract or Permit had been assigned or transferred
at Closing with respect to Assumed Contracts and Permits, and at such applicable later date specified in this Section 2.5
with respect to any additional Assumed Contracts. Anything in this Agreement to the contrary notwithstanding, the obligation of
Seller to cooperate with Buyer set forth in this Section 2.5(c) shall terminate upon the closing of the Bankruptcy Case. Any assignment
to Buyer of any Assumed Contract or Permit that shall, notwithstanding the provisions of Sections 363 and 365 of the Bankruptcy
Code, require the consent or approval of any Person for such assignment as aforesaid shall be made subject to such consent or approval
being obtained.

 

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ARTICLE
3

CONSIDERATION

 

3.1Purchase Price.
In consideration of the sale of the Acquired Assets to Buyer, and upon the terms and subject to the conditions set forth herein,
the aggregate purchase price (the “Purchase Price”) to be paid by Buyer to Seller for the Acquired Assets shall
be (i) an amount equal to the sum of (I) Four Million Five Hundred Thousand Dollars ($4,500,000) in cash (the “Cash Purchase
Price”), plus (II) an amount equal to the Cure Amounts up to the Cure Cap, plus (III) the amounts approved
by the Bankruptcy Court with respect to the KEIP up to the KEIP Limit, less (ii) the sum of (I) the amount of Assumed DIP
Obligations plus (II) the amount of Cure Amounts that are required to be paid in excess of the Cure Cap up to a maximum
of Fifty Thousand Dollars ($50,000). 

 

3.2Deposit.
As soon as reasonably practicable following the date hereof, but in any event no later than 12:00 p.m. (PST) on the first Business
Day immediately following the date hereof, Buyer shall wire $200,000 in immediately available funds (the “Deposit”)
to Pachulski Stang Ziehl & Jones LLP (“Pachulski”), in accordance with the wire instructions provided by
Pachulski on or prior to the date hereof, to hold in escrow pending the Parties’ execution of the Escrow Agreement. As soon
as reasonably practicable following the date hereof, the Parties shall execute an escrow agreement, substantially in the form attached
hereto as Exhibit G (the “Escrow Agreement”), with Wilmington Trust, National Association, or such other escrow
agent as may be mutually agreed to by the Parties (the “Escrow Holder”). Following execution of the Escrow Agreement,
Buyer and Seller shall cause Pachulski to wire the Deposit to the Escrow Holder to hold in escrow pursuant to the Escrow Agreement.
In turn, the Escrow Holder shall immediately deposit the Deposit into an interest-bearing account. The Deposit shall become nonrefundable
upon the valid termination of the this Agreement by Seller pursuant to Section 11.1(e) (a “Buyer Default Termination”).
At the Closing, Buyer shall cause the Escrow Holder to deliver the Deposit (together with all accrued interest thereon) to Seller,
which amount shall be credited and applied toward payment of the Purchase Price. In the event the Deposit becomes nonrefundable
by reason of a Buyer Default Termination, and without limiting Seller’s remedies under the circumstances, Escrow Holder shall
immediately disburse the Deposit and all interest accrued thereon to Seller to be retained by Seller for its own account. If this
Agreement is terminated for any reason other than by reason of a Buyer Default Termination, the Escrow Holder shall return to Buyer
the Deposit (together with all interest accrued thereon), but less Buyer’s one-half (1/2) share of the Escrow Holder’s
escrow fees and charges, within five (5) business days from the date this Agreement is terminated.

 

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3.3Allocation
of Purchase Price.

 

(a)Within 90 days after
the Closing Date, Buyer shall deliver to Seller for Seller’s review and approval (not to be unreasonably withheld, conditioned,
delayed or denied) a statement (the “Allocation Statement”) allocating, for tax purposes, the Purchase Price
and any other items that are treated as additional purchase price for tax purposes among the Acquired Assets. The Allocation Statement
shall be reasonable and prepared in accordance with Section 1060 of the Code and the Treasury Regulations promulgated thereunder.

 

(b)The Parties hereby
agree to (i) be bound by the Allocation Statement, (ii) act in accordance with the Allocation Statement in connection with the
preparation, filing and audit of any Tax Return (including, without limitation, in the filing of IRS Form 8594 and any other corresponding
Tax forms), and (iii) take no position inconsistent with the Allocation Statement for any Tax purpose (including, without limitation,
in any audit, judicial or administrative proceeding) unless otherwise required by applicable law or pursuant to the good faith
resolution of a tax contest.

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Except as set forth in
the schedules delivered by Seller herewith (the “Disclosure Schedules”), which Disclosure Schedules shall be
deemed a part hereof and shall qualify any representation made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, Seller hereby represents and warrants to Buyer as follows:

 

4.1Organization;
Standing and Power. Seller is a corporation duly organized, validly existing and in good standing
under the laws of the state of Delaware. Seller has all requisite corporate power and authority to own, lease and, subject to the
provisions of the Bankruptcy Code applicable to debtors in possession, operate its properties, and to carry on the Business as
now being conducted by Seller. Subject to entry of the Sale Order, Seller has the power and authority to execute, deliver and perform
this Agreement and all writings relating hereto. Except as a result of the commencement of the Bankruptcy Case, Seller is qualified
to do business and is in good standing in each jurisdictions where the character of the Business or nature of its owned or leased
property operated in connection with the Business makes such qualification necessary, except for such failure to be so qualified
or in good standing as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on
the Business, taken as a whole.

 

4.2Validity and
Execution. The execution, delivery and performance of this Agreement by Seller and the consummation
by Seller of the transactions contemplated herein have been duly and validly authorized by all required corporate action in respect
thereof. This Agreement has been duly executed and delivered by Seller and each other Ancillary Agreement to which Seller is a
party will be duly and validly executed and delivered by Seller at the Closing and, subject to requisite Bankruptcy Court approval,
will constitute the valid and binding obligations of Seller enforceable against it in accordance with their respective terms, except
as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other laws (whether statutory,
regulatory or decisional), now or hereafter in effect, relating to or affecting the rights of creditors generally or by equitable
principles (regardless of whether considered in a proceeding at law or in equity).

 

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4.3No Conflicts.
Subject to the entry of the Sale Order, the consummation of the transactions herein contemplated, and the performance of, fulfillment
of and compliance with the terms and conditions hereof by Seller will not: (i) conflict with or result in a breach of the certificate
of incorporation or bylaws of Seller; (ii) violate any Law applicable to Seller, or (iii) violate or conflict with or constitute
a default under any Contract to which Seller is a party or by which Seller or its assets or properties may be bound; except in
the cases of clauses (ii) and (iii) above, such violations, conflicts or defaults as would not, individually or in the aggregate,
reasonably be expected to have a material adverse effect on the Business, taken as a whole.

 

4.4No Subsidiaries.
Except as set forth on Schedule 4.4, Seller does not have any subsidiaries and does not, directly or indirectly,
own any interest in any other corporation, partnership, limited liability company, limited partnership, joint venture or other
business association or entity.

 

4.5Title to and
Use of Acquired Assets. Seller owns, leases or has the legal right to use all the Acquired Assets,
and, upon delivery to Buyer on the Closing Date of the instruments of transfer contemplated in Section 10.2(b) and entry of the
Sale Order, Buyer will (subject to Section 2.5(c)) be vested, to the maximum extent permitted by Sections 363 and 365 of the
Bankruptcy Code, with good and valid title to the Acquired Assets free and clear of all Liens, Claims, Interests and Encumbrances,
other than Assumed Liabilities and Permitted Liens, and subject to the limitation that certain transfers, assignments, licenses,
leases and Permits, and any claim or right or benefit arising thereunder or resulting therefrom, may require the consent of a third
party or Governmental Authority, which has not been obtained. The Acquired Assets transferred to Buyer at Closing will be sufficient
for Buyer to conduct the Business after Closing in substantially the same manner as conducted by Seller on the date hereof, except
to the extent that Seller’s ability to operate the Business after Closing may be affected as a result of (i) Buyer not assuming
certain Contracts, (ii) the announcement or disclosure of the Bankruptcy Case and the transactions contemplated by this Agreement,
(iii) the taking of any action in accordance with this Agreement or (iv) actions or orders of the Bankruptcy Court.

 

4.6Contracts.
Schedule 4.6 sets forth a complete list, as of the date hereof, of all material Contracts to which Seller is
a party and that are used in or related to the Business or the Acquired Assets (the “Existing Contracts”), and
each of the Existing Contracts is in full force and effect and is a valid and binding obligation as to Seller and, to the knowledge
of Seller, the other parties thereto, unamended by oral or written agreement, in each case except (i) as such enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other laws (whether statutory, regulatory
or decisional), now or hereafter in effect, relating to or affecting the rights of creditors generally or by equitable principles
(regardless of whether considered in a proceeding at law or in equity) or (ii) as set forth on Schedule 4.6.

 

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4.7Real Property.

 

(a)The Seller
has no Owned Real Property.

 

(b)Schedule
4.7(b) lists all real estate leased by Seller as a lessee, sub-lessee, or assignee and covered by an Assumed Contract (the
“Transferred Leased Real Property,”).

 

4.8Intellectual
Property. Except as set forth on Schedule 4.8(a)(i), (i) with respect to any Intellectual
Property owned by Seller (as opposed to Intellectual Property of which Seller is a licensee) and included in the Acquired Assets,
Seller has all right, title and interest to all such Intellectual Property, without any conflict known to Seller with the rights
of others, (ii) no Person other than Seller has the right to use the Intellectual Property owned by Seller and included in the
Acquired Assets, (iii) to Seller’s knowledge, Seller has the valid right to use, pursuant to a license, sublicense or other
agreement, any Intellectual Property used in the Business that is owned by a party other than Seller and included in the Acquired
Assets, and (iv) to Seller’s knowledge, Seller has all rights to sue or recover at law or in equity for any past, present
or future infringement, misappropriation, dilution, violation or other impairment thereof that are reasonably necessary for the
operation of the Business as currently conducted by Seller. Schedule 4.8(a)(ii) sets forth a complete list, as of
the date hereof, of all registered and applied for Intellectual Property owned by Seller (whether registered or pending with the
United States Patent and Trademark Office, Foreign Intellectual Property Office, the United States Copyright Office or otherwise).
All Intellectual Property Licenses are included in Schedule 4.6. 

 

4.9Permits.
Schedule 4.9(i) sets forth a complete list, as of the date hereof, of all material Permits issued to Seller
for the operation of the Business. Schedule 4.9(ii) sets forth a complete list, as of the date hereof, of all
material Permits applied for by Seller or the issuance of which to Seller is pending. Except as set forth in Schedule 4.9(iii),
Seller holds all Permits necessary to carry on the Business as currently conducted by it or to own or lease any of its property
or assets utilized by it as such property or assets are currently owned, leased or utilized, except to the extent that the failure
to hold such Permits (individually or in the aggregate) would not reasonably be expected to have a material adverse effect on the
Business, taken as a whole. Except as set forth in Schedule 4.9(iv), to the knowledge of Seller, Seller is not in
material default or breach of any Permit material to the Business and no material proceeding is pending or threatened to revoke
or limit any Permit material to the Business. 

 

4.10Employee Benefit
Plans. Schedule 4.10 sets forth a list of each written Employee Benefit Plan.
Except as set forth on Schedule 4.10, to the knowledge of Seller, neither Seller nor any ERISA Affiliate has maintained, sponsored,
or contributed to an Employee Benefit Plan that is subject to Title IV of ERISA within the last six years or, in any way, directly
or indirectly, has any liability with respect to such a plan. Except as set forth on Schedule 4.10, to the knowledge of Seller,
all Employee Benefit Plans are being administered in compliance, in all material respects, with, where applicable, ERISA and the
Code, and the regulations promulgated thereunder. Each Employee Benefit Plan that is intended to be qualified under Section 401(a)
of the Code has received a favorable determination letter upon which Seller may rely, or has pending or has time remaining in which
to file an application for such determination from the United States Internal Revenue Service, or is in the form of a prototype
or volume submitter plan which is the subject of a favorable opinion or advisory letter from the Internal Revenue Service on which
Seller may rely. 

 

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4.11Labor Matters.
Seller is not a party to or bound by or has an obligation to perform (including make payments) under any labor or collective bargaining
agreement or any Contract with a labor union or labor organization.

 

4.12Insurance.
Seller maintains the insurance policies set forth on Schedule 4.12, which Schedule sets forth all insurance
policies covering the property, assets, Employees and operations of the Business (including policies providing property, casualty,
liability and workers’ compensation coverage). Such policies are in full force and effect and Seller has paid all premiums
on such policies due and payable prior to the Execution Date. 

 

4.13No Brokers or
Finders. Except for Canaccord Genuity Inc., Seller’s strategic advisor (the “Broker”),
no agent, broker, finder or investment or commercial banker, or other Person or firm engaged by, or acting on behalf of, Seller
in connection with the negotiation, execution or performance of this Agreement or the transactions contemplated by this Agreement
is or will be entitled to any brokerage or finder’s or similar fees or other commissions as a result of this Agreement or
such transactions. Any and all fees payable to the Broker will be Seller’s responsibility.

 

4.14Litigation;
Proceedings. Except for the Bankruptcy Case and any and all Actions arising therefrom or related
thereto, and except as set forth on Schedule 4.14, there is no Action pending or, to the knowledge of Seller,
threatened by or against Seller that involves or relates to any of the transactions contemplated by this Agreement or would reasonably
be expected to materially adversely affect the Acquired Assets or the Business. 

 

4.15Compliance with
Laws. Except as set forth on Schedule 4.15(i) and as would not reasonably
be expected to materially adversely affect the ability of Seller to carry out its obligations under, and to consummate the transactions
contemplated by, this Agreement and the Ancillary Agreements, Seller (a) has complied with, is in compliance with and has operated
the Business in compliance with all applicable Laws and Permits, and (b) holds all material Permits, and except as set forth on
Schedule 4.15(ii), Seller has not received any written notice or other written communication from any Governmental
Authority or other Person (i) asserting any violation of, or failure to comply with, any requirement of any such Law or Permit
or (ii) notifying Seller of the non-renewal, revocation or withdrawal of any such Permit. 

 

4.16Affiliate Transactions.
Except as set forth on Schedule 4.16 and to the knowledge of Seller, there are no material written Contracts
or material oral agreements between Seller and any shareholder or Affiliate of Seller which are necessary to conduct the Business
after Closing in substantially the same manner as conducted by Seller on the Petition Date.

 

4.17Accounts Receivable.
Attached as Schedule 4.17 is an accurate and complete list of all of the Accounts Receivable as of the date indicated
thereon. All Accounts Receivable arose in connection with the bona fide sale of goods or services by Seller in the Ordinary Course
of Business.

 

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4.18PP&E.
Attached as Schedule 4.18 is an accurate and complete list of all of Seller’s PP&E relating to the Business.
All of the PP&E is in good working order, ordinary wear and tear excepted. The PP&E includes all tangible property of Seller
used or useable in connection with the Business or necessary to conduct the Business as it is currently conducted. 

 

4.19Warranties Are
Exclusive. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER SELLER NOR ANY OTHER PERSON
HAS MADE OR MAKES ANY REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, IN RESPECT OF ANY MATTER
RELATING TO ITS ASSETS (INCLUDING THE ACQUIRED ASSETS), LIABILITIES (INCLUDING THE ASSUMED LIABILITIES) OR OPERATIONS, INCLUDING,
WITH RESPECT TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, OR NON-INFRINGEMENT, AND ANY SUCH OTHER REPRESENTATIONS
OR WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED AND NONE SHALL BE IMPLIED AT LAW OR IN EQUITY. BUYER HEREBY ACKNOWLEDGES AND AGREES
THAT BUYER IS PURCHASING THE ACQUIRED ASSETS ON AN “AS IS, WHERE IS” BASIS AFTER GIVING EFFECT TO THE TERMS CONTAINED
HEREIN.

 

ARTICLE 5

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer represents and warrants to Seller as follows:

 

5.1Organization,
Standing and Power. Buyer is duly organized, validly existing and in good standing under
the laws of the state of Delaware. Buyer has all requisite entity power and authority to own, lease and operate its properties,
to carry on its business as now being conducted and to execute, deliver and perform this Agreement and all writings relating hereto.
Buyer is qualified to do business and is in good standing in all jurisdictions where it owns or leases real property in connection
with the operation of its business.

 

5.2Authorization
and Validity. The execution, delivery and performance of this Agreement by Buyer and the consummation
by Buyer of the transactions contemplated herein have been duly and validly authorized by all required corporate action in respect
thereof. This Agreement has been duly executed and delivered by Buyer and each other Ancillary Agreement to which Buyer is a party
will be duly and validly executed and delivered by Buyer at the Closing. This Agreement and the other Ancillary Agreements to which
Buyer is a party and will constitute the valid and binding obligations of Buyer enforceable against it in accordance with their
respective terms, except as may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other
laws (whether statutory, regulatory or decisional), now or hereafter in effect, relating to or affecting the rights of creditors
generally or by equitable principles (regardless of whether considered in a proceeding at law or in equity).

 

5.3No Conflicts.
The consummation of the transactions herein contemplated, and the performance of, fulfillment of and compliance with the terms
and conditions hereof by Buyer will not: (i) conflict with or result in a breach of the certificate of incorporation or bylaws
of Buyer; (ii) violate any Law, or (iii) violate or conflict with or constitute a default under any Contract to which Buyer is
a party or by which Buyer or its assets or properties may be bound,

 

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5.4Financial Ability.
Buyer has (and will as of the Closing have) sufficient committed cash to enable Buyer to consummate the transaction contemplated
by this Agreement, the Ancillary Agreements and all other agreement, documents or arrangements relating to the DIP Financing.

 

5.5No Brokers or
Finders. No agent, broker, finder or investment or commercial banker, or other Person or firm
engaged by, or acting on behalf of, Buyer in connection with the negotiation, execution or performance of this Agreement or the
transactions contemplated by this Agreement is or will be entitled to any brokerage or finder’s or similar fees or other
commissions as a result of this Agreement or such transactions for which Seller will be responsible.

 

5.6No Other Representations
and Warranties. Except for the representations and warranties contained in this ARTICLE 5, neither
Buyer nor any other Person authorized by Buyer makes any other express or implied representation or warranty on behalf of Buyer.

 

ARTICLE 6

COVENANTS AND OTHER AGREEMENTS

 

6.1Pre-Closing Covenants
of Seller. Seller covenants to Buyer that, during the period from and including the Execution
Date through and including the Closing Date or the earlier termination of this Agreement in accordance with the provisions of ARTICLE
11:

 

(a)Cooperation.
Seller shall take, or cause to be taken, all reasonable actions and do, or cause to be done, all things reasonably necessary or
proper, consistent with applicable Law and the orders of the Bankruptcy Court to consummate the transactions contemplated by this
Agreement; provided, however, that nothing in this Section 6.1(a) shall be deemed to supersede the limitations on
cooperation set forth in Section 2.5(c).

 

(b)Access
to Records and Properties. Seller shall, at Buyer’s sole cost and expense (i) provide Buyer and its Related Persons
reasonable access during normal business hours upon reasonable notice to the facilities, offices and personnel of Seller and to
the books and records of Seller, related to the Business or the Acquired Assets or otherwise reasonably requested by Buyer if reasonably
necessary to comply with the terms of this Agreement or the Ancillary Agreements or any applicable Law, and providing all information
reasonably requested by Buyer with respect to any Contract, (ii)  from and after the date the Bid Procedures Order is issued
by the Bankruptcy Court, permit Buyer to contact the vendors, manufacturers, suppliers, contractors, licensors, customers and others
having business relations with the Business and, as reasonably requested by Buyer from time to time, use reasonable efforts to
facilitate such contacts by Buyer, (iii) furnish Buyer with such financial and operating data and other information with respect
to the condition (financial or otherwise), businesses, assets, properties, prospects or operations of Seller as Buyer shall reasonably
request, and (iv) permit Buyer to make such reasonable inspections and copies thereof as Buyer may require; provided,
however, Buyer shall use reasonable efforts to prevent any such inspection from unreasonably interfering with the operation
of the Business or the duties of any employee of Seller. Notwithstanding anything in this Agreement or in any Ancillary Agreement
to the contrary, no such access, information or cooperation shall be permitted or required to the extent that it would require
Seller to disclose information subject to attorney-client privilege or would be prohibited by Law.

 

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(c)Conduct
of Business Prior to Closing. Except as expressly contemplated by this Agreement or disclosed on Schedule 6.1(c),
except to the extent of the filing of the Bankruptcy Case and thereafter as expressly required under the Bankruptcy Code or other
applicable Law or any ruling or order of the Bankruptcy Court and/or except to the extent waived by Buyer’s prior written
consent (such consent not to be unreasonably withheld, conditioned, delayed or denied), Seller shall (i) conduct the Business
in the Ordinary Course of Business and in a manner substantially similar to the manner in which Seller has operated, consistent
with past practice (including with respect to the payment of accounts payable of Seller), taking into account Seller’s status
as a debtor-in-possession in the Bankruptcy Case, (ii) not, directly or indirectly, sell or otherwise transfer or dispose, or offer,
agree or commit (in writing or otherwise) to sell or otherwise transfer or dispose of any of the Acquired Assets, except in the
Ordinary Course of Business, (iii) not, directly or indirectly, permit, offer, agree or commit to permit, any of the Acquired Assets
to become subject, directly or indirectly, to any Lien, Claim, Interest or Encumbrance, except for Permitted Liens, and other than
pursuant to the DIP Financing, (iv) taking into account Seller’s status as a debtor-in-possession in the Bankruptcy Case,
preserve intact the Business, to keep available the services of its current employees and agents and to maintain its relations
and goodwill with its vendors, suppliers, customers, distributors and any others with whom or with which it has business relations,
and (v) not file any motion with the Bankruptcy Court to take any action inconsistent with this Agreement including, without
limitation, this Section 6.1(c). Without limiting any Party’s rights or obligations under this Agreement, the Parties understand
and agree that (A) nothing contained in this Agreement shall give Buyer, directly or indirectly, the power to control or direct
the operations of Seller, or the Business prior to the Closing and (B) prior to the Closing, Seller shall exercise consistent with,
and subject to the terms and conditions of this Agreement, complete control and supervision of its operations.

 

6.2Pre-Closing Covenants
of Buyer. Buyer covenants to Seller that, during the period from the Execution Date through and
including the Closing or the earlier termination of this Agreement in accordance with the provisions of ARTICLE 11:

 

(a)Cooperation.
Buyer shall take, or cause to be taken, all reasonable actions and do, or cause to be done, all things reasonably necessary or
proper, consistent with applicable Law, to consummate and make effective as soon as possible the transactions contemplated by this
Agreement.

 

(b)Adequate
Assurance Regarding Assumed Contracts and Required Orders. Buyer agrees that it will cooperate as reasonably requested by Seller
to assist in establishing adequate assurance of future performance within the meaning of Section 365 of the Bankruptcy Code
with regard to the Assumed Contracts. Buyer shall take such actions as may be reasonably requested by Seller to assist Seller in
obtaining the Bankruptcy Court’s entry of the Sale Order and any other order of the Bankruptcy Court reasonably necessary
to consummate the transactions contemplated by this Agreement.

 

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6.3Employment Covenants
and Other Undertakings.

 

(a)Employees.
Prior to the Closing, Buyer shall offer to employ, commencing immediately following the Closing, all employees of Seller at their
salaries or hourly wage, as the case may be, applicable to their employment by Seller immediately prior to the Closing, and on
other terms and conditions as the Buyer shall determine in its sole discretion. Seller shall, upon reasonable notice from Buyer,
during reasonable business hours, permit Buyer access to any employee records that Buyer may reasonably request in order to facilitate
Buyer’s hiring of all of Seller’s employees, including, but not limited to, job descriptions, time records, and payroll
data. At least two weeks prior to the Closing Date, Seller shall permit Buyer, during business hours in a manner not to unreasonably
disturb Seller’s business, to solicit employment applications from Seller’s employees. Such employees who accept Buyer’s
offer to employ and commence employment with the Buyer as of the Closing Date shall be collectively referred to as the “Transferred
Employees.” Seller shall deliver to Buyer on or before the Closing Date all personnel files and employment records relating
to the Transferred Employees to the extent permitted by Law (including completed I-9 forms and attachments with respect to all
Transferred Employees, except for such Employees as Seller certifies in writing are exempt from such requirement). Effective as
of the Closing Date, Buyer shall assume all obligations relating to, and give full credit for, all unused vacation and paid time
off, in the aggregate, of each Transferred Employee accrued as of the Closing Date.

 

(b)Buyer
Benefit Plans. Each Transferred Employee shall receive full credit for purposes of eligibility to participate, in the employee
benefit plans and arrangements maintained by Buyer in which such Transferred Employee participates for such Transferred Employee’s
service with Seller. With respect to any welfare benefit plans maintained by Buyer for the benefit of Transferred Employees on
and after the Closing Date, Buyer shall (i) cause there to be waived any eligibility requirements, evidence of insurability and
pre-existing condition limitations, and (ii) give effect, in determining any co-pay, deductible and maximum out-of-pocket limitations,
amounts paid by such Transferred Employees on or after January 1, 2015 with respect to benefit plans heretofore maintained by Seller.

 

(c)Forms
W-2 and W-4. Seller and Buyer shall adopt the “standard procedure” for preparing and filing IRS Forms W-2 (Wage
and Tax Statements) and Forms W-4 (Employee’s Withholding Allowance Certificate) regarding the Transferred Employees (the
“IRS Forms”). Under this procedure, Seller shall keep on file all IRS Forms W-4 provided by the Transferred
Employees for the period required by applicable Law concerning record retention and Buyer will obtain new IRS Forms W-4 with respect
to each Transferred Employee. For the avoidance of doubt, Seller shall be responsible for preparing, filing and distribution of
all IRS Forms for Seller’s employees, including the Transferred Employees, with respect to calendar year 2014.

 

(d)Employee
Communications. Prior to making any written communications to the Employees pertaining to compensation or benefit matters that
are affected by the transactions contemplated by this Agreement, Seller shall provide Buyer with a copy of the intended communication.

 

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(e)WARN
Obligations. Except to the extent provided below, Seller shall comply with and be solely responsible for all obligations, if
any, under the federal Worker Adjustment Retraining and Notification Act, and any similar state or local Laws (collectively, “WARN”)
with respect to any employment actions taken on or before the Closing Date, all of which shall constitute Excluded Liabilities.
Seller may, in its sole discretion, issue appropriate WARN notices related to the transactions contemplated hereby to its employees
at any time and from time to time. Seller shall, in accordance with all applicable laws, terminate and discharge effective on the
Closing Date all of its employees engaged with respect to the Acquired Assets (the “Terminated Employees”),
with written notice of termination to each such employee, and pay all costs and expenses associated with such terminations; provided,
however, that Buyer agrees to assume, and indemnify and hold Seller harmless from and against, all obligations, if any, arising
under WARN as a result of Seller’s termination of the employment of the Terminated Employees on or after the Closing Date
in accordance with the above provisions of this Section 6.3(e) (the “WARN Liabilities”), except and to the extent
that any such WARN Liabilities are avoided as a result of Buyer’s offer of employment to any of the Terminated Employees
as contemplated above (the “Assumed WARN Obligations”).

 

(f)No
Third Party Beneficiaries. Without limiting the generality of Section 12.16, Seller and Buyer acknowledge and agree that all
provisions contained in this Section 6.3 are included for the sole benefit of Seller and Buyer, and that nothing herein, whether
express or implied, shall create any third party beneficiary or other rights (i) in any other Person, including, without limitation,
any current or former employees, directors, officers or consultants of Seller, any participant in any Employee Benefit Plan, or
any dependent or beneficiary thereof, or (ii) to continued employment with Buyer or any of its Affiliates.

 

(g)COBRA.
To the extent required by applicable Law, Buyer shall provide group health plan continuation coverage, pursuant to the requirements
of COBRA, to all Seller’s employees, former employees of Seller receiving group health plan continuation coverage from Seller
on the Closing Date, and former employees of Seller who are in a COBRA-election period on the Closing Date, each only to the extent
that such persons: (i) properly request such coverage; (ii) will not be hired by Buyer; and (iii) timely pay for such coverage.

 

6.4Approvals.

 

(a)Each Party
shall, as promptly as possible, use its reasonable efforts to obtain, or cause to be obtained, all consents, authorizations, orders
and approvals from all Governmental Authorities that may be or become necessary for its execution and delivery of this Agreement
and the performance of its obligations pursuant to this Agreement. Each Party shall cooperate fully with the other Party in promptly
seeking to obtain all such consents, authorizations, orders and approvals. The Parties shall not willfully take any action that
has, or is reasonably likely to have, the effect of delaying, impairing or impeding the receipt of any such required consents,
authorizations, orders and approvals.

 

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(b)All analyses,
appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals made by or on behalf of
any Party before any Governmental Authority or the staff or regulators of any Governmental Authority, in connection with the transactions
contemplated by this Agreement (but, for the avoidance of doubt, not including any interactions between Seller and Governmental
Authorities in the Ordinary Course of Business or any disclosure which is not permitted by Law or which would require disclosure
by a Party of information subject to attorney-client privilege) shall be disclosed to the other Parties in advance of any filing,
submission or attendance, it being the intent that the Parties will consult and cooperate with one another, and consider in good
faith the views of one another, in connection with any such analyses, appearances, meetings, discussions, presentations, memoranda,
briefs, filings, arguments, and proposals. Each Party shall give notice to the other Party with respect to any meeting, discussion,
appearance or contact with any Governmental Authority or the staff or regulators of any Governmental Authority, with such notice
being sufficient to provide the other Parties with the opportunity to attend and participate in such meeting, discussion, appearance
or contact. Notwithstanding the foregoing, Buyer shall not be required to disclose to Seller any commercially sensitive materials
pursuant to this Section 6.4 which, in Buyer’s reasonable judgment, is confidential or proprietary to Buyer or its business.

 

6.5Release of Liens.
As promptly as possible following the date hereof, Seller shall use its commercially reasonable efforts to take any and all actions
necessary to permit Buyer to obtain clear title to the Acquired Assets free of all Liens, Claims, Interests and Encumbrances, and
Seller will deliver or cause to be delivered to Buyer termination statements, releases and other appropriate evidence requested
by Buyer to the effect that all Liens listed on Schedule 6.5 have been terminated and released prior to Closing.

 

6.6Intellectual
Property Registration. As promptly as possible following the date hereof, Seller shall use its
commercially reasonable efforts to take any and all actions necessary to ensure that Seller is listed in the assignment records
in the United States Patent and Trademark Office or the appropriate U.S. federal, state or non-U.S. authority as the sole owner
for each item listed on Schedule 4.8(a)(ii). 

 

6.7Advertising Customer
Deposits. As promptly as possible following the date hereof, Seller shall prepare, in consultation
with Buyer, and deliver to Buyer a schedule that sets forth a list of all of Seller’s active advertising insertion orders
pursuant to which Seller has received deposits or other payments from the applicable customer relating to advertising services
and campaigns that have yet to be completely fulfilled and/or provided by Seller as of the date hereof. 

 

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6.8Post-Closing
Access. In order to facilitate Seller’s efforts to administer and close the Bankruptcy
Case (including, without limitation, the preparation of filings in the Bankruptcy Case and state, local and federal Tax Returns
and other filings, reconciliation of claims filed in the Case, removal of corporate and other records and information relating
or belonging to entities other than Seller), for a period of three (3) years following the Closing, (a) the Buyer shall permit
Seller’s counsel and other professionals and counsel for any successor to Seller and its respective professionals, and its
employees (collectively, “Permitted Access Parties”) reasonable access to the financial and other books and
records relating to the Acquired Assets or the Business and the systems containing such information, books and records, which access
shall include (i) the right of such Permitted Access Parties to copy, at such Permitted Access Parties’ expense, such documents
and records as they may request in furtherance of the purposes described above, and (ii) Buyer’s copying and delivering to
the relevant Permitted Access Parties such documents or records as they may request, but only to the extent such Permitted Access
Parties furnish Buyer with reasonably detailed written descriptions of the materials to be so copied and the applicable Permitted
Access Party reimburses the Buyer for the reasonable costs and expenses thereof, and (b) Buyer shall provide the Permitted Access
Parties (at no cost to the Permitted Access Parties) with reasonable access to those individuals with knowledge of how to access
the relevant financial and books and records during regular business hours to assist Seller and the other Permitted Access Parties
in their post-Closing activities (including, without limitation, preparation of Tax Returns), provided that such access does not
unreasonably interfere with the Buyer’s business operations.

 

ARTICLE 7

TAXES

 

7.1Taxes Related
to Purchase of Acquired Assets. 

 

(a)Seller
and Buyer each shall be responsible for and timely pay fifty percent (50%) of all transfer, sales, use, conveyance, recording and
similar Taxes, including all such state and local Taxes, incurred in connection with the transfer of the Acquired Assets, and all
recording and filing fees (collectively, “Transaction Taxes”), that are imposed solely as a result of the sale,
transfer, assignment and delivery of the Acquired Assets. Notwithstanding the time period in Section 3.2 relating to the Allocation
Statement, Buyer and Seller shall cooperate to (i) determine the amount of Transaction Taxes payable in connection with the
transactions contemplated under this Agreement, and (ii) prepare and file any and all required Tax Returns for or with respect
to such Transaction Taxes with any and all appropriate taxing authorities. Buyer and Seller shall cooperate in providing each other
with any appropriate certification and other similar documentation relating to any exemption from Transaction Taxes (including
any appropriate resale exemption certifications), as provided under applicable Law.

 

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(b)Subject
to Sections 2.3(e) and 7.1(a), on or prior to the Closing Date, Seller shall pay all sales Taxes, use Taxes, payroll Taxes,
and other Taxes which are then due and owing by Seller (and not any member or owner thereof) with respect to the Acquired Assets
and the Business and attributable to Tax periods or portions thereof commencing on or after the Petition Date and ending on the
Closing Date; provided, however, Seller shall not be obligated to pay any such Tax that is disputed in good faith
by Seller, as long as appropriate reserves have been established in accordance with GAAP. Subject to Sections 2.3(e) and 7.1(a),
all sales Taxes, use Taxes, payroll Taxes, real property Taxes, personal property Taxes and other ad valorem Taxes with respect
to the Acquired Assets that accrue during, or attributable to, the period on or prior to the Closing Date and become due on or
after the Closing Date shall be paid by Seller. All sales Taxes, use Taxes, payroll Taxes, real property Taxes, personal property
Taxes and other ad valorem Taxes with respect to the Acquired Assets that both accrue and are due after the Closing Date shall
be paid by Buyer For purposes of this Agreement, whenever it is necessary to determine the liability for any such Taxes subject
to this Section 7.1(b) for a taxable period that begins before the Closing Date and ends after the Closing Date (a “Straddle
Period”), the Taxes for the portion of the Straddle Period ending on and including the date immediately prior to the
Closing Date, which Seller shall pay, and for the portion of the Straddle Period beginning on the Closing Date, which Buyer shall
pay, shall be deemed to be the amount of such Tax for the entire Straddle Period multiplied by a fraction the numerator of which
is the number of calendar days during the Straddle Period before and including the date immediately prior to the Closing Date,
or the number of calendar days during the Straddle Period beginning on the Closing Date, as applicable, and the denominator of
which is the number of calendar days in the entire Straddle Period. Buyer and Seller shall cooperate and prepare and file any and
all required Tax Returns with respect to Taxes subject to this Section 7.1(b).

 

7.2Waiver of Bulk
Sales Laws. To the greatest extent permitted by applicable Law, Buyer and Seller hereby waive
compliance with the terms of any bulk sales or similar Laws in any applicable jurisdiction in respect of the transactions contemplated
by this Agreement. 

 

ARTICLE 8

BANKRUPTCY COURT MATTERS

 

8.1Motions.
Seller shall file with the Bankruptcy Court, on the Petition Date, a motion or motions in form and substance acceptable to Buyer
in its sole discretion, seeking the Bankruptcy Court’s approval of the Bid Procedures Order. Seller shall affix a true and
complete copy of this Agreement to such motion or motions (as the case may be) filed with the Bankruptcy Court. Such motion or
motions (as the case may be) shall request, among other things, (i) the scheduling of the date for the hearing on the Bid Procedures
Order no later than twenty-one (21) days after the Petition Date, (ii) the entry of the Bid Procedures Order no later than twenty-three
(23) days after the Petition Date, (iii) the Auction to be commenced no later than three (3) Business Days prior to the date of
the Sale Hearing, (iv) the Sale Hearing no later than forty (40) days after the Petition Date, and (v) the entry of the Sale Order
no later than forty-five (45) days after the Petition Date (collectively, the “Sale Milestones”). No later than
seven (7) days after the Petition Date, the Seller shall file with the Bankruptcy Court, a motion in form and substance acceptable
to Buyer seeking approval of the Sale Order.

 

8.2Contracts.
Seller shall serve on all non-Debtor counterparties to all of the Contracts on Schedule 2.5(a) a notice specifically
stating that Seller is or may be seeking the assumption and assignment of such Contracts and shall notify such non-Debtor counterparties
of the deadline for objecting to the Cure Amounts, which deadline shall not be less than three (3) Business Days prior to the Sale
Hearing. In cases in which Seller is unable to establish that a default exists, the relevant Cure Amount shall be set at $0.00.

 

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8.3Buyer Protections.
Subject to the approval of the Bankruptcy Court, Seller shall, if applicable, pay to Buyer the Expense Reimbursement and/or the
Break-Up Fee pursuant to the terms and conditions set forth in Section 11.3 hereof.

 

8.4Consultation
with Buyer. Except to the extent filings must be made on an emergency basis in the reasonable
judgment of Seller, Seller shall provide Buyer a draft of any motions, orders or other pleadings that Seller proposes to file with
the Bankruptcy Court seeking approval of this Agreement, including the motion to approve the Sale Order, no later than two (2)
Business Days prior to the filing thereof with the Bankruptcy Court. Seller shall reasonably cooperate with Buyer, and consider
in good faith the views of Buyer, with respect to all such filings.

 

ARTICLE 9

CONDITIONS PRECEDENT TO PERFORMANCE BY THE PARTIES

 

9.1Conditions Precedent
to Performance by Seller. The obligations of Seller to consummate the transactions contemplated
by this Agreement are subject to the fulfillment, at or before the Closing, of the following conditions, any one or more of which
(other than the conditions contained in Section 9.1(c), Section 9.1(d) and Section 9.1(e) except as expressly provided therein)
may be waived by Seller, in its sole and absolute discretion:

 

(a)Representations
and Warranties of Buyer. The representations and warranties of Buyer contained in ARTICLE 5 that are not qualified by materiality
shall be true and correct in all material respects on and as of the Closing, except to the extent expressly made as of an earlier
date, in which case as of such earlier date, and the representations and warranties of Buyer contained in ARTICLE 5 that are qualified
by materiality shall be true and correct in all respects on and as of the Closing, except to the extent expressly made as of an
earlier date, in which case as of such earlier date.

 

(b)Performance
of the Obligations of Buyer. Buyer shall have performed and complied in all material respects with all obligations required
under this Agreement to be performed by Buyer on or before the Closing Date (except with respect to obligations which Buyer is
to perform as of the Closing under this Agreement (including, without limitation, the obligation to pay the Purchase Price)).

 

(c)Bankruptcy
Court Approval. Each of the Bid Procedures Order and the Sale Order shall have been entered by the Bankruptcy Court and the
Sale Order shall not be subject to a stay.

 

(d)No
Violation of Orders. No preliminary or permanent injunction or other order of any court or Governmental Authority or Law that
prevents the consummation of the transactions contemplated hereby shall be in effect.

 

(e)Governmental
Approvals. To the extent that the HSR Act is applicable, any waiting period (and any extension thereof) under the HSR Act and
the antitrust legislation of any other relevant jurisdiction applicable to the purchase of the Acquired Assets contemplated by
this Agreement shall have expired or shall have been terminated.

 

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For avoidance of doubt, there shall be no conditions
precedent to Seller’s obligation to consummate the transactions contemplated by this Agreement, except for those conditions
precedent specifically set forth in this Section 9.1.

 

9.2Conditions Precedent
to the Performance by Buyer. The obligations of Buyer to consummate the transactions contemplated
by this Agreement are subject to the fulfillment, at or before the Closing, of the following conditions, any one or more of which
(other than the conditions contained in Section 9.2(c), Section 9.2(d), and Section 9.2(e), except as expressly provided
therein) may be waived by Buyer, in its sole and absolute discretion:

 

(a)Representations
and Warranties of Seller. The representations and warranties of Seller contained in ARTICLE 4 that are not qualified by materiality
shall be true and correct in all material respects on and as of the Closing, except to the extent expressly made as of an earlier
date, in which case as of such earlier date, and the representations and warranties of Seller contained in ARTICLE 4 that are qualified
by materiality shall be true and correct in all respects on and as of the Closing, except to the extent expressly made as of an
earlier date, in which case as of such earlier date.

 

(b)Performance
of the Obligations of Seller. Seller shall have performed and complied in all material respects with all obligations required
by Seller under this Agreement that are to be performed by Seller on or before the Closing Date (except with respect to obligations
which Seller is to perform as of the Closing under this Agreement).

 

(c)Bankruptcy
Court Approval. Each of the Bid Procedures Order and the Sale Order shall have been entered by the Bankruptcy Court and the
Sale Order shall not be subject to a stay.

 

(d)No
Violation of Orders. No preliminary or permanent injunction or other order of any court or Governmental Authority or Law that
prevents the consummation of the transactions contemplated hereby shall be in effect.

 

(e)Governmental
Approvals. To the extent that the HSR Act is applicable, any waiting period (and any extension thereof) under the HSR Act and
the antitrust legislation of any other relevant jurisdiction applicable to the purchase of the Acquired Assets contemplated by
this Agreement shall have expired or shall have been terminated.

 

For avoidance of doubt, there shall be no conditions
precedent to Buyer’s obligation to consummate the transactions contemplated by this Agreement (including any financing or
due diligence condition), except for those conditions precedent specifically set forth in this Section 9.2.

 

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ARTICLE 10

CLOSING AND DELIVERIES

 

10.1Closing.
Upon the terms and subject to the conditions of this Agreement, the sale and purchase of the Acquired Assets and the assumption
of the Assumed Liabilities contemplated by this Agreement shall take place at a closing (the “Closing”) to be
held on a Business Day mutually acceptable to the parties (but as promptly as practicable and in any event no later than 15 days
following the date on which the Sale Order shall have been entered by the Bankruptcy Court) after the date on which all conditions
to the obligations of the Parties set forth in ARTICLE 9 to consummate the transactions contemplated hereby are first satisfied
and/or waived (the date the Closing occurs being the “Closing Date”). The Closing shall occur on the Closing
Date at 10:00 a.m., New York Time, in the offices of Greenberg Traurig, LLP, 200 Park Avenue, New York, New York 10166 or such
other location as shall be mutually agreed to by the Parties. Upon consummation of the Closing, the purchase and sale of the Acquired
Assets and the assumption of the Assumed Liabilities hereunder shall be deemed to have occurred as of 12:01 a.m. (New York time) on
the Closing Date.

 

10.2Seller’s
Deliveries. At the Closing:

 

(a)Seller
shall deliver possession of the Acquired Assets;

 

(b)Seller
shall have executed and delivered to Buyer (i) the Bill of Sale, (ii) the Assignment and Assumption Agreement, (iii) the Trademark
Assignment Agreement, (iv) the Patent Assignment Agreement and (v) such additional bills of sale, endorsements, assignments
and other instruments of transfer and conveyance as may be reasonably requested by Buyer and required under applicable Law to convey
valid, marketable title of the Acquired Assets to Buyer free and clear of all Liens, Claims, Interests or Encumbrances (other than
Permitted Liens); and

 

(c)Seller
shall deliver an officer’s certificate, duly executed by a senior officer of Seller, certifying the matters set forth in
Section 9.2(a) and Section 9.2(b), in form reasonably satisfactory to Buyer.

 

10.3Buyer’s
Deliveries. At the Closing:

 

(a)Buyer
shall pay the Cash Purchase Price by wire transfer of immediately available funds to an account designated by Seller prior to the
Closing;

 

(b)Buyer
shall have executed and delivered to Seller (i) the Assignment and Assumption Agreement, (ii) the Trademark Assignment Agreement
and (iii) the Patent Assignment Agreement; and 

 

(c)Buyer
shall deliver a certificate, duly executed by a senior officer of Buyer, certifying the matters set forth in Section 9.1(a)
and Section 9.1(b) in form reasonably satisfactory to Seller.

 

10.4Possession.
Right to possession of the Acquired Assets shall transfer to Buyer on the Closing Date. Seller shall transfer and deliver to Buyer
on the Closing Date such keys, locks and safe combinations and other similar items as Buyer may reasonably require to obtain occupation
and control of the Acquired Assets, and shall also make available to Buyer at their then existing locations the originals of all
documents in Seller’s actual possession that are required to be transferred to Buyer by this Agreement.

 

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ARTICLE 11

TERMINATION

 

11.1Termination.
This Agreement may be terminated only in accordance with this Section 11.1. This Agreement may be, or, as applicable, shall
be, terminated at any time before the Closing as follows:

 

(a)by mutual
written consent of Seller and Buyer;

 

(b)automatically
and without any action or notice by Seller to Buyer, or Buyer to Seller, immediately upon:

 

(i)the issuance
of a final and non-appealable order, decree, or ruling by a Governmental Authority to permanently restrain, enjoin or otherwise
prohibit the Closing;

 

(ii)approval
by the Bankruptcy Court of an Alternate Transaction, unless Buyer is designated a “back-up bidder” under the Sale Order;
or

 

(iii)the consummation
of an Alternate Transaction.

 

(c)by either
Seller or Buyer if the Closing shall not have occurred by April 15, 2015 (the “Termination Date”); provided,
that the right to terminate this Agreement under this Section 11.1(c) shall not be available to any Party whose failure to
fulfill any obligation under this Agreement shall have been the cause of, or shall have resulted in, the failure of the Closing
to occur on or prior to the Termination Date;

 

(d)by Buyer:

 

(i)if Seller
shall have breached or failed to perform any of its representations, warranties, covenants or other agreements contained in this
Agreement, which breach or failure to perform (A) would result in the failure of a condition set forth in Section 9.2 and (B) is
not curable or able to be performed, or, if curable or able to be performed, is not cured or performed prior to the then-applicable
Termination Date; provided, however, that (1) Buyer is not in material breach of any of its representations, warranties, covenants
or agreements contained herein or in the Sale Order, (2) Buyer notifies Seller in writing of its intention to exercise its rights
under this Section 11.1(d)(i) as a result of the breach (the “Buyer Termination Notice”), and (3) Buyer specifies
in the Buyer Termination Notice the representation, warranty, covenant or agreement contained herein of which Seller is allegedly
in breach;

 

(ii)if, prior
to the Closing, the Bankruptcy Case shall be converted into a case under Chapter 7 of the Bankruptcy Code or dismissed, or if a
trustee or examiner with expanded powers shall be appointed in the Bankruptcy Case; or

 

(iii)if there
shall be excluded from the Acquired Assets any Assumed Contract that is not assignable or transferable pursuant to the Bankruptcy
Code or otherwise without the consent of any Person other than Seller, to the extent that such consent shall not have been given
prior to the Closing and the exclusion of such Assumed Contract shall be materially adverse to the results of operations or the
financial condition of the Acquired Assets, taken as a whole; or

 

    	26

    	 

    

 

(iv)if any
of the Sale Milestones are not met; or

 

(v)if an Event
of Default (as defined in the DIP Order) shall have occurred;

 

(e)by Seller
if Buyer shall have breached or failed to perform any of its representations, warranties, covenants or other agreements contained
in this Agreement, which breach or failure to perform (i) would result in the failure of a condition set forth in Section 9.1 and
(ii) is not curable or able to be performed, or, if curable or able to be performed, is not cured or performed prior to the then-applicable
Termination Date; provided, however, that (1) Seller is not in material breach of any of its representations, warranties, covenants
or agreements contained herein or in the Sale Order, (2) Seller notifies Buyer in writing of its intention to exercise its rights
under this Section 11.1(e) as a result of the breach (the “Seller Termination Notice”), and (3) Seller specifies
in the Seller Termination Notice the representation, warranty, covenant or agreement contained herein of which Buyer is allegedly
in breach.

 

Each condition set forth
in this Section 11.1 pursuant to which this Agreement may be terminated shall be considered separate and distinct from each
other such condition. If more than one of the termination conditions set forth in Section 11.1 are applicable, the applicable
Party shall have the right to choose the termination condition pursuant to which this Agreement is to be terminated. The Parties
acknowledge and agree that no notice of termination or extension of the Termination Date provided pursuant to this Section 11.1
shall become effective until five (5) days after the delivery of such notice to the other parties, and only if such notice shall
not have been withdrawn during such five (5) day period or otherwise become invalid.

 

11.2Effect of Termination.
Subject to the provisions of Section 3.2 regarding the treatment of the Deposit, in the event of termination pursuant to Section 11.1,
this Agreement shall become null and void and have no effect and no Party shall have any liability to the other Party except (a)
nothing herein shall relieve either Party from liability for any breach of this Agreement occurring prior to such termination and
(b) with respect to the provisions of ARTICLE 11 and ARTICLE 12 which shall expressly survive termination hereof including the
buyer protections provided for in Section 11.3. Notwithstanding anything contained herein to the contrary, the termination
of this Agreement shall not affect the rights or obligations of the Parties under the Non-Disclosure Agreement dated March 10,
2014. 

 

11.3Buyer Protections.

 

(a)So long
as Buyer shall not be in material violation of its obligations under this Agreement, if this Agreement shall be terminated pursuant
to Section 11.1(b)(ii) or 11.1(b)(iii), then, the Expense Reimbursement shall immediately become earned and due from Seller
to Buyer, and a break up fee in the amount of $225,000 (the “Break-Up Fee”) shall immediately become earned
and due from Seller to Buyer upon the consummation of an Alternate Transaction. The Break-Up Fee and Expense Reimbursement may
be paid from the proceeds of an Alternate Transaction.

 

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(b)So long
as Buyer shall not be in material violation of its obligations under this Agreement, if this Agreement shall be terminated pursuant
to Section 11.1(d), then the Expense Reimbursement shall immediately become earned and due from Seller to Buyer.

 

(c)The Expense
Reimbursement and the Break-Up Fee shall be a super-priority administrative expense priority obligation under Section 364(c)(1)
of the Bankruptcy Code with priority over all expenses of the kind specified in Sections 503(b) and 507(b) of the Bankruptcy Code,
subject to any super-priority Claims of Seller’s post-petition lenders and the Carve-Out.

 

(d)In the
event that the Break-Up Fee and Expense Reimbursement is earned by Buyer pursuant to Section 11.3(a), the agreement evidencing
the Alternate Transaction shall provide that the Successful Bidder (as defined in the Bid Procedure Order) shall pay the Expense
Reimbursement and the Break-Up Fee directly to Buyer by wire transfer of immediately available good funds to an account specified
by Buyer at the Closing of the Alternate Transaction. If for any reason such Successful Bidder fails to pay the Break-Up Fee and
Expense Reimbursement directly to Buyer, Seller is authorized and directed to pay the Break-Up Fee and Expense Reimbursement to
Buyer from the gross cash proceeds of the Alternate Transaction without further order of the Court.

 

(e)The payment
of the Break-Up Fee or Expense Reimbursement as provided herein shall be free and clear of any Interest as defined herein that
any other person or entity may have or assert in such Alternate Transaction proceeds or otherwise available cash.

 

(f)Seller
hereby acknowledges that the obligation to pay the Expense Reimbursement and the Break-Up Fee (to the extent due hereunder) shall
survive the termination of this Agreement, and shall have administrative priority status against Seller and its estates.

 

ARTICLE 12

MISCELLANEOUS

 

12.1Survival.
No representations or warranties of Seller or Buyer made in this Agreement shall survive the Closing Date. All covenants and agreements
of Seller and Buyer contained herein shall survive the Closing in accordance with their terms.

 

12.2Further Assurances.
At the request and the sole expense of the requesting Party, Buyer or Seller, as applicable, shall execute and deliver, or cause
to be executed and delivered, such documents as Buyer or Seller, as applicable, or their respective counsel may reasonably request
to effectuate the purposes of this Agreement and the Ancillary Agreements.

 

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12.3Successors and
Assigns. This Agreement and the various rights and obligations arising hereunder shall inure
to the benefit of and shall be binding upon the Parties and their respective successors and permitted assigns and any trustee appointed
in any of the Bankruptcy Case or subsequent chapter 7 cases and Seller, if the Bankruptcy Case are dismissed. Neither this Agreement
nor any of the rights, interests or obligations hereunder may be transferred or assigned (including by operation of Law in connection
with a merger or sale of stock, or sale of substantially all the assets, of a Person) by any of the Parties without the prior
written consent of the other Party (which consent may be granted, withheld, conditioned or delayed in such other Party’s
sole and absolute discretion), and any attempted assignment in contravention or breach of the foregoing shall be void and of no
force or effect; provided, that no consent shall be required in connection with any assignment by any Party of its rights under
this Agreement to its lenders.

 

12.4Governing Law;
Jurisdiction. This Agreement shall be construed, performed and enforced in accordance with, and
governed by, the Laws of the State of Delaware (without giving effect to the principles of conflicts of laws thereof), except to
the extent that the Laws of such State are superseded by the Bankruptcy Code or other applicable federal Law. For so long as Seller
is subject to the jurisdiction of the Bankruptcy Court, the parties irrevocably elect, as the sole judicial forum for the adjudication
of any matters arising under or in connection with this Agreement, and consent as to the foregoing to the exclusive jurisdiction
of, the Bankruptcy Court. After Seller is no longer subject to the jurisdiction of the Bankruptcy Court, the parties irrevocably
elect, as the sole judicial forum for the adjudication of any matters arising under or in connection with this Agreement, and consent
to the jurisdiction of, any state or federal court having competent jurisdiction in New York, New York.

 

12.5Expenses.
Except as otherwise provided in this Agreement, each of the Parties shall pay its own expenses in connection with this Agreement
and the transactions contemplated hereby, including any legal and accounting fees and commissions or finder’s fees, whether
or not the transactions contemplated hereby are consummated.

 

12.6Severability.
In the event that any part of this Agreement is declared by any court or other judicial or administrative body to be null, void
or unenforceable, a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid
and enforceable, the intent and purpose of such invalid or unenforceable provision, said provision shall survive to the extent
it is not so declared, and all of the other provisions of this Agreement shall remain in full force and effect only if, after excluding
the portion deemed to be unenforceable and the application of any provision so substituted, the remaining terms shall provide for
the consummation of the transactions contemplated hereby in substantially the same manner as originally set forth at the later
of (a) the Execution Date and (b) the date (if any) this Agreement was last amended.

 

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12.7Notices.

 

(a)All notices,
requests, demands, consents, waivers and other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) on the day of transmission, if sent via electronic transmission to the email address below (provided confirmation
of transmission is mechanically or electronically generated and kept on file by the sending party); and (iv) if sent by overnight
courier service, one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each
case, properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

If to Seller:

 

Hipcricket, Inc.

110 110th Avenue NE,

Suite 410

Bellevue, WA 98005

Attn: Chief Executive Officer

Email: twilson@hipcricket.com

Facsimile: (425) 449-4286

 

With a copy (which shall not constitute
notice) to:

Pachulski Stang Ziehl & Jones LLP

10100 Santa Monica Blvd., Suite 1300

Los Angeles, CA 90067

Attn: Ira D. Kharasch,
Esq.

Email: ikharasch@pszjlaw.com

Facsimile: (310) 201-0760

 

and

 

Perkins Coie LLP

1201 Third Avenue, Suite 4900

Seattle, WA 98101

Attn: Faith M. Wilson,
Esq.

Email: fwilson@perkinscoie.com

Facsimile:
(206) 359-4237

 

If to Buyer:

SITO Mobile, Ltd.

100 Town Square Place

Jersey City, NJ 07310

Attention: Mr. Jerry Hug

Email: jhug@SITOMobile.com

Facsimile: 201-942-3091

 

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With a copy (which shall not constitute
notice) to:

Greenberg Traurig, LLP

200 Park Avenue

New York, 10166

Attention: Matthew Hinker, Esq.

Email: hinkerm@gtlaw.com

Facsimile: (212) 801-6400

 

and

 

Greenberg Traurig, LLP

200 Park Avenue

New York, 10166

Attention: Joseph C. Gangitano, Esq.

Email: gangitanoj@gtlaw.com

Facsimile: (212) 309-9572

 

(b)Any Party
may change its address, facsimile number or email address for the purpose of this Section 12.7 by giving the other parties
written notice of its new address, facsimile number or email address in the manner set forth above. Written confirmation of receipt
(i) given by the recipient of such notice, request, demand, consent, waiver or other communication, (ii) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date and recipient facsimile number or (iii) provided by
an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight
courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

12.8Amendments;
Waivers. This Agreement may be amended or modified, and any of the terms, covenants, representations,
warranties or conditions hereof may be waived, only by a written instrument executed by Buyer and Seller, or in the case of a waiver,
by the Party waiving compliance. Any waiver by any Party of any condition, or of the breach of any provision, term, covenant, representation
or warranty contained in this Agreement, in any one or more instances, shall not be deemed to be or construed as a furthering or
continuing waiver of any such condition, or of the breach of any other provision, term, covenant, representation or warranty of
this Agreement.

 

12.9Entire Agreement.
This Agreement, together with the Ancillary Agreements and the schedules and exhibits attached hereto and thereto and the instruments
referenced herein and therein (all of which are hereby incorporated herein by reference), supersede all other prior oral or written
agreements among the Parties solely with respect to the matters contained herein and therein, and this Agreement, together with
the Ancillary Agreements and the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein,
contain the entire understanding of the Parties solely with respect to the matters contained herein and therein. For clarification
purposes, the Recitals are part of this Agreement.

 

    	31

    	 

    

 

12.10Seller Disclosures.
After notice to and consultation with Buyer, Seller shall be entitled to disclose, if required by applicable Law or by order of
the Bankruptcy Court, this Agreement and all information provided by Buyer in connection herewith to the Bankruptcy Court, the
United States Trustee, parties in interest in the Bankruptcy Case and other Persons bidding on assets of Seller. Other than statements
made in the Bankruptcy Court (or in pleadings filed therein), Seller shall not issue (prior to, on or after the Closing) any press
release or make any public statement or public communication without the prior written consent of Buyer, which shall not be unreasonably
withheld or delayed; provided, however, Seller, without the prior consent of Buyer, may issue such press release
or make such public statement as may, upon the advice of counsel, be required by applicable Law or any Governmental Authority with
competent jurisdiction.

 

12.11Headings.
The article and section headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

 

12.12Counterparts.
This Agreement may be executed in two or more 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 each other Party. In the event that any signature
is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf) 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 signature page were an original thereof.

 

12.13Payments and
Revenues. If after the Closing, either Party shall receive any payment, revenue or other amount
that belongs to the other Party pursuant to this Agreement, such receiving Party shall promptly remit or cause to be remitted the
same to the other Party.

 

12.14Specific Performance.
The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with
the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
to which they are entitled at Law or in equity.

 

12.15Waiver of Jury
Trial. EACH PARTY HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON, RELATING TO OR ARISING OUT OF THIS AGREEMENT. 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, ANTITRUST CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON-LAW OR STATUTORY CLAIMS.
EACH PARTY ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO
RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH LEGAL COUNSEL OF ITS OWN CHOOSING, OR HAS HAD AN OPPORTUNITY TO DO SO, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS, HAVING HAD THE OPPORTUNITY TO CONSULT WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE
MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS
TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT WITHOUT
A JURY.

 

    	32

    	 

    

 

12.16No Third Party
Beneficiaries. This Agreement is intended for the benefit of the Parties and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

12.17Attorneys’
Fees. In the event that either Party hereto brings an action or other proceeding to enforce or interpret the terms and provisions
of this Agreement, the prevailing Party in that action or proceeding shall be entitled to have and recover from the non-prevailing
Party all such fees, costs and expenses (including, without limitation, all court costs and reasonable attorneys’ fees) as
the prevailing Party may suffer or incur in the pursuit or defense of such action or proceeding.

 

[signature page follows]

 

    	33

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

 

	 	BUYER:
	 	 
	 	SITO MOBILE, LTD.
	 	 	 
	 	By:	/s/ Kurt Streams
	 	Name:	Kurt Streams
	 	Title:	CFO
	 	 	 
	 	SELLER:
	 	 
	 	HIPCRICKET, INC.
	 	 	 
	 	By:	/s/ Todd Wilson
	 	Name:	Todd Wilson
	 	Title:	CEO

 

[Signature
Page to Asset Purchase Agreement]

 

    	 

    	 

    

 

Appendix A

 

DEFINED
TERMS

 

The following terms have
the meanings set forth in the Preamble hereto or the Sections hereof set forth below:

 

	Definitions	 	Location
	“Accounts Receivable”	 	Section 2.1(a)
	“Acquired Assets”	 	Section 2.1
	“Agreement”	 	Preamble
	“Allocation Statement”	 	Section 3.2(a)
	“Assumed Contracts”	 	Section 2.5(a)(i)
	“Assumed DIP Obligations”	 	Section 2.3(f)
	“Assumed Liabilities”	 	Section 2.3
	“Assumed WARN Obligations”	 	Section 6.3(e)
	“Bankruptcy Case”	 	Recitals
	“Bankruptcy Code”	 	Recitals
	“Bankruptcy Court”	 	Recitals
	“Break-Up Fee”	 	Section 11.3(a)
	“Business”	 	Recitals
	“Buyer”	 	Preamble
	“Buyer Default Termination”	 	Section 3.2
	“Buyer Termination Notice”	 	Section 11.1(d)(i)
	“Cash Purchase Price”	 	Section 3.1
	“Closing”	 	Section 10.1
	“Closing Date”	 	Section 10.1
	“Cure Cap”	 	Section 2.3(a)
	“Deposit”	 	Section 3.2
	“Disclosure Schedules”	 	Article IV
	“Escrow”	 	Section 3.2
	“Escrow Agreement”	 	Section 3.2
	“Escrow Holder”	 	Section 3.2
	“Excluded Assets”	 	Section 2.2
	“Excluded Liabilities”	 	Section 2.4
	“Execution Date”	 	Preamble
	“Existing Contracts”	 	Section 4.6
	“IRS Forms”	 	Section 6.3(c)
	“Necessary Consent”	 	Section 2.5(c)
	“Omitted Contract Order”	 	Section 2.5(b)(i)
	“Pachulski”	 	Section 3.2
	“Parties”	 	Preamble
	“Permitted Access Parties”	 	Section 6.5
	“Previously Omitted Contract”	 	Section 2.5(b)(i)
	“Purchase Price”	 	Section 3.1
	“Sale Milestones”	 	Section 8.1
	“Seller”	 	Preamble
	“Straddle Period”	 	Section 7.1(b)
	“Terminated Employees”	 	Section 6.3(e)
	“Termination Date”	 	Section 11.1(c)
	“Transaction Taxes”	 	Section 7.1(a)
	“Transferred Employees”	 	Section 6.3(a)
	“Transferred Leased Real Property”	 	Section 4.7(b)
	“Transferred Owned Real Property”	 	Section 4.7(a)
	“WARN”	 	Section 6.3(e)
	“WARN Liabilities”	 	Section 6.3(e)

 

    	 

    	 

    

 

“Action”
means any demand, Claim, action, suit or proceeding, arbitral action, litigation, inquiry, criminal prosecution or investigation
by or before any Governmental Authority.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, such Person, and the term “control” (including the terms “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract
or otherwise.

 

“Alternate Transaction”
means a transaction or series of related transactions pursuant to which Seller (a) accepts a Qualified Bid, other than that of
Buyer, as the highest or best offer, or (b) sells, transfers, leases or otherwise disposes of, directly or indirectly, including
through an asset sale, stock sale, merger, reorganization or other similar transaction (by Seller or otherwise), including pursuant
to a stand-alone plan of reorganization or refinancing, all or substantially all of the Acquired Assets (or agrees to do any of
the foregoing) in a transaction or series of transactions to a Person or Persons other than Buyer..

 

“Ancillary Agreement”
means any of the Bill of Sale, the Assignment and Assumption Agreement, Trademark Assignment Agreement, the Patent Assignment Agreement
or such other instruments of transfer and conveyance as may be required under applicable Law to convey valid title of the Acquired
Assets to Buyer.

 

“Assignment and
Assumption Agreement” means the Assignment and Assumption Agreement in substantially the form annexed hereto as Exhibit A.

 

“Auction”
means the auction for the sale and assumption of the Acquired Assets and Assumed Liabilities conducted by Seller pursuant to the
Bid Procedures Order.

 

“Bid Procedures
Motion” means a motion, in form and substance acceptable to Seller and Buyer, to approve the Bid Procedures Order.

 

“Bid Procedures
Order” means an order issued by the Bankruptcy Court that, among other things, establishes procedures for an auction
process to solicit competing bids, which Order shall be substantially in the form of Exhibit B with only such
changes or modifications as are acceptable to Buyer in its sole discretion.

 

“Bill of Sale”
means the Bill of Sale substantially in the form of Exhibit C.

 

    	 

    	 

    

 

“Business Day”
means any day other than Saturday, Sunday and any day that is a legal holiday or a day on which banking institutions in New York
are authorized by Law or other governmental action to close.

 

“Cash”
means all cash on hand and in banks, cash equivalents, marketable securities, short-term investments, treasury bills, money orders,
checks (including cash in transit such as checks received prior to the Closing, whether or not deposited or cleared prior to the
Closing), checking account balances, instruments for the payment of money, certificates of deposit and other time deposits and
letters of credit.

 

“Claim”
has the meaning ascribed by Bankruptcy Code §101(5), including all rights, claims, causes of action, defenses, debts, demands,
damages, offset rights, setoff rights, recoupment rights, obligations, and liabilities of any kind or nature under contract, at
Law or in equity, known or unknown, contingent or matured, liquidated or unliquidated, and all rights and remedies with respect
thereto.

 

“Code”
means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

 

“Contract”
means any written agreement, contract, lease (including, without limitation, any real or personal property leases), sublease, purchase
order, arrangement, license, commitment, insurance policy or other written binding arrangement or written understanding, and any
written amendments, modifications or supplements thereto.

 

“Cure Amounts”
means all amounts, costs and expenses required by the Bankruptcy Court to cure all defaults under the Assumed Contracts so that
they may be sold and assigned to Buyer pursuant to Sections 363 and 365 of the Bankruptcy Code, as such amounts may be adjusted,
if applicable, by agreement of Buyer and the other party or parties to such Assumed Contracts (other than Seller).

 

“DIP Financing”
means the debtor-in-possession financing and/or cash collateral arrangements (including all loan and related documents and the
DIP Orders) in respect of Seller approved by the Bankruptcy Court and containing terms and conditions acceptable to Buyer.

 

“DIP Order”
means (a) in the period prior to entry of a final order as contemplated by clause (b) of this definition, an interim order entered
by the Bankruptcy Court approving the DIP Financing, and (b) a final order entered by the Bankruptcy Court approving the DIP Financing,
in each case in form and on terms acceptable to Buyer.

 

“Documents”
means all files, documents, instruments, papers, books, reports, records, databases, tapes, microfilms, photographs, letters, budgets,
forecasts, ledgers, journals, title policies, customer and supplier lists, databases and information, regulatory filings, operating
data and plans, technical documentation (design specifications, functional requirements, operating instructions, logic manuals,
flow charts, etc.), user documentation (installation guides, user manuals, training materials, release notes, working papers, etc.),
marketing documentation (sales brochures, flyers, pamphlets, Web pages, etc.), cost of pricing information, business plans, quality
control records and procedures, blueprints, accounting, legal and tax files (including all related memoranda and analyses therein),
all files, customer and supplier files and documents (including credit information), personnel files and employment records relating
to Transferred Employees (including, without limitation, applicable completed I-9 forms), supplier lists, records, literature and
correspondence, including materials relating to services, marketing, advertising, promotional materials, Intellectual Property,
and other similar materials to the extent related to, used in, held for use in, the Business or the Acquired Assets in each case
whether or not in electronic form, but excluding any materials exclusively related to any Excluded Assets, subject to a claim of
attorney-client privilege, as well as any documents prepared by Seller in connection with this Agreement, any Ancillary Agreement,
or the Bankruptcy Case.

 

    	 

    	 

    

 

“Employee Benefit
Plans” means all (a) employee pension benefit plans as defined in Section 3(2) of ERISA, (b) employee welfare
benefit plans as defined in Section 3(1) of ERISA, and (c) stock option, bonus, deferred compensation, retention, severance,
or termination pay plans or policies or any other plans or policies providing for compensation or benefits (including any employment,
severance, change in control or similar agreement or any arrangement relating to a sale of the Business or the Acquired Assets),
in each case, that is maintained, administered, or contributed to (or with respect to which any obligation to contribute has been
undertaken) by Seller and that covers any current or former employee, director, manager, member, officer or consultant of Seller
(or their dependents, spouses or beneficiaries).

 

“Employees”
means all individuals employed by Seller in connection with the Business and the Acquired Assets as of the Closing Date.

 

“Encumbrances”
means, to the extent not considered a Lien, any security interest, pledge, hypothecation, mortgage, lien or encumbrance, other
than any licenses of Intellectual Property.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) which is treated as a single employer with Seller under Section 414(b),
(c), (m) or (o) of the Code or Section 4001 of ERISA.

 

“Expense Reimbursement”
means an amount equal to the lesser of (a) the aggregate documented, actual, reasonable out-of-pocket fees and expenses (including,
without limitation, fees and expenses of legal counsel, accounting fees and expenses, HSR Act filing fees, escrow and other fees
and expenses) incurred by Buyer in connection with this Agreement (including, without limitation, the drafting, negotiation and
implementation of this Agreement), the transactions contemplated hereby and matters related hereto and thereto (including, without
limitation, relating to business, legal and accounting due diligence and all matters in connection with the Bankruptcy Case), in
each case whether incurred before or after the Petition Date, and (b) $100,000.

 

“GAAP”
means the United States’ generally accepted accounting principles in effect from time to time.

 

“Governmental
Authority” means any foreign or United States federal, national, supernational, state, provincial, local court, tribunal,
governmental department, agency, board or commission, regulatory or supervisory authority, or other administrative, governmental
or quasi-governmental body, subdivision or instrumentality.

 

    	 

    	 

    

 

“HSR Act”
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the regulations thereunder.

 

“Improvements”
means buildings, structures, systems, facilities, easements, rights-of-way, privileges, improvements, licenses, hereditaments,
appurtenances and all other rights and benefits belonging, or in any way related, to the Transferred Leased Real Property.

 

“Intellectual
Property” means all intellectual property, including, without limitation, (a) patents, patent applications and patent
disclosures, together with all reissuances, continuations, continuations in part, revisions, extensions, reexaminations, provisionals,
divisions, renewals, revivals, and foreign counterparts thereof and all registrations and renewals in connection therewith, (b) trademarks,
service marks, trade dress, logos, trade names and corporate names and other indicia of origin and corporate branding, together
with all translations, adaptations, derivations and combinations thereof and including all goodwill associated therewith, and all
applications, registrations and renewals in connection therewith, (c) works of authorship, copyrightable works, copyrights
and all applications, registrations and renewals in connection therewith, (d) mask works and all applications, registrations
and renewals in connection therewith, (e) trade secrets, inventions and confidential business information (including ideas,
research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data,
designs, drawings, specifications, customer and supplier lists, pricing and cost information, business and marketing plans and
proposals, assembly, test, installation, service and inspection instructions and procedures, technical, operating and service and
maintenance manuals and data, hardware reference manuals and engineering, programming, service and maintenance notes and logs),
(f) Software, (g) internet addresses, uniform resource locaters, domain names, websites and web pages, and (h) any and
all other intellectual property and proprietary rights of Seller.

 

“Intellectual
Property License” means (i) any Contract that contains any grant by Seller to any third Person of any right to use, publish,
perform or exploit any of the Intellectual Property, and (ii) any Contract (other than a Contract concerning the licensing of generally
commercially available software, including “shrink-wrap” and “click-wrap” licenses) that contains any grant
by any third Person to Seller of any right to use, publish, perform or exploit any intellectual property of such third Person concerning
or relating to the Intellectual Property.

 

“Interest”
means “interest” as that term is used in Bankruptcy Code Section 363(f).

 

“knowledge of
Seller” or “Seller’s knowledge” means the actual knowledge of Todd Wilson and Doug Stovall.

 

“KEIP”
means that certain Key Employee Incentive Plan adopted by Seller in connection with this Agreement.

 

“KEIP Limit”
means $255,000.

 

    	 

    	 

    

 

“Law”
means any law, statute, ordinance, regulation, rule, code or rule of common law or otherwise of, or any order (including, without
limitation, the Bid Procedures Order and the Sale Order), judgment, injunction or decree issued, promulgated, enforced or entered
by, any Governmental Authority.

 

“Liability”
means any debt, loss, liability, Claim, damage, expense, fine, cost, deficiency or obligation, of any nature, whether known or
unknown, disclosed or undisclosed, matured or unmatured, determined or undeterminable, on or off balance sheet, fixed, absolute,
contingent, accrued or unaccrued, liquidated or unliquidated, or otherwise and whether due or to become due, and whether in contract,
tort, strict liability or otherwise, and whether or not resulting from third party claims.

 

“Lien”
has the meaning given to that term in the Bankruptcy Code.

 

“Order”
means any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award of a Governmental Authority.

 

“Ordinary Course
of Business” means the conduct by Seller of the Business in substantially the same manner as conducted as of the date
hereof.

 

“Owned Real Property”
means the real property in which Seller has fee title (or equivalent) together with all buildings and other structures, facilities
or improvements currently or hereafter located thereon, all fixtures, systems, equipment and items of personal property of Seller
attached or appurtenant thereto and all easements, licenses, rights and appurtenances relating to the foregoing.

 

“Patent Assignment
Agreement” means a Patent Assignment Agreement in substantially the form of Exhibit D.

 

“Permits”
means all material approvals, permits, certificates of occupancy or other certificates, concessions, authorizations, grants, easements,
variances, exemptions, consents, orders, franchise, filings, authorizations and licenses used in the operation of the Business
or the Acquired Assets.

 

“Permitted Access
Parties” is defined in Section 6.5.

 

“Permitted Liens”
means (a) zoning, entitlement, conservation restriction and other land use and environmental regulations by Governmental Authorities
which do not materially interfere with the present use of the Acquired Assets, (b) all covenants, conditions, restrictions,
easements, charges, rights-of-way, other Encumbrances and other similar matters of record set forth in any state, local or municipal
franchise under which the Business is conducted as to which no material violation or encroachment exists or, if such violation
or encroachment exists, as to which do not materially impair the use or occupancy of the Transferred Leased Real Property, (c) matters
which would be disclosed by an accurate survey or inspection of the Transferred Leased Real Property which do not materially impair
the occupancy or current use of such Real Property which they encumber, (d) Liens and Encumbrances that will be released and/or
discharged pursuant to the Sale Order, or matters set forth Schedule 4.5.

 

    	 

    	 

    

 

“Person”
means any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company,
trust, unincorporated organization or Governmental Authority or other entity.

 

“Petition Date”
means January 20, 2015.

 

“PP&E”
means all equipment, machinery, industrial and motor vehicles, fixtures, furniture and other tangible property, including all such
property that is damaged and all attachments, appliances, fittings, gas and oil burners, lighting fixtures, signs, doors, cabinets,
partitions, mantels, motors, pumps, screens, plumbing, heating, air conditioning, refrigerators, freezers, refrigerating and cooling
systems, waste disposal and storing, wiring, telephones, televisions, monitors, security systems, racks, ovens, stoves, carpets,
floor coverings, wall coverings, office equipment, kitchen appliances, computers (including point-of-sale terminals and systems),
registers and safes, trash containers, meters and scales, combinations, codes and keys, and any other furniture, fixtures, equipment
and improvements.

 

“Qualified Bid”
means competing bids qualified for the Auction in accordance with the Bid Procedures Order.

 

“Related Person”
means, with respect to any Person, all past, present and future directors, officers, members, managers, partners, limited partners,
stockholders, employees, controlling persons, Affiliates, agents, professionals, attorneys, accountants, lenders, investment bankers
or representatives of any such Person.

 

“Sale Hearing”
means the hearing to consider the entry of the Sale Order.

 

“Sale Order”
means an order issued by the Bankruptcy Court approving this Agreement and the transactions contemplated hereby substantially in
the form of Exhibit E with only such changes or modifications as are acceptable to Buyer in its sole discretion.

 

“Seller Termination
Notice” is defined in Section 11.1(e).

 

“Software”
means any computer program, operating system, application, system, firmware or software of any nature, point-of-entry system, peripherals,
and data whether operational, active, under development or design, nonoperational or inactive, including all object code, source
code, comment code, algorithms, processes, formulae, interfaces, navigational devices, menu structures or arrangements, icons,
operational instructions, scripts, commands, syntax, screen designs, reports, designs, concepts, visual expressions, technical
manuals, tests scripts, user manuals and other documentation therefor, whether in machine-readable form, virtual machine-readable
form, programming language, modeling language or any other language or symbols, and whether stored, encoded, recorded or written
on disk, tape, film, memory device, paper or other media of any nature, and all databases necessary or appropriate in connection
with the operation or use of any such computer program, operating system, application, system, firmware or software.

 

    	 

    	 

    

 

“Tax”
or “Taxes” means all taxes, however denominated, including any interest, penalties or additions to tax that
may become payable in respect thereof, imposed by any Governmental Authority, whether payable by reason of Contract, assumption,
transferee liability, operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof
or any analogous or similar provision under Law), which taxes shall include all income taxes, payroll and employee withholding,
unemployment insurance, social security (or similar), sales and use, excise, franchise, gross receipts, occupation, real and personal
property, stamp, transfer, workers’ compensation, customs duties, registration, documentary, value-added, alternative or
add-on minimum, estimated, environmental (including taxes under Section 59A of the Code) and other assessments or obligations
of the same or a similar nature, whether arising before, on or after the Closing Date.

 

“Tax Return”
means any report, return, information return, filing or other information, including any schedules, exhibits or attachments thereto,
and any amendments to any of the foregoing required to be filed or maintained in connection with the calculation, determination,
assessment or collection of any Taxes (including estimated Taxes).

 

“Trademark Assignment
Agreement” means a Trademark Assignment Agreement in substantially the form of Exhibit F.

 

“Treasury
Regulation” means, with respect to any referenced provision, such provision of the regulations promulgated by the
United States Department of the Treasury.Exhibit 10.2

 

SENIOR
SECURED SUPER-PRIORITY 

DEBTOR-IN-POSSESSION
PROMISSORY NOTE

 

 

	Original
    Principal Amount:  U.S. $3,500,000	 	January
    23, 2015

 

For
value received, Hipcricket, Inc., a Delaware corporation (the “Borrower”), promises to pay to the order of
SITO Mobile, Ltd., a Delaware limited liability company (the “DIP Lender”), the lesser of (a) $3,500,000 (the
“Stated Principal Amount”) or (b) the amount of advances from time to time outstanding hereunder together with
interest and other amounts as provided herein.

 

WHEREAS,
on January 20, 2015 (the “Petition Date”), the Borrower filed with the United States Bankruptcy Court for the
District of Delaware (the “Bankruptcy Court”) a voluntary petition for relief (the “Chapter 11 Case”)
under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”);

 

WHEREAS,
the Borrower will file a motion (the “Sale Motion”) no later than five (5) days after the Petition Date pursuant
to which it intends to effectuate a sale (the “Sale”) of all or substantially all of its assets to the DIP
Lender or one of its affiliates, (the “Purchaser”) or an alternative successful bidder, pursuant to section
363 of the Bankruptcy Code, on the terms and conditions described therein;

 

WHEREAS,
the Borrower has requested that the DIP Lender provide it with a secured multiple draw term loan credit facility of up to $3,500,000
(the “DIP Facility”) to fund the day-to-day operating working capital needs and chapter 11 administrative costs
of the Borrower during the pendency of the Chapter 11 Case and to allow the Borrower to effectuate the Sale, and the Lender is
willing to extend such financing to the Borrower on the terms and subject to the conditions set forth herein; and

 

NOW,
THERFORE, the Borrower has made this Debtor-in-Possession Promissory Note (this “DIP Note”) in favor of the
DIP Lender to evidence the DIP Facility and pursuant to the Interim Order (I) Authorizing The Debtor To (A) Obtain Post-Petition
Secured Financing; (B) Utilize Cash Collateral; And (C) Pay Certain Related Fees And Charges; and (II) Scheduling A Final Hearing
[Docket No. TBD] (together with any final order approving the DIP Facility, the “DIP Order”). Capitalized
terms not otherwise defined herein have the meanings given thereto in the DIP Order.

 

1.Advances;
Increase in Principal Amount.

 

(a)Subject
to the terms and conditions set forth in this DIP Note, the DIP Lender shall make advances to the Borrower as follows (each individually
a “Loan” and collectively, the “Loans”):

 

(i)On
the date hereof, in the amount of $2,200,000.

 

    	1

    	 

    

 

(ii)Thereafter,
on every Monday beginning on February 2, 2015 (unless such date is not a business day at which point funding shall occur on the
next succeeding business day) (each, a “Funding Date”) in an amount equal to (A) the sum of (I) actual cash
on hand as of the close of business on the immediately preceding business day plus (II) an amount equal to the ”Estimated
Collections” set forth in the cash forecast attached hereto as Exhibit A (as modified from time to time with the
consent of the DIP Lender in its sole discretion, the “DIP Budget”) for the week in which the Funding Date
occurs less (B) the positive amount of “Cash Outflows” that are projected in the DIP Budget for the week in which
the Funding Date occurs (the “DIP Formula Borrowing Amount”); provided, that (x), if the DIP Formula Borrowing
Amount is a negative number, then the Borrower may borrow an amount equal to the amount by which the DIP Formula Borrowing Amount
is negative plus $250,000, (y) if the DIP Formula Borrowing Amount is greater than $250,000 then the Borrower may not borrow,
and (z) if the DIP Formula Borrowing Amount is positive but less than $250,000, then the Borrower may borrow an amount up to the
difference between $250,000 and the DIP Formula Borrowing Amount. Each Loan hereunder shall be subject to the terms and conditions
set forth in this DIP Note and the aggregate outstanding principal amount of the Loans shall not exceed the Stated Principal Amount.
Any sums advanced pursuant to this DIP Note and subsequently repaid may not be re-borrowed.

 

(b)By
noon prevailing eastern time on the business day immediately prior to a Funding Date, Borrower shall give the DIP Lender written
notice of its request for a Loan and shall specify the Funding Date (which must be the immediately subsequent business day) and
the amount of the requested Loan (a “Borrowing Notice”). The Borrowing Notice (beginning with the Borrowing
Notice provided on or before January 30, 2015) shall include (a) a calculation of the requested Loan amount including reasonable
detail regarding the cash on hand included in the calculation and the projected Estimated Receipts for the weekly borrowing period,
(b) an updated DIP Budget including actuals for prior periods, and (c) a calculation of any variance from the Budget. The Borrowing
Notice shall also be accompanied by a comparison of actual weekly receipts to those set forth in the DIP Budget. The obligation
of DIP Lender to fund is subject to compliance with the terms and conditions of this DIP Note and the DIP Order. The DIP Lender
shall make each properly authorized Loan in immediately available funds by wire transfer to an account designated by Borrower,
as soon as practicable, but in no event later than the noon prevailing eastern time on the applicable Funding Date.

 

(c)The
DIP Lender shall not be obligated to make any Loan (including the initial Loan hereunder), or to take, fulfill, or perform any
other action hereunder, unless the following conditions are satisfied as of the making of such Loan, in DIP Lender’s reasonable
discretion, or waived in writing by DIP Lender in its sole discretion:

 

(i)This
DIP Note and any necessary or appropriate related documents shall have been executed and delivered to DIP Lender in form and substance
acceptable to DIP Lender and shall be in full, force and effect.

 

(ii)The
consummation of the transactions contemplated hereby or entered into in contemplation hereof shall not contravene, violate or
conflict with, nor involve the DIP Lender in a violation of applicable law or regulation.

  

(iii)The
applicable DIP Budget shall have been approved in writing by the DIP Lender.

 

    	2

    	 

    

 

(iv)All
consents, authorizations and filings, if any, required in connection with the execution, delivery and performance by the Borrower,
and the validity and enforceability against the Borrower, of the DIP Note, shall have been obtained or made, and such consents,
authorizations and filings shall be in full force and effect.

 

(v)Prior
to the making of the initial Loan, the DIP Lender shall have received a schedule describing all insurance maintained by the Borrower
and a loss payee endorsement with respect thereto and for any subsequent Loan such insurance shall be in full force and effect.

 

(vi)The
DIP Lender shall have received a copy of the applicable DIP Order, and such DIP Order shall have been entered by the Bankruptcy
Court in form and substance acceptable to the DIP Lender in its sole discretion, and shall be in full force and effect and shall
not have been vacated, stayed, reversed, modified or amended.

 

(vii)The
Petition Date shall have occurred and the “first day” orders sought by the Borrower shall have been entered by the
Bankruptcy Court and shall have been in form and substance reasonably satisfactory to the DIP Lender. As to the initial Loan,
the Borrower shall have filed the Sale Motion, and all pleadings related thereto, including the proposed Bid Procedures, shall
be satisfactory to the DIP Lender.

 

(viii)The
Stalking Horse Agreement shall have been executed and delivered and shall not have been terminated.

 

(ix)No
event shall have occurred and be continuing, or would result from the Loan requested thereby, which, with the giving of notice
or the passage of time or both, would constitute an Event of Default and no Event of Default shall be continuing.

 

(x)
The Borrower shall have timely delivered a Borrowing Notice related to such Loan, which was in form and substance satisfactory
to the DIP Lender and consistent with the DIP Budget.

 

(xi)
The aggregate principal and amount of all DIP Loans extended shall not exceed the Stated Principal Amount.

 

(xii)The
Sale Motion shall not have been withdrawn, revoked, amended or appealed and shall be in full force and effect pending its approval.

 

(xiii)All
information, approvals, documents or other instruments as DIP Lender may reasonably request shall have been received by DIP Lender.

 

(xiv)The
Borrower shall be in compliance with its obligations under the Stalking Horse Agreement and the Bid Procedures Order, after it
is entered.

 

    	3

    	 

    

 

2.Interest;
Payments.

 

(a)The
Loans shall bear interest on the unpaid principal amount thereof plus all obligations owing to, and rights of, the Lender pursuant
to the DIP Note, including without limitation, all interest, fees, and costs accruing thereon (collectively, the “Obligations”)
from the date hereof (the “Effective Date”) to and including the Maturity Date (defined below), at a fixed
rate per annum equal to thirteen percent (13%), calculated on the basis of a 360-day year for the actual number of days elapsed.

 

(b)Accrued,
unpaid interest on the Loans shall be compounded on the last day of each calendar month. After the Maturity Date and/or after
the occurrence and during the continuance of an Event of Default (defined below), the Obligations shall bear interest at a rate
equal to fifteen percent (15%) per annum, calculated on the basis of a 360-day year for the actual number of days elapsed (the
“Default Rate”).

 

(c)Interest
shall be payable, in cash, on the last day of each calendar month, upon prepayment of any portion of the Obligations, on the Maturity
Date, and upon payment in full of the Loan.

 

(d)
Notwithstanding anything to the contrary set forth in this Section 2, if a court of competent jurisdiction determines
in a final order that the rate of interest payable hereunder exceeds the highest rate of interest permissible under law (the “Maximum
Lawful Rate”), then so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder
shall be equal to the Maximum Lawful Rate.

 

(f)The
Obligations shall be due and payable on the earlier to occur of (i) the date the Sale is consummated; (ii) April 3, 2015; (iii)
upon acceleration of the DIP Note pursuant to the terms hereof; and (iv) the Termination Date (the “Maturity Date”).
On the Maturity Date, the DIP Lender’s obligation to provide Loans shall terminate.

 

(g)This
Note may be prepaid in whole or in part at any time without penalty or premium. The DIP Lender may apply any such prepayments
and any payments made hereunder in any order of priority determined by the DIP Lender in its exclusive judgment.

 

3.Covenants
Unless otherwise agreed to by the DIP Lender in writing, the Borrower covenants and agrees that it will:

 

(a)Use
the proceeds of the Loans solely for operating working capital purposes and chapter 11 administrative costs in the amounts and
otherwise in accordance with and for the purposes provided for in the DIP Budget. Notwithstanding the then applicable DIP Budget,
the Borrower may exceed the budgeted amount for any line item (other than professional fees) during any weekly budget period by
10% (the “Permitted Variance”) excluding any timing difference resulting from the roll-forward of budgeted
expenses from previously weekly periods that were unpaid and which may rolled forward to subsequent periods; provided, that (i)
the total amount of the DIP Loans do not exceed the Stated Principal Amount, (ii) none of the proceeds of the DIP Loans shall
be used by any party-in-interest to take any action or to otherwise assert any claims or causes of action against the DIP Lender
in any capacity, and (iii) the Permitted Variance shall not apply to the line items related to professional fees for any party-in-interest.

 

(b)Keep
proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation
to its business and property and all legal requirements; and, upon the reasonable request of the DIP Lender, provide copies of,
or access to, its books and records, and to discuss the business, operations, assets and financial and other condition of Borrower
with officers and employees thereof and with their independent certified public accountants.

 

    	4

    	 

    

 

(c)Promptly
give written notice to the DIP Lender: (i) of the occurrence of any Default or Event of Default; (ii) of any (A) default
or event of default under any instrument or other material agreement, guarantee or document of Borrower or (B) litigation, investigation
or proceeding which may exist at any time between Borrower and any governmental authority; and (iii) of the commencement of any
litigation or proceeding against Borrower for acts occurring after the Petition Date (A) in which more than $50,000 of the amount
claimed is not covered by insurance or (B) in which injunctive or similar relief is sought.

 

(d)Use
the proceeds of the Loans solely for the purposes permitted by this DIP Note.

 

(e)At
all times, cause all of the Collateral (defined below) to be subject to a first priority perfected security interest in favor
of the DIP Lender in accordance with the DIP Order, subject only to the Carve Out and any Permitted Liens (as defined in the DIP
Order/Stalking Horse Agreement).

 

(g)Promptly,
from time to time, deliver such other information regarding the operations, business affairs and financial condition of the Borrower
as the DIP Lender may request.

 

(h)If
reasonably practicable, at least two (2) business days prior to the date when the Borrower intends to file any such pleading,
motion or other document (and, if not reasonably practicable, as soon as reasonably practicable), provide copies of all material
pleadings, motions, applications, judicial information, financial information and other documents to be filed by the Borrower
in the Chapter 11 Case.

 

(i)Promptly
execute and deliver such documents, instruments and agreements, and take or cause to be taken such acts and actions, as the Lender
may reasonably request from time to time to carry out the intent of this DIP Note and the DIP Order.

 

(k)Not
create, incur, assume or suffer to exist any indebtedness other than (i) indebtedness outstanding on the Effective Date; (ii)
indebtedness in connection with the Loans; (iii) indebtedness in respect of fees and expenses owed to professionals retained by
the Borrower or any official committee in the Chapter 11 Case up to the amounts set forth in the Budget; and (vi) other unsecured
indebtedness of Borrower which does not exceed $50,000 in the aggregate at any time outstanding.

 

(l)Not
create, incur, assume or suffer to exist any lien upon any of its assets, whether now owned or hereafter acquired, except for
liens that are permitted by the DIP Order.

 

(m)Not
enter into any merger or consolidation or amalgamation or other change of control transaction or engage in any type of business
other than of the same general type now conducted by it.

 

    	5

    	 

    

 

(n)Other
than as provided in the Sale Motion, not convey, sell, lease, assign, transfer or otherwise dispose of any assets or property
(including, without limitation, tax benefits), other than the sale of inventory or the licensing of intellectual property in the
ordinary course of business.

 

(o)Not
make any advance, investment, acquisition, loan, extension of credit or capital contribution to, in or for the benefit of any
person.

 

(p)Subject
in all respects to the DIP Budget and other than the key employee incentive plan contemplated thereby to the extent approved by
the Bankruptcy Court, not enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of
property or the rendering of any service, with any affiliate.

 

(q)Not
incur or apply to the Bankruptcy Court for authority to incur, or suffer to exist, any indebtedness having the priority afforded
by section 364(c) or (d) of the Bankruptcy Code (including any superpriority claims) other than the financing provided for under
this Agreement, unless the Obligations hereunder are to be irrevocably paid in full, in cash with the proceeds thereof.

 

(r)Not
limit, affect or modify, or apply to the Bankruptcy Court to limit, affect or modify any of the rights of the DIP Lender with
respect to the Obligations, including rights with respect to Collateral and the priority thereof.

 

(s)Except
for the Carve Out, not incur, create, assume, suffer or permit any claim to exist or apply to the Bankruptcy Court for the authority
to incur, create, assume, suffer or permit any claim to exist against the Borrower or any of its assets which is to be pari passu
with, or senior to, the Obligations, unless the Obligations are being irrevocably repaid in full, in cash with the proceeds thereof.

 

4.Event
of Default.

 

(a)Each
of the following events shall constitute an “Event of Default”:

 

(i)Borrower
(A) fails to pay any payment (whether principal, interest, or otherwise) when such amount becomes due and payable under this DIP
Note or (B) Borrower defaults in the due performance or observance by it of any other term, covenant, or agreement contained in
this DIP Note (and, if such default is capable of being remedied, it has not been remedied within the cure period set forth herein
or, if no such cure period is provided, it has not been remedied to the reasonable satisfaction of the DIP Lender) two (2) business
days following the occurrence of such event of default);

 

(ii)any
representation, warranty, or statement made by or on behalf of Borrower herein or in any certificate delivered in connection herewith
shall prove to be untrue in any material respect on the date on which made or deemed made;

 

(iii)the
security interest granted to the DIP Lender hereunder shall cease to be in full force and effect, or shall cease to create a perfected
security interest in, and lien on, the Collateral purported to be created thereby;

 

    	6

    	 

    

 

(iv)this
DIP Note is, or becomes, invalid or ineffective or unenforceable against Borrower, in whole or in part, or Borrower so asserts
or at any time denies its liability or Obligations under this DIP Note;

 

(v)prior
to the closing of the Sale, the Bankruptcy Court shall enter an order with respect to Borrower dismissing its Chapter 11 Case
or converting it to a case under chapter 7 or any other chapter of the Bankruptcy Code, or appointing a trustee in its Chapter
11 Case or appointing a responsible officer or an examiner with enlarged powers relating to the operation of Borrower’s
business (beyond those set forth in sections 1106(a)(3) or (4)) under Bankruptcy Code section 1106(b), in each case, without the
consent of the DIP Lender; 

 

(vi)prior
to closing of the Sale, entry of any order of the Bankruptcy Court dismissing the Bankruptcy Case, unless as a condition thereto
the Obligations are irrevocably paid in cash in full; 

 

(vii)the
Bankruptcy Court shall enter an order granting relief from the automatic stay applicable under section 362 of the Bankruptcy Code
to the holder of any lien (other than liens in favor of the DIP Lender) or any assets of Borrower having an aggregate value in
excess of $50,000; 

 

(viii)the
Borrower shall seek to, or shall support any other person’s motion to, disallow in whole or in part the Obligations or to
challenge the validity, priority, or enforceability of the DIP Lender’s liens and superpriority claims hereunder;

 

(ix)a
DIP Order shall be entered in form and substance that is not acceptable to the DIP Lender in its sole discretion or, from and
after the date of entry thereof, any DIP Order shall cease to be in full force and effect or shall have been vacated, stayed,
reversed, modified or amended (or the Borrower shall take any step to accomplish any of the foregoing) without the consent of
the DIP Lender; 

 

(x)prior
to the closing of the Sale, the Borrower shall make any payments on any indebtedness which arose before the Petition Date other
than as provided in any of the “first day” orders entered in the Chapter 11 Case or otherwise consented to by the
DIP Lender; 

 

(xi)the
Sale Motion shall have been withdrawn or is no longer being pursued or the Borrower shall be in breach or shall fail to comply
with the terms of the DIP Order, the Bid Procedures Order or the Stalking Horse Agreement in any material respect; 

 

(xii)actual
cash receipts from operations for any two consecutive week budget period are less than 80% of such receipts projected in the Budget
or on a cumulative basis from the Petition Date; provided, that the Borrower shall not be in default hereunder if the foregoing
revenue test is not met during the first three calendar weeks of the Chapter 11 Case;

 

(xiii)The
(A) Bid Procedures Motion is not filed within five (5) days of the Petition Date, (B) the Sale Motion is not filed within seven
(7) days of the Petition Date, (C) Bid Procedures Order is not entered within 22 days of the Petition Date, (D) the Sale Order
is not entered within 50 days of the Petition Date, and (E) the Sale has not closed by 15 days after the hearing on the Sale Motion;

 

    	7

    	 

    

 

(xiv)one
or more judgments or decrees shall be entered against Borrower involving in the aggregate a post-Petition Date liability (not
paid or fully covered by insurance or otherwise considered permitted Indebtedness) of $50,000 or more, and all such judgments
or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within the time required by the terms of such
judgment; 

 

(xv)this
DIP Note or any related document shall cease, for any reason, to be in full force and effect or the Borrower shall so assert in
writing, or any such document shall cease to be effective to grant a perfected lien on any material item of Collateral described
therein with the priority purported to be created thereby; 

 

(xvi)an
application or motion shall be filed by the Borrower for the approval of a superpriority Claim in the Bankruptcy Case or the Bankruptcy
Court shall have granted superpriority status to any claim in the Bankruptcy Case, in each case, that is senior to the claims
of DIP Lender against Borrower hereunder, without the prior written consent of the DIP Lender; or 

 

(xvii)the
final DIP Order shall not be entered by the Bankruptcy Court by the date that is 30 days from the Petition Date. 

 

(b)Upon
the occurrence of an Event of Default and after three (3) days’ notice to the Debtor, if any Event of Default shall then
be continuing, DIP Lender may, in its sole discretion at any time during the continuance of such Event of Default, take any of
the following actions:

 

(i)declare
all or any portion of the outstanding Obligations due and payable, whereupon the same shall become, forthwith due and payable
without presentment, demand, protest or notice of any kind, all of which are hereby waived by Borrower;

 

(ii)enforce
all liens and security interests in the Collateral;

 

(iii)institute
proceedings to enforce payment of such Obligations; 

 

(iv)
terminate the obligation of the DIP Lender to make Loans; and

 

(v)
exercise any other remedies and take any other actions available to it at law, in equity, under this DIP Note, the Bankruptcy
Code, other applicable law or pursuant to the DIP Order.

 

    	8

    	 

    

 

(c)In
addition to the foregoing, if any Event of Default shall occur and be continuing, but subject only to any required notice hereunder
or under the DIP Order, the DIP Lender may exercise in addition to all other rights and remedies granted to it in this DIP Note
and the DIP Order, all rights and remedies of a secured party under the UCC or other applicable law. Without limiting the generality
of the foregoing, the Borrower expressly agrees that in any such event the DIP Lender, without demand of performance or other
demand, advertisement or notice of any kind (except the notice required by the DIP Order or the notice specified below of time
and place of public or private sale) to or upon the Borrower or any other person (all and each of which demands, advertisements
and/or notices (except the notice required by the DIP Order or the notice specified below of time and place of public or private
sale) are hereby expressly waived to the maximum extent permitted by the UCC and other applicable law), may forthwith collect,
receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give an option
or options to purchase, or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof,
in one or more parcels at public or private sale or sales, at any exchange or broker’s board or at any of the DIP Lender’s
offices or elsewhere at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any
credit risk. The DIP Lender shall have the right upon any such public sale or sales to purchase for cash or by credit bidding
all or a part of the Obligations the whole or any part of said Collateral so sold, free of any right or equity of redemption,
which equity of redemption the Borrower hereby releases. The Borrower further agrees, at the DIP Lender’s request, to assemble
the Collateral constituting movable tangible personal property make it available to the DIP Lender at places which the DIP Lender
shall reasonably select. The DIP Lender shall apply the proceeds of any such collection, recovery, receipt, appropriation, realization
or sale to the Obligations in the order reasonably deemed appropriate by the DIP Lender, Borrower remaining liable for any deficiency
remaining unpaid after such application, and only after so paying over such net proceeds and after the payment by the Lender of
any other amount required by any provision of law, including Section 9-504(l)(c) of the UCC, shall the DIP Lender account for
and pay over the surplus, if any, to the Borrower. To the maximum extent permitted by applicable law, the Borrower waives all
claims, damages, and demands against the DIP Lender arising out of the repossession, retention or sale of the Collateral except
such as arise out of the gross negligence or willful misconduct of the DIP Lender. The Borrower agrees that the DIP Lender need
not give more than five (5) days’ notice to the Borrower (which notification may run concurrently with any notice require
when the DIP Order) shall be deemed given when mailed, electronically delivered or delivered on an overnight basis, postage prepaid,
addressed to the Borrower at its address set forth below) of the time and place of any public sale or of the time after which
a private sale may take place and that such notice is reasonable notification of such matters. The Borrower shall remain liable
for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all amounts to which the
DIP Lender is entitled.

 

(d)Except
as otherwise expressly provided herein and in the DIP Order, the Borrower hereby waives presentment, demand, protest or any notice
(to the maximum extent permitted by applicable law) of any kind in connection with this DIP Note or any Collateral. Borrower shall
also pay DIP Lender’s costs of collection if any Obligations are not paid when due, including without limitation court costs,
collection expenses, and reasonable out-of-pocket attorneys’ fees and other expenses which DIP Lender may incur or pay in
the prosecution or defense of its rights hereunder, whether in judicial proceedings, including bankruptcy court and appellate
proceedings, or whether out of court.

 

    	9

    	 

    

 

5.Security.

 

(a)To
induce the DIP Lender to make the Loans, the Borrower hereby grants to the DIP Lender, as security for the full and prompt payment
when due (whether at stated maturity, by acceleration or otherwise) of the Obligations, a continuing first priority lien and security
interest (subject only to the Carve-Out) in and to all assets of the Borrower, including all of the following presently existing
or hereafter acquired property, whether owned, leased or otherwise possessed, to which the Borrower now has or at any time in
the future may acquire any right, title or interest (capitalized terms used in clause (i) through (xviii) shall have the meanings
provided for such term in the Uniform Commercial Code in effect on the date hereof in the State of Delaware (the “UCC”)):

 

(i)
 all Accounts;

 

(ii)all
Chattel Paper;

 

(iii)all
Deposit Accounts, including any monies or other property held therein;

 

(iv)all
Documents;

 

(v)all
Equipment;

 

(v)all
General Intangibles, including all intellectual property, including any trademarks or tradenames, and any licenses;

 

(vi)all
Instruments;

 

(vii)all
Inventory;

 

(viii)all
Investment Property;

 

(ix)all
Letter of Credit Rights;

 

(x)all
real property;

 

(xi)all
motor vehicles;

 

(xii)all
Commercial Tort Claims;

 

(xiii)all
books and records pertaining to the Borrower, its business and any property described herein;

 

(xiv)all
other goods and personal property of the Borrower, whether tangible or intangible, wherever located, including money, letters
of credit and all rights of payment or performance under letters of credit;

 

(xv)to
the extent not otherwise included, all causes of action and all monies and other property of any kind received therefrom including
Avoidance Actions (as defined in the DIP Order);

 

(xvi)to
the extent not otherwise included, all monies and other property of any kind which is received by the Borrower in connection with
any refunds with respect to taxes, assessments and other governmental charges;

 

    	10

    	 

    

 

(xvii)all
insurance claims; and

 

(xviii)to
the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements
for, and rents, profits and products of, each of the foregoing, and any proceeds of insurance, indemnity, warranty or guaranty
payable to the Borrower from time to time with respect to any of the foregoing.

 

(b)The
granting clause herein is intended to supplement (not supersede) that which is provided for in the DIP Order and the Loans and
any other indebtedness or obligations, contingent or absolute (including, without limitation, the principal thereof, interest
thereon, and costs and expenses owing in connection therewith) which may now or from time to time hereafter be owing by the Borrower
to the DIP Lender under the DIP Note shall be secured as set forth herein, in the DIP Order.

 

(c)The
DIP Order provides for the perfection, maintenance, protection, and enforcement of the DIP Lender’s security interest in
the Collateral. Upon the request of the DIP Lender, the Borrower shall place notations on the Borrower’s books of account
to disclose the DIP Lender’s security interest therein, and to the extent requested by the DIP Lender, the Borrower shall
deliver to the Lender all documents, certificates and Instruments necessary or desirable to perfect the DIP Lender’s lien
in letters of credit on which the Borrower is named as beneficiary and all acceptances issued in connection therewith. The Borrower
shall take such other reasonable steps as are deemed necessary or desirable to maintain the DIP Lender’s security interest
in the Collateral.

 

(d)The
Borrower hereby authorizes the DIP Lender to execute and file financing statements or continuation statements, and amendments
thereto, on the Borrower’s behalf covering the Collateral. The DIP Lender may file one or more financing statements disclosing
the DIP Lender’s security interest under this DIP Note without the signature of the Borrower appearing thereon. The DIP
Lender shall pay the costs of, or incidental to, any recording or filing of any financing statements concerning the Collateral.
The Borrower agrees that a carbon, photographic, photostatic, or other reproduction of this DIP Note or of a financing statement
is sufficient as a financing statement. Until all Obligations have been irrevocable fully satisfied in cash and the DIP Lender
shall have no further obligation to make any Loans hereunder, the DIP Lender’s security interest in the Collateral, and
all Proceeds and products thereof, shall continue in full force and effect.

 

(e)Notwithstanding
the preceding two paragraphs, or any failure on the part of the Borrower to take any of the actions set forth therein, the liens
and security interests granted herein shall be deemed valid, enforceable and perfected by entry of the interim DIP Order and the
final DIP Order, as the case may be. No financing statement, notice of lien, mortgage, deed of trust or similar instrument in
any jurisdiction or filing office need be filed or any other action taken in order to validate and perfect the liens and security
interests granted by or pursuant to this DIP Note and the DIP Order.

 

    	11

    	 

    

 

(f)Except
as specifically provided in the DIP Order with respect to Permitted Liens, the priority of the DIP Lender’s liens on the
Collateral shall be senior to all liens existing as of the Petition Date, and for so long as any Obligations shall be outstanding,
the Borrower hereby irrevocably waives any right, pursuant to Sections 364(c) or 364(d) of the Bankruptcy Code or otherwise, to
grant any Lien of equal or greater priority than the liens securing the Obligations, or to approve a claim of equal or greater
priority than the Obligations, unless otherwise permitted or provided for in the DIP Order or effective upon the granting of any
such lien or priority, the Obligations shall be irrevocably paid in full in cash and the obligation to make Loans hereunder terminated.

 

(g)Upon
entry of, subject to and in accordance with the DIP Order, the Obligations of the Borrower hereunder and under the other Loan
Documents and the DIP Order, shall at all times constitute allowed superpriority claims pursuant to Section 364(c)(1) of the Bankruptcy
Code.

 

(h)It
is expressly agreed by the Borrower that, anything herein to the contrary notwithstanding, the Borrower shall remain liable under
its post-petition contractual obligations to observe and perform all the conditions and obligations to be observed and performed
by it thereunder, and the Lender shall not have any obligation or liability under any contractual obligations by reason of or
arising out of this DIP Note unless otherwise agreed to in writing by the DIP Lender, and the DIP Lender shall not be required
or obligated in any manner to perform or fulfill any of the obligations of the Borrower under or pursuant to any contractual obligations,
or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency
of any performance by any party under any contractual obligations, or to present or file any claim, or to take any action to collect
or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at
any time or times.

 

(i)Borrower
hereby constitutes and appoints DIP Lender, or any other person whom DIP Lender may designate, as Borrower’s attorney-in-fact
(such appointment being coupled with an interest and being irrevocable until DIP Lender’s liens and claims shall have been
satisfied), at Borrower’s sole cost and expense, at any time after the occurrence and during the continuance of an Event
of Default, (a) to do any act which Borrower is obligated to do hereunder, or (b) to exercise any of the rights and remedies available
under the UCC or other applicable law upon an Event of Default to a secured party with a lien having the same priority as the
DIP Lender’s lien on the Collateral (and all acts of such attorney-in-fact or designee taken pursuant to this Section are
hereby ratified and approved by Borrower, and said attorney or designee shall not be liable for any acts or omissions nor for
any error of judgment or mistake of fact or law); provided, however, that Lender shall provide prior or contemporaneous telephonic
and electronic notice to Borrower and any creditor or Borrower entitled to notice with respect to any affected Collateral of the
exercise of any or all of the stated rights and powers.

 

6.Miscellaneous.

 

(a)Borrower
hereby waives presentment, demand (except as expressly required herein), notice, protest and all other demands or notices in connection
with the delivery, acceptance, performance, default or enforcement of this Note. No course of action or delay or omission of DIP
Lender in exercising any right or remedy hereunder or under any other agreement or undertaking securing or related hereto shall
constitute or be deemed to be a waiver of any such right or remedy, and a waiver on the one occasion shall not operate as a bar
to or waiver of any such right or remedy on any future occasion. The rights and remedies of DIP Lender as provided herein shall
be cumulative and concurrent and may be pursued singularly, successively or together at the sole discretion of DIP Lender, and
may be exercised as often as occasion therefor shall occur, and the failure to exercise any such right or remedy shall in no event
be construed as a waiver or release of the same.

 

    	12

    	 

    

 

(b)Borrower
agrees to pay or reimburse the DIP Lender for all of its costs and expenses incurred in connection with the collection or enforcement
of or preservation of any rights under this DIP Note, including, without limitation, the fees and disbursements of counsel for
the DIP Lender, including attorneys' fees out of court, in trial, on appeal, in bankruptcy proceedings, or otherwise.

 

(c)This
Note shall be binding upon and inure to the benefit of Borrower and DIP Lender and their respective administrators, personal representatives,
legal representatives, heirs, successors and assigns, except that Borrower shall not assign or transfer any of its rights
and/or obligations hereunder, and any such assignment or transfer purported to be made by Borrower shall be null and void. DIP
Lender may at any time transfer or assign (or grant a participation in) any or all of its rights and/or obligations hereunder
without the consent of Borrower.

 

(d)If
any provision of this DIP Note is invalid, illegal, or unenforceable, the balance of this DIP Note 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.

 

(e)This
DIP Note shall be governed by and construed in all respects under the laws of the State of Delaware, without reference to its
conflict of laws rules or principles. Each of the parties submits to the exclusive jurisdiction of any state or federal court
sitting in the State of Delaware, in any action or proceeding arising out of or relating to this Note, agrees that all claims
in respect of the action or proceeding may be heard and determined in any such court and agrees not to bring any action or proceeding
arising out of or relating to this Note in any other court. Each of the parties waives any defense of inconvenient forum to the
maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any
other party with respect thereto. Each party agrees that service of summons and complaint or any other process that might be served
in any action or proceeding may be made on such party by sending or delivering a copy of the process to the party to be served
at the address of the party and in the manner provided for the giving of notices in Section 8(h). Each party agrees that
a final, non-appealable judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the
judgment or in any other manner provided by law.

 

(f)THE
DIP LENDER AND THE BORROWER HEREBY KNOWINGLY VOLUNTARILY, INTENTIONALLY WAIVE THE RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED HEREIN, OR ARISING OUT OF UNDER OR IN CONNECTION WITH THIS DIP NOTE.

 

(g)Borrower
at its expense shall take any lawful actions and execute, deliver, file and register any documents which DIP Lender may in its
discretion deem reasonably necessary or appropriate in order to further the purposes of this DIP Note.

 

    	13

    	 

    

 

(h)All
notices or other communications required or permitted hereunder shall be in writing and shall be delivered personally, by facsimile,
electronic mail (including PDF format copies) or sent by certified, registered or express air mail, postage prepaid, and shall
be deemed given when so delivered personally, or by facsimile, or if mailed, two (2) days after the date of mailing, as follows:

 

If
to Borrower:

 

HipCricket,
Inc.

110
110th Ave. NE,

Suite
410

Bellevue,
WA 98005

Attention:
Chief Executive Officer

Email:
twilson@hiopcricket.com

 

with
a copy to (which shall not constitute notice):

 

Pachulski
Stang Ziehl & Jones LLP

10100
Santa Monica Blvd., Suite 1300

Los
Angeles, CA 90067

Attn:
Ira D. Kharasch, Esq.

Email:
ikharasch@pszjlaw.com

Facsimile:
(310) 201-0760

 

and

 

Perkins
Coie LLP

1201
Third Avenue, Suite 4900

Seattle,
WA 98101

Attn:
Faith M. Wilson, Esq.

Email:
fwilson@perkinscoie.com

Facsimile:
(206) 359-4237

 

If
to the DIP Lender:

 

SITO
Mobile, Ltd.

100 Town Square Place

Jersey
City, NJ 07310

Attention: Mr. Jerry Hug

Email: jhug@SITOMobile.com

Facsimile: 602-561-8987

 

    	14

    	 

    

 

with
a copy to (which shall not constitute notice):

  

Greenberg
Traurig, LLP

200 Park Avenue

New York, 10166

Attention: Matthew Hinker, Esq.

Email: hinkerm@gtlaw.com

Facsimile: (212) 801-6400

 

and

 

Greenberg
Traurig, LLP

200 Park Avenue

New York, 10166

Attention: Joseph C. Gangitano, Esq.

Email: gangitanoj@gtlaw.com

Facsimile: (212) 309-9572

 

or
to such other address as any party hereto shall notify the other parties hereto (as provided above) from time to time.

 

[Signature
page is next page]

 

    	15

    	 

    

 

IN
WITNESS WHEREOF, Borrower has executed this DIP Note as of the date first written above.

 

	 	BORROWER
	 	 	 
	 	HipCricket,
    Inc.
	 	 
	 	By:	/s/
    Todd Wilson
	 	Name:	Todd
    Wilson
	 	Title:	CEO

 

 

16

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