Document:

Exhibit 10.4

 

CONSTRUCTION COMPLETION GUARANTY 

 

 

THIS CONSTRUCTION COMPLETION
GUARANTY (“Guaranty”) is made as of December 22, 2021, by AULT ALLIANCE, INC., a Delaware corporation, and
JOSHUA CASPI, an individual resident of the State of Connecticut (collectively and individually, “Guarantor”),
for the benefit of ___________, LLC, a Delaware limited liability company (“Lender”), having an address
at One Alliance Center, 3500 Lenox Road NE, Suite 625, Atlanta, Georgia 30326.

 

RECITALS:

 

WHEREAS,
_____________, LLC, a Delaware limited liability company (“Borrower”), owns certain real property
together with a hotel located thereon, commonly known as “______________” located at ____________ (the
“Property”).

 

WHEREAS, Lender is the
current holder of a mortgage loan in the original principal amount of ____ AND NO/100 DOLLARS ($___________) (the “Loan”),
which is evidenced by that certain Real Estate Note dated of even date hereunder (the “Note”), in the principal
amount of $___________, executed by Borrower in favor of Lender, and that certain Construction Loan Agreement dated as of the date hereof
(the “Loan Agreement”), by and among Borrower and Lender.

 

WHEREAS, the repayment of
the Loan is secured by, among other things, that certain Construction Mortgage, Assignment of Rents and Leases, Security Agreement and
Fixture Filing dated as of the date hereof (as amended, modified, restated, assigned or in effect from time to time, the “Security
Instrument”), executed by Borrower for the benefit of Lender. The Note, the Loan Agreement, the Security Instrument and
the other documents evidencing and securing the Loan (other than any so-called “term sheet”) are collectively referred to
in this Guaranty as the “Loan Documents”.

 

WHEREAS, as a condition
of Lender making the Loan, Lender requires that Guarantor execute and deliver to Lender, simultaneously with the execution of the Loan
Documents, this Guaranty with respect to the payment and performance of the Work (as defined below) to be performed as more particularly
set forth in the Loan Agreement.

 

ARTICLE I GUARANTY

 

1.1.       Guaranty.
As a material inducement to Lender to enter into the Loan, Guarantor hereby absolutely, irrevocably and unconditionally guarantees, jointly
and severally, to Lender, its successors and assigns, the following (the “Guaranteed Obligations”):

 

(a)       the completion of the improvements and construction work (“Work”
contemplated by the Plans (defined in the Loan Agreement) in accordance with the Plans, free from any liens or claims of any persons or
entities performing labor thereon or furnishing materials therefor (subject to Borrower’s right to challenge any such liens or claims
in accordance with Section 5.10 of the Loan Agreement);

 

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(b)       the
full payment of all costs of the Work; and

 

(c)       all
out of pocket costs, expenses and fees incurred by Lender following an Event of Default (including but not limited to court costs and
reasonable attorneys' fees and Lender's reasonable expenses) relating to the inspection, review and completion of the Work, and arising
in connection with, or as a consequence of, the non-payment, non-performance or non-observance of all amounts, indebtedness, obligations
and liabilities of Borrower on account of the Work.

 

1.2.       Guaranty
of Payment. This is a guaranty of payment and performance and not a guaranty of collection.

 

1.3.       Hold
Harmless. Guarantor shall and does hereby indemnify and hold Lender harmless from the claims of any contractor, subcontractor, materialman,
laborer or employee who is engaged or hereafter may engage in construction work in connection with the Work made in connection with any
default by Borrower in the payment of any and all amounts due to any such contractor, subcontractor, materialman, laborer, or employee,
except to the extent caused by the gross negligence or willful misconduct of Lender, its agents or contractors.

 

1.4.       Right
to Proceed Directly Against Guarantor. Upon the occurrence and during the continuance of an Event of Default by Borrower relating
to Borrower’s failure to perform the Work, Lender may, at its option, proceed against Guarantor in the first instance, to the extent
of the Guaranteed Obligations, without first resorting to any other security held by it as collateral or to any other remedies, at the
same or different times, as it may deem advisable; and the liability of Guarantor hereunder shall be in no way affected or impaired by
Lender’s acceptance of any security for, or other guarantors upon, any indebtedness, liability or obligation of Borrower to Lender,
or by any failure, delay, neglect or omission by Lender to realize upon or protect any such indebtedness, liability or obligation or any
notes or other instruments evidencing same or any collateral or security therefor.

 

1.5.       Right
to Specific Performance. Lender shall have, and may exercise, in addition to all other rights, privileges, or remedies available to
it under this Guaranty and by law, the specific rights and remedies to sue for and obtain specific performance by Guarantor of the Guarantor's
covenants and agreements set forth herein, all at the reasonable cost and expense of Guarantor.

 

1.6.       No
Waiver. No failure on the part of Lender to pursue any remedy hereunder shall constitute a waiver on its part of the right to pursue
said remedy on the basis of the same or a subsequent breach, nor shall such failure give rise to an estoppel against Lender, nor excuse
Guarantor from the obligations hereunder. No extension, substitution, modification, amendment or renewal of this Guaranty or any of the
Work shall discharge Guarantor from any obligation herein contained in this Guaranty, in whole or in part, except to the extent expressly
provided by Lender in writing.

 

1.7.       Termination.
This Guaranty shall automatically terminate without further action by Guarantor or Lender at the time the Work has been completed, Borrower
has obtained a final certificate of occupancy for the Property, the Property is open and operating in accordance with the Franchise Agreement
(as defined in the Loan Agreement) and the costs for the Work is paid in full.

 

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ARTICLE II MISCELLANEOUS

 

2.1       Attorneys'
Fees. Guarantor shall pay all reasonable, actual out-of-pocket costs and expenses incurred by Lender in connection with the enforcement
of this Guaranty, including, without limitation, reasonable attorneys' fees at all trial and appellate levels and in any bankruptcy proceedings,
within ten (10) days following written demand (including the substantiation of such costs and expenses). 

 

2.2       Waiver.
No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights
of Lender hereunder shall be in addition to all other rights provided by law. No modification or waiver of any provision of this Guaranty,
nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular
case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same,
similar or other instances without such notice or demand. The Guarantor hereby waives the benefits of any provision of law requiring that
Lender exhaust any right or remedy, or take any action, against Borrower, or Guarantor, any other person and/or property.

 

2.3       Notices.
All notices given hereunder shall be in writing and shall be either hand delivered, or sent by recognized overnight delivery service (such
as Federal Express or UPS) or mailed, by registered U.S. mail, Return Receipt Requested, first class postage prepaid, to the parties at
their respective addresses below or at such other address for any party as such:

 

 

 

	The address of Guarantor is:	 
	 	 
	 	 
	 	 
	With a copy to:	Katsky Korins LLP
	 	605 Third Ave, 17th Floor
	 	New York, New York 10158
	 	Attn: Ariel Weinstock, Esq.
	 	 
	The address of Lender is:	 
	 	 
	 	 
	 	 
	 	 
	With a copy to:	Morris Manning & Martin LLP
	 	1600 Atlanta Financial Center
	 	3343 Peachtree Road, NE
	 	Atlanta, Georgia 30326
	 	Attn:  Justin S. Barry, Esq.

 

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2.4       No
Third Party Beneficiary. This Guaranty is intended solely for the benefit of Lender and its successors and assigns, and no third party
shall have any rights or interest in this Guaranty. 

 

2.5       Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws effective
during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions of this Guaranty
shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance
from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and
intentions of the parties as expressed herein.

 

2.6       No
Oral Change. Neither this Guaranty nor any term hereof may be changed, amended, waived, discharged or terminated orally, but the foregoing
may be accomplished only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or
termination is sought.

 

2.7       Recitals.
The recital and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence
of the facts and documents referred to therein.

 

2.8       Delay.
No delay by Lender in exercising any right or remedy under this Guaranty or otherwise afforded by law shall operate as a waiver thereof
or preclude the exercise thereof during the continuance of any default under this Guaranty.

 

2.9       Headings,
etc. The headings and captions of various paragraphs of this Guaranty are for convenience of reference only and are not to be construed
as defining or limiting, in any way, the scope or intent of the provisions hereof.

 

2.10       Number
and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 

2.11       Parties
Bound; Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit of the parties hereto and their
respective successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent
of Lender, assign any of its rights, powers, duties or obligations hereunder. If Guarantor consists of more than one person or party,
the obligations and liabilities of each such person or party shall be joint and several.

 

2.12       Counterparts.
To facilitate execution, this Guaranty may be executed in as many counterparts as may be convenient or required. It shall not be necessary
that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart.
All counterparts shall collectively constitute a single instrument. It shall not be necessary in making proof of this Guaranty to produce
or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any
signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and
thereafter attached to another counterpart identical thereto except having attached to it additional signature pages.

 

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2.13       Rights
and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by endorsement or otherwise, other than
under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Lender hereunder shall be
cumulative of any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy hereunder
or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or
remedy.

 

2.14       Liquidity
and Net Worth. As of the date hereof, and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantors
are and will be solvent and have and will have assets sufficient to satisfy the herein Net Worth and Liquid Assets requirements.

 

(a)       Guarantors
shall collectively maintain (i) a Net Worth, determined on an annual basis, of not less than $50,000,000.00 during the term of the Loan,
and (ii) Liquid Assets having a market value (determined on a quarterly basis) of not less than $5,000,000.00 at all times.

 

(b)       For
purposes hereof, “Net Worth” shall mean total assets which would be shown as assets on balance sheets of Guarantors
on a fair market value basis as of such time, minus total liabilities which would be shown as liabilities on balance sheets of Guarantors.
For purposes hereof, “Liquid Assets” shall mean assets in the form of cash, cash equivalents, obligations of
(or fully guaranteed as to principal and interest by) the United States or any agency or instrumentality thereof (provided the full faith
and credit of the United States supports such obligation or guarantee), certificates of deposit issued by a commercial bank having net
assets of not less than $500 million, or securities listed and traded on a recognized stock exchange or traded over the counter and listed
in the National Association of Securities Dealers Automatic Quotations.

 

(c)       In
order for Lender to monitor compliance with the covenants contained in this Section, each Guarantor shall provide to Lender (A) unaudited
financial statements (in form and substance reasonably acceptable to Lender) within ninety (90) days after the end of each calendar year,
prepared in accordance with sound accounting principles reasonably acceptable to Lender, consistently applied, (B) a certificate from
such Guarantor setting forth its Net Worth and Liquid Assets based on such financial statements, and (C) such other financial information
as Lender may from time to time reasonably request with respect to such Guarantor. 

 

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2.15       Financial
Statements and Other Information. Guarantor hereby represents and warrants to Lender that all financial statements of Guarantor heretofore
delivered by Guarantor to Lender are true and correct in all material respects as of the close of business on the date thereof, have been
prepared in accordance with sound accounting principles reasonably acceptable to Lender, consistently applied, and fairly present the
financial condition of Guarantor as of the close of business on the date thereof and the results of operations for the period then ended;
that no material adverse change has occurred in the assets, liabilities, financial condition or business of Guarantor as shown or reflected
therein since the date thereof; and that Guarantor has no liabilities or known contingent liabilities involving material amounts which
are not reflected in such financial statements (which statements may be separately prepared/scheduled) or referred to in the Note thereto
other than Guarantor’s obligations under this Guaranty. Guarantor covenants and agrees that it shall, within ninety (90) days after
the end of each calendar year, deliver to Lender the personal financial statements of Guarantor dated as of the same date as the balance
sheet and financial statements of the Borrower and in form and content reasonably satisfactory to Lender. Guarantor also covenants and
agrees to provide Lender with a copy of its income tax filings within thirty (30) days after the filing thereof.

 

2.16       Other
Defined Terms. Any capitalized term utilized herein shall have the meaning as specified in the Loan Agreement, unless such term is
otherwise specifically defined herein.

 

2.17       ENTIRETY.
THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED
OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING
TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR AND LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE
GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY,
SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER.

 

2.18       GOVERNING
LAW. GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS GUARANTY AND THE GUARANTEED OBLIGATIONS OF GUARANTOR HEREUNDER SHALL BE GOVERNED
BY AND INTERPRETED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE
OF LAW). GUARANTOR ACKNOWLEDGES THAT THIS GUARANTY EVIDENCES A TRANSACTION INVOLVING INTERSTATE COMMERCE. THE UNITED STATES ARBITRATION
ACT, 9 U.S.C. § 1, ET SEQ., SHALL GOVERN THE INTERPRETATION, ENFORCEMENT, AND PROCEEDINGS PURSUANT TO THE ARBITRATION REQUIREMENTS
SET FORTH IN THIS GUARANTY.

 

2.19       CONSENT
TO JURISDICTION; LIMITATION OF LIABILITY; WAIVERS. THE PARTIES AGREE THAT THIS GUARANTY SHALL BE DEEMED TO HAVE BEEN EXECUTED AND
DELIVERED IN FULTON COUNTY, GEORGIA. GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY (A) SUBMITS TO PERSONAL JURISDICTION OF THE STATE
AND FEDERAL COURTS PRESIDING IN AND OVER FULTON COUNTY, GEORGIA, IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
GUARANTY, AND (B) WAIVES ANY AND ALL PERSONAL RIGHTS UNDER THE LAWS OF ANY STATE (I) TO OBJECT TO JURISDICTION OR VENUE WITHIN SUCH COURTS,
AND (II) TO THE RIGHT, IF ANY, TO CLAIM OR RECOVER ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN
OR IN ADDITION TO ACTUAL DAMAGES. GUARANTOR AGREES THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE
LAW, ALL SERVICE OF

 

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PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED,
DIRECTED TO GUARANTOR AT THE ADDRESS SET FORTH IN SECTION 2.3 ABOVE, AND SERVICE SO MADE SHALL BE COMPLETE FIVE (5) DAYS AFTER THE SAME
SHALL BE SO MAILED. NOTHING CONTAINED HEREIN, HOWEVER, SHALL PREVENT LENDER FROM BRINGING ANY SUIT, ACTION OR PROCEEDING OR EXERCISING
ANY RIGHTS AGAINST ANY SECURITY AND AGAINST GUARANTOR PERSONALLY, AND AGAINST ANY PROPERTY OF GUARANTOR, WITHIN ANY OTHER STATE. INITIATING
SUCH SUIT, ACTION OR PROCEEDING OR TAKING SUCH ACTION IN ANY STATE SHALL IN NO EVENT CONSTITUTE A WAIVER OF THE AGREEMENT CONTAINED HEREIN
THAT THE LAWS OF THE STATE OF GEORGIA SHALL GOVERN THE RIGHTS AND GUARANTEED OBLIGATIONS OF GUARANTOR AND LENDER HEREUNDER OR OF THE SUBMISSION
HEREIN MADE BY GUARANTOR TO PERSONAL JURISDICTION WITHIN THE STATE OF GEORGIA. GUARANTOR HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT. GUARANTOR CERTIFIES
THAT NO REPRESENTATIVE, LENDER OR ATTORNEY OF LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LENDER WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVERS AND ACKNOWLEDGE THAT LENDER HAS BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER LOAN DOCUMENTS
TO WHICH THEY ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION. GUARANTOR ACKNOWLEDGES THAT
IT HAS HAD AN OPPORTUNITY TO REVIEW THIS SECTION WITH ITS LEGAL COUNSEL AND THAT GUARANTOR AGREES TO THE FOREGOING AS THEIR FREE, KNOWING
AND VOLUNTARY ACT.

 

2.20       LENDER’S
UNILATERAL RIGHT TO ELECT AND COMPEL ARBITRATION.

 

AT THE SOLE AND EXCLUSIVE OPTION OF
LENDER, ANY CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, OR ANY OTHER CONTRACT OR AGREEMENT ENTERED INTO BETWEEN
THE BORROWER AND LENDER, SHALL BE SETTLED BY BINDING ARBITRATION ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION IN ACCORDANCE WITH
ITS COMMERCIAL ARBITRATION RULES THEN IN EFFECT, AND JUDGMENT ON THE ARBITRATION AWARD RENDERED BY THE ARBITRATOR(S) MAY BE ENTERED IN
ANY COURT HAVING JURISDICTION THEREOF.

 

THE LOCATION OF ARBITRATION SHALL BE
ATLANTA, GEORGIA.

 

THE ARBITRATION SHALL BE CONDUCTED IN
THE ENGLISH LANGUAGE.

 

IN THE EVENT THAT ANY AFFIRMATIVE CLAIM
ASSERTED IN THE ARBITRATION IS EQUAL TO OR EXCEEDS $1,000,000, EXCLUSIVE OF INTEREST AND ATTORNEYS’ FEES, THE DISPUTE SHALL BE HEARD
AND DETERMINED BY THREE (3) ARBITRATORS.

 

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WITHIN THIRTY (30) DAYS AFTER THE SERVICE
OF A WRITTEN REQUEST FOR PRODUCTION OF DOCUMENTS, THE RECEIVING PARTY SHALL PROVIDE THE REQUESTING PARTY WITH COPIES OF REQUESTED DOCUMENTS
THAT ARE RELEVANT TO THE CLAIMS, COUNTERCLAIMS, AND DEFENSES ASSERTED IN THE ARBITRATION, AND THAT ARE NOT PRIVILEGED. ANY OBJECTION TO
A REQUEST FOR PRODUCTION OF DOCUMENTS THAT CANNOT BE RESOLVED BETWEEN THE PARTIES TO THE ARBITRATION SHALL BE DETERMINED BY THE ARBITRATOR(S),
WHICH DETERMINATION SHALL BE CONCLUSIVE. THIS PROCEDURE RELATED TO THE PRODUCTION OF DOCUMENTS SHALL BE THE SOLE FORM OF WRITTEN DISCOVERY
PERMITTED IN THE ARBITRATION.

 

EACH PARTY TO THE ARBITRATION SHALL
BE PERMITTED TO TAKE A MAXIMUM OF THREE (3) DEPOSITIONS OF FACT WITNESSES. TO THE EXTENT THAT A PARTY TO THE ARBITRATION DESIRES TO TAKE
MORE THAN THREE (3) FACT WITNESS DEPOSITIONS, THE PARTY SHALL REQUEST PERMISSION FROM THE ARBITRATOR(S) TO TAKE THE ADDITIONAL DEPOSITION(S).
THE ARBITRATOR(S) SHALL PERMIT ADDITIONAL FACT WITNESS DEPOSITION(S) UPON GOOD CAUSE SHOWN. NO FACT WITNESS DEPOSITION SHALL LAST LONGER
THAN FOUR (4) HOURS OF DEPOSITION TIME. ALL OBJECTIONS TO QUESTIONS POSED IN THE DEPOSITION(S) SHALL BE RESERVED FOR THE ARBITRATION HEARING
EXCEPT FOR OBJECTIONS BASED UPON PRIVILEGE.

 

TO THE EXTENT THAT EITHER PARTY TO THE
ARBITRATION INTENDS TO RELY UPON THE TESTIMONY OF AN EXPERT WITNESS(ES) DURING THE ARBITRATION HEARING, THE OTHER PARTY SHALL BE ENTITLED
TO DEPOSE THE EXPERT WITNESS(ES) FOR A MAXIMUM OF SEVEN (7) HOURS OF DEPOSITION TIME. THE EXPERT WITNESS(ES) SHALL PRODUCE A REPORT OR
STATEMENT WHICH SETS OUT THEIR EXPERT OPINION AND THE FACTUAL AND LEGAL BASIS THEREOF AT LEAST FOURTEEN (14) DAYS PRIOR TO THE SCHEDULED
DEPOSITION, AND AT LEAST THIRTY (30) DAYS PRIOR THE DATE OF THE ARBITRATION HEARING. ALL OBJECTIONS TO QUESTIONS POSED IN THE DEPOSITION(S)
SHALL BE RESERVED FOR THE ARBITRATION HEARING.

 

THE ARBITRATION AWARD SHALL BE MADE
WITHIN ONE HUNDRED TWENTY (120) DAYS AFTER THE APPOINTMENT OF THE ARBITRATOR(S), AND THE ARBITRATOR(S) SHALL AGREE TO COMPLY WITH THIS
SCHEDULE BEFORE ACCEPTING APPOINTMENT.

 

THE PARTIES SHALL BEAR AN EQUAL SHARE
OF THE ARBITRATORS’ AND ADMINISTRATIVE FEES.

 

NOTWITHSTANDING ANY LEGAL AUTHORITY
TO THE CONTRARY, “MANIFEST DISREGARD OF THE LAW” ON THE PART OF THE ARBITRATOR(S) IN RENDERING AN AWARD SHALL CONSTITUTE A
VALID GROUND FOR VACATUR.

 

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2.21       Waiver
of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE
TRIABLE OF RIGHT BY JURY, AND TO THE FULLEST EXTENT ALLOWABLE UNDER APPLICABLE LAW WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT
THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE SECURITY INSTRUMENT, THE LOAN AGREEMENT,
OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO
WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY GUARANTOR.

 

2.22       Reinstatement
in Certain Circumstances. If at any time any payment of the principal of or interest under the Note or any other amount payable by
the Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization
of the Borrower or otherwise, the Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such
payment has been due but not made at such time.

 

2.23       Liquidated Damages.
At Lender’s option, following the occurrence of an Event of Default, Lender shall have the right, as its sole remedy, to require
Guarantor to pay to Lender, as liquidated damages, an amount equal to the excess, if any of (i) all costs, including without limitation,
interest on the Loan, real estate taxes incurred or to be incurred (as estimated by Lender’s construction consultant) by or on behalf
of Lender in connection with the lien-free completion of the construction of the Development Project, in accordance with the Plans and
Specifications (as defined in the Loan Agreement) and (ii) the unreleased portion of the Loan as of the date of the maturity or acceleration
of the Loan following an Event of Default. Such payment shall be due to Lender no later than fifteen (15) days following Lender’s
written demand therefor. If the Lender elects to receive the payment set forth in this Section, such payment shall be retained by Lender
as liquidated damages and not as a penalty, the parties agreeing the estimation of such cost of completion would be difficult to compute.

 

 

(REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK)

 

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IN WITNESS WHEREOF,
each Guarantor has executed this Guaranty under seal as of the date first hereinabove mentioned.

 

	 	GUARANTOR:
	 	 
	 	AULT ALLIANCE, INC., a Delaware corporation
	 	 	 
	 	By:	           	[SEAL]
	 	Name: 	 	 
	 	Title: 	 	 
	 	 	 
	 	 	 
	 	 	(SEAL)
	 	JOSHUA CASPI, an individual resident of the State of New York

 

 

[Signature page to Construction Completion Guaranty]Exhibit 10.1

 

THIS PROMISSORY NOTE (THIS “NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES
ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

PROMISSORY NOTE

 

	Principal Amount: $750,000	 	Dated as of March 29, 2021

 

Delphi Growth Capital Corp., a Delaware corporation
(the “Maker”), promises to pay to the order of Delphi Growth Capital Sponsor, L.P., a Cayman Islands exempted limited
partnerhip, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Seven
Hundred Fifty Thousand Dollars ($750,000) or such lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid
under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described
below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by
the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.
Maker and Payee are entering into this Note in connection with the proposed initial public offering of the Maker’s securities (the
 “IPO”).

 

1.
Principal. The entire unpaid principal balance of this Note shall be payable on the earlier of: (i) December 31,
2021, or (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date, the “Maturity
Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited
to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker
hereunder.

 

2.
Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Seven Hundred Fifty Thousand Dollars
($750,000) in draw downs under this Note to be used for costs and expenses related to Maker’s formation and IPO. Principal of this
Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to Payee (each, a “Drawdown
Request”), provided that each such Drawdown Request is duly authorized by the board of directors of Maker. Each Drawdown Request
must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000). Payee shall fund each Drawdown
Request no later than three (3) business days after receipt of a Drawdown Request; provided, however, that the maximum amount of
drawdowns outstanding under this Note at any time may not exceed Seven Hundred Fifty Thousand Dollars ($750,000). No fees, payments or
other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

 

     

    2

    

 

3.
Interest. Interest shall accrue on the unpaid principal balance of this Note at a rate of 0.11% per annum.

 

4.
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of
any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges, then to accrued interest thereon to the date of such payment and finally to the reduction of the unpaid principal balance of
this Note.

 

5.
Events of Default. The following shall constitute an event of default (“Event of Default”):

 

(a) Failure to Make Required Payments.
Failure by Maker to pay the principal amount and accrued interest due pursuant to this Note within five (5) business days of the
Maturity Date.

 

(b) Voluntary Bankruptcy, Etc. The commencement
by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors,
or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance
of any of the foregoing.

 

(c) Involuntary Bankruptcy, Etc. The
entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under
any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
(or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

6.
Remedies.

 

(a) Upon the occurrence of an Event of Default
specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable,
whereupon the unpaid interest and principal amount of this Note, and all other amounts payable thereunder, shall become immediately due
and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the documents evidencing the same to the contrary notwithstanding.

 

     

    3

    

 

(b) Upon the occurrence of an Event of Default
specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note,
shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

7.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice
of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any
property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under
execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any
other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee
with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.
Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing
and delivered (i) personally or sent by first class registered or certified mail, overnight courier service, (ii) by facsimile
to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party or
(iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address
as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on
the day of delivery, if delivered personally, on the day of receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAW PROVISIONS THEREOF.

 

11.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

     

    4

    

 

12.
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or
claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds
of the IPO conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the
warrants issued in a private placement to occur on or prior to the consummation of the IPO are to be deposited, as described in greater
detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO,
and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason
whatsoever.

 

13.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and Payee.

 

14.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by
operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page follows]

 

     

    5

    

 

IN WITNESS
WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the
day and year first above written.

 

	 	Delphi Growth Capital Corp.
	 	 	 
	 	By:	
    /s/ James Crossen

	 	 	Name: James Crossen
	 	 	Title: Chief Financial Officer and Chief Accounting Officer

 

Accepted and agreed this 29th day of March, 2021

 

	
    Delphi Growth Capital Sponsor, L.P.

     

    By: AP Caps II Holdings GP, LLC, its general partner

     

    By: Apollo Principal Holdings III, L.P., its managing member

     

    By: Apollo Principal Holdings III GP, Ltd., its general partner

     
	 
	 	 	 
	By:	
    /s/ James Elworth
	 
	Name:	James Elworth	 
	Title:	Vice President

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