Document:

Subsidiary Guarantee

 Exhibit 4.5 
  

GUARANTY 
  

			
	 New York, New York
	 	May 27, 2004

  
 FOR VALUE RECEIVED,
and in consideration of certain Series A Preferred Stock to be issued to Laurus Master Fund, Ltd. (“Laurus”) by Vertical Health Ventures, Inc., a Delaware corporation (“Issuer”) and in consideration of other obligations of
Vertical Health Solutions, Inc., a Florida corporation (the “Company”), to be performed for the benefit of Laurus from time to time and at any time and for other good and valuable consideration and to induce Laurus, in its discretion, to
purchase such Series A Preferred Stock or make other extensions of credit and to make or grant such renewals, extensions, releases of collateral or relinquishments of legal rights as Laurus may deem advisable, each of the undersigned (and each of
them if more than one, the liability under this Guaranty being joint and several) (jointly and severally referred to as “Guarantors “ or “the undersigned”) unconditionally guaranties to Laurus, its successors, endorsees and
assigns the prompt payment when due (whether by acceleration or otherwise) of all present and future obligations and liabilities of any and all kinds of the Company and/or the Issuer to Laurus and of all instruments of any nature evidencing or
relating to any such obligations and liabilities upon which the Company and/or the Issuer or one or more parties and the Company and/or the Issuer is or may become liable to Laurus, whether incurred by the Company and/or the Issuer as maker,
endorser, drawer, acceptor, guarantors, accommodation party or otherwise, and whether due or to become due, secured or unsecured, absolute or contingent, joint or several, and however or whenever acquired by Laurus, whether arising under, out of, or
in connection with (i) that certain Securities Purchase Agreement dated as of the date hereof by and between the Company, the Issuer and Laurus (the “Securities Purchase Agreement”) and (ii) the Related Agreements referred to in the
Securities Purchase Agreement (the Securities Purchase Agreement and each Related Agreement, as each may be amended, modified, restated or supplemented from time to time, are collectively referred to herein as the “Documents”), or any
documents, instruments or agreements relating to or executed in connection with the Documents or any documents, instruments or agreements referred to therein or otherwise, or any other indebtedness, obligations or liabilities of the Company and/or
the Issuer to Laurus, whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated, absolute or contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guaranty, instrument or
otherwise (all of which are herein collectively referred to as the “Obligations”), and irrespective of the genuineness, validity, regularity or enforceability of such Obligations, or of any instrument evidencing any of the Obligations or
of any collateral therefor or of the existence or extent of such collateral, and irrespective of the allowability, allowance or disallowance of any or all of the Obligations in any case commenced by or against the Company and/or the Issuer under
Title 11, United States Code, including, without limitation, obligations or indebtedness of the Company and/or the Issuer for post-petition interest, fees, costs and charges that would have accrued or been added to the Obligations but for the
commencement of such case. Terms not otherwise defined herein shall have the meaning assigned such terms in the Securities Purchase Agreement. In furtherance of the foregoing, the undersigned hereby agrees as follows: 
  
 1. No Impairment. Laurus may at any time and from time to time,
either before or after the maturity thereof, without notice to or further consent of the undersigned, extend the time of payment of, exchange or surrender any collateral for, renew or extend any of the Obligations or increase or decrease the
interest rate thereon, or any other agreement with the Company and/or the Issuer or with any other party to or person liable on any of the Obligations, 

 or interested therein, for the extension, renewal, payment, compromise, discharge or release thereof, in whole or in
part, or for any modification of the terms thereof or of any agreement between Laurus and the Company and/or the Issuer the Company and/or the Issuer or any such other party or person, or make any election of rights Laurus may deem desirable under
the United States Bankruptcy Code, as amended, or any other federal or state bankruptcy, reorganization, moratorium or insolvency law relating to or affecting the enforcement of creditors’ rights generally (any of the foregoing, an
“Insolvency Law”) without in any way impairing or affecting this Guaranty. This instrument shall be effective regardless of the subsequent incorporation, merger or consolidation of the Company and/or the Issuer, or any change in the
composition, nature, personnel or location of the Company and/or the Issuer and shall extend to any successor entity to the Company and/or the Issuer, including a the Company and/or the Issuer in possession or the like under any Insolvency Law.

  
 2. Guaranty Absolute. Subject to Section 5(c), each of
the undersigned jointly and severally guarantees that the Obligations will be paid strictly in accordance with the terms of the Documents and/or any other document, instrument or agreement creating or evidencing the Obligations, regardless of any
law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Company and/or the Issuer with respect thereto. Guarantors hereby knowingly accept the full range of risk encompassed within a
contract of “continuing guaranty” which risk includes the possibility that the Company and/or the Issuer will contract additional indebtedness or issue additional preferred stock for which Guarantors may be liable hereunder after the
Company’s and/or the Issuer’s financial condition or ability to pay its lawful debts when they fall due has deteriorated, whether or not the Company and/or the Issuer has properly authorized incurring such additional indebtedness. The
undersigned acknowledge that (i) no oral representations, including any representations to extend credit or provide other financial accommodations to the Company and/or the Issuer, have been made by Laurus to induce the undersigned to enter into
this Guaranty and (ii) any extension of credit to the the Company and/or the Issuer shall be governed solely by the provisions of the Documents. The liability of each of the undersigned under this Guaranty shall be absolute and unconditional, in
accordance with its terms, and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation:
(a) any waiver, indulgence, renewal, extension, amendment or modification of or addition, consent or supplement to or deletion from or any other action or inaction under or in respect of the Documents or any other instruments or agreements relating
to the Obligations or any assignment or transfer of any thereof, (b) any lack of validity or enforceability of any Document or other documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof, (c)
any furnishing of any additional security to Laurus or its assignees or any acceptance thereof or any release of any security by Laurus or its assignees, (d) any limitation on any party’s liability or obligation under the Documents or any other
documents, instruments or agreements relating to the Obligations or any assignment or transfer of any thereof or any invalidity or unenforceability, in whole or in part, of any such document, instrument or agreement or any term thereof, (e) any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to the Company and/or the Issuer, or any action taken with respect to this Guaranty by any trustee or receiver, or by any
court, in any such proceeding, whether or not the undersigned shall have notice or knowledge of any of the foregoing, (f) any exchange, release or nonperfection of any collateral, or any release, or amendment or waiver of or consent to departure
from any guaranty or security, for all or any of the Obligations or (g) any other circumstance which might otherwise constitute a defense 
  

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 available to, or a discharge of, the undersigned. Any amounts due from the undersigned to Laurus shall bear interest
until such amounts are paid in full at the highest rate then applicable to the Obligations. Obligations include post-petition interest whether or not allowed or allowable. 
  
 3. Waivers. 
  
 (a) This Guaranty is a guaranty of payment and not of collection. Laurus shall be under no obligation to institute suit, exercise rights
or remedies or take any other action against the Company and/or the Issuer or any other person liable with respect to any of the Obligations or resort to any collateral security held by it to secure any of the Obligations as a condition precedent to
the undersigned being obligated to perform as agreed herein and each of the Guarantors hereby waives any and all rights which it may have by statute or otherwise which would require Laurus to do any of the foregoing. Each of the Guarantors further
consents and agrees that Laurus shall be under no obligation to marshal any assets in favor of Guarantors, or against or in payment of any or all of the Obligations. The undersigned hereby waives all suretyship defenses and any rights to interpose
any defense, counterclaim or offset of any nature and description which the undersigned may have or which may exist between and among Laurus, the Company, the Issuer and/or the undersigned with respect to the undersigned’s obligations under
this Guaranty, or which the Company and/or the Issuer may assert on the underlying debt, including but not limited to failure of consideration, breach of warranty, fraud, payment (other than cash payment in full of the Obligations), statute of
frauds, bankruptcy, infancy, statute of limitations, accord and satisfaction, and usury. 
  
 (b) Each of the undersigned further waives (i) notice of the acceptance of this Guaranty, of the making of any such loans or extensions of
credit, and of all notices and demands of any kind to which the undersigned may be entitled, including, without limitation, notice of adverse change in the Company and/or the Issuer’s financial condition or of any other fact which might
materially increase the risk of the undersigned and (ii) presentment to or demand of payment from anyone whomsoever liable upon any of the Obligations, protest, notices of presentment, non-payment or protest and notice of any sale of collateral
security or any default of any sort. 
  
 (c)
Notwithstanding any payment or payments made by the undersigned hereunder, or any setoff or application of funds of the undersigned by Laurus, the undersigned shall not be entitled to be subrogated to any of the rights of Laurus against the Company
and/or the Issuer or against any collateral or guarantee or right of offset held by Laurus for the payment of the Obligations, nor shall the undersigned seek or be entitled to seek any contribution or reimbursement from the Company and/or the Issuer
in respect of payments made by the undersigned hereunder, until all amounts owing to Laurus by the Company and/or the Issuer on account of the Obligations are paid in full and Laurus’ obligation to extend credit pursuant to the Documents have
been terminated. If, notwithstanding the foregoing, any amount shall be paid to the undersigned on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full and Laurus’ obligation to extend
credit pursuant to the Documents shall not have been terminated, such amount shall be held by the undersigned in trust for Laurus, segregated from other funds of the undersigned, and shall forthwith upon, and in any event within two (2) business
days of, receipt by the undersigned, be turned over to Laurus in the exact form received by the undersigned (duly endorsed by the undersigned to Laurus, if required), to be applied against the Obligations, whether matured or 
  

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 unmatured, in such order as Laurus may determine, subject to the provisions of the Documents. Any and all
present and future debts and obligations of the Company and/or the Issuer to any of the undersigned are hereby waived and postponed in favor of, and subordinated to the full payment and performance of, all present and future debts and Obligations of
the Company and/or the Issuer to Laurus. 
  
 4. Security.
All sums at any time to the credit of the undersigned and any property of the undersigned in Laurus’ possession or in the possession of any bank, financial institution or other entity that directly or indirectly, through one or more
intermediaries, controls or is controlled by, or is under common control with, Laurus (each such entity, an “Affiliate”) shall be deemed held by Laurus or such Affiliate, as the case may be, as security for any and all of the
undersigned’s obligations to Laurus and to any Affiliate of Laurus, no matter how or when arising and whether under this or any other instrument, agreement or otherwise. 
  
 5. Representations and Warranties. Each of the undersigned respectively, hereby jointly and severally represents and
warrants (all of which representations and warranties shall survive until all Obligations are indefeasibly satisfied in full and the Documents have been irrevocably terminated), that: 
  
 (a) Corporate Status. It is a corporation, partnership or limited liability company, as the case may
be, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization indicated on the signature page hereof and has full power, authority and legal right to own its property and assets and to transact the
business in which it is engaged. 
  
 (b)
Authority and Execution. It has full power, authority and legal right to execute and deliver, and to perform its obligations under, this Guaranty and has taken all necessary corporate, partnership or limited liability company, as the case may
be, action to authorize the execution, delivery and performance of this Guaranty. 
  
 (c) Legal, Valid and Binding Character. This Guaranty constitutes its legal, valid and binding obligation enforceable in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting the enforcement of creditor’s rights and general principles of equity that
restrict the availability of equitable or legal remedies. 
  
 (d) Violations. The execution, delivery and performance of this Guaranty will not violate any requirement of law applicable to it or any contract, agreement or instrument to it is a party or by which it or any
of its property is bound or result in the creation or imposition of any mortgage, lien or other encumbrance other than to Laurus on any of its property or assets pursuant to the provisions of any of the foregoing, which, in any of the foregoing
cases, could reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
  
 (e) Consents or Approvals. No consent of any other person or entity (including, without limitation, any creditor of the
undersigned) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required in connection with the execution, delivery,
performance, validity or enforceability of this Guaranty by it, except 
  

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 to the extent that the failure to obtain any of the foregoing could not reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect. 
  
 (f) Litigation. No litigation, arbitration, investigation or administrative proceeding of or before any court, arbitrator or governmental authority, bureau or agency is currently pending or, to the best of its
knowledge, threatened (i) with respect to this Guaranty or any of the transactions contemplated by this Guaranty or (ii) against or affecting it, or any of its property or assets, which, in each of the foregoing cases, if adversely determined, could
reasonably be expected to have a Material Adverse Effect. 
  
 (g) Financial Benefit. It has derived or expects to derive a financial or other advantage from each and every loan, advance or extension of credit made under the Documents or other Obligation incurred by the
Company and/or the Issuer to Laurus. 
  
 6. Acceleration.

  
 (a) If any breach of any covenant or
condition or other event of default shall occur and be continuing under any agreement made by the Company and/or the Issuer or any of the undersigned to Laurus, or either the Company and/or the Issuer or any of the undersigned should at any time
become insolvent, or make a general assignment, or if a proceeding in or under any Insolvency Law shall be filed or commenced by, or in respect of, any of the undersigned, or if a notice of any lien, levy, or assessment is filed of record with
respect to any assets of any of the undersigned by the United States of America or any department, agency, or instrumentality thereof, or if any taxes or debts owing at any time or times hereafter to any one of them becomes a lien or encumbrance
upon any assets of the undersigned in Laurus’ possession, or otherwise, any and all Obligations shall for purposes hereof, at Laurus’ option, be deemed due and payable without notice notwithstanding that any such Obligation is not then due
and payable by the Company and/or the Issuer. 
  
 (b) Each of the undersigned will promptly notify Laurus of any default by such undersigned in its respective performance or observance of any term or condition of any agreement to which the undersigned is a party if the effect of such
default is to cause, or permit the holder of any obligation under such agreement to cause, such obligation to become due prior to its stated maturity and, if such an event occurs, Laurus shall have the right to accelerate such undersigned’s
obligations hereunder. 
  
 7. Payments from Guarantors.
Laurus, in its sole and absolute discretion, with or without notice to the undersigned, may apply on account of the Obligations any payment from the undersigned or any other guarantors, or amounts realized from any security for the Obligations, or
may deposit any and all such amounts realized in a non-interest bearing cash collateral deposit account to be maintained as security for the Obligations. 
  
 8. Costs. The undersigned shall pay on demand, all costs, fees and expenses (including expenses for legal services of every kind) relating or
incidental to the enforcement or protection of the rights of Laurus hereunder or under any of the Obligations. 
  
 9. No Termination. This is a continuing irrevocable guaranty and shall remain in full force and effect and be binding upon the undersigned, and
each of the undersigned’s successors and assigns, until all of the Obligations have been paid in full and Laurus’ obligation 
  

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 to extend credit pursuant to the Documents has been irrevocably terminated. If any of the present or future Obligations
are guarantied by persons, partnerships or corporations in addition to the undersigned, the death, release or discharge in whole or in part or the bankruptcy, merger, consolidation, incorporation, liquidation or dissolution of one or more of them
shall not discharge or affect the liabilities of any undersigned under this Guaranty. 
  
 10. Recapture. Anything in this Guaranty to the contrary notwithstanding, if Laurus receives any payment or payments on account of the liabilities guaranteed hereby, which payment or payments or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver, or any other party under any Insolvency Law, common law or equitable doctrine, then to the extent of any
sum not finally retained by Laurus, the undersigned’s obligations to Laurus shall be reinstated and this Guaranty shall remain in full force and effect (or be reinstated) until payment shall have been made to Laurus, which payment shall be due
on demand. 
  
 11. Books and Records. The books and records
of Laurus showing the account between Laurus and the Company and/or the Issuer shall be admissible in evidence in any action or proceeding, shall be binding upon the undersigned for the purpose of establishing the items therein set forth and shall
constitute prima facie proof thereof. 
  
 12. No Waiver. No
failure on the part of Laurus to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by Laurus of any right, remedy or power hereunder preclude any
other or future exercise of any other legal right, remedy or power. Each and every right, remedy and power hereby granted to Laurus or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by
Laurus at any time and from time to time. 
  
 13. Waiver of
Jury Trial. EACH OF THE UNDERSIGNED DOES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED ON OR WITH RESPECT TO THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR
RELATING OR INCIDENTAL HERETO. THE UNDERSIGNED DOES HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF LAURUS HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT LAURUS WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY
TRIAL PROVISION. 
  
 14. Governing Law; Jurisdiction;
Amendments. THIS INSTRUMENT CANNOT BE CHANGED OR TERMINATED ORALLY, AND SHALL BE GOVERNED, CONSTRUED AND INTERPRETED AS TO VALIDITY, ENFORCEMENT AND IN ALL OTHER RESPECTS IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT HAVING EFFECT
TO PRINCIPLES OF CONFLICTS OF LAWS. EACH OF THE UNDERSIGNED EXPRESSLY CONSENTS TO THE JURISDICTION AND VENUE OF THE SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK, AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK FOR ALL PURPOSES IN CONNECTION HEREWITH. ANY JUDICIAL PROCEEDING BY THE UNDERSIGNED AGAINST LAURUS INVOLVING, DIRECTLY OR INDIRECTLY ANY MATTER OR CLAIM IN ANY WAY ARISING OUT OF, RELATED TO OR CONNECTED HEREWITH SHALL BE BROUGHT ONLY IN THE
SUPREME COURT OF THE STATE OF NEW YORK, COUNTY OF NEW YORK OR THE 
  

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 UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE UNDERSIGNED FURTHER CONSENTS THAT ANY SUMMONS,
SUBPOENA OR OTHER PROCESS OR PAPERS (INCLUDING, WITHOUT LIMITATION, ANY NOTICE OR MOTION OR OTHER APPLICATION TO EITHER OF THE AFOREMENTIONED COURTS OR A JUDGE THEREOF) OR ANY NOTICE IN CONNECTION WITH ANY PROCEEDINGS HEREUNDER, MAY BE SERVED INSIDE
OR OUTSIDE OF THE STATE OF NEW YORK OR THE SOUTHERN DISTRICT OF NEW YORK BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY PERSONAL SERVICE PROVIDED A REASONABLE TIME FOR APPEARANCE IS PERMITTED, OR IN SUCH OTHER MANNER AS MAY BE
PERMISSIBLE UNDER THE RULES OF SAID COURTS. EACH OF THE UNDERSIGNED WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED HEREON AND SHALL NOT ASSERT ANY DEFENSE BASED ON LACK OF JURISDICTION OR VENUE OR BASED UPON FORUM NON
CONVENIENS. 
  
 15. Severability. To the extent
permitted by applicable law, any provision of this Guaranty 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. 
  
 16. Amendments, Waivers. No amendment or waiver of any provision of this Guaranty nor consent to any departure by the
undersigned therefrom shall in any event be effective unless the same shall be in writing executed by each of the undersigned directly affected by such amendment and/or waiver and Laurus. 
  
 17. Notice. All notices, requests and demands to or upon the undersigned, shall be in writing and shall be deemed to
have been duly given or made (a) when delivered, if by hand, (b) three (3) days after being sent, postage prepaid, if by registered or certified mail, (c) when confirmed electronically, if by facsimile, or (d) when delivered, if by a recognized
overnight delivery service in each event, to the numbers and/or address set forth beneath the signature of the undersigned. 
  
 18. Successors. Laurus may, from time to time, without notice to the undersigned, sell, assign, transfer or otherwise dispose of all or any part of
the Obligations and/or rights under this Guaranty. Without limiting the generality of the foregoing, Laurus may assign, or grant participations to, one or more banks, financial institutions or other entities all or any part of any of the
Obligations. In each such event, Laurus, its Affiliates and each and every immediate and successive purchaser, assignee, transferee or holder of all or any part of the Obligations shall have the right to enforce this Guaranty, by legal action or
otherwise, for its own benefit as fully as if such purchaser, assignee, transferee or holder were herein by name specifically given such right. Laurus shall have an unimpaired right to enforce this Guaranty for its benefit with respect to that
portion of the Obligations which Laurus has not disposed of, sold, assigned, or otherwise transferred. 
  

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 19. Release. Nothing except cash payment in full of the Obligations shall release any of the
undersigned from liability under this Guaranty. 
  
 [REMAINDER
OF THIS PAGE IS BLANK. 
 SIGNATURE PAGE IMMEDIATELY FOLLOWS] 
  

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 IN WITNESS WHEREOF, this Guaranty has been executed by the undersigned this 27th day of May, 2004.

  

			
	 VERTICAL HEALTH SOLUTIONS, INC.

		
	 By:
	 	 /s/ STEPHEN WATTERS

	 Name:
	 	 Stephen Watters

	 Title:
	 	 CEO

		
	 Address:
	 	 855 Dunbar Avenue

	 	 	 Oldsmar, Florida 34677

	 Telephone:
	 	 727-548-8345 ext 222

	 Facsimile:
	 	 727-548-7135

	 State of Incorporation:        Florida

	
	 LABELCLICK, INC.

		
	 By:
	 	 /s/ STEPHEN WATTERS

	 Name:
	 	 Stephen Watters

	 Title:
	 	 CEO

		
	 Address:
	 	 855 Dunbar Avenue

	 	 	 Oldsmar, Florida 34677

	 Telephone:
	 	 727-548-8345 ext 222

	 Facsimile:
	 	 727-548-7135

	 State of Incorporation:        Florida

	
	 VERTICAL HEALTH VENTURES, INC.

		
	 By:
	 	 /s/ STEPHEN WATTERS

	 Name:
	 	 Stephen Watters

	 Title:
	 	 President

		
	 Address:
	 	 855 Dunbar Avenue

	 	 	 Oldsmar, Florida 34677

	 Telephone:
	 	 727-548-8345 ext 222

	 Facsimile:
	 	 727-548-7135

	 State of Incorporation:        Delaware

  

 9Series A Bank Escrow Agreement

 Exhibit 4.6 
  

FUNDS ESCROW AGREEMENT 
  
 This Agreement (this “Agreement”) is dated as of the 27th the day of May, 2004 among VERTICAL HEALTH SOLUTIONS, INC., a Florida corporation (the “Company”), Vertical Health Ventures, Inc., a Delaware corporation (“Newco”), Laurus
Master Fund, Ltd. (the “Purchaser”), and Loeb & Loeb LLP (the “Escrow Agent”): 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Purchaser has advised the Escrow Agent that (a) the Company, Newco and the Purchaser have entered into a Securities Purchase Agreement (the
“Purchase Agreement”) for the sale by Newco to the Purchaser of Series A Preferred shares of Newco (the “Series A Preferred”), (b) the Company has issued to the Purchaser a common stock purchase warrant (the
“Warrant”) in connection with the issuance of the Series A Preferred, and (c) the Company and the Purchaser have entered into a Registration Rights Agreement covering the registration of the Company’s common stock underlying
the Series A Preferred and the Warrant (the “Registration Rights Agreement”); 
  
 WHEREAS, the Company and the Purchaser wish the Purchaser to deliver to the Escrow Agent copies of the Documents (as hereafter defined) and the Escrowed Payment (as hereafter defined) to be held and released by Escrow
Agent in accordance with the terms and conditions of this Agreement; and 
  
 WHEREAS, the Escrow Agent is willing to serve as escrow agent pursuant to the terms and conditions of this Agreement; 
  
 NOW THEREFORE, the parties agree as follows: 
  
 ARTICLE I 
  
 INTERPRETATION 
  
 1.1. Definitions. Whenever used in this Agreement, the following terms shall have the meanings set forth below. 
  
 (a) “Agreement” means this Agreement, as amended, modified and/or supplemented from time to time by written agreement among the parties hereto.

  
 (b) “Closing Payment” means the closing payment to
be paid to Laurus Capital Management, LLC, the fund manager, as set forth on Schedule A hereto. 
  
 (c) “Disbursement Letter” means that certain letter delivered to the Escrow Agent by each of the Purchaser and the Company setting forth wire
instructions and amounts to be funded at the Closing. 

 (d) “Documents” means copies of the Disbursement Letter, the Purchase Agreement, the Series A
Preferred, the Warrant, and the Registration Rights Agreement. 
  
 (e) “Escrowed Payment” means $4,000,000. 
  
 1.2. Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the matters contained herein and supersedes all prior agreements, understandings, negotiations and discussions of the
parties, whether oral or written. There are no warranties, representations and other agreements made by the parties in connection with the subject matter hereof except as specifically set forth in this Agreement. 
  
 1.3. Extended Meanings. In this Agreement words importing the singular
number include the plural and vice versa; words importing the masculine gender include the feminine and neuter genders. The word “person” includes an individual, body corporate, partnership, trustee or trust or unincorporated association,
executor, administrator or legal representative. 
  
 1.4.
Waivers and Amendments. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be waived, in each case only by a written instrument signed by all parties hereto, or, in the
case of a waiver, by the party waiving compliance. Except as expressly stated herein, no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any
party of any right, power or privilege hereunder preclude any other or future exercise of any other right, power or privilege hereunder. 
  
 1.5. Headings. The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience
of reference only and shall not affect the construction or interpretation of this Agreement. 
  
 1.6. Law Governing this Agreement; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of
laws. With respect to any suit, action or proceeding relating to this Agreement or to the transactions contemplated hereby (“Proceedings”), each party hereto irrevocably submits to the exclusive jurisdiction of the courts of the County of
New York, State of New York and the United States District court located in the county of New York in the State of New York. Each party hereto hereby irrevocably and unconditionally (a) waives trial by jury in any Proceeding relating to this
Agreement and for any related counterclaim and (b) waives any objection which it may have at any time to the laying of venue of any Proceeding brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient
forum and further waives the right to object, with respect to such Proceedings, that such court does not have jurisdiction over such party. As between the Company and the Purchaser, the 
  

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 prevailing party shall be entitled to recover from the other party its reasonable attorneys’ fees and costs. In the
event that any provision of this Agreement is determined by a court of competent jurisdiction to be invalid or unenforceable, then the remainder of this Agreement shall not be affected and shall remain in full force and effect. 
  
 1.7. Construction. Each party acknowledges that its legal counsel
participated in the preparation of this Agreement and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be applied in the interpretation of this Agreement to favor any party
against the other. 
  
 ARTICLE II 
  
 APPOINTMENT OF AND DELIVERIES TO THE ESCROW AGENT 
  
 2.1. Appointment. The Company and the Purchaser hereby irrevocably
designate and appoint the Escrow Agent as their escrow agent for the purposes set forth herein, and the Escrow Agent by its execution and delivery of this Agreement hereby accepts such appointment under the terms and conditions set forth herein.

  
 2.2. Copies of Documents to Escrow Agent. On or about
the date hereof, the Purchaser shall deliver to the Escrow Agent copies of the Documents executed by the Company to the extent it is a party thereto. 
  
 2.3. Delivery of Escrowed Payment to Escrow Agent. On or about the date hereof, the Purchaser shall deliver to the Escrow Agent the Escrowed
Payment. 
  
 2.4. Intention to Create Escrow Over the Escrowed
Payment. The Purchaser and the Company intend that the Escrowed Payment shall be held in escrow by the Escrow Agent and released from escrow by the Escrow Agent only in accordance with the terms and conditions of this Agreement. 
  
 ARTICLE III 
  
 RELEASE OF ESCROW 
  
 3.1. Release of Escrow. Subject to the provisions of Section 4.2, the
Escrow Agent shall release the Escrowed Payment from escrow as follows: 
  
 (a) Promptly following receipt by the Escrow Agent of (i) copies of the fully executed Documents and this Agreement, (ii) the Escrowed Payment in immediately available funds, (iii) joint written instructions
(“Joint Instructions”) executed by the Company and the Purchaser setting forth the payment direction instructions with respect to the Escrowed Payment and (iv) Escrow Agent’s verbal instructions from David Grin and/or Eugene
Grin (each of whom is a director of the Purchaser) indicating that all closing conditions relating to the Documents have been satisfied and directing that the Escrowed Payment be disbursed by the Escrow Agent in accordance with the Joint
Instructions, then the Escrowed Payment shall be deemed released from escrow and shall be promptly disbursed in accordance with the Joint 
  

 3 

 Instructions. The Joint Instructions shall include, without limitation, Escrow Agent’s authorization to retain from
the Escrowed Payment Escrow Agent’s fee for acting as Escrow Agent hereunder and the Closing Payment for delivery to Laurus Capital Management, LLC in accordance with the Joint Instructions. 
  
 (b) Upon receipt by the Escrow Agent of a final and non-appealable judgment,
order, decree or award of a court of competent jurisdiction (a “Court Order”) relating to the Escrowed Payment, the Escrow Agent shall remit the Escrowed Payment in accordance with the Court Order. Any Court Order shall be
accompanied by an opinion of counsel for the party presenting the Court Order to the Escrow Agent (which opinion shall be satisfactory to the Escrow Agent) to the effect that the court issuing the Court Order is a court of competent jurisdiction and
that the Court Order is final and non-appealable. 
  
 3.2.
Acknowledgement of Company and Purchaser; Disputes. The Company and the Purchaser acknowledge that the only terms and conditions upon which the Escrowed Payment are to be released from escrow are as set forth in Sections 3 and 4 of this
Agreement. The Company and the Purchaser reaffirm their agreement to abide by the terms and conditions of this Agreement with respect to the release of the Escrowed Payment. Any dispute with respect to the release of the Escrowed Payment shall be
resolved pursuant to Section 4.2 or by written agreement between the Company and Purchaser. 
  
 ARTICLE IV 
  
 CONCERNING THE ESCROW AGENT 
  
 4.1. Duties and
Responsibilities of the Escrow Agent. The Escrow Agent’s duties and responsibilities shall be subject to the following terms and conditions: 
  
 (a) The Purchaser and the Company acknowledge and agree that the Escrow Agent (i) shall not be required to inquire into whether the Purchaser, the Company
or any other party is entitled to receipt of any Document or all or any portion of the Escrowed Payment; (ii) shall not be called upon to construe or review any Document or any other document, instrument or agreement entered into in connection
therewith; (iii) shall be obligated only for the performance of such duties as are specifically assumed by the Escrow Agent pursuant to this Agreement; (iv) may rely on and shall be protected in acting or refraining from acting upon any written
notice, instruction, instrument, statement, request or document furnished to it hereunder and believed by the Escrow Agent in good faith to be genuine and to have been signed or presented by the proper person or party, without being required to
determine the authenticity or correctness of any fact stated therein or the propriety or validity or the service thereof; (v) may assume that any person purporting to give notice or make any statement or execute any document in connection with the
provisions hereof has been duly authorized to do so; (vi) shall not be responsible for the identity, authority or rights of any person, firm or company executing or delivering or purporting to execute or deliver this Agreement or any Document or any
funds deposited hereunder or any endorsement thereon or assignment thereof; (vii) shall 
  

 4 

 not be under any duty to give the property held by Escrow Agent hereunder any greater degree of care than Escrow Agent
gives its own similar property; and (viii) may consult counsel satisfactory to Escrow Agent (including, without limitation, Loeb & Loeb, LLP or such other counsel of Escrow Agent’s choosing), the opinion of such counsel to be full and
complete authorization and protection in respect of any action taken, suffered or omitted by Escrow Agent hereunder in good faith and in accordance with the opinion of such counsel. 
  
 (b) The Purchaser and the Company acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and
that the Escrow Agent shall not be liable for any action taken by Escrow Agent in good faith and believed by Escrow Agent to be authorized or within the rights or powers conferred upon Escrow Agent by this Agreement. The Purchaser and the Company
hereby, jointly and severally, indemnify and hold harmless the Escrow Agent and any of Escrow Agent’s partners, employees, agents and representatives from and against any and all actions taken or omitted to be taken by Escrow Agent or any of
them hereunder and any and all claims, losses, liabilities, costs, damages and expenses suffered and/or incurred by the Escrow Agent arising in any manner whatsoever out of the transactions contemplated by this Agreement and/or any transaction
related in any way hereto, including the fees of outside counsel and other costs and expenses of defending itself against any claims, losses, liabilities, costs, damages and expenses arising in any manner whatsoever out the transactions contemplated
by this Agreement and/or any transaction related in any way hereto, except for such claims, losses, liabilities, costs, damages and expenses incurred by reason of the Escrow Agent’s gross negligence or willful misconduct. The Escrow Agent shall
owe a duty only to the Purchaser and Company under this Agreement and to no other person. 
  
 (c) The Purchaser and the Company shall jointly and severally reimburse the Escrow Agent for its reasonable out-of-pocket expenses (including counsel fees (which counsel may be Loeb & Loeb LLP or such other
counsel of the Escrow Agent’s choosing) incurred in connection with the performance of its duties and responsibilities hereunder, which shall not (subject to Section 4.1(b)) exceed $1,500. 
  
 (d) The Escrow Agent may at any time resign as Escrow Agent hereunder by
giving five (5) business days prior written notice of resignation to the Purchaser and the Company. Prior to the effective date of resignation as specified in such notice, the Purchaser and Company will issue to the Escrow Agent a Joint Instruction
authorizing delivery of the Documents and the Escrowed Payment to a substitute Escrow Agent selected by the Purchaser and the Company. If no successor Escrow Agent is named by the Purchaser and the Company, the Escrow Agent may apply to a court of
competent jurisdiction in the State of New York for appointment of a successor Escrow Agent, and deposit the Documents and the Escrowed Payment with the clerk of any such court and/or otherwise commence an interpleader or similar action for a
determination of where to deposit the same. 
  

 5 

 (e) The Escrow Agent does not have and will not have any interest in the Documents and the Escrowed
Payment, but is serving only as escrow agent, having only possession thereof. 
  
 (f) The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized hereby or within the rights or powers conferred upon it hereunder, nor for
action taken or omitted by it in good faith, and in accordance with advice of counsel (which counsel may be Loeb & Loeb, LLP or such other counsel of the Escrow Agent’s choosing), and shall not be liable for any mistake of fact or error of
judgment or for any acts or omissions of any kind except to the extent any such liability arose from its own willful misconduct or gross negligence. 
  
 (g) This Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent thereto and no implied duties or
obligations shall be read into this Agreement. 
  
 (h) The Escrow
Agent shall be permitted to act as counsel for the Purchaser or the Company, as the case may be, in any dispute as to the disposition of the Documents and the Escrowed Payment, in any other dispute between the Purchaser and the Company, whether or
not the Escrow Agent is then holding the Documents and/or the Escrowed Payment and continues to act as the Escrow Agent hereunder. 
  
 (i) The provisions of this Section 4.1 shall survive the resignation of the Escrow Agent or the termination of this Agreement. 
  
 4.2. Dispute Resolution; Judgments. Resolution of disputes arising
under this Agreement shall be subject to the following terms and conditions: 
  
 (a) If any dispute shall arise with respect to the delivery, ownership, right of possession or disposition of the Documents and/or the Escrowed Payment, or if the Escrow Agent shall in good faith be uncertain as to
its duties or rights hereunder, the Escrow Agent shall be authorized, without liability to anyone, to (i) refrain from taking any action other than to continue to hold the Documents and the Escrowed Payment pending receipt of a Joint Instruction
from the Purchaser and Company, (ii) commence an interpleader or similar action, suit or proceeding for the resolution of any such dispute; and/or (iii) deposit the Documents and the Escrowed Payment with any court of competent jurisdiction in the
State of New York, in which event the Escrow Agent shall give written notice thereof to the Purchaser and the Company and shall thereupon be relieved and discharged from all further obligations pursuant to this Agreement. The Escrow Agent may, but
shall be under no duty to, institute or defend any legal proceedings which relate to the Documents and the Escrowed Payment. The Escrow Agent shall have the right to retain counsel if it becomes involved in any disagreement, dispute or litigation on
account of this Agreement or otherwise determines that it is necessary to consult counsel which such counsel may be Loeb & Loeb LLP or such other counsel of the Escrow Agent’s choosing. 
  

 6 

 (b) The Escrow Agent is hereby expressly authorized to comply with and obey any Court Order. In case the
Escrow Agent obeys or complies with a Court Order, the Escrow Agent shall not be liable to the Purchaser and Company or to any other person, firm, company or entity by reason of such compliance. 
  
 ARTICLE V 
  
 GENERAL MATTERS 
  
 5.1. Termination. This escrow shall terminate upon disbursement of the
Escrowed Payment in accordance with the terms of this Agreement or earlier upon the agreement in writing of the Purchaser and Company or resignation of the Escrow Agent in accordance with the terms hereof. 
  
 5.2. Notices. All notices, requests, demands and other communications
required or permitted hereunder shall be in writing and shall be deemed to have been duly given one (1) day after being sent by telecopy (with copy delivered by overnight courier, regular or certified mail): 
  
 If to the Company or Newco, to: Vertical Health Solutions,
Inc. 
  

	 	    	855 Dunbar Avenue 

	 	    	Oldsmar, Florida 34677 

	 	    	Facsimile: 727-548-7135 

  
 With a copy to: 
  

	 	(b)	If to the Purchaser, to: 

  
 LAURUS MASTER FUND, LTD. 
 c/o Ironshore Corporate Services Ltd. 
 P.O. Box 1234 G.T., Queensgate House, South Church
Street 
 Grand Cayman, Cayman Islands 
 Fax: 212-541-4434 
 Attention: John Tucker, Esq. 
  

	(c)	If to the Escrow Agent, to: 

  
 Loeb & Loeb LLP 
 345 Park Avenue 
 New York, New York 10154 
 Fax: (212) 407-4990 
 Attention: Scott J. Giordano, Esq. 
  
 or to such other address as any of
them shall give to the others by notice made pursuant to this Section 5.2. 
  

 7 

 5.3. Interest. The Escrowed Payment shall not be held in an interest bearing account nor will
interest be payable in connection therewith. 
  
 5.4.
Assignment; Binding Agreement. Neither this Agreement nor any right or obligation hereunder shall be assignable by any party without the prior written consent of the other parties hereto. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective legal representatives, successors and assigns. 
  
 5.5. Invalidity. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal, or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it
being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  
 5.6. Counterparts/Execution. This Agreement may be executed in any number of counterparts and by different signatories hereto on separate
counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same agreement. This Agreement may be executed by facsimile transmission. 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above
written. 
  

			
	 COMPANY:

	
	 VERTICAL HEALTH SOLUTIONS, INC.

		
	 By:
	 	 /s/ STEPHEN WATTERS

	 Name:
	 	 Stephen Watters

	 Title:
	 	 CEO

	
	 NEWCO:

	
	 VERTICAL HEALTH VENTURES, INC.

		
	 By:
	 	 /s/ STEPHEN WATTERS

	 Name:
	 	 Stephen Watters

	 Title:
	 	 CEO

	
	 PURCHASER:

	
	 LAURUS MASTER FUND, LTD.

		
	 By:
	 	 /s/ DAVID GRIN

	 Name:
	 	 David Grin

	 Title:
	 	 Fund Manager

	
	 ESCROW AGENT:

	
	 LOEB & LOEB LLP

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 9 

 SCHEDULE A TO FUNDS ESCROW AGREEMENT 
  

			
	 PURCHASER

	 	 PRINCIPAL NOTE AMOUNT

	 LAURUS MASTER FUND, LTD.,
 c/o Ironshore Corporate
Services Ltd.,
 P.O. Box 1234 G.T.,
 Queensgate House, South
Church Street,
 Grand Cayman, Cayman Islands
 Fax:
345-949-9877
	 	Series A Preferred the aggregate stated value of all outstanding shares issued shall equal $4,000,000
		
	TOTAL	 	$4,000,000
		
	 FUND MANAGER

	 	 CLOSING PAYMENT

	 LAURUS CAPITAL MANAGEMENT, L.L.C.
 825 Third Avenue,
14th Floor
 New York,
New York 10022
 Fax: 212-541-4434
	 	Closing payment payable in connection with investment by Laurus Master Fund, Ltd. for which Laurus Capital Management, L.L.C. is the Manager.
		
	TOTAL	 	$156,000
		
	WARRANTS	 	 
		
	 WARRANT RECIPIENT

	 	 WARRANTS IN CONNECTION WITH OFFERING

	 LAURUS MASTER FUND, LTD.
 A Cayman Island
corporation
 c/o Ironshore Corporate Services Ltd.
 P.O. Box 1234
G.T.
 Queensgate House, South Church Street
 Grand Cayman, Cayman
Islands
 Fax: 345-949-9877
	 	Warrant exercisable into 820,000 shares of common stock of the Company issuable in connection with the Series A Preferred.
		
	TOTAL	 	Warrants exercisable into 820,000 shares of common stock of the Company

  

 10

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