Document:

SECOND
AMENDMENT

TO

LOAN AND SECURITY AGREEMENT 

 

This
Second Amendment to Loan and Security Agreement is entered into as of June 29, 2018 (the “Amendment”), by and between
HERITAGE BANK OF COMMERCE (“Bank”), and PRECISION OPINION, INC. (“Borrower”).

 

RECITALS

 

Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of September 13, 2017, as amended from time to time,
including that certain First Amendment to Loan and security Agreement dated as of March 22, 2018 (the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment. 

 

NOW,
THEREFORE, the parties agree as follows:

 

1. Borrower
acknowledges that there are existing and uncured Events of Default arising from (i) Borrower’s failure to comply with (i)
the Asset Coverage Ratio covenant set forth in Section 6.9(b) of the Agreement for the period ended April 30, 2018 and (ii) the
EBITDA covenant set forth in Section 6.9(a)(ii) of the Agreement for the period ending March 31, 2018 (collectively, the “Existing
Defaults”). Borrower has notified Bank that Borrower expects not to comply with Section 6.9(a)(ii) of the Agreement and
with Section 6.9(b) of the Agreement for the period ending June 30, 2018 (the “Anticipated Defaults”). 

 

2. Subject
to the conditions contained herein and performance by Borrower of all of the terms of the Agreement after the date hereof, Bank
forbears from exercising its remedies arising out of the Existing Defaults and Anticipated Defaults until the earlier to occur
of (i) the occurrence of an Event of Default after the date hereof or (ii) July 31, 2018 (the “Forbearance Period”).
Bank does not forbear or waive Borrower’s obligations under such respective sections for any event other than the Existing
Defaults and Anticipated Defaults, and Bank does not waive any other failure by Borrower to perform its obligations under the
Loan Documents. The forbearance set forth herein is conditioned upon Borrower’s trailing three (3) month EBITDA for the
period ending June 30, 2018 being at least $200,000; in the event that Borrower fails to comply with the foregoing, the Forbearance
Period shall automatically terminate, and Bank may exercise any and all rights and remedies available to Bank under the Loan Agreement.

 

3. The
following definitions in Section 1.1 of the Agreement are amended and restated in their entirety to read as follows: 

 

“Borrowing
Base” means an amount equal to (i) eighty-five percent (85%) of Eligible Accounts plus (ii) sixty five percent (65%) of
Eligible Unbilled Accounts, as determined by Bank with reference to the most recent Borrowing Base Certificate delivered by Borrower;
provided however, the aggregate amount of the Borrowing Base attributable to clause (ii) above shall not exceed $300,000 at any
time. 

 

“Revolving
Line” means a credit extension of up to Two Million Dollars ($2,000,000).

 

4. Section
2.3(a)(i) of the Agreement is amended and restated in its entirety to read as follows:

 

(i)
Except as set forth in Section 2.3(b), the Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal
to seven percent (7.0%) above the Prime Rate. 

 

    	 

    	 

    

 

5. The
following is added as a new subsection (c) to the end of Section 6.9 of the Agreement: 

 

(c)
 Guarantee Event. (i) On or before July 31, 2018, Borrower shall obtain the corporate
guarantee of MR2 Group, Borrowers parent, (as of the closing date of MR2 Group’s equity raise) in favor of the bank; and
(ii) Borrower will raise a minimum of $5,000,000 in equity directly or indirectly; and, (iii) Borrower will pay a Transaction
Fee of $10,000 upon closing of MR2 Group’s equity raise.

 

6. Until
Borrower’s timely satisfaction of the foregoing, Borrower’s aggregate monthly payments to Super G Capital, LLC shall
not exceed $25,000.

 

7. Exhibit
C to the Agreement is replaced in its entirety with the Exhibit C attached hereto. 

 

8. Exhibit
D to the Agreement is replaced in its entirety with the Exhibit D attached hereto. 

 

9. Borrower
represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date
of this Amendment, and that except as set forth above, no Event of Default has occurred and is continuing.

 

10. Unless
otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended
hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed
in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate
as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date
hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements entered into in connection with the Agreement.

 

11. This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof.
Notwithstanding the foregoing, Borrower shall deliver all original signed documents no later than ten (10) Business Days following
the date of execution.

 

12. As
a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the
following:

 

(a) this
Amendment, duly executed by Borrower;

 

(b) affirmation
of subordination agreement executed by Michael France and Guthrie Rebel; 

 

(c) affirmation
of unconditional guaranty and subordination agreement executed by James T. Medick; 

 

(d) evidence
of Borrower’s receipt of a prepayment in the amount of $500,0000 from Benenson Strategy Group (which Bank acknowledges has
occurred prior to the date hereof);

 

(e) payment
of a forbearance fee in the amount of $15,000, plus reasonable Bank Expenses directly associated with this Amendment incurred
through the date of this Amendment; and

 

(f) such
other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

[signature
page follows]

 

    	2

    	 

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

 

	 	PRECISION
    OPINION, INC.
	 	 
	 	By:	/s/
    James T. Medick
	 	Name:	James
    T. Medick
	 	Title:	President
	 	 	 
	 	HERITAGE
    BANK OF COMMERCE 
	 	By:	 /s/
    Karla Schrader 
	 	Name:	 Karla
    Schrader 
	 	Title:	 Vice
    President 

 

    	3

    	 

    

 

	Exhibit C
	BORROWING BASE CERTIFICATE
	Borrower: Precision Opinion, Inc.	 	Lender:	HERITAGE BANK OF COMMERCE
	Commitment Amount: $3,000,000  	 	Loan #:	 

 

	ACCOUNTS
    RECEIVABLE	 	Period:	 	 	 		 	 	 		 
	1	Accounts
    Receivable Book Value as of:	 	X/X/XX	 	 	 	 	 	 	$	0.00	 
	2	Total
    Accounts Receivable:	 	 	 	 	 	 	 	 	$	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	ACCOUNTS
    RECEIVABLE DEDUCTIONS	 	 	 	 	 	 	 	 	 	 	 
	3	Accounts
    Receivable Aged over 90 Days from invoice date	 	 	 	 	$	0.00	 	 	 	 	 
	4	Cross
    aging over	 	35	%	 	$	0.00	 	 	 	 	 
	5	Concentration	 	40	%	 	$	0.00	 	 	 	 	 
	6	Contra
    Accounts	 	 	 	 	$	0.00	 	 	 	 	 
	7	Foreign
    Accounts (w/out Insurance or LC)	 	 	 	 	$	0.00	 	 	 	 	 
	8	Affiliate/Related
    Party/Employee Accounts	 	 	 	 	$	0.00	 	 	 	 	 
	9	Related
    Party Transactions	 	 	 	 	$	0.00	 	 	 	 	 
	10	Deferred
    Revenue offsets	 	 	 	 	$	0.00	 	 	 	 	 
	11	Over
    90 Credits	 	 	 	 	$	0.00	 	 	 	 	 
	12	Progress
    Billings, Pre-Billings, Retentions, Bonded Receivables	 	 	 	 	$	0.00	 	 	 	 	 
	13	Total
    Ineligible Accounts:	 	 	 	 	$	0.00	 	 	 	 	 
	14	Total
    Eligible Accounts (#2 - #13)	 	 	 	 	 	 	 	 	$	0.00	 
	15	Advance
    Rate	 	 	 	 	 	 	 	 	 	85	%
	16	Eligible
    Accounts Borrowing Base (#14 multiplied by #15)	 	 	 	 	 	 	 	 	$	0.00	 
	17	Total
    Eligible Unbilled Accounts	 	 	 	 	 	 	 	 	$	0.00	 
	18	Advance
    Rate	 	 	 	 	 	 	 	 	 	65	%
	19	Eligible
    Unbilled Accounts Borrowing Base (#17 multiplied by #18)	 	 	 	 	 	 	 	 	$	0.00	 
	20	Total
    Borrowing Base (#16 plus #19)	 	 	 	 	 	 	 	 	$	0.00	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	BALANCES	 	 	 	 	 	 	 	 	 	 	 
	21	Maximum
    Loan Amount	 	 	 	 	$	2,000,000.00	 	 	 	 	 
	22	Total
    Amount Available for Borrowing [Lesser of #22 or #23]	 	 	 	 	 	 	 	 	$	0.00	 
	23	Less:
    Present Balance owing on Line of Credit	 	 	 	 	 	 	 	 	$	0.00	 
	24	Less:
    Funding Request Today	 	 	 	 	 	 	 	 	$	0.00	 
	25	Remaining
    Availability [#21 minus (#22 + #23 + #24)]	 	 	 	 	 	 	 	 	$	0.00	 

 

If
line #25 is a negative number, this amount must be remitted to the Bank immediately to bring loan balance into compliance. By
signing this form you authorize Bank to deduct any advance amounts directly from the company’s checking account at HERITAGE
BANK OF COMMERCE in the event there is an overadvance.

 

The
undersigned represents and warrants that the foregoing is true, complete and correct, and that the information reflected in this
Borrowing Base Certificate complies with the representations and warranties set forth in the Loan and Security Agreement between
the undersigned and HERITAGE BANK OF COMMERCE.

 

Borrower
hereby requests funding in the amount of $___________ in accordance with this Borrowing Base Certificate. All representations
and warranties of Borrower stated in the Loan and Security Agreement are true, correct, and complete in all material respects
as of the date of this Borrowing Base Certificate; provided that those representations and warranties expressly referring to another
date shall be true, correct, and complete in all material respects as of such date.

 

	 	 	 	 	 
	By
    (Authorized Signer):	 	Title:	 	Date:
	 	 	 	 	 
	 	 	 	 	 
	Reviewed
    by Bank:	 	Title:	 	Date:

 

    	 

    	 

    

 

Exhibit
D

Compliance Certificate

 

	TO:	HERITAGE
    BANK OF COMMERCE
	 	 
	FROM:	PRECISION
    OPINION, INC.

 

The
undersigned authorized officer of Precision Opinion, Inc. hereby certifies that in accordance with the terms and conditions of
the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance
for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties
of Borrower stated in the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting
the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting
Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.

 

Please
indicate compliance status by circling Yes/No under “Complies” column.

 

	Reporting
    Covenant	 	Required	 	Complies
	Rolling
    12 week cash flow forecast	 	Weekly
    on Monday	 	yes	 
	Borrowing
    Base Certificate 	 	Monthly
    within 15 days	 	Yes	No
	Inventory
    listing	 	Monthly
    within 15 days	 	Yes	No
	A/R
    & A/P Agings 	 	Monthly
    within 15 days	 	Yes	No
	Sales
    journal	 	Monthly
    within 15 days	 	Yes	No
	Collections
    journal	 	Monthly
    within 15 days	 	Yes	No
	Deferred
    revenue listing (if applicable)	 	Monthly
    within 15 days	 	Yes	No
	Monthly
    financial statements	 	Monthly
    within 30 days	 	Yes	No
	Compliance
    Certificate	 	Monthly
    within 30 days	 	Yes	No
	Annual
    financial statements (CPA Audited) 	 	Annually
    within 150 days of FYE	 	Yes	No
	Tax
    returns with Schedules (CPA Prepared)	 	Annually
    within 15 days of filing	 	Yes	No
	Annual
    operating projections approved by board of directors	 	Annually
    by January 31 of each year	 	Yes	No
	10K
    and 10Q	 	(as
    applicable)	 	Yes	No
	A/R
    and Collateral Audit	 	Initial
    and semi-annually	 	Yes	No
	IP
    Notices	 	As
    required under Section 6.10	 	Yes	No

 

    	 

    	 

    

 

	Financial
    Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 	 
	Trailing
    3 month EBITDA – quarterly 	 	Negative
    deviation ≤ 25% from Financial Plan

    [or at least $200,000 for period ending 6/30/18]	 	$__________

         

               ___%
	 	Yes	No
	Minimum
    Asset Coverage Ratio – monthly 	 	1.25
    : 1.00 	 	____
    : 1.00	 	Yes	No
	 	 	 	 	 	 	Yes	No

 

	Comments Regarding Exceptions: See Attached.	 	 BANK USE ONLY
	 	 	 
	 	 	
     Received by: ___________________________________
	Sincerely,	 	AUTHORIZED SIGNER
	 	 	 
	 	 	
     Date: _________________________________________
	 	 	 
	 	 	 Verified: _______________________________________
	SIGNATURE	 	AUTHORIZED SIGNER
	 	 	 
	 	 	 
	 	 	 Date: _________________________________________
	TITLE	 	 

	 	 	 Compliance Status	Yes	No

	 	 	 
	DATETHIRD
AMENDMENT

TO

LOAN AND SECURITY AGREEMENT 

 

This
Third Amendment to Loan and Security Agreement is entered into as of July 31, 2018 (the “Amendment”), by and between
HERITAGE BANK OF COMMERCE (“Bank”), and PRECISION OPINION, INC. (“Borrower”).

 

RECITALS

 

Borrower
and Bank are parties to that certain Loan and Security Agreement dated as of September 13, 2017, as amended from time to time,
including that certain First Amendment to Loan and Security Agreement dated as of March 22, 2018 and that certain Second Amendment
to Loan and Security Agreement dated as of June 29, 2018 (collectively, the “Agreement”). The parties desire to amend
the Agreement in accordance with the terms of this Amendment. 

 

NOW,
THEREFORE, the parties agree as follows:

 

1.
Borrower acknowledges that there are existing and uncured Events of Default arising from (i) Borrower’s failure to comply
with (i) the Asset Coverage Ratio covenant set forth in Section 6.9(b) of the Agreement for the period ended April 30, 2018 and
(ii) the EBITDA covenant set forth in Section 6.9(a)(ii) of the Agreement for the period ending March 31, 2018 (collectively,
the “Existing Defaults”). Borrower has notified Bank that Borrower expects not to comply with Section 6.9(a)(ii) of
the Agreement and with Section 6.9(b) of the Agreement for the period ending June 30, 2018 (the “Anticipated Defaults”).

 

2.
Subject to the conditions contained herein and performance by Borrower of all of the terms of the Agreement after the date
hereof, Bank forbears from exercising its remedies arising out of the Existing Defaults and Anticipated Defaults until the earlier
to occur of (i) the occurrence of an Event of Default after the date hereof or (ii) August 31, 2018 (the “Forbearance Period”).
Bank does not forbear or waive Borrower’s obligations under such respective sections for any event other than the Existing
Defaults and Anticipated Defaults, and Bank does not waive any other failure by Borrower to perform its obligations under the
Loan Documents. The forbearance set forth herein is conditioned upon Borrower’s trailing three (3) month EBITDA for the
period ending June 30, 2018 being at least $200,000; in the event that Borrower fails to comply with the foregoing, the Forbearance
Period shall automatically expire, and Bank may exercise any and all rights and remedies available to Bank under the Agreement.
Furthermore, any Advances made by Bank to Borrower following the end of the Forbearance Period shall be made solely at Bank’s
discretion. Borrower agrees to commence and actively pursue the potential refinancing of the Obligations owing to Bank by Bank’s
Affiliate, Bayview Funding, and use best efforts to repay in full all amounts owing to Bank as soon as possible on or before August
31, 2018.

 

3.
Pursuant to a Contribution Agreement being entered into by Borrower’s shareholders and
Parent, Borrower shall undergo a Change in Control and become a wholly owned Subsidiary of Parent concurrently with the Parent’s
consummation of a public offering of its equity securities (the “Proposed Transaction”). Subject to and upon the terms
and conditions hereof and Borrower’s compliance with all of the terms and conditions of the Agreement as amended hereby
(including Section 6.13 of the Agreement, as set forth herein), Bank consents to the Proposed Transaction and confirms that the
Change in Control resulting from the Proposed Transaction shall not, in and of itself, constitute and Event of Default under the
Loan Agreement, notwithstanding Section 7.3 of the Loan Agreement. 

 

4.
The following definitions are added to Section 1.1 of the Agreement: 

 

“Parent”
means MR2 Group, Inc., a Nevada corporation. 

 

5.
Section 6.9(c) of the Agreement is amended and restated in its entirety to read as follows:

 

    	 	1	 

     

    

 

(c)
Equity Event. On the earlier of the Parent IPO or August 31, 2018, (i) Borrower shall receive at least $5,000,000 in net cash
proceeds from the sale and issuance of equity securities of Borrower or Parent; and (ii) Borrower shall pay to Bank a cash fee
in the amount of $10,000.

 

6.
The following is added as a new Section 6.13 to the end of Section 6 of the Agreement:

 

6.13
MR2 Group Transactions. 

 

(a)
Within one Business Day following the effectiveness of Parent’s initial underwritten public offering (the “Parent
IPO”) and the consummation of the Change in Control pursuant to which Borrower becomes a wholly owned Subsidiary of Parent,
Borrower shall deliver to Bank: (i) an unconditional guaranty duly executed by Parent in the form of Exhibit F attached hereto,
(ii) and a corporate resolutions and incumbency certificate executed by Parent, along with the filed copy of Parent’s amended
and restated certificate of incorporation and its current bylaws (in effect following the Parent IPO); (iii) evidence of Borrower’s
receipt of at least $5,000,000 in net cash proceeds from Parent deposited in Borrower’s operating account maintained at
Bank, and acknowledging that Borrower’s satisfaction of this clause (iii) shall also be deemed as Borrower’s compliance
with Section 6.9(c) of the Agreement.

 

(b)
Promptly following the Parent IPO, Borrower shall actively pursue other financing arrangements (including with Bank’s Affiliates)
to repay in full all amounts owing to Bank prior to August 31, 2018, or enter into an amendment to the Agreement on terms satisfactory
to Bank by August 31, 2018.

 

7.
The following is added to the end of Section 7.1 of the Agreement:

 

For
the sake of clarity, Borrower shall not transfer or dispose of any of its property (including cash or non-cash assets) to Parent,
any Affiliate of Parent or any other Person, without the prior written consent of Bank.

 

8.
Section 7.6 of the Agreement is amended and restated in its entirety to read as follows:

 

7.6
Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase
of any capital stock, or permit any of its Subsidiaries to do so. For the sake of clarity, Borrower shall not make any dividends,
distributions or upstream any of its property (including its cash or non-cash assets) to Parent or any Affiliate of Parent without
the prior written consent of Bank; provided however that the foregoing shall not prohibit Parent from making distributions or
dividends to its stockholders using the proceeds received by Parent from the sale and issuance of its equity securities, or from
any dividends or distributions received by Parent from any other subsidiary (other than Borrower) of Parent.

 

9.
The following is added as a new Section 8.10 to the end of Section 8 of the Agreement:

 

8.10
Guaranty. If any guaranty of all or a portion of the Obligations (a “Guaranty”) ceases for any reason to be in full
force and effect, or any guarantor fails to perform or comply with any obligation or covenant under any Guaranty or a security
agreement securing any Guaranty (collectively, the “Guaranty Documents”), or any event of default occurs under any
Guaranty Document or any guarantor revokes or purports to revoke a Guaranty, or any material misrepresentation or material misstatement
exists now or hereafter in any warranty or representation set forth in any Guaranty Document or in any certificate delivered to
Bank in connection with any Guaranty Document, or if any of the circumstances described in Sections 8.3 through 8.8 occur with
respect to any guarantor or any guarantor dies or becomes subject to any criminal prosecution.

 

    	 	2	 

     

    

 

10.
Exhibit D to the Agreement is replaced in its entirety with the Exhibit D attached hereto.

 

11.
The Exhibit F attached hereto is incorporated in its entirety as the Exhibit F to the Agreement.

 

12.
Borrower represents and warrants that the representations and warranties contained in the Agreement
are true and correct as of the date of this Amendment, and that except as set forth above, no Event of Default has occurred and
is continuing.

 

13.
Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined
in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective
terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and
performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under
the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all agreements
entered into in connection with the Agreement.

 

14.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original hereof. Notwithstanding the foregoing, Borrower shall deliver all original
signed documents no later than ten (10) Business Days following the date of execution.

 

15.
As a condition to the effectiveness of this Amendment, Bank shall have received, in form and
substance satisfactory to Bank, the following:

 

(a)
this Amendment, duly executed by Borrower;

 

(b)
affirmation of guaranty and subordination agreement executed by James T. Medick;

 

(c)
affirmation of subordination agreement executed by Michael France and Guthrie Rebel; 

 

(d)
payment of an amendment fee in the amount of $15,000 plus reasonable Bank Expenses incurred
in connection with this Amendment; 

 

(e)
Bank’s satisfactory due diligence calls with the underwriters of the Parent IPO; and such
other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

[signature
page follows]

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written.

 

	 	PRECISION OPINION, INC.
	 	 	 
	 	By:
    	/s/
    Bruce Baum
	 	Name:
    	Bruce
    Baum
	 	Title:
    	COO/CFO
	 	 	 
	 	HERITAGE BANK OF COMMERCE
	 	 	 
	 	By:
    	/s/
    Mike Hansen
	 	Name:	Mike
Hansen
	 	Title:
    	SVP/Manager

 

    	 	4	 

     

    

 

Exhibit
D

Compliance Certificate

 

	TO:	HERITAGE
    BANK OF COMMERCE
	 	 
	FROM:	PRECISION
    OPINION, INC.

 

The
undersigned authorized officer of Precision Opinion, Inc. hereby certifies that in accordance with the terms and conditions of
the Loan and Security Agreement between Borrower and Bank (the “Agreement”), (i) Borrower is in complete compliance
for the period ending _______________ with all required covenants except as noted below and (ii) all representations and warranties
of Borrower stated in the Agreement are true and correct as of the date hereof. Attached herewith are the required documents supporting
the above certification. The Officer further certifies that these are prepared in accordance with Generally Accepted Accounting
Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes.

 

Please
indicate compliance status by circling Yes/No under “Complies” column.

 

	Reporting
    Covenant	 	Required	 	Complies
	Rolling
    12 week cash flow forecast	 	Weekly
    on Monday	 	yes	 
	Borrowing
    Base Certificate 	 	Monthly
    within 15 days	 	Yes	No
	Inventory
    listing	 	Monthly
    within 15 days	 	Yes	No
	A/R
    & A/P Agings 	 	Monthly
    within 15 days	 	Yes	No
	Sales
    journal	 	Monthly
    within 15 days	 	Yes	No
	Collections
    journal	 	Monthly
    within 15 days	 	Yes	No
	Deferred
    revenue listing (if applicable)	 	Monthly
    within 15 days	 	Yes	No
	Monthly
    financial statements	 	Monthly
    within 30 days	 	Yes	No
	Compliance
    Certificate	 	Monthly
    within 30 days	 	Yes	No
	Annual
    financial statements of Parent (CPA Audited), with separate financial statements of Borrower	 	Annually
    within 120 days of FYE	 	Yes	No
	Tax
    returns with schedules (CPA Prepared)	 	Annually
    within 15 days of filing	 	Yes	No
	Annual
    operating projections approved by board of directors	 	Annually
    by January 31 of each year	 	Yes	No
	10K
    and 10Q	 	(as
    applicable)	 	Yes	No
	A/R
    and Collateral Audit	 	Initial
    and semi-annually	 	Yes	No
	IP
    Notices	 	As
    required under Section 6.10	 	Yes	No

 

	Financial
    Covenant	 	Required	 	Actual	 	Complies
	 	 	 	 	 	 	 	 
	Trailing
    3 month EBITDA – quarterly 	 	Negative
    deviation ≤ 25% from Financial Plan

    [or at least $200,000 for period ending 6/30/18]	 	$__________

        

              ___%
	 	Yes	No
	Minimum
    Asset Coverage Ratio – monthly 	 	1.25
    : 1.00 	 	____
    : 1.00	 	Yes	No
	Net
    Cash Proceeds received by Borrower on the earlier of the Parent IPO or 8/31/18	 	$5,000,000	 	$___________	 	Yes	No

 

	Comments Regarding Exceptions: See Attached.	 	BANK USE ONLY	 	 
	 	 	 	 	 
	 	 	Received by: 	 	 
	Sincerely,	 	 	AUTHORIZED SIGNER	 
	 	 	 	 	 
	 	 	Date: 	 	 
	 	 	 	 	 
	 	 	Verified: 	 	 
	SIGNATURE	 	 	AUTHORIZED SIGNER	 
	 	 	 	 	 
	 	 	Date: 	 	 
	TITLE	 	 	 	 
	 	 	Compliance Status	Yes	 No	 
	 	 	 	 	 
	DATE	 	 	 	 

 

    	 	5	 

     

    

 

EXHIBIT
F

 

UNCONDITIONAL
GUARANTY

(MR2 GROUP, INC.)

 

___________
__, 2018

 

For
and in consideration of the loans by Heritage Bank of Commerce (“Lender”) to Precision Opinion, Inc. (“Borrower”),
which loans are made pursuant to a Loan and Security Agreement dated as of September 13, 2017 and as amended from time to time,
by and between Borrower and Lender (the “Loan Agreement”), and acknowledging that Lender would not continue to lend
to Borrower under the Loan Agreement without the benefit of this Guaranty, the undersigned (“Guarantor”) hereby unconditionally
and irrevocably guarantees the prompt and complete payment of all amounts that Borrower owes to Lender and performance by Borrower
of the Loan Agreement and any other agreements between Borrower and Lender, as amended from time to time (collectively referred
to as the “Agreements”), in strict accordance with their respective terms. All terms used without definition in this
Guaranty shall have the meaning assigned to them in the Loan Agreement.

 

1.
If Borrower does not pay any amount or perform
its obligations in strict accordance with the Agreements, Guarantor shall immediately pay all amounts due thereunder (including,
without limitation, all principal, interest, and fees) and otherwise to proceed to complete the same and satisfy all of Borrower’s
obligations under the Agreements.

 

2.
If there is more than one guarantor, the
obligations hereunder are joint and several, and whether or not there is more than one guarantor, the obligations hereunder are
independent of the obligations of Borrower and any other person or entity, and a separate action or actions may be brought and
prosecuted against Guarantor whether action is brought against Borrower or whether Borrower be joined in any such action or actions.
Guarantor waives the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof, to the
extent permitted by law. Guarantor’s liability under this Guaranty is not conditioned or contingent upon the genuineness,
validity, regularity or enforceability of the Agreements.

 

3.
Guarantor authorizes Lender, without notice
or demand and without affecting its liability hereunder, from time to time to (a) renew, extend, or otherwise change the terms
of the Agreements or any part thereof; (b) take and hold security for the payment of this Guaranty or the Agreements, and exchange,
enforce, waive and release any such security; and (c) apply such security and direct the order or manner of sale thereof as Lender
in its sole discretion may determine.

 

4.
Guarantor waives any right to require Lender
to (a) proceed against Borrower, any guarantor or any other Person; (b) proceed against or exhaust any security held from Borrower;
or (c) pursue any other remedy in Lender’s power whatsoever. Lender may, at its election, exercise or decline or fail to
exercise any right or remedy it may have against Borrower or any security held by Lender, including without limitation the right
to foreclose upon any such security by judicial or non-judicial sale, without affecting or impairing in any way the liability
of Guarantor hereunder. Guarantor waives any defense arising by reason of any disability or other defense of Borrower or by reason
of the cessation from any cause whatsoever of the liability of Borrower. Guarantor waives any setoff, defense or counterclaim
that Borrower may have against Lender. Guarantor waives any defense arising out of the absence, impairment or loss of any right
of reimbursement or subrogation or any other rights against Borrower. Until all of the amounts that Borrower owes to Lender have
been paid in full, Guarantor shall have no right of subrogation or reimbursement, contribution or other rights against Borrower,
and Guarantor waives any right to enforce any remedy that Lender now has or may hereafter have against Borrower. Guarantor waives
all presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, and notices
of acceptance of this Guaranty and of the existence, creation, or incurring of new or additional indebtedness. Guarantor assumes
the responsibility for being and keeping itself informed of the financial condition of Borrower and of all other circumstances
bearing upon the risk of nonpayment of any indebtedness or nonperformance of any obligation of Borrower, warrants to Lender that
it will keep so informed, and agrees that absent a request for particular information by Guarantor, Lender shall not have any
duty to advise Guarantor of information known to Lender regarding such condition or any such circumstances. Guarantor waives the
benefits of California Civil Code sections 2809, 2810, 2819, 2845, 2847, 2848, 2849, 2850, 2899 and 3433.

 

    	 	6	 

     

    

 

5.
Guarantor acknowledges that, to the extent
Guarantor has or may have certain rights of subrogation or reimbursement against Borrower for claims arising out of this Guaranty,
those rights may be impaired or destroyed if Lender elects to proceed against any real property security of Borrower by non-judicial
foreclosure. That impairment or destruction could, under certain judicial cases and based on equitable principles of estoppel,
give rise to a defense by Guarantor against its obligations under this Guaranty. Guarantor waives that defense and any others
arising from Lender’s election to pursue non-judicial foreclosure. Without limiting the generality of the foregoing, Guarantor
waives any and all benefits and defenses under California Code of Civil Procedure Sections 580a, 580b, 580d and 726, to the extent
they are applicable.

 

6.
If Borrower becomes insolvent or is adjudicated
bankrupt or files a petition for reorganization, arrangement, composition or similar relief under any present or future provision
of the United States Bankruptcy Code, or if such a petition is filed against Borrower, and in any such proceeding some or all
of any indebtedness or obligations under the Agreements are terminated or rejected or any obligation of Borrower is modified or
abrogated, or if Borrower’s obligations are otherwise avoided for any reason, Guarantor agrees that Guarantor’s liability
hereunder shall not thereby be affected or modified and such liability shall continue in full force and effect as if no such action
or proceeding had occurred. This Guaranty shall continue to be effective or be reinstated, as the case may be, if any payment
must be returned by Lender upon the insolvency, bankruptcy or reorganization of Borrower, Guarantor, any other guarantor, or otherwise,
as though such payment had not been made.

 

7.
Any indebtedness of Borrower now or hereafter
held by Guarantor is hereby subordinated to any indebtedness of Borrower to Lender; and such indebtedness of Borrower to Guarantor
shall be collected, enforced and received by Guarantor as trustee for Lender and be paid over to Lender on account of the indebtedness
of Borrower to Lender but without reducing or affecting in any manner the liability of Guarantor under the other provisions of
this Guaranty. Guarantor subordinates to Lender any security interests, liens or encumbrances now or hereafter securing Borrower’s
personal property, and all right, title, security interest, and other interest that Guarantor may have or hereafter acquire in
and to Borrower’s personal property. The security interest of Lender in Borrower’s personal property shall be and
remain at all times a security interest prior and superior to the security interest of Guarantor in Borrower’s personal
property.

 

    	 	7	 

     

    

 

8.
To secure performance of this Guaranty and
all amounts payable hereunder, Guarantor grants Lender a security interest and a charge in all of its personal property (“Collateral”),
now existing or hereafter arising, including without limitation: all accounts, chattel paper, commercial tort claims, deposit
accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), general intangibles
(including payment intangibles and software), goods, fixtures, instruments, inventory, investment property (including securities
and securities entitlements), letter of credit rights, money, and all of Guarantor’s books and records with respect to any
of the foregoing, and the computers and equipment containing said books and records, and any and all cash proceeds and/or noncash
proceeds of any of the foregoing, including, without limitation, insurance proceeds, and all supporting obligations and the security
therefor or for any right to payment. All terms above have the meanings given to them in the California Uniform Commercial Code,
as amended or supplemented from time to time. Guarantor authorizes Lender to file financing statements with all appropriate jurisdictions
to perfect or protect Lender’s interest or rights hereunder, and Guarantor shall take such further actions and execute such
further documents, instruments and agreements, including supplemental pledge or security agreements, as Lender shall reasonably
request to evidence the perfection and priority of the security interests granted hereunder.

 

9.
Upon the occurrence and during the continuance
of an Event of Default, Lender may, at its election, without notice of its election and without demand, do any one or more of
the following, all of which are authorized by Guarantor: (a) make such payments and do such acts as Lender considers necessary
or reasonable to protect its security interest in the Collateral; (b) set off and apply to the Obligations any and all balances
and deposits of Guarantor held by Lender or indebtedness at any time owing to or for the credit or the account of Borrower held
by Lender; (c) dispose of the Collateral by way of one or more contracts or transactions, for cash or on terms, in such manner
and at such places (including Guarantor’s premises) as Lender determines is commercially reasonable, and apply any proceeds
to the Obligations in whatever manner or order Lender deems appropriate; and (d) exercise any and all other rights and remedies
available to Lender as provided under the California Uniform Commercial Code, by law, or in equity.

 

10.
In addition to the foregoing, Guarantor hereby
pledges, assigns and grants to Lender, a security interest in all of the issued and outstanding capital stock of Borrower (the
“Shares”), together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid
thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds
of the foregoing (which collectively shall also constitute “Collateral”). Concurrently with the execution of this
Guaranty or, to the extent not certificated as of the date of execution within ten (10) days of the certification of any Shares,
the certificate or certificates for the Shares will be delivered to Lender, accompanied by an instrument of assignment duly executed
in blank by Guarantor, in form and substance satisfactory to Lender. To the extent required by the terms and conditions governing
the Shares, Guarantor shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect
the pledge of the Shares. Guarantor will execute and deliver such documents, and take or cause to be taken such actions, as Lender
may reasonably request to perfect or continue the perfection of Lender’s security interest in the Shares. Effective only
upon the occurrence and during the continuance of an Event of Default, Guarantor hereby irrevocably appoints Lender (and any of
Lender’s designated officers, or employees) as Guarantor’s true and lawful attorney to enforce Guarantor’s rights
against such subsidiary, including the right to compel any subsidiary to make payments or distributions owing to such Guarantor.
Until Guarantor fails to perform its obligations hereunder following an Event of Default, Guarantor shall be entitled to exercise
any voting rights with respect to the Shares and to give consents, waivers and ratifications in respect thereof, provided that
no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms
of this Guaranty or which would constitute or create any violation of any of such terms. All such rights to vote and give consents,
waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default. Upon the occurrence of Guarantor’s
failure to perform its obligations hereunder following an Event of Default, Lender may effect the transfer of the Shares into
the name of Lender and cause new (as applicable) certificates representing such securities to be issued in the name of Lender
or its transferee, and Lender shall have the right to exercise all such rights as a secured party under the Code as it, in its
sole judgment, shall deem necessary or appropriate, including without limitation the right to liquidate the Shares and apply the
proceeds thereof to reduce the Obligations. Guarantor recognizes that Lender may be unable to effect a public sale of any or all
the Shares, by reason of certain prohibitions contained in federal securities laws and applicable state and provincial securities
laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which
will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view
to the distribution or resale thereof. Guarantor acknowledges and agree that any such private sale may result in prices and other
terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall be deemed to have been made in a commercially reasonable manner. Lender shall be under no obligation to delay a sale
of any of the Shares for the period of time necessary to permit the issuer thereof to register such securities for public sale
under federal securities laws or under applicable state and provincial securities laws, even if such issuer would agree to do
so.

 

    	 	8	 

     

    

 

11.
Guarantor agrees to pay reasonable attorneys’
fees and all other costs and expenses which may be incurred by Lender in the enforcement of this Guaranty. No terms or provisions
of this Guaranty may be changed, waived, revoked or amended without Lender’s prior written consent. Should any provision
of this Guaranty be determined by a court of competent jurisdiction to be unenforceable, all of the other provisions shall remain
effective. This Guaranty, together with any agreements (including without limitation any security agreements or any pledge agreements)
executed in connection with this Guaranty, embodies the entire agreement among the parties hereto with respect to the matters
set forth herein, and supersedes all prior agreements among the parties with respect to the matters set forth herein. No course
of prior dealing among the parties, no usage of trade, and no parol or extrinsic evidence of any nature shall be used to supplement,
modify or vary any of the terms hereof. There are no conditions to the full effectiveness of this Guaranty. Lender may assign
this Guaranty without in any way affecting Guarantor’s liability under it. This Guaranty is binding upon Guarantor and Guarantor’s
successors and assigns. This Guaranty shall inure to the benefit of Lender and its successors and assigns. This Guaranty is in
addition to the guaranties of any other guarantors and any and all other guaranties of Borrower’s indebtedness or liabilities
to Lender.

 

12.
Guarantor represents and warrants to Lender
that (i) Guarantor has taken all necessary and appropriate action to authorize the execution, delivery and performance of this
Guaranty, (ii) execution, delivery and performance of this Guaranty do not conflict with or result in a breach of or constitute
a default under Guarantor’s organizational documents or agreements to which it is party or by which it is bound, and (iii)
this Guaranty constitutes a valid and binding obligation, enforceable against Guarantor in accordance with its terms.

 

13.
Guarantor covenants and agrees that:

 

13.1
Guarantor shall maintain its corporate existence, remain in good standing in its jurisdiction(s) of principal place of business
and formation, and continue to qualify in each jurisdiction in which the failure to so qualify could have a material adverse effect
on the financial condition, operations or business of Guarantor. Guarantor shall maintain in force all licenses, approvals and
agreements, the loss of which could have a material adverse effect on its financial condition, operations or business.

 

    	 	9	 

     

    

 

13.2
Guarantor shall comply with all statutes, laws, ordinances, directives, orders, and government rules and regulations to which
it is subject if non-compliance with such laws could materially adversely affect the financial condition, operations or business
of Guarantor, and comply with any reporting requirements applicable to Guarantor under the Loan Agreement.

 

13.3
Guarantor shall not create, incur, assume or suffer to exist any lien or encumbrance with respect to any of its property or
dispose of any interest in the Collateral.

 

13.4
Guarantor shall not require or cause any dividends or distributions to be made by Borrower to Guarantor without Lender’s
prior written consent. For the sake of clarity, the foregoing covenant shall not restrict Guarantor from making any dividends
or distributions to its stockholders using the proceeds received by Guarantor from the sale and issuance of its equity securities,
or from any dividends or distributions received by Guarantor from any other subsidiary of Guarantor (other than Borrower).

 

13.5
Guarantor shall provide Lender with at least thirty (30) days prior written notice with respect to the relocation of Guarantor’s
chief executive office or any change to Guarantor’s state of incorporation or any change to its legal name.

 

13.6
At any time and from time to time Guarantor shall execute and deliver such further instruments and take such further action
as may reasonably be requested by Lender to affect the purposes of this Guaranty.

 

14.
This Guaranty shall be governed by the laws
of the State of California, without regard to conflicts of laws principles. GUARANTOR WAIVES ANY RIGHT TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. Guarantor submits to the jurisdiction
of the state and federal courts located in Santa Clara County, California for purposes of this Guaranty and the Agreements. If
the jury waiver set forth in this Section is not enforceable, then any dispute, controversy or claim arising out of or relating
to this Guaranty or any of the transactions contemplated herein shall be settled by judicial reference under California Code of
Civil Procedure Section 638 et seq., before a referee sitting without a jury, such referee to be mutually acceptable or, if none,
then selected by the Presiding Judge of the California Superior Court for Santa Clara County. This section shall not restrict
the exercise of any non-judicial rights or remedies pursuant to applicable law.

 

15.
All payments made by Guarantor hereunder
will be made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties,
fees, assessments or other charges of whatever nature now or hereafter imposed by any governmental authority or by any political
subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured
by the net income or profits of a Lender pursuant to the laws of the jurisdiction in which it is organized or the jurisdiction
in which the principal office or applicable lending office of Lender is located or any subdivision thereof or therein) and all
interest, penalties or similar liabilities with respect thereto (all such non-excluded taxes, levies, imposts, duties, fees, assessments
or other charges being referred to collectively as “Taxes”). If any Taxes are so levied or imposed, Guarantor agrees
to pay the full amount of such Taxes, and such additional amounts as may be necessary so that every payment of all amounts due
under this Guaranty, after withholding or deduction for or on account of any Taxes, will not be less than the amount provided
for herein and in the Loan Documents.

 

    	 	10	 

     

    

 

16.
Each provision of this Guaranty shall be
severable from every other provision of this Guaranty for the purpose of determining the legal enforceability of any specific
provision. To the extent that any term or provision in this Guaranty are inconsistent with, or prohibited or unenforceable under,
any applicable law or regulation, such term or provision will be deemed ineffective only to the extent of such prohibition or
unenforceability, and will be deemed modified and applied in a manner consistent with such law or regulation. Any provision of
this Guaranty which is deemed unenforceable or invalid in any jurisdiction will not affect the enforceability or validity of the
remaining provisions of this Guaranty or the same provision in any other jurisdiction.

 

17.
In the event that any signature to this Guaranty
is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf” signature page were an original hereof.

 

[remainder
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    	 	11	 

     

    

 

In
Witness Whereof, the undersigned Guarantor
has executed this Guaranty as of the date set forth above.

 

	 	MR2 GROUP, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Address:
    	101
        Convention Center Dr., Plaza 125

        Las
        Vegas, NV 89109

 

    	 	12

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