Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

 

 

 

 

AGREEMENT AND PLAN OF MERGER

 

by and among

 

Fixel AI Inc.,

Logiq, Inc.,

Logiq Merger Sub,
Inc.,

Etgar Shpivak, 

Hadar Shpivak 

and Elad Levy 

 

 

 

 

 

 

October 30, 2020

 

     

     

    

 

TABLE OF
CONTENTS

 

	 	 	Page
	 	 	 
	Article I. DEFINITIONS	4
	 	 	 
	1.1	Certain Definitions	4
	 	 	 
	Article II. THE MERGER	12
	 	 	 
	2.1	The Merger	12
	2.2	Merger Consideration	12
	2.3	Effects of Merger	14
	2.4	Effect of Merger	15
	2.5	Right to Vote Parent Common Stock	15
	2.6	Procedure for Exchange of Fixel Shares	15
	2.7	Tax Treatment	16
	2.8	Employment Agreements	16
	2.9	Non-Competition Agreements	16
	 	 	 
	Article III. REPRESENTATIONS AND WARRANTIES OF FIXEL and THE FOUNDERS	16
	 	 	 
	3.1	Organization and Qualification	16
	3.2	Authority Relative to this Agreement; Non-Contravention	16
	3.3	No Conflicts	17
	3.4	Capitalization	17
	3.5	Government Approvals	18
	3.6	Litigation	18
	3.7	Brokers or Finders	18
	3.8	Tax Matters	18
	3.9	Affiliate Transactions	20
	3.10	Financial Statements	20
	3.11	Books and Records	20
	3.12	No Undisclosed Liabilities	20
	3.13	Compliance with Laws; Permits	20
	3.14	Real Property	21
	3.15	Insurance	21
	3.16	Environmental Matters	22
	3.17	Employee Matters	22
	3.18	Intellectual Property	24
	3.19	Investment Company	25
	3.20	Foreign Corrupt Practices; Improper Payments	25
	3.21	Application of Takeover Provisions	25
	3.22	Information	26
	3.23	Solvency	26
	3.24	Other Regulatory Matters	26
	3.25	Absence of Certain Changes, Events and Conditions	26
	3.26	No Other Information	28
	3.27	Material Contracts	28
	3.28	Access to Information; Disclaimer	30
	3.29	Full Disclosure	30

 

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	Article IV. REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB	31
	 	 
	4.1	Organization and Qualification	31
	4.2	Authority Relative to this Agreement; Non-Contravention	31
	4.3	No Conflicts	32
	4.4	Capitalization	32
	4.5	Government Approvals	33
	4.6	Exchange Act Reports; Financial Statements; Listing	33
	4.7	Litigation	34
	4.8	Subsidiaries; Merger Sub	34
	4.9	No Brokers or Finders	34
	4.10	Tax Matters	35
	4.11	Compliance with Laws; Permits	36
	4.12	Real Property	36
	4.13	Insurance	37
	4.14	Environmental Matters	37
	4.15	Employee Matters	38
	4.16	Intellectual Property	40
	4.17	No Undisclosed Liabilities	40
	4.18	Absence of Certain Changes, Events and Conditions	41
	4.19	Material Contracts	42
	4.20	Information	43
	4.21	No Other Information	43
	4.22	Access to Information; Disclaimer	43
	4.23	Foreign Corrupt Practices; Improper Payments	43
	4.24	Full Disclosure..	43
	 	 	 
	Article V. CONDUCT OF BUSINESS PENDING THE MERGER	44
	 	 	 
	5.1	Conduct of Business by Parent and Merger Sub	44
	5.2	Conduct of Business by Fixel	44
	 	 	 
	Article VI. ADDITIONAL COVENANTS AND AGREEMENTS	45
	 	 	 
	6.1	Commercially Reasonable Efforts; Governmental Filings	45
	6.2	Expenses	45
	6.3	Access to Information; Confidentiality	45
	6.4	Press Releases	47
	6.5	Securities Reports	47
	6.6	Fixel Financial Statements..	47
	6.7	No Solicitation.	47
	6.8	Failure to Fulfill Conditions	47
	6.9	SEC Filings	48
	6.10	Indemnification	48
	6.11	Obligations of Merger Sub and the Surviving Corporation	51
	6.12	Working Capital.	51
	6.13	Israeli Compliant Option Plan..	51
	 	 	 
	Article VII. CONDITIONS	52
	 	 	 
	7.1	Conditions to Obligations of Each Party	52
	7.2	Additional Conditions to Obligations of Parent and Merger Sub	52
	7.3	Additional Conditions to Obligations of Fixel	53
	7.4	Frustration of Closing Conditions	54

 

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	Article VIII. TERMINATION	54
	 	 	 
	8.1	Termination	54
	8.2	Expenses following Termination	54
	 	 	 
	Article IX. GENERAL PROVISIONS	55
	 	 	 
	9.1	Notices	55
	9.2	Interpretation	55
	9.3	Severability	55
	9.4	Amendment	56
	9.5	Waiver	56
	9.6	Entire Agreement; Binding Effect	56
	9.7	Counterparts; Facsimile Signatures	56
	9.8	Third Party Beneficiaries	56
	9.9	Governing Law	56
	9.10	Enforcement; Jurisdiction; Service of Process	56
	9.11	WAIVER OF JURY TRIAL	57
	9.12	Disclosure in Schedules	57

 

	Exhibit A	Form of Certificate of Merger
	Exhibit B	Fixel Stockholders
	Exhibit C	Form of Employment Agreement with Etgar Shpivak
	Exhibit D	Form of Employment Agreement with Hadar Shpivak
	Exhibit E	Form of Employment Agreement with Elad Levy
	Exhibit F	Form of Non-Competition Agreement
	Exhibit G	Escrow Agreement
	Exhibit H	Estimated Closing Statement

 

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AGREEMENT AND PLAN OF MERGER

 

This Agreement and
Plan of Merger (this “Agreement”) is entered into as of October 30, 2020, by and among Fixel AI Inc.,
a Delaware corporation (“Fixel”), Logiq, Inc., a Delaware corporation f.k.a. Weyland Tech Inc. (“Parent”),
Logiq Fixel Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Merger Sub”),
Etgar Shpivak (“E. Shpivak”), Hadar Shpivak (“H. Shpivak”) and Elad Levy (“Levy”
and collectively with E. Shpivak and H. Shpivak, the “Founders”).

 

W I T N E S S E T H

 

WHEREAS, the Board
of Directors of each of Fixel, Parent, and Merger Sub have determined that it is in the best interests of such corporations and
their respective stockholders to consummate the merger of Merger Sub with and into the Corporation with the Corporation as the
surviving corporation and a wholly-owned subsidiary of Parent (the “Merger”); and

 

WHEREAS, Parent, as
the sole stockholder of Merger Sub, has approved the execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby, including the Merger, and the requisite number of the Fixel Stockholders (as defined below)
have approved the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby,
including the Merger; and

 

WHEREAS, pursuant to
the Merger, among other things, all of the Fixel Shares (as hereinafter defined) shall be converted into Parent Common Stock (as
hereinafter defined) upon the Effective Time (as hereinafter defined);

 

NOW, THEREFORE, in
consideration of the representations, warranties and covenants contained herein, the parties hereto agree to be legally bound as
follows:

 

Article
I.

DEFINITIONS

 

As used herein, the
following terms shall have the following meanings (such meaning to be equally applicable to both the singular and plural forms
of the terms defined):

 

1.1 Certain Definitions.

 

“Accounting
Firm” means an independent accounting firm mutually agreed upon by the Parent Representative and the Founders.

 

“Affiliate”
has the meaning as defined in Rule 12b-2 promulgated under the Exchange Act, as such regulation is in effect on the date hereof.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Ancillary
Agreements” has the meaning set forth in Section 3.1.

 

“Average
Price” as of any date is the volume weighted average price (VWAP) of Parent Common Stock as reported by Bloomberg
LP for the twenty (20) trading days immediately prior to such date.

 

“Board
of Directors” means the board of directors of the entity specified.

 

    4

     

    

 

“Breach”
means any breach of, or any inaccuracy in, any representation or warranty or any breach of, or failure to perform or comply with,
any covenant or obligation, in or of this Agreement or any event which with the passing of time or the giving of notice, or both,
would constitute such a breach, inaccuracy or failure.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or a day on which the banks in New York are authorized by Law
or executive order to be closed.

 

“Cash”
means cash and cash equivalents as determined in accordance with GAAP consistently applied.

 

“Certificate
of Merger” means the certificate of merger to be filed in the State of Delaware in substantially the form of Exhibit
A.

 

“Closing”
has the meaning set forth in Section 2.3(c).

 

“Closing
Cash” means Fixel’s Cash, as of 12:01 a.m. Eastern time on the Closing Date, as determined in accordance with
GAAP consistently applied.

 

“Closing
Date” has the meaning set forth in Section 2.3(c).

 

“Closing
Date Statement” has the meaning set forth in Section 2.2(b)(ii).

 

“Closing
Indebtedness” means Fixel’s Indebtedness, as of 12:01 a.m. Eastern time on the Closing Date, as determined
in accordance with GAAP consistently applied.

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and
Section 601 et. seq. of ERISA.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Contracts”
means any contracts, agreements, licenses, notes, bonds, mortgages, indentures, leases or other binding instruments or binding
commitments, whether written or oral.

 

“DGCL”
means the Delaware General Corporation Act, 8 Del. C. §1-101, et. seq., as amended from time to time.

 

“Effective
Date” has the meaning set forth in Section 2.3(c).

 

“Effective
Time” has the meaning set forth in Section 2.3(c).

 

“End Date”
means December 31, 2020.

 

“Environmental
Law or Laws” shall mean any and all laws, statutes, regulations, ordinances or rules of the United States, any state
of the United States, any foreign country and any political subdivision thereof, or any Governmental Order or binding agreement
with any Governmental Authority: (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered
or threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or
subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage,
recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or remediation
of any Hazardous Materials. The term “Environmental Law” includes, without limitation, the following (including their
implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste
Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and Solid Waste Amendments
of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as amended by the Clean Water
Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976, as amended, 15 U.S.C. §§
2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. §§ 11001 et seq.;
the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C. §§ 7401 et seq.; and
the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.

 

    5

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor law and the rules and
regulations promulgated thereunder.

 

“ERISA
Affiliate” means any entity which is (or at any relevant time was), with Parent and/or Merger Sub, a member of a
“controlled group of corporations,” under “common control” with, or a member of an “affiliated service
group,” within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“Escrow
Agent” means I.B.I. Trust Management

 

“Escrow
Agreement” has the meaning set forth in Section 2.2(a).

 

“Estimated
Closing Cash” has the meaning set forth in Section 2.2(b)(i).

 

“Estimated
Closing Date Statement” has the meaning set forth in Section 2.2(b)(i).

 

“Estimated
Closing Indebtedness” has the meaning set forth in Section 2.2(b)(i).

 

“Estimated
Fixel Transaction Expenses” has the meaning set forth in Section 2.2(b)(i).

 

“Evaluation
Material” has the meaning set forth in Section 7.3(a).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, including the rules and regulations promulgated thereunder.

 

“Final
Closing Cash, Indebtedness and Transaction Expenses” has the meaning set forth in Section 2.2(b)(iv).

 

“Finder”
means Mr. Sean Simon.

 

“Fixel”
has the meaning set forth in the preamble.

 

“Fixel
Audited Financial Statements” has the meaning set forth in Section 7.6.

 

“Fixel
Charter Documents” has the meaning set forth in Section 4.1.

 

“Fixel
Disclosure Schedule” means the disclosure schedules delivered by Fixel to Parent and Merger Sub prior to and in connection
with the execution of this Agreement.

 

“Fixel
Employee” has the meaning set forth in Section 4.17(a).

 

“Fixel
Employee Plans” has the meaning set forth in Section 4.17(a).

 

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“Fixel
ERISA Affiliate” means any entity which is (or at any relevant time was), with Fixel, a member of a “controlled
group of corporations,” under “common control” with, or a member of an “affiliated service group,”
within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“Fixel
Financial Statements” has the meaning set forth in Section 4.10.

 

“Fixel
Insider” has the meaning set forth in Section 4.9.

 

“Fixel
Interest” means the common stock or any other securities by Fixel of any kind.

 

“Fixel
Interim Financial Statements” has the meaning set forth in Section 7.6.

 

“Fixel
IP” has the meaning set forth in Section 4.18(b).

 

“Fixel
IP Agreements” means all licenses, sublicenses, consent to use agreements, covenants not to sue and permissions and
other Contracts, including the right to receive royalties or any other consideration, whether written or oral, relating to Intellectual
Property and to which Fixel or any of its Subsidiaries is a party or under which Fixel or any of its Subsidiaries is a licensor
or licensee.

 

“Fixel
Latest Balance Sheet” has the meaning set forth in Section 4.12.

 

“Fixel
Material Contracts” has the meaning set forth in Section 3.27.

 

“Fixel
Shares” means the shares of common stock of Fixel that are owned by Fixel Stockholders as set forth on Exhibit
B.

 

“Fixel
Stockholders” means each of the individuals and entities listed set forth on Exhibit B hereto as Fixel
Stockholders.

 

“Fixel-Owned
IP” means all Intellectual Property owned or purported to be owned by Fixel.

 

“Fixel
Professional Fees” means the documented fees, costs and expenses of Fixel’s or Fixel’s Affiliates’
attorneys, accountants and other service providers incurred by Fixel or its Affiliates on or prior to the Closing Date in connection
with the preparation and negotiation of the Transaction Documents, the filings with the SEC related hereto and thereto, and the
closing of the transactions contemplated hereby or thereby.

 

“Fixel
Returns” has the meaning set forth in Section 3.8(a)(i).

 

“Fixel
Transaction Expenses” means, collectively, (i) all of the fees and expenses incurred or reimbursed by Fixel or its
Affiliates to third parties in connection with the negotiation, documentation and consummation of the Transactions, including all
Fixel Professional Fees, (ii) all payments required to be made to third parties to obtain third party consents in connection with
the consummation of the Subject Transactions, and (iii) all stay, change of control, severance, bonus, equity appreciation, phantom
equity or similar payments due by Fixel or its Affiliates to any Person, and any other accelerations or increases in rights or
benefits of their employees (whether payable or occurring prior to, on or after the Closing Date), under any plan, agreement or
arrangement, which obligation, in each case, arises on or before the Closing Date or in whole or in part as a result of the execution
of this Agreement or the consummation of the Subject Transactions, including all Taxes that are payable by Fixel in connection
with or as a result of the payment of such obligations.

 

    7

     

    

 

“Founders”
has the meaning set forth in the preamble.

 

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

 

“Governmental
Authority” means any supranational, national, state, municipal, local or foreign government, any instrumentality,
subdivision, court, administrative agency or commission or other governmental authority, or any quasi-governmental or private body
exercising any regulatory or other governmental or quasi-governmental authority or self-regulatory organization.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with
any Governmental Authority.

 

“Hazardous
Substance” shall mean (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid,
liquid, mineral or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, or
words of similar import or regulatory effect under Environmental Laws, and (b) any petroleum or petroleum-derived products, radon,
radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and
polychlorinated biphenyls.

 

“Indebtedness”
of any Person means all obligations of such Person (a) for borrowed money, (b) evidenced by notes, bonds, debentures or similar
instruments, (c) for the deferred purchase price of goods or services (other than trade payables or accruals incurred in the ordinary
course of business), (d) under capital leases or (e) in the nature of guarantees of the obligations described in clauses (a) through
(d) above of any other Person.

 

“Indemnified
Party” has the meaning set forth in Section 6.10(a).

 

“Intellectual
Property” means all intellectual property and other similar proprietary rights in any jurisdiction worldwide, whether
registered or unregistered, including such rights in and to: (a) patents (including all reissues, divisions, provisionals, continuations
and continuations-in-part, re-examinations, renewals and extensions thereof), patent applications, patent disclosures or other
patent rights; (b) copyrights, design, design registration, and all registrations, applications for registration, and renewals
for any of the foregoing, and any “moral” rights; (c) trademarks, service marks, trade names, business names,
logos, trade dress, certification marks and other indicia of commercial source or origin together with all goodwill associated
with the foregoing, and all registrations, applications and renewals for any of the foregoing; (d) trade secrets and business,
technical and know-how information, databases, data collections and other confidential and proprietary information and all rights
therein; (e) software, including data files, source code, object code, application programming interfaces, architecture, files,
records, schematics, computerized databases and other software-related specifications and documentation; and (f) Internet domain
name registrations.

 

“Investigated
Party” has the meaning set forth in Section 6.3(a).

 

“Investigating
Party” has the meaning set forth in Section 6.3(a).

 

“IRS”
means the United States Internal Revenue Service.

 

“Knowledge”
means, with respect to an entity, that such entity shall be deemed to have knowledge of a particular fact or other matter if the
officers or directors of such Person had actual or constructive knowledge, after due inquiry, of such fact or other matter.

 

    8

     

    

 

“Laws”
has the meaning set forth in Section 3.13(a).

 

“Lease”
shall mean all leases, subleases and other agreements under which an entity or any of its Subsidiaries leases, uses or occupies,
or has the right to use or occupy, any real property.

 

“Leased
Real Estate” shall mean all real property that an entity or any of its Subsidiaries leases, subleases or otherwise
uses or occupies, or has the right to use or occupy, pursuant to a Lease.

 

“Legal
Proceeding” has the meaning set forth in Section 3.6.

 

“Liabilities”
means all Indebtedness, obligations and other liabilities of a Person, whether absolute, accrued, asserted or unasserted, contingent
(or based upon any contingency), known or unknown, fixed or otherwise, or whether due or to become due.

 

“Liens”
means, with respect to any property or asset, all pledges, liens, mortgages, charges, encumbrances, hypothecations, options, rights
of first refusal, rights of first offer and security interests of any kind or nature whatsoever.

 

“Logiq
Subsidiary” means any Subsidiary of the Parent.

 

“Loss(es)”
means any loss, liability, claim, damage, or expense (including, but not limited to, any and all expense whatsoever reasonably
incurred in investigating, preparing, or defending against any litigation, commenced or threatened, or any claim whatsoever).

 

“Material
Adverse Effect” with respect to an entity, means any event, occurrence, fact, condition or change that is, or would
reasonably be expected to become, individually or in the aggregate, materially adverse to (i) the business, results of operations,
condition (financial or otherwise), or assets of such entity and its Subsidiaries, taken as a whole, or (ii) the ability of such
entity to consummate the transactions contemplated hereby on a timely basis; provided, however, that, for the purposes
of clause (i), a Material Adverse Effect shall not be deemed to include events, occurrences, facts, conditions or changes arising
out of, relating to or resulting from: (a) changes generally affecting the economy, or financial or securities markets; (b) the
announcement of the transactions contemplated by this Agreement; (c) any outbreak or escalation of war or any act of terrorism;
(d) general conditions in the industry in which such entity and its Subsidiaries operate; (e) changes after the date of this Agreement
in GAAP or regulatory accounting requirements, (f) changes after the date of this Agreement in Laws of general applicability to
companies in the industry in which such entity and its Subsidiaries operate; (g) failure, in and of itself, to meet earnings projections
or internal financial forecasts, but not including any underlying causes thereof unless separately excluded hereunder, or changes
in the trading price of such entity’s common stock, in and of itself, but not including any underlying causes unless separately
excluded hereunder; or (h) actions or omissions taken with the prior written consent of the other party hereto or expressly required
by this Agreement; provided further, however, that any event, change and effect referred to in clauses (a), (c), (d), (e) or (f)
immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably
be expected to occur to the extent that such event, change or effect has a disproportionate effect on such entity and its Subsidiaries,
taken as a whole, compared to other participants in the industries in which such entity and its Subsidiaries conduct their businesses.

 

“Merger”
has the meaning ascribed thereto in the recitals of this Agreement.

 

“Merger
8-K” has the meaning set forth in Section 6.9(a).

 

“Merger
Sub” has the meaning set forth in preamble.

 

    9

     

    

 

“Merger
Sub Organization Documents” has the meaning set forth in Section 4.1.

 

“Merger
Sub Shares” means the shares of common stock of Merger Sub.

 

“Parent”
has the meaning set forth in the preamble.

 

“Parent
Affiliates” has the meaning set forth in Section 3.6(b).

 

“Parent
Capital Stock” means the Parent Common Stock, representing all authorized capital stock of Parent prior to the Merger.

 

“Parent
Common Stock” means the common stock, par value $0.0001 per share, of Parent.

 

“Parent
Disclosure Schedule” means the disclosure schedules delivered by Parent and Merger Sub in connection with the execution
of this Agreement.

 

“Parent
Employee” has the meaning set forth in Section 4.15(a).

 

“Parent
Employee Plans” has the meaning set forth in Section 4.15(a).

 

“Parent
ERISA Affiliate” means any entity which is (or at any relevant time was), with Parent and/or Merger Sub, a member
of a “controlled group corporations,” under “common control” with, or a member of an “affiliated
serve group” within the meaning of Section 414(b), (c), (m) or (o) of the code.

 

“Parent
Financial Statements” has the meaning set forth in Section 4.6(b).

 

“Parent
IP” has the meaning set forth in Section 4.16(b).

 

“Parent
IP Agreements” means all licenses, sublicenses, consent to use agreements, covenants not to sue and permissions and
other Contracts, including the right to receive royalties or any other consideration, whether written or oral, relating to Intellectual
Property and to which Parent is a party or under which Parent is a licensor or licensee.

 

“Parent
Latest Balance Sheet” has the meaning set forth in Section 4.17.

 

“Parent
Material Contract” has the meaning set forth in Section 4.19.

 

“Parent
Organization Documents” has the meaning set forth in Section 4.1.

 

“Parent-Owned
IP” means all Intellectual Property owned or purported to be owned by Parent.

 

“Parent
Previous Filings” has the meaning set forth in Section 4.6(a).

 

“Parent
Professional Fees” means the actual and documented fees, costs and expenses of Parent’s attorneys, accountants
and other service providers incurred by Parent on or prior to the Closing Date in connection with the preparation and negotiation
of the Transaction Documents, the organization of Merger Sub, the filings with the SEC related hereto and thereto and the closing
of the transactions contemplated hereby or thereby, provided that all such fees, costs and expenses are itemized on a schedule
delivered by Parent to Fixel.

 

“Parent
Representative” shall be Tom Furukawa.

 

    10

     

    

 

“Parent
Returns” has the meaning set forth in Section 4.10(a).

 

“Parent
SEC Filings” has the meaning set forth in Section 4.6(a).

 

“Parent
Specific Liabilities” means any liability or obligation of Parent with respect to or relating to the indemnification
by Parent of its directors or officers in their capacities as such, Parent Capital Stock or other securities of Parent, any filings
of Parent with the SEC, any public disclosures of Parent, Parent’s status as a registered issuer under the Exchange Act and
any Contract to which Parent is a party with respect to any of the foregoing, including with its stock transfer agent, audit engagement
and directors and officers liability insurance provider to the extent each such Contract is referenced in the Parent Disclosure
Schedule.

 

“Permits”
has the meaning set forth in Section 3.13(c).

 

“Permitted
Liens” means (a) statutory Liens for current Taxes or other governmental charges not yet due and payable or the amount
or validity of which is being contested in good faith (provided appropriate reserves required pursuant to GAAP have been made in
respect thereof), (b) mechanics’, carriers’, workers’, repairers’ and similar statutory Liens arising or
incurred in the ordinary course of business for amounts which are not delinquent or which are being contested by appropriate proceedings
(provided appropriate reserves required pursuant to GAAP have been made in respect thereof), (c) zoning, entitlement, building
and other land use regulations imposed by Governmental Authorities having jurisdiction over such Person’s owned or leased
real property, which are not violated by the current use and operation of such real property, (d) covenants, conditions, restrictions,
easements and other similar non-monetary matters of record affecting title to such Person’s owned or leased real property,
which do not materially impair the occupancy or use of such real property for the purposes for which it is currently used in connection
with such Person’s businesses, (e) any right of way or easement related to public roads and highways, which do not materially
impair the occupancy or use of such real property for the purposes for which it is currently used in connection with such Person’s
businesses, and (f) Liens arising under workers’ compensation, unemployment insurance, social security, retirement and similar
legislation.

 

“Person”
means any individual, corporation (including any non-profit corporation), general or limited partnership, limited liability company,
joint venture, estate, trust, association, organization, labor union, Governmental Authority or other entity.

 

“Pre-Closing
Statement” has the meaning set forth in Section 2.2(b)(i).

 

“Representatives”
has the meaning set forth in Section 6.3(a).

 

“Sarbanes-Oxley
Act” means the Sarbanes-Oxley Act of 2002, including the rules and regulations promulgated thereunder, in each case
as amended from time to time.

 

“Schedule”
means either Fixel Disclosure Schedule or the Parent Disclosure Schedule.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“SEC Filings”
has the meaning set forth in Section 6.9(a).

 

“Securities
Act” means the Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder.

 

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“Solvent”
with respect to any Person means that, as of any date of determination, (a) the amount of the “fair saleable value”
of the assets of such Person exceeds, as of such date, the sum of (i) the value of all “liabilities of such Person, including
contingent and other liabilities,” as of such date, as such quoted terms are generally determined in accordance with applicable
federal Laws governing determinations of the solvency of debtors, and (ii) the amount that will be required to pay the probable
liabilities of such Person on its existing debts (including contingent liabilities) as such debts become absolute and matured;
and (b) such Person will not have, as of such date, an unreasonably small amount of capital for the operation of the business in
which it is engaged or proposed to be engaged following such date; and (c) such Person will be able to pay its liabilities, including
contingent and other liabilities, as they mature.

 

“Subject
Transactions” means the Merger and the other transactions contemplated by the Transaction Documents.

 

“Subsidiary”
with respect to any Person, means (i) each corporation in which such Person owns directly or indirectly fifty percent (50%) or
more of the voting securities of such corporation and (ii) any other Person in which such Person owns at least a majority
voting interest, and shall, in each case, unless otherwise indicated, be deemed to refer to both direct and indirect subsidiaries
of such Person.

 

“Surviving
Corporation” has the meaning set forth in Section 2.1.

 

“Tax”
or “Taxes” (and, with correlative meaning, “Taxable” and “Taxing”) means any
federal, state, local or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium,
property or windfall profits taxes, environmental taxes, customs duties, capital stock, franchise, employees’ income withholding,
foreign or domestic withholding, social security, unemployment, disability, workers’ compensation, employment-related insurance,
real property, personal property, sales, use, transfer, value added, alternative or add-on minimum or other governmental tax, fee,
assessment or charge of any kind whatsoever including any interest, penalties or additions to any Tax or additional amounts in
respect of the foregoing and any liability for the foregoing under Treasury Regulation Section 1.1502-6 (or any similar provision
of state, local or foreign law), or as a transferee or successor, by contract, or otherwise, imposed by and taxing authority.

 

“Transaction
Documents” means this Agreement, the Certificate of Merger, and all Contracts, certificates and instruments relating
to the foregoing to be executed by any of the parties in connection or pursuant to the foregoing.

 

Article
II.

THE MERGER

 

2.1 The Merger.
Subject to the satisfaction or waiver of the conditions set forth in Article VII, at the Effective Time, (a) Merger Sub
will merge with and into Fixel, and (b) Fixel will survive the Merger, continuing its existence as a wholly-owned subsidiary of
Parent. The term “Surviving Corporation” as used in this Agreement shall mean Fixel. The Merger will
be effected pursuant to the Certificate of Merger in the form of Exhibit A in accordance with the provisions of,
and with the effect provided in, Section 251(c) of the DGCL.

 

2.2 Merger Consideration.

 

(a) Issuance of Parent
Common Stock. On the Effective Date, Parent shall issue a number of shares of Parent Common Stock, equal to (i) Five Million
Dollars ($5,000,000.00) worth of Parent Common Stock priced on the Average Price immediately prior to the Closing (ii) plus/minus
the Pre-Closing Adjustment Amount, to Escrow Agent or other Fixel Stockholders, in accordance with Fixel’s Capitalization
Table, as attached in Schedule 3.4(a) of the Disclosure Schedule and subject to and in accordance with the Escrow Agreement substantially
the form attached hereto as Exhibit G by and among Fixel, the Escrow Agent and Parent (the “Escrow Agreement”).
The parties acknowledge and agree that such shares of Parent Common Stock will be held by the Escrow Agent for further disbursement
by the Escrow Agent to the Fixel Stockholders and the Finder in accordance with the terms set forth in the Escrow Agreement. No
fraction of a share of Parent Capital Stock will be issued to Escrow Agent for further distribution to the Fixel Stockholders and
the Finder pursuant to this Section 2.2(a), but in lieu thereof each Fixel Stockholder who would otherwise be entitled to
a fraction of a share of Parent Common Stock (after aggregating all fractional shares of Parent Common Stock to be received by
such holder) shall receive one full share of Parent Common Stock (i.e., rounded up to the nearest whole share).

 

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(b) Post-Closing Adjustment.

 

(i) Estimated
Closing Statement. Prior to the execution of this Agreement, Fixel will have delivered to Parent a statement (the “Estimated
Closing Date Statement”), reasonably acceptable to Parent, setting forth a good faith calculation, together with
reasonably detailed supporting documentation, of the Closing Cash (the “Estimated Closing Cash”) minus
the Closing Indebtedness (the “Estimated Closing Indebtedness”) and Fixel Transaction Expenses (the “Estimated
Fixel Transaction Expenses”). The Estimated Closing Date Statement and the calculations thereunder were prepared
and calculated in good faith, and the Estimated Closing Date Statement is attached hereto as Exhibit H. If the sum
of the Estimated Closing Cash minus the Estimated Closing Indebtedness and Estimated Fixel Transaction Expenses is a positive number,
the number of shares of Parent Common Stock to be issued to the Escrow Agent pursuant to Section 2.2(a) shall be increased by such
amount. If the sum of the Estimated Closing Cash minus the Estimated Closing Indebtedness and Estimated Fixel Transaction Expenses
is a negative number, then number of shares of Parent Common Stock to be issued to the Escrow Agent pursuant to Section 2.2(a)
shall be decreased by such amount. In each case, the adjustments to the number of shares of Parent Common Stock to be issued to
the Escrow Agent pursuant to Section 2.2(a) as set forth above shall be referred to as the “Pre-Closing Adjustment”.

 

(ii) Closing
Date Statement. Within ninety (90) days after the Closing Date, Parent shall deliver, or cause its accountants to deliver,
to the Founders a statement (the “Closing Date Statement”) setting forth Parent’s calculation,
together with reasonably detailed supporting documentation, of the Closing Cash, Closing Indebtedness and Fixel Transaction Expenses.
Notwithstanding anything to the contrary set forth in this Agreement, Parent shall have the right to revise the Closing Date Statement
and Parent’s calculation of the Closing Cash, Closing Indebtedness and Fixel Transaction Expenses in all respects based on
fraud or willful misconduct discovered by Parent at any time.

 

(iii) Disputes.
If the Founders object to Parent’s calculation of the Closing Cash, Closing Indebtedness and Fixel Transaction Expenses as
set forth in the Closing Date Statement, then, within fifteen (15) days after the delivery to the Founders of the Closing Date
Statement (the “Objection Period”), the Founders shall deliver to Parent a written notice (an “Objection
Notice”) describing in reasonable detail the Founders’ objections to Parent’s calculation of the amounts
set forth in such Closing Date Statement and containing a statement setting forth the calculation of each amount set forth in such
Closing Date Statement, in each case, determined by the Founders to be correct. If the Founders do not deliver an Objection Notice
to Parent during the Objection Period, then Parent’s calculation of the amounts set forth in the Closing Date Statement shall
be binding and conclusive on the parties hereto.

 

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If the Founders deliver an Objection
Notice, and if the Founders and Parent are unable to agree upon the calculation of the amounts set forth in the Closing Date Statement
within ten (10) Business Days after such Objection Notice is delivered to Parent, the dispute shall be finally settled by the Accounting
Firm. Within ten (10) days after the Accounting Firm is appointed, Parent shall forward a copy of the Closing Date Statement to
the Accounting Firm, and the Founders shall forward a copy of the Objection Notice to the Accounting Firm, together with, in each
case, all relevant supporting documentation. The Accounting Firm’s role shall be limited to resolving such objections and
determining the correct calculations to be used on only the disputed portions of the Closing Date Statement, and the Accounting
Firm shall not make any other determination, including any determination as to whether any other items on the Closing Date Statement
are correct. The Accounting Firm shall not assign a value to any item greater than the greatest value for such item claimed by
the Founders or Parent or less than the smallest value for such item claimed by the Founders or Parent and shall be limited to
the selection of either the Founders’ or Parent’s position on a disputed item (or a position in between the positions
of the Founders or Parent) based solely on presentations and supporting material provided by the parties and not pursuant to any
independent review. In resolving such objections, the Accounting Firm shall apply the provisions of this Agreement concerning the
determination of the amounts set forth in the Closing Date Statement. The Accounting Firm shall deliver to the Founders and Parent
a written determination (such determination to include a work sheet setting forth all material calculations used in arriving at
such determination and to be based solely on information provided to the Accounting Firm by the Founders and Parent) of the disputed
items submitted to the Accounting Firm within thirty (30) days of receipt of such disputed items. The determination by the Accounting
Firm of the disputed amounts shall be conclusive and binding on the parties hereto, absent manifest error or fraud or willful misconduct
as determined by a non-appealable and binding decision by a court of law having jurisdiction over the parties. Both parties shall
bear their own costs and fees and shall share the costs and fees of the Accounting Firm for its services in proportion to the relative
difference between calculation of the Closing Cash, Closing Indebtedness and Fixel Transaction Expenses (as set forth in the Closing
Date Statement, in the case of Parent, or in an Objection Notice, in the case of the Founders), and the calculation of the Closing
Cash, Closing Indebtedness and Fixel Transaction Expenses as determined by the Accounting Firm.

 

(iv) Post-Closing
Payment. If the sum of the Closing Cash minus the Closing Indebtedness and Fixel Transaction Expenses, as finally determined
in accordance with this Section 2.2(c) (the “Final Closing Cash, Indebtedness and Transaction Expenses”)
is a positive number and exceeds the amount of a positive Pre-Closing Adjustment, then an additional number of shares worth of
Parent Common Stock, priced on the Average Price immediately prior to the Closing, equal to the amount of such excess, shall be
issued to Escrow Agent within ten days of such determination, subject to and in accordance with the Escrow Agreement. If the Final
Closing Cash, Indebtedness and Transaction Expenses is a negative number and exceeds the amount of a negative Pre-Closing Adjustment,
Escrow Agent shall surrender Parent such number of shares worth of Parent Common Stock, priced on the Average Price immediately
prior to the Closing, equal to the amount of such excess, within ten days of such determination, subject to and in accordance with
the Escrow Agreement.

 

2.3 Effects of
Merger.

 

(a) From and after the
Effective Time and until further amended in accordance with applicable Laws, the certificate of incorporation and by-laws of Parent
as in effect immediately prior to the Effective Time shall be the certificate of incorporation of the Surviving Corporation.

 

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(b) Parent, Fixel, and
Merger Sub, respectively, shall each use its reasonable best efforts to take all such action as may be necessary or appropriate
to effectuate the Merger in accordance with the DGCL at the Effective Time. If at any time after the Effective Time, any further
action is necessary or desirable to carry out the purposes of this Agreement and to vest the Surviving Corporation with full right,
title and possession to all properties, rights, privileges, immunities, powers and franchises of either Fixel or Merger Sub, the
officers of the Surviving Corporation are fully authorized in the name of Parent, Fixel and Merger Sub or otherwise to take, and
shall take, all such lawful and necessary action.

 

(c) Subject to the provisions
of Article VII and Article VIII hereof, the closing of the transactions contemplated hereby (the “Closing”)
shall take place by electronic communication at such time and place as Fixel and Parent mutually agree, at the earliest practicable
time after the satisfaction or waiver of the conditions in Article VII (other than those conditions that by their nature
are to be satisfied by actions taken at the Closing, but subject to the satisfaction or waiver of such conditions), but in no event
later than ten (10) Business Days after all such conditions have been satisfied or waived, or on such other date as may be mutually
agreed upon by the parties hereto (the “Closing Date”). On the Closing Date, the parties hereto will
cause the Certificate of Merger to be filed with the Delaware Secretary of State in accordance with the DGCL. The Merger shall
be effective when the filing of the Certificate of Merger is accepted by the Delaware Secretary of State (the “Effective
Time”). As used herein, the term “Effective Date” shall mean the date on which the Effective
Time occurs.

 

2.4 Effect of
Merger.

 

(a) To effectuate the
Merger, and subject to the terms and conditions of this Agreement, at the Effective Time:

 

(i) Subject
to the terms of the Escrow Agreement, each Fixel Share issued and outstanding immediately prior to the Effective Time shall automatically
be converted into and exchangeable for fully paid and nonassessable shares of Parent Common Stock delivered to the Escrow Agent
in accordance with Section 2.2(a).

 

(ii) All Fixel
Shares held immediately prior to the Effective Time by Fixel (i.e. dormant shares) will be cancelled and extinguished and no payment
will be made with respect to those Fixel Shares; and

 

(iii) Each
share of common stock of Merger Sub issued and outstanding immediately prior to the Effective Time will be converted into and become
shares of common stock of the Surviving Corporation, which shall represent all of the issued and outstanding capital stock of the
Surviving Corporation immediately following the Effective Time.

 

2.5 Right to
Vote Parent Common Stock. The Fixel Stockholders and the Finder that receive Parent Common Stock pursuant to the Escrow
Agreement, shall, after the Effective Time, be entitled to vote such shares of Parent Common Stock on any matters on which the
registered holders of Parent Capital Common, as of any date subsequent to the Effective Time, shall be entitled to vote.

 

2.6 Procedure
for Exchange of Fixel Shares.

 

(a) After the Effective
Time, the Fixel Stockholders and the Finder that receive Parent Common Stock pursuant to the Escrow Agreement, shall receive uncertificated
book entry accounts representing the number of shares of Parent Common Stock issued to such Fixel Stockholder or Finder.

 

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(b) The shares of Parent
Common Stock issued upon the surrender for exchange of Fixel Shares in accordance with the above terms and conditions shall be
deemed to have been issued in full satisfaction of all rights pertaining to such Fixel Shares.

 

2.7 Tax Treatment.
For U.S. federal income tax purposes, the parties to this Agreement agree that it is intended that the Merger will qualify as a
tax-free “reorganization” within the meaning of Section 368(a)(1)(A) of the Code (and as provided in Revenue Ruling
2001-46).

 

2.8 Employment
Agreements. At or prior to the Closing, the Surviving Corporation shall enter into employment agreements with each of the
Founders in substantially the forms of Exhibits C, D and E respectively.

 

2.9 Non-Competition
Agreements. At or prior to the Closing, the Surviving Corporation shall enter into non-competition agreements with each
of the Founders in substantially the form of Exhibit F.

 

Article
III.

REPRESENTATIONS AND WARRANTIES

OF FIXEL and THE FOUNDERS

 

Except
as set forth in the relevant sections of Fixel Disclosure Schedule, Fixel hereby represents and warrants to the Parent and Merger
Sub as follows:

 

3.1 Organization
and Qualification. Fixel is, and on the Effective Date will be, a corporation duly organized, validly existing and in good
standing under the laws of the State of Delaware, and has the requisite corporate power to carry on its business as now conducted.
The certificate of incorporation and by-laws of Fixel (the “Fixel Charter Documents”) that have been
made available to Parent prior to the date of this Agreement are correct and complete copies of such documents as in effect as
of the date hereof, and shall be in effect on the Effective Date. Fixel is, and on the Effective Date will be, licensed or qualified
to do business in every jurisdiction in which the nature of its business or its ownership of property requires it to be licensed
or qualified, except where the failure to be so licensed or qualified would not have a Material Adverse Effect on Fixel or the
Surviving Corporation. Fixel is not in violation of any Fixel Charter Documents.

 

3.2 Authority
Relative to this Agreement; Non-Contravention.

 

(a) Fixel has the requisite
corporate power and authority to enter into this Agreement and to perform its obligations hereunder. The execution and delivery
of this Agreement by Fixel and the consummation by Fixel of the transactions contemplated hereby have been duly authorized by the
Board of Directors of Fixel and by at least the minimum number of votes that would be necessary to authorize or take the actions
contemplated by this Agreement and the transactions contemplated hereby from the Stockholders of Fixel, and no other corporate
proceedings on the part of Fixel are necessary to authorize the execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby. This Agreement has been duly executed and delivered by Fixel and the Founders, and assuming
it is a valid and binding obligation of Parent and Merger Sub, constitutes a valid and binding obligation of Fixel and the Founders
enforceable in accordance with its terms except as enforcement may be limited by general principles of equity whether applied in
a court of law or a court of equity and by bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies,
generally. Other than the filing of the Certificate of Merger with the Secretary of State of Delaware, no authorization, consent
or approval of, or filing with, any public body, court or authority is necessary on the part of Fixel for the consummation by Fixel
of the transactions contemplated by this Agreement, except for such authorizations, consents, approvals and filings as to which
the failure to obtain or make the same would not, in the aggregate, reasonably be expected to have a Material Adverse Effect on
Fixel or the Surviving Corporation or adversely affect the consummation of the transactions contemplated hereby.

 

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(b) The Board of Directors
of Fixel has, as of the date hereof (i) determined that this Agreement and the transactions contemplated hereby, including the
Merger, are fair to, and in the best interests of, the Fixel Stockholders, (ii) approved and declared advisable the “agreement
of merger” (as such term is used in Section 251 of the DGCL) contained in this Agreement and the transactions contemplated
by this Agreement, including the Merger, in accordance with the DGCL, and (iii) directed that the “agreement of merger”
contained in this Agreement be submitted to the Fixel Stockholders for adoption. As of the date of this Agreement, the holders
of Fixel Interest have adopted the “agreement of merger” set forth in this Agreement by written consent resolutions.

 

3.3 No Conflicts.
Fixel is not subject to, or obligated under, any provision of (a) Fixel Charter Documents, (b) any Fixel Material Contract or other
agreement, arrangement or understanding, (c) any license, franchise or permit or (d) any law, regulation, order, judgment or decree,
which would conflict with, be breached or violated, or in respect of which a right of termination or acceleration or any Lien on
any of its assets would be created, by the execution, delivery or performance of this Agreement, or the consummation of the transactions
contemplated hereby, other than, solely with respect to clauses (b), (c) and (d) of this Section 3.3, any
such conflicts, breaches, violations, rights of termination or acceleration or Liens which, in the aggregate, would not reasonably
be expected to result in a Material Adverse Effect on Fixel or the Surviving Corporation.

 

3.4 Capitalization.

 

(a) The issued and outstanding
Fixel Shares on the date hereof are, and the issued and outstanding Fixel Shares at the Effective Time will be duly authorized,
validly issued, fully paid and non-assessable and not issued in violation of any preemptive rights and free from any restrictions
on transfer (other than restrictions under the Securities Act or state securities laws) or any option, lien, pledge, security interest,
encumbrance, restriction or charge of any kind. Other than as described in Fixel Disclosure Schedule 3.4(a), Fixel has, and at
the Effective Time will have, no other equity securities or securities containing any equity features authorized, issued or outstanding.
Other than as described in Fixel Disclosure Schedule 3.4(a), there are no other commitments, agreements or other rights or arrangements
existing which provide for the sale or issuance of common stock or any other securities by Fixel of any kind and there are no rights,
subscriptions, warrants, options, conversion rights or agreements of any kind outstanding to purchase or otherwise acquire from
Fixel any shares of Fixel Interest or other securities of Fixel of any kind, and, there will not be any such agreements prior to
or at the Effective Date. There are, and on the Effective Date there will be, no commitments, agreements or other obligations (contingent
or otherwise) which may require Fixel to repurchase or otherwise acquire any Fixel Shares or other securities. Fixel Disclosure
Schedule 3.4(a) sets forth the names of the holders of record of all issued and outstanding Fixel Shares and their respective holdings
of such securities. Each Stockholder owns Fixel Shares set forth opposite each such member’s name on such Schedule, free
and clear of any Liens other than any Liens that will be discharged at Closing or any Liens resulting from applicable securities
Laws. For the avoidance of doubt, on the Effective Date, there will be no outstanding warrants, notes, rights or other instruments
convertible into or exercisable or exchangeable for Fixel Shares or in connection with which Fixel Shares may be issuable.

 

(b) Fixel is not, and
on the Effective Date, a party to any contract to acquire any equity securities or other securities of any Person or any direct
or indirect equity or ownership interest in any other Person. Except as contemplated by this Agreement and as set forth on Fixel
Disclosure Schedule 3.4(b), Fixel is not a party to and there do not exist any voting trusts, proxies, or other contracts with
respect to the voting of Fixel Shares.

 

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3.5 Government
Approvals. Except for the filing of all necessary documents with the Delaware Secretary of State pursuant to the DGCL,
no consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Authority
are necessary for the execution and delivery of this Agreement by Fixel, the performance by Fixel of its obligations hereunder
and the consummation by Fixel of the Merger and the other transactions contemplated hereby, except where the failure to obtain
such permits, authorizations, consents or approvals or to make such filings or give such notice would not, individually or in the
aggregate, reasonably be expected to prevent or materially impair the ability of Fixel to consummate the Merger and the other transactions
contemplated by this Agreement or to execute, deliver and perform its obligations pursuant hereto.

 

3.6 Litigation.
Except as set forth on Fixel Disclosure Schedule 3.6, there are no actions, suits, proceedings, orders or investigations (a “Legal
Proceeding”) pending or, to the Knowledge of Fixel, threatened against Fixel or its officers, directors, employees
or Affiliates, or the nominees for officer or director of Parent after the Effective Time, individually or in the aggregate, at
law or in equity, or before or by any federal, state or other governmental department, court, commission, board, bureau, agency
or instrumentality, domestic or foreign, except for such Legal Proceedings that would not, individually or in the aggregate, reasonably
be expected to have Material Adverse Effect. To the Knowledge of Fixel, there is no reasonable basis for any Legal Proceeding directly
or indirectly involving Fixel or its officers, directors, employees, Affiliates or the nominees for officer or director of Parent
after the Effective Time, individually or in the aggregate. Fixel is not a party to any order, judgment or decree issued by any
federal, state or other governmental department, court, commission, board, bureau, agency or instrumentality, domestic or foreign.

 

3.7 Brokers or
Finders. Other than the Finder, neither Fixel nor any of its officers, directors, employees or Affiliates has employed
any broker, finder, investment banker or investment advisor or Person performing similar function, or incurred any liability, for
brokerage commissions, finders’ fees, investment advisory fees or similar compensation, in connection with the transactions
contemplated by this Agreement. Except for the Parent Common Shares to be issued to Finder pursuant to the Escrow Agreement, Fixel
and the Fixel Stockholders will have no other liability to Finder for brokerage commissions, finders’ fees, investment advisory
fees or similar compensation in connection with the Subject Transactions.

 

3.8 Tax Matters.

 

(a) (i) Fixel has timely
filed (or has had timely filed on its behalf) all material returns, declarations, reports, estimates, information returns, and
statements, including any schedules and amendments to such documents (“Fixel Returns”), required to be
filed by it in respect of any Taxes; (ii) all such Fixel Returns are complete and accurate in all material respects; (iii) Fixel
has timely paid (or has had timely paid on its behalf) all Taxes required to have been paid by it (whether or not shown on any
Fixel Return); (iv) Fixel has established on Fixel Latest Balance Sheet, in accordance with GAAP, reserves that are adequate for
the payment of any Taxes not yet paid; and (v) Fixel has complied in all material respects with all applicable laws, rules, and
regulations relating to the collection or withholding of Taxes from third parties (including without limitation employees) and
the payment thereof (including, without limitation, withholding of Taxes under Sections 1441 and 1442 of the Code, or similar provisions
under any foreign laws).

 

(b) There are no liens
for Taxes upon any assets of Fixel, except statutory liens for current Taxes not yet due and Permitted Liens.

 

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(c) No material deficiency
for any Taxes has been asserted, assessed or proposed against Fixel that has not been finally resolved. No waiver, extension or
comparable consent given by Fixel regarding the application of the statute of limitations with respect to any Taxes or Fixel Returns
is outstanding, nor is any request for any such waiver or consent pending. There is no pending or threatened Tax audit or other
administrative proceeding or court proceeding with regard to any Taxes or Fixel Returns, nor is any such Tax audit or other proceeding
pending, nor has there been any notice to Fixel by any Taxing authority regarding any such Tax audit or other proceeding, or, to
the Knowledge of Fixel, is any such Tax audit or other proceeding threatened with regard to any Taxes or Fixel Returns. Fixel does
not expect the assessment of any additional Taxes of Fixel for any period prior to the date hereof and has no Knowledge of any
unresolved questions, claims or disputes concerning the liability for Taxes of Fixel which would exceed the estimated reserves
established on its books and records.

 

(d) Neither the execution
and delivery of this Agreement nor the consummation of the transactions contemplated hereby, either alone or in combination with
any other event (whether contingent or otherwise) will, to the extent applicable, result in any “excess parachute payment”
under Section 280G of the Code (or any corresponding provision of state, local, or foreign Tax law).

 

(e) There is no contract,
agreement, plan or arrangement to which Fixel is a party which requires Fixel to pay a Tax gross-up, equalization or reimbursement
payment to any Person, including without limitation, with respect to any Tax-related payments under Section 409A of the Code or
Section 280G of the Code.

 

(f) Fixel is not liable
for Taxes of any other Person under Treasury Regulations section 1.1502-6 or any similar provision of state, local or foreign Tax
law, as a transferee or successor, by Contract or otherwise. Fixel is not a party to any Tax sharing, allocation or indemnification
agreement. Fixel has not agreed and is not required, as a result of a change in method of accounting or otherwise, to include any
adjustment under Section 481 of the Code (or any corresponding provision of state, local or foreign law) in Taxable income. Fixel
will not be required to include any item of income in Taxable income for any Taxable period (or portion thereof) ending after the
Closing Date as a result of any (i) prepaid amount received on or prior to the Closing Date, (ii) “closing agreement”
described in Section 7121 of the Code (or any similar or corresponding provision of any other Tax law). No claim has ever been
made by a Taxing authority in a jurisdiction where Fixel does not file a Fixel Return that Fixel is subject to Tax imposed by that
jurisdiction. There are no advance rulings in respect of any Tax pending or issued by any Taxing authority with respect to any
Taxes of Fixel.

 

(g) Fixel has not been
a “distributing corporation” or a “controlled corporation” (within the meaning of Section 355 of the Code)
in a distribution of stock qualifying for tax-free treatment under Section 355 of the Code.

 

(h) Fixel has not requested
any extension of time within which to file any Fixel Return, which return has not since been filed, except for 2019 US federal
income tax returns.

 

(i) Fixel is not a party
to any tax sharing, allocation, indemnity or similar agreement or arrangement (whether or not written) pursuant to which it will
have any obligation to make any payments after the Closing.

 

(j) Fixel has not participated
in any “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b).

 

(k) Fixel does not know
of any fact and has not taken or failed to take any action that would reasonably be expected to prevent the Merger from qualifying
as a reorganization within the meaning of Section 368(a) of the Code.

 

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3.9 Affiliate
Transactions. Except as set forth on Fixel Disclosure Schedule 3.9, no officer, manager, director, or employee of Fixel,
any person who holds or has the right to acquire 5% or more of the outstanding Fixel Interest, any member of the immediate family
of any such officer, manager, director, employee or any person who holds or has the right to acquire 5% or more of the outstanding
Fixel Interest, or any entity in which any of such persons owns any beneficial interest (collectively “Fixel Insiders”),
has any agreement with Fixel (except for standard employment or stock option agreements) or any interest in any property, real,
personal or mixed, tangible or intangible, used in or pertaining to the business of Fixel. Except as set forth on Fixel Disclosure
Schedule 3.9, Fixel is not indebted to any Fixel Insider (except for reimbursement of ordinary business expenses) and no Fixel
Insider is indebted to Fixel (except for cash advances for ordinary business expenses). For purposes of this Section 3.9,
the Stockholders of the immediate family of an officer, manager, director, or employee shall consist of the spouse, parents, children
or siblings of such officer, director or employee.

 

3.10 Financial
Statements. Fixel has made available to Parent the audited balance sheet of Fixel as of December 31, 2018 and the related
statement of operations, changes in Stockholders’ equity, and cash flows of Fixel for the year then ended, audited by Ernst
& Young Israel - Kost Forer Gabbay & Kasierer, and draft balance sheet as of December 31, 2019 and the related statement
of operations, changes in Stockholders’ equity and cash flows of Fixel for the year then ended (the “Fixel Financial
Statements”) and the unaudited balance sheet of Fixel as of June 30, 2020 and the related statement of operations,
changes in Stockholders’ equity, and cash flows of Fixel for the six (6) months then ended. Fixel Financial Statements were
prepared in accordance with GAAP and applied on a consistent basis during the periods involved (except in each case as described
in the notes to the Fixel Financial Statements thereto) and on that basis present fairly, in all material respects, the financial
position and the results of operations, changes in Stockholders’ equity, and cash flows of Fixel as of the dates of and for
the periods referred to in Fixel Financial Statements.

 

3.11 Books and
Records. The books of account, minute books, Fixel Interest record books, and other records of Fixel, substantially complete
copies of which have been made available to Parent, have been properly kept and, to the best of our knowledge, in all material
respects, contain no inaccuracies except for inaccuracies that would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect on Fixel. At the Closing, all Fixel’s records will be in the possession of Fixel or its
counsel.

 

3.12 No Undisclosed
Liabilities. As of the date hereof, except for the Fixel Professional Fees set forth in Fixel Disclosure Schedule 3.12
or except as reflected in or reserved against in the draft balance sheet of Fixel as of December 31, 2019 (the “Fixel
Latest Balance Sheet”), and related notes and disclosures, Fixel is not aware of any other material liabilities (whether
accrued, absolute, contingent, unliquidated or otherwise) other than (a) liabilities incurred in the ordinary course of business,
and (b) liabilities arising or permitted under this Agreement and the other Transaction Documents.

 

3.13 Compliance
with Laws; Permits.

 

(a) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or would not reasonably be expected
to prevent or materially impair the consummation of the transactions contemplated by this Agreement, the business of Fixel has
not been, and as of the Effective Date will not be conducted in violation of any applicable United States federal, state or local,
non-United States, national, provincial or multinational law, statute or ordinance, common law, or any rule, regulation, directive,
treaty provision, or any applicable judgment, agency requirement, license or permit of any Governmental Authority (collectively,
“Laws”). No investigation, audit or review by any Governmental Authority with respect to Fixel is pending
or, to the Knowledge of Fixel, threatened, nor has any Governmental Authority notified Fixel of its intention to conduct the same,
except for (i) such investigations or reviews that would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect and/or (ii) any investigation or review related to the Merger. As of the date hereof, Fixel has not received
any notice or communication of any material noncompliance with any applicable Laws that has not been cured as of the date hereof.

 

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(b) Fixel has not solicited,
received, paid or offered to pay any remuneration, directly or indirectly, overtly or covertly, in cash or kind for the purpose
of making or receiving any referral that violated an anti-corruption law.

 

(c) Fixel holds, to the
extent legally required to operate its business as such businesses is being operated as of the date hereof, all permits, licenses,
clearances, authorizations and approvals from federal, state, local and foreign authorities (collectively, “Permits”),
except for any Permits for which the failure to obtain or hold would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect. No suspension or cancellation of any Permits of Fixel is pending or, to the Knowledge of
Fixel, threatened, except for any such suspension or cancellation which would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. Fixel is in compliance with the terms of all Permits, except where the failure
to be in such compliance would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.14 Real Property.

 

(a) Fixel does not own
any real property.

 

(b) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, Fixel has a valid and subsisting leasehold
estate in each parcel of real property demised under a Lease for the full term of the respective Lease free and clear of any Liens
other than Permitted Liens. Fixel Disclosure Schedule 3.14(b) contains a complete and correct list, as of the date hereof, of the
Leased Real Estate including with respect to each such Lease the date of such Lease and any material amendments thereto. Except
as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) all Leases are valid
and in full force and effect except to the extent they have previously expired or terminated in accordance with their terms, and
(ii) neither Fixel nor, to the Knowledge of Fixel, any third party, has violated any provision of, or committed or failed to perform
any act which, with or without notice, lapse of time or both would constitute a default under the provisions of, any Lease. Fixel
has not assigned, pledged, mortgaged, hypothecated or otherwise transferred any Lease nor except as set forth in Fixel Disclosure
Schedule 3.14(b) has Fixel entered into with any other Person any sublease, license or other agreement that is material to Fixel
and that relates to the use or occupancy of all or any portion of the Leased Real Estate. Fixel has delivered or otherwise made
available to Parent true and complete copies of all Leases (including all material modifications, amendments, supplements, waivers
and side letters thereto) pursuant to which Fixel leases, subleases or licenses, as tenant, any Leased Real Estate.

 

(c) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, Fixel has good title to, or a valid
and binding leasehold interest in, all the personal property owned by it, free and clear of all Liens, other than Permitted Liens.

 

3.15 Insurance.
Fixel Disclosure Schedule 3.15 identifies all insurance policies maintained by, at the expense of or for the benefit Fixel, identifies
any material claims made thereunder, and includes a summary of the amounts and types of coverage and the deductibles under each
such insurance policy. Each of the insurance policies identified in Fixel Disclosure Schedule 3.15 is in full force and effect.
Except as set forth in Fixel Disclosure Schedule 3.15, Fixel has not received any notice or other communication regarding any actual
or possible (a) cancellation or invalidation of any insurance policy, (b) refusal of any coverage or rejection of any claim under
any insurance policy, or (c) material adjustment in the amount of the premiums payable with respect to any insurance policy. With
respect to each such insurance policy: (i) to Fixel’s Knowledge, the policy is legal, valid, binding, enforceable, and in full
force and effect; (ii) neither Fixel nor, to Fixel’s Knowledge, any other party to the policy is in breach or default (including
with respect to the payment of premiums or the giving of notices), and, to Fixel’s Knowledge, no event has occurred that,
with notice or the lapse of time, would constitute such a breach or default, or permit termination, modification, or acceleration,
under the policy; and (iii) no party to the policy has repudiated any provision thereof.

 

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3.16 Environmental
Matters. Except for such matters as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect:

 

(a) Fixel is, and has
been, in compliance with all Environmental Laws, which compliance includes the possession, maintenance of, compliance with, or
application for, all Permits required under applicable Environmental Laws for the operation of the business of Fixel as currently
conducted.

 

(b) Fixel has not (i)
produced, processed, manufactured, generated, transported, treated, handled, used, stored, disposed of or released any Hazardous
Substances, except in compliance with Environmental Laws, at any Leased Real Estate of Fixel, or (ii) exposed any employee or any
third party to any Hazardous Substances under circumstances reasonably expected to give rise to any Liability or obligation under
any Environmental Law.

 

(c) Fixel has not received
written notice of and there is no Legal Proceeding pending, or to the Knowledge of Fixel, threatened against Fixel, alleging any
liability or responsibility under or non-compliance with any Environmental Law or seeking to impose any financial responsibility
for any investigation, cleanup, removal, containment or any other remediation or compliance under any Environmental Law. Fixel
is not subject to any order, judgment or decree or written agreement by or with any Governmental Authority or third party imposing
any material liability or obligation with respect to any of the foregoing.

 

3.17 Employee
Matters.

 

(a) Fixel Disclosure
Schedule 3.17(a) contains an accurate and complete list, as of the date hereof, of each material plan, program, policy, agreement,
collective bargaining agreement or other arrangement providing for compensation, severance, deferred compensation, performance
awards, stock or stock-based awards, fringe, retirement, death, disability or medical benefits or other employee benefits or remuneration
of any kind, including each employment, severance, retention, change in control or consulting plan, program arrangement or agreement,
in each case whether written or unwritten or otherwise, funded or unfunded, including each “employee benefit plan,”
within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA, which is or has, within the six (6) years prior to
the Closing Date, been sponsored, maintained, contributed to, or required to be contributed to, by Fixel for the benefit of any
current or former employee, independent contractor, consultant or director of Fixel (each, a “Fixel Employee”),
or with respect to which Fixel has or may have any material Liability (collectively, the “Fixel Employee Plans”).

 

(b) Fixel has made available
to Parent correct and complete copies (or, if a plan is not written, a written description) of all Fixel Employee Plans and amendments
thereto in each case that are in effect as of the date hereof, and, to the extent applicable, (i) all related trust agreements,
funding arrangements and insurance contracts now in effect, (ii) the most recent determination letter or opinion letter received
regarding the tax-qualified status of each Fixel Employee Plan, (iii) the most recent financial statements for each Fixel Employee
Plan, (iv) the Form 5500 Annual Returns/Reports for the most recent plan year for each Fixel Employee Plan, (v) the current
summary plan description for each Fixel Employee Plan, and (vi) all actuarial valuation reports related to any Fixel Employee Plans.

 

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(c) (i) To the Knowledge
of Fixel, each Fixel Employee Plan has been established, administered, and maintained in all material respects in accordance with
its terms and in compliance with applicable Laws, including but not limited to ERISA and the Code; (ii) all Fixel Employee Plans
that are intended to be qualified under Section 401(a) of the Code are so qualified and have received timely determination letters
from the IRS or may rely upon a favorable opinion letter and, as of the date hereof, no such determination letter or opinion letter
has been revoked nor, to the Knowledge of Fixel, has any such revocation been threatened, and to the Knowledge of Fixel, as of
the date hereof, no circumstance exists that is likely to result in the loss of such qualified status under Section 401(a) of the
Code; (iii) Fixel has timely made all material contributions and other material payments required by and due under the terms of
each Fixel Employee Plan and applicable Law, and all benefits accrued under any unfunded Fixel Employee Plan have been paid, accrued
or otherwise adequately reserved to the extent required by, and in accordance with GAAP; (iv) except to the extent limited by applicable
Law, each Fixel Employee Plan can be amended, terminated or otherwise discontinued after the Effective Time in accordance with
its terms, without liability to Parent or Fixel (other than ordinary administration expenses and in respect of accrued benefits
thereunder); (v) as of the date hereof, there are no material audits, inquiries or Legal Proceedings pending or, to the Knowledge
of Fixel, threatened by the IRS or the U.S. Department of Labor, or any similar Governmental Authority with respect to any Fixel
Employee Plan; (vi) as of the date hereof, there are no material Legal Proceedings pending, or, to the Knowledge of Fixel, threatened
with respect to any Fixel Employee Plan (in each case, other than routine claims for benefits); and (vii) to the Knowledge of Fixel,
Fixel has not engaged in a transaction that could subject Fixel or any Subsidiary to a tax or penalty imposed by either Section
4975 of the Code or Section 502(i) of ERISA.

 

(d) No Fixel Employee
Plan provides post-termination or retiree welfare benefits to any person for any reason, except as may be required by COBRA or
other applicable Law, and neither Fixel nor any Fixel ERISA Affiliate has any liability to provide post-termination or retiree
welfare benefits to any person or ever represented, promised or contracted to any Fixel Employee (either individually or to Fixel
Employees as a group) or any other person that such Fixel Employee(s) or other person would be provided with post-termination or
retiree welfare benefits, except to the extent required by COBRA or other applicable Law.

 

(e) No Fixel Employee
Plan has within the three years prior to the date hereof, been the subject of an examination or audit by a Governmental Authority
or is the subject of an application or filing under, or is a participant in, an amnesty, voluntary compliance, self-correction
or similar program sponsored by any Governmental Authority.

 

(f) Each Fixel Employee
Plan that is subject to Section 409A of the Code has been operated in compliance with such section and all applicable regulatory
guidance (including, without limitation, proposed regulations, notices, rulings, and final regulations).

 

(g) Fixel complies in
all material respects with the applicable requirements of COBRA or any similar state statute with respect to each Fixel Employee
Plan that is a group health plan within the meaning of Section 5000(b)(1) of the Code or such state statute.

 

(h) Neither the execution
of this Agreement, the consummation of the Merger, nor any of the transactions contemplated by this Agreement will (either alone
or upon the occurrence of any additional or subsequent events): (i) entitle any current or former director, employee, contractor
or consultant of Fixel to severance pay or any other payment; (ii) accelerate the time of payment, funding, or vesting, or increase
the amount of compensation due to any such individual, (iii) limit or restrict the right of Fixel to merge, amend or terminate
any Fixel Employee Plan, (iv) increase the amount payable or result in any other material obligation pursuant to any Fixel Employee
Plan, or (v) result in “excess parachute payments” within the meaning of Section 280G(b) of the Code.

 

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(i) Fixel: (i) is in
compliance with all applicable Laws and agreements respecting hiring, employment, termination of employment, plant closing and
mass layoff, employment discrimination, harassment, retaliation and reasonable accommodation, leaves of absence, terms and conditions
of employment, wages and hours of work, employee health and safety, leasing and supply of temporary and contingent staff, engagement
of independent contractors, including proper classification of same, payroll taxes, and immigration with respect to Fixel Employees
and contingent workers; and (ii) is in compliance with all applicable Laws relating to the relations between it and any labor organization,
trade union, work council or other body representing Fixel Employees, except, in the case of clauses (i) and (ii) immediately above,
where the failure to be in compliance with the foregoing would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(j) Fixel is not party
to, or subject to, any collective bargaining agreement or other agreement with any labor organization, work council or trade union
with respect to any of its or their operations. No work stoppage, slowdown or labor strike against Fixel with respect to employees
who are employed within the United States is pending, threatened or has occurred in the last two (2) years, and, to the Knowledge
of Fixel, no material work stoppage, slowdown or labor strike against Fixel with respect to employees who are employed outside
the United States is pending, threatened or has occurred in the last two (2) years. As of the date hereof, none of Fixel Employees
are represented by a labor organization, work council or trade union and, to the Knowledge of Fixel, there is no organizing activity,
Legal Proceeding, election petition, union card signing or other union activity or union corporate campaigns of or by any labor
organization, trade union or work council directed at Fixel, or any Fixel Employees. As of the date hereof, there are no Legal
Proceedings, government investigations, or labor grievances pending, or, to the Knowledge of Fixel, threatened relating to any
employment related matter involving any Fixel Employee or applicant, including, but not limited to, charges of unlawful discrimination,
retaliation or harassment, failure to provide reasonable accommodation, denial of a leave of absence, failure to provide compensation
or benefits, unfair labor practices, or other alleged violations of Law, except for any of the foregoing which would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(k) Neither Fixel nor
any Fixel ERISA Affiliate has at any time contributed to or had any obligation to contribute to, or has had any liability (contingent
or otherwise) with respect to (i) any “multiemployer plan”, as that term is defined in Section 4001 of ERISA; (ii) any
“employee benefit plan” subject to Title IV of ERISA or Section 412 of the Code; or (iii) any “multiple employer
welfare arrangement” within the meaning of Section 3(40) of ERISA.

 

3.18 Intellectual
Property.

 

(a) Fixel Disclosure
Schedule 3.18(a) contains a true and complete list, as of the date hereof, of all (i) Fixel-Owned IP that is the subject of any
issuance, registration, certificate, application or other filing by, to or with any Governmental Authority or authorized private
registrar, including registered trademarks, registered copyrights, issued patents, domain name registrations and pending applications
for any of the foregoing; and (ii) material unregistered Fixel-Owned IP, in each case, that is used in the business of Fixel on
the Closing Date.

 

(b) Fixel is the sole
and exclusive owner of all right, title and interest in and to, or has the valid right to use all Intellectual Property used or
held for use in or necessary for the conduct of the business of Fixel as currently conducted and contemplated (the “Fixel
IP”), free and clear of all liens, except as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

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(c) Fixel has taken reasonable
steps to maintain Fixel IP and to protect and preserve the confidentiality of all trade secrets included in Fixel IP, except where
the failure to take such actions would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect.

 

(d) Fixel Disclosure
Schedule 3.18(d) contains a complete and accurate list of all Fixel IP Agreements, other than licenses for shrinkwrap, clickwrap
or other similar commercially available off-the-shelf software. The consummation of the transactions contemplated hereunder will
not result in the loss or impairment of any rights of Fixel under any of Fixel IP Agreements, except as would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(e) Except as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, to Fixel’s Knowledge (i) the conduct
of the businesses of Fixel has not infringed, misappropriated or otherwise violated, and is not infringing, misappropriating or
otherwise violating, any Intellectual Property of any other Person; and (ii) no third party is infringing upon, violating or misappropriating
any Fixel IP.

 

(f) There are no Legal
Proceedings pending or, to the Knowledge of Fixel, threatened: (i) alleging any infringement, misappropriation or violation of
the Intellectual Property of any Person by Fixel; or (ii) challenging the validity, enforceability or ownership of any Fixel-Owned
IP or Fixel rights with respect to any Fixel IP, in each case except for such Legal Proceedings that would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. Fixel is not subject to any outstanding order, judgment or
decree that restricts or impairs the use of any Fixel IP, except where compliance with such order, judgment or decree would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.19 Investment
Company. Fixel is not, as of the date of this Agreement, nor upon the Closing will be, an “investment company,”
a company controlled by an “investment company,” or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company
Act of 1940, as amended.

 

3.20 Foreign
Corrupt Practices; Improper Payments. Neither Fixel nor any director, officer, employee nor, to the Knowledge of Fixel,
agent or Affiliate of Fixel has (a) while acting on behalf of Fixel (i) made or agreed to make any contribution, payment, gift
or entertainment to, or accepted or received any contributions, payments, gifts or entertainment from, any government official
or employee, political party or agent or any candidate for any federal, state, local or foreign public office, where either the
contribution, payment or gift or the purpose thereof was in violation of Law or (ii) engaged in or otherwise knowingly participated
in, assisted or facilitated any transaction that is prohibited by any applicable embargo or related trade restriction imposed by
the United States Office of Foreign Assets Control or any other agency of the United States government, or (b) made any unlawful
payment to any government official or employee or to any political party or campaign or violated any provision of the Foreign Corrupt
Practices Act of 1977, as amended.

 

3.21 Application
of Takeover Provisions. There is no control unit acquisition, business combination, or other similar takeover, anti-takeover,
moratorium, fair price, interested member or similar provision under the certificate of incorporation and by-laws of Fixel or the
DGCL applicable to the transactions contemplated hereby, including the Merger. Fixel has never, and as of the Effective Date, will
have never adopted any member rights plan or similar arrangement relating to accumulations of beneficial ownership of Fixel Interest
or a change in control of Fixel.

 

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3.22 Information.
None of the information supplied or to be supplied by Fixel or any Affiliate or representative of Fixel for inclusion in a Merger
8-K, and none of the information supplied or to be supplied by Fixel or any Affiliate or representative of Fixel for inclusion
or incorporation by reference in any other SEC filing of Parent in connection with the transaction contemplated by this Agreement
will at the time of its filing with the SEC, contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. The Merger 8-K (as it relates to Fixel) will comply as to form and content in all material respects
with the provisions of the Exchange Act and the Securities Act, as applicable, except that no representation is made by Fixel with
respect to information supplied by or related to Parent or any Affiliate or representative of Parent.

 

3.23 Solvency.
As of the Effective Time, assuming satisfaction of the conditions to Fixel’s obligation to consummate the Merger as set forth
herein, assuming that the representations and warranties of Parent under Article IV are true and correct in all material
respects, and after giving effect to all of the transactions contemplated by this Agreement, and payment of all related fees and
expenses, the surviving corporation and Parent will be Solvent.

 

3.24 Other Regulatory
Matters.

 

(a) There have been no
field notifications or adverse regulatory actions taken (or, to the Knowledge of Fixel, threatened) by any Governmental Authority
with respect to Fixel.

 

(b) All filings with
and submissions to any Governmental Authority made by Fixel with regard to its business, whether oral, written or electronically
delivered, were true, accurate and complete as of the date made, and, to the extent required to be updated, as so updated remain
true, accurate and complete as of the date hereof, and do not misstate any of the statements or information included therein, or
omit to state a fact necessary to make the statements therein not misleading.

 

3.25 Absence
of Certain Changes, Events and Conditions. Except as set forth on Fixel Disclosure Schedule 3.25, since June 30, 2020,
and other than or in the ordinary course of business consistent with past practice, there has not been, with respect to Fixel,
any:

 

(a) event, occurrence
or development that has had or that could reasonably be expected to result in a Material Adverse Effect;

 

(b) declaration or payment
of any dividend or distribution of cash or other property to its Stockholders or purchased, redeemed or made any agreements to
purchase or redeem any Fixel Interest,

 

(c) issuance of equity
securities;

 

(d) amendment of Fixel
Charter Documents;

 

(e) split, combination
or reclassification of any Fixel Interest;

 

(f) issuance, sale or
other disposition of any of Fixel Interest or grant of any options, warrants or other rights to purchase or obtain (including upon
conversion, exchange or exercise) any Fixel Interest;

 

    26

     

    

 

(g) material change in
any method of accounting or accounting practice of Fixel for tax or book purposes, except as required by GAAP or as disclosed in
the notes to Fixel Financial Statements;

 

(h) material change in
Fixel’s cash management practices and its policies, practices and procedures with respect to collection of accounts receivable,
establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control, prepayment of expenses,
payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

 

(i) entry into any Contract
that would constitute a Fixel Material Contract;

 

(j) incurrence, assumption
or guarantee of any indebtedness for borrowed money except for unsecured current obligations and liabilities incurred in the ordinary
course of business;

 

(k) transfer, assignment,
sale or other disposition of any of the assets shown or reflected in Fixel Latest Balance Sheet or cancellation of any debts or
entitlements;

 

(l) transfer, assignment
or grant of any license or sublicense of any material rights under or with respect to any Fixel IP or Fixel IP Agreements;

 

(m) material damage,
destruction or loss (whether or not covered by insurance) to its property;

 

(n) any capital investment
in, or any loan to, any other Person;

 

(o) acceleration, termination,
material modification to or cancellation of any Fixel Material Contract (including, but not limited to, any Fixel Material Contract)
to which Fixel is a party or by which it is bound;

 

(p) any material capital
expenditures in excess of $50,000 in the aggregate;

 

(q) imposition of any
material Lien upon any of Fixel properties, Fixel Interest or assets, tangible or intangible;

 

(r) (i) grant of any
bonuses, other than as provided for in any written agreements, required by applicable Law or in the ordinary course of business,
(ii) any material increase in the base salary of any officer or employee of Fixel; or (iii) action to accelerate the vesting or
payment of any compensation or benefit for any current or former employee, officer, director, independent contractor or consultant;

 

(s) hiring or promoting
any person as or to (as the case may be) an officer without the express consent of Parent;

 

(t) adoption, modification
or termination, of any: (i) employment, severance, retention or other agreement with any current or former employee, officer, director,
independent contractor or consultant, other than termination for cause or in the ordinary course of business, (ii) Fixel Employee
Plan other than as required by applicable Law or (iii) collective bargaining or other agreement with a union, in each case whether
written or oral;

 

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(u) any loan to (or forgiveness
of any loan to), or entry into any other transaction with, any of its stockholders or current or former directors, officers and
employees;

 

(v) entry into a new
line of business or abandonment or discontinuance of existing lines of business;

 

(w) except for the Merger,
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy
under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any
similar Law;

 

(x) purchase, lease or
other acquisition of the right to own, use or lease any property or assets for an amount in excess of $25,000, individually (in
the case of a lease, per annum) or $50,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including
any option term), except for purchases of inventory or supplies in the ordinary course of business;

 

(y) acquisition by merger
or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any business
or any Person or any division thereof;

 

(z) action by Fixel to
make, change or rescind any Tax election, amend any Fixel Return or take any position on any Fixel Return, take any action, omit
to take any action or enter into any other transaction that would have the effect of increasing the Tax liability of the Surviving
Corporation after the consummation of the Merger; or

 

(aa) any Contract to
do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

3.26 No Other
Information. Fixel acknowledges that Parent and Merger Sub make no representations or warranties as to any matter whatsoever
except as expressly set forth in Article IV. The representations and warranties set forth in Article IV are made
solely by Parent and Merger Sub, and no Representative of Parent or Merger Sub shall have any responsibility or liability related
thereto.

 

3.27 Material
Contracts.

 

(a) Fixel Disclosure
Schedule 3.27 lists each of the following Contracts of Fixel (such Contracts, together with all Contracts concerning the occupancy,
management or operation of any real property (including without limitation, brokerage contracts) listed or otherwise disclosed
in Fixel Disclosure Schedule 3.14(b) and all Fixel IP Agreements set forth in Fixel Disclosure Schedule 3.18(d), being “Fixel
Material Contracts”):

 

A. any Contract
under which Fixel: (A) sold or purchased (or agreed to sell or purchase) products or services pursuant to which the aggregate of
payments due to or from Fixel, respectively, in the one-year period ending on the date of this Agreement, was equal to or exceeded
$10,000; (B) of which Fixel reasonably anticipates that it will be selling or purchasing products or services during the one-year
period after the date of this Agreement, in which the aggregate payments due to or from Fixel, respectively, for such products
or services are reasonably expected to equal or exceed $10,000; or (C) is a party involving consideration of $25,000 in the aggregate
over the life of the Contract;

 

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B. all Contracts,
other than those Contracts entered into in the ordinary course of business that are not material, that require Fixel to purchase
its total requirements of any product or service from a third party or that contain “take or pay” provisions;

 

C. all Contracts
that provide for the indemnification by Fixel of any Person or the assumption of any Tax, environmental or other liability of any
Person;

 

D. all Contracts
in effect that relate to the acquisition or disposition of any business, a material amount of stock or assets of any other Person
or any real property (whether by merger, sale of stock, sale of assets or otherwise);

 

E. all broker,
distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing consulting and
advertising Contracts to which Fixel is a party;

 

F. all employment
agreements and Contracts with independent contractors or consultants (or similar arrangements) to which Fixel is a party and which
are not cancellable without material penalty or without more than 90 days’ notice;

 

G. all Contracts
pursuant to which Fixel is or may become obligated to make any severance, change of control, termination or similar payment to
any employee, officer, director, independent contractor or consultant;

 

H. except for
Contracts relating to trade receivables, all Contracts relating to indebtedness (including, without limitation, guarantees) of
Fixel;

 

I. all Contracts
with any Governmental Authority to which Fixel is a party;

 

J. any Contract
under which Fixel has advanced or loaned any other Person an amount equal to or exceeding $10,000;

 

K. any Contract
that would prohibit or is otherwise reasonably likely to materially delay the consummation of the transactions contemplated hereby;

 

L. any Contract
providing for the settlement of any Legal Proceeding against Fixel pursuant to which Fixel has any existing material obligations;

 

M. any lease
or similar agreement pursuant to which: (A) Fixel is the lessee of, or holds or uses, any machinery, equipment, vehicle or other
tangible personal property owned by any Person for an annual rent in excess of $10,000; (B) Fixel is the lessor of, or makes available
for use by any Person, any tangible personal property owned by it for an annual rent in excess of $10,000; or (C) Fixel is the
lessee of, or holds or uses, any real property owned by any Person for an annual rent in excess of $10,000;

 

N. any Contract
with any member or any current officer, director, or Affiliate of Fixel;

 

O. all Contracts
that limit or purport to limit the ability of Fixel to compete in any line of business or with any Person or in any geographic
area or during any period of time or that contain covenants of any other Person not to compete with Fixel in any line of business
or in any geographical area or not to solicit or hire any Person with respect to employment or any customers of Fixel;

 

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P. any Contract
that provides any customer with pricing, discounts or benefits that change based on the pricing, discounts or benefits offered
to other customers or clients of Fixel, including any Contract which contains a “most favored nation” provision;

 

Q. any Contracts
to which Fixel is a party that provide for any joint venture, partnership or similar arrangement by Fixel;

 

R. all collective
bargaining agreements or Contracts with any union to which Fixel is a party; and

 

S. any other
Contract that is material to Fixel and not previously disclosed pursuant to this Section 4.27.

 

(b) Each Fixel Material
Contract is legally valid and binding on Fixel and is a legally valid and binding obligation of the other parties thereto, in accordance
with its terms and is in full force and effect. None of Fixel or, to Fixel’s Knowledge, any other party thereto is in material
breach or violation of or default under (or is alleged to be in material breach of or default under), or has provided or received
any notice of any intention to terminate, any Fixel Material Contract. No event or circumstance has occurred that, with notice
or lapse of time or both, would constitute an event of material default by Fixel under any Fixel Material Contract or result in
any other party having the right to terminate such Fixel Material Contract or would cause or permit the acceleration or other changes
of any material right or obligation by any other party or the loss of any material benefit to Fixel thereunder. Complete and correct
copies of each Fixel Material Contract (including all modifications, amendments and supplements thereto and waivers thereunder)
have been made available to Parent.

 

3.28 Access to
Information; Disclaimer. Fixel acknowledges and agrees that it (a) has had an opportunity to discuss the business of Parent
and its Subsidiaries with the management of Parent, (b) has had reasonable access to (i) the books and records of Parent and its
Subsidiaries and (ii) the electronic dataroom maintained by Parent for purposes of the transactions contemplated by this Agreement,
(c) has been afforded the opportunity to ask questions of and receive answers from officers of Parent, and (d) has conducted its
own independent investigation of Parent and its Subsidiaries, their respective businesses and the transactions contemplated hereby,
and has not relied on any representation, warranty or other statement by any Person on behalf of Parent or any of its Subsidiaries,
other than the representations and warranties of Parent and Merger Sub expressly contained in Article IV of this Agreement
and that all other representations and warranties are specifically disclaimed.

 

3.29 Full Disclosure.
No representation or warranty relating to Fixel or made by Fixel or any Fixel Stockholder contained in this Agreement or in any
of the Transaction Documents and no written statement made by or on behalf of Fixel or any Fixel member or any of its or their
Affiliates pursuant to this Agreement or any of the Transaction Documents contains an untrue statement of a material fact or omits
to state a material fact necessary to make the statements contained herein or therein not misleading. There are no facts which
Fixel or any Fixel Stockholder has not disclosed to Parent and Merger Sub in writing which could, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

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Article
IV.

REPRESENTATIONS AND WARRANTIES

OF PARENT AND MERGER SUB

 

Except
as set forth in the corresponding sections of the Parent Disclosure Schedule, Parent and Merger Sub hereby represent and warrant
to Fixel as follows:

 

4.1
Organization and Qualification. Each of Parent and Merger Sub (a) is and on the Effective Date will be a legal entity
duly organized or incorporated (as applicable), validly existing and in good standing under the Laws of the State of Delaware,
(b) has, and on the Effective Date will have, the requisite corporate power to carry on their respective businesses as now conducted,
and (c) is, and on the Effective Date will be, qualified to do business and in good standing (to the extent the relevant jurisdiction
recognizes such concept of good standing) as a foreign corporation where the ownership, leasing or operation of its assets or
properties or conduct of its business requires such qualification, except where the failure to be so organized, qualified or in
good standing, would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on Parent,
Merger Sub, or the Surviving Corporation. Parent has heretofore made available to Fixel accurate and complete copies of its certificate
of incorporation and bylaws, each as amended and in effect as of the date of this Agreement (the “Parent Organization
Documents”) and the certificate of incorporation and by-laws of Merger Sub, each as amended to date and as currently
in effect (the “Merger Sub Organization Documents”). Neither Parent nor Merger Sub is in violation of
any Parent Organization Document or Merger Sub Organization Document, as the case may be. Except as otherwise provided herein,
the Parent Organization Documents and Merger Sub Organization Documents shall be in effect on the Effective Date.

 

4.2
Authority Relative to this Agreement; Non-Contravention. Each of Parent and Merger Sub has the requisite corporate
power and authority to enter into this Agreement, and to perform its obligations hereunder. The execution and delivery of this
Agreement by Parent and Merger Sub, and the consummation by Parent and Merger Sub of the transactions contemplated hereby have
been duly authorized by the Board of Directors of Parent and Stockholders of Merger Sub and no further corporate proceedings on
the part of Parent or Merger Sub are necessary to authorize the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby or will otherwise be sought by Parent. This Agreement has been duly executed and delivered
by Parent and Merger Sub and, assuming it is a valid and binding obligation of Fixel, constitutes a valid and binding obligation
of Parent and Merger Sub enforceable in accordance with its terms except as enforcement may be limited by general principles of
equity whether applied in a court of law or a court of equity and by bankruptcy, insolvency and similar laws affecting creditors’
rights and remedies generally. Except for (a) approvals under applicable “blue sky” laws and filing of Form D with
the SEC, (b) the filing of the Merger 8-K in accordance with the terms hereof, (c) filings with FINRA prior to the Effective Time,
if applicable, and (d) the filing of the Certificate of Merger with the Secretary of State of Delaware, no authorization, consent
or approval of, or filing with, any public body, court or authority is necessary on the part of Parent or Merger Sub for the consummation
by Parent or Merger Sub of the transactions contemplated by this Agreement, except for such authorizations, consents, approvals
and filings as to which the failure to obtain or make the same would not, in the aggregate, reasonably be expected to have a Material
Adverse Effect on Parent or Merger Sub, or adversely affect the consummation of the transactions contemplated hereby.

 

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4.3
No Conflicts. Neither Parent nor Merger Sub is subject to, or obligated under, any provision of (a) the Parent Organization
Documents or the Merger Sub Organization Documents, as applicable, (b) any Parent Material Contract or other agreement, arrangement
or understanding, (c) any license, franchise or permit, or (d) any law, regulation, order, judgment or decree, which would conflict
with, be breached or violated, or in respect of which a right of termination or acceleration or any Lien on any of their respective
assets would be created, by the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated
hereby, other than, solely with respect to clauses (b), (c) and (d) of this Section 4.3, any such conflicts, breaches,
violations, rights of termination or acceleration or Liens which, in the aggregate, would not reasonably be expected to have a
Material Adverse Effect on Parent or Merger Sub.

 

4.4
Capitalization.

 

(a) As of the date of
this Agreement, Parent is authorized to issue 250,000,000 shares of Parent Common Stock, of which 13,255,355 shares of Parent Common
Stock are currently issued and outstanding. Prior to the Effective Time, no additional shares of Parent Common Stock will be issued.
The issued and outstanding shares of Parent Common Stock are, and all shares of Parent Common Stock that may be issued as contemplated
or permitted by this Agreement will be, when issued, duly authorized, validly issued, fully paid and non-assessable and not issued
in violation of any preemptive rights or applicable law or regulation and free from any restrictions on transfer (other than restrictions
under the Securities Act or state securities laws) or any option, Lien, restriction or charge of any kind created by Parent. There
are, and on the Effective Date there will be, no agreements or other obligations (contingent or otherwise) which may require Parent
to repurchase or otherwise acquire any shares of the Parent Capital Stock.

 

(b) Except as set forth
in the Parent SEC Filings, (i) Parent has, and at the Effective Time will have, no other securities, including equity securities
or securities containing any equity features authorized, issued or outstanding; (ii) Parent has not at any time granted any stock
options, restricted stock, restricted stock units, phantom stock, performance stock or other compensatory equity or equity-linked
awards; and (iii) there are no commitments, obligations, agreements or other rights or arrangements (contingent or otherwise) existing
which provide for the sale or issuance of capital stock by Parent and there are no rights, subscriptions, warrants, convertible
notes, options or other conversion or exchange rights or agreements of any kind (contingent or otherwise) outstanding to purchase
or otherwise acquire from Parent any shares of capital stock or other securities of Parent of any kind, and there will not be any
of the foregoing prior to or at the Effective Time.

 

(c) All outstanding shares
of Parent Common Stock have been issued or granted, as applicable, in compliance in all material respects with all applicable securities
Laws.

 

(d) Parent is not a party
to, and, to Parent’s Knowledge, there do not exist, any voting trusts, proxies, or other contracts with respect to the voting
of shares of capital stock of Parent.

 

(e) Except as set forth
in the Parent SEC Filings, Parent is not required to register pursuant to any registration rights agreement or other Contract (i)
any outstanding shares of Parent Capital Stock or (ii) any shares of Parent Capital Stock issuable pursuant to commitments, obligations,
agreements or other rights or arrangements (contingent or otherwise) existing which provide for the sale or issuance of Parent
Capital Stock or other rights, subscriptions, warrants, convertible notes, options or other conversion or exchange rights or agreements
of any kind (contingent or otherwise) to purchase or otherwise acquire from Parent any shares of Parent Capital Stock.

 

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(f) The authorized capital
of Merger Sub consists of 1,000 Merger Sub Shares, all of which are, and at the Effective Time will be, issued and outstanding
and held of record by Parent. The issued and outstanding Merger Sub Shares are, and at the Effective Time will be, validly issued
and have not been issued in violation of any preemptive rights or any applicable law or regulation, and free from any restrictions
on transfer (other than restrictions under the Securities Act, state securities laws or the certificate of incorporation or by-laws
of the Merger Sub) or any option, lien, pledge, security interest, encumbrance, restriction or charge of any kind. There are no
rights, subscriptions, warrants, options, conversion rights or agreements of any kind outstanding to purchase or otherwise acquire
from Merger Sub any Merger Sub Shares or other securities of Merger Sub of any kind, and there will not be any such agreements
prior to or at the Effective Time. Merger Sub has not at any time granted any unit options, restricted units, phantom unit, performance
unit or other compensatory equity or equity-linked awards. There are, and at the Effective Time, there will be, no commitments,
agreements or other obligations (contingent or otherwise) which may require Merger Sub to repurchase or otherwise acquire any Merger
Sub Shares.

 

4.5
Government Approvals. Except for (a) compliance with the applicable requirements of the Exchange Act, (b) compliance
with the applicable requirements of the Securities Act, (c) the filing of all necessary documents with the Delaware Secretary
of State pursuant to the DGCL, and (d) the filing of the Merger 8-K, no consent or approval of, or filing, license, permit
or authorization, declaration or registration with, any Governmental Authority are necessary for the execution and delivery of
this Agreement by Parent or Merger Sub, the performance by Parent and Merger Sub of their respective obligations hereunder and
the consummation by Parent and Merger Sub of the Merger and the other transactions contemplated hereby, except where the failure
to obtain such permits, authorizations, consents or approvals or to make such filings or give such notice would not, individually
or in the aggregate, reasonably be expected to prevent or materially impair the ability of Parent and Merger Sub to consummate
the Merger and the other transactions contemplated by this Agreement or to execute, deliver and perform its obligations pursuant
hereto.

 

4.6
Exchange Act Reports; Financial Statements; Listing

 

(a) The Parent Common
Stock is registered under Section 12(g) of the Exchange Act. Since January 1, 2018, Parent has timely filed all reports, forms,
financial statements and documents that it was required to file with the SEC pursuant to the Exchange Act, including under any
permitted timely extensions to file such reports, forms, financial statements and documents (the “Parent Previous Filings”).
Parent shall notify Fixel as soon as practicable and in writing of the filing of any additional forms, reports or documents with
the SEC by Parent after the date hereof and prior to the Effective Time (together with the Parent Previous Filings, the “Parent
SEC Filings”). As of their respective filing dates (or if amended or superseded by a subsequent filing prior to the
date of this Agreement, on the date of such amending or superseding filing), each of the Parent SEC Filings (i) did not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and (ii) complied as to form in all
material respects with the Exchange Act and the applicable rules and regulations of the SEC promulgated thereunder, except (with
respect each of clauses (i) and (ii)), to the extent that the information in any such Parent SEC Filing has been amended or superseded
by a later Parent SEC Filing, and for any non-compliance that would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

(b) The Parent’s
financial statements (including footnotes thereto) included in or incorporated by reference into the Parent SEC Filings (the “Parent
Financial Statements”) complied as to form in all material respects with the Exchange Act and the applicable accounting
requirements, rules and regulations of the SEC promulgated thereunder as of their respective dates and have been prepared in accordance
with GAAP applied on a consistent basis during the periods involved (except as otherwise noted therein). The Parent Financial Statements
fairly present in all material respects the financial condition of Parent as of the dates thereof and results of operations, cash
flows and stockholders’ equity for the periods referred to therein (subject, in the case of unaudited Parent Financial Statements,
to normal recurring year-end adjustments as permitted by GAAP and the applicable rules and regulations of the SEC). There has been
no change in Parent accounting policies except as described in the notes to the Parent Financial Statements.

 

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(c) Parent is not a party
to, nor does it have any commitment to become a party to, any joint venture, off balance sheet partnership or any similar Contract
(including any Contract or arrangement relating to any transaction or relationship between or among Parent and any unconsolidated
affiliate, including any structured finance, special purpose or limited purpose entity or person, on the other hand, or any “off
balance sheet arrangements” (as defined in Item 303(a) of Regulation S-K under the Exchange Act)), where the result, purpose
or intended effect of such Contract is to avoid disclosure of any material transaction involving, or material liabilities of, Parent
in Parent’s published financial statements or other Parent SEC Filings.

 

(d) Each of the principal
executive officer and the principal financial officer of Parent has made all certifications required by Rule 13a-14 or 15d-14 under
the Exchange Act and Sections 302 and 906 of the Sarbanes-Oxley Act with respect to the Parent SEC Filings, and the statements
contained in such certifications are true and accurate in all material respects. For purposes of this Agreement, “principal
executive officer” and “principal financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley
Act. Neither Parent nor Merger Sub has outstanding (nor has arranged or modified since the enactment of the Sarbanes-Oxley Act)
any “extensions of credit” (within the meaning of Section 402 of the Sarbanes-Oxley Act) to directors or executive officers
(as defined in Rule 3b-7 under the Exchange Act) of Parent. Parent is otherwise in compliance with all applicable provisions of
the Sarbanes-Oxley Act, except for any non-compliance that would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

4.7
Litigation. Except as set forth in the Parent SEC Filings, there are no Legal Proceedings pending or, to the Knowledge
of Parent, threatened against Parent or Merger Sub, or Parent’s or Merger Sub’s officers, directors, employees or Affiliates,
individually or in the aggregate, at law or in equity, or before or by any federal, state or other governmental department, court,
commission, board, bureau, agency or instrumentality, domestic or foreign, except for such Legal Proceedings that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect, and to the Knowledge of Parent, there is no reasonable
basis for any Legal Proceeding directly or indirectly involving Parent, Merger Sub or Parent’s officers, directors, employees,
or Affiliates, individually or in the aggregate. Neither Parent nor Merger Sub are a party to any order, judgment or decree issued
by any federal, state or other governmental department, court, commission, board, bureau, agency or instrumentality, domestic
or foreign.

 

4.8
Subsidiaries; Merger Sub. Parent owns all of the outstanding capital stock of its Subsidiaries and all such shares
of capital stock are duly authorized, validly issued, fully paid and nonassessable and not subject to preemptive rights, Liens,
options, warrants or other adverse claims on title. Merger Sub was formed solely for the purpose of engaging in the transactions
contemplated hereby and, except for obligations or liabilities incurred in connection with its formation or organization and the
transactions contemplated by this Agreement and except for this Agreement and any other agreements or arrangements contemplated
hereby or thereby, Merger Sub has not incurred, directly or indirectly, any obligations or liabilities or engaged in any business
activities of any type or kind whatsoever or entered into any agreements or arrangements with any Person. For purposes of this
Article IV, all references to “Parent” shall mean Parent and its Subsidiaries taken as a whole.

 

4.9
No Brokers or Finders. Except as disclosed on Parent Disclosure Schedule 4.9, none of Parent or any of its officers,
directors, employees or Affiliates has employed any broker, finder, investment banker or investment advisor or Person performing
a similar function, or incurred any liability for brokerage commissions, finders’ fees, investment advisory fees or similar
compensation in connection with the transactions contemplated by this Agreement.

 

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4.10
Tax Matters.

 

(a) (i) Each of Parent
and Merger Sub has timely filed (or has had timely filed on its behalf) all material returns, declarations, reports, estimates,
information returns, and statements, including any schedules and amendments to such documents (“Parent Returns”),
required to be filed by it in respect of any Taxes; (ii) all such Parent Returns are complete and accurate in all material respects;
(iii) except as disclosed on Parent Disclosure Schedule 4.10(a), each of Parent and Merger Sub has timely paid (or has had timely
paid on its behalf) all Taxes required to have been paid by it (whether or not shown on any Parent Return); (iv) Parent has established
on the Parent Latest Balance Sheet, in accordance with GAAP, reserves that are adequate for the payment of any Taxes not yet paid;
and (v) each of Parent and Merger Sub has complied with all applicable laws, rules, and regulations relating to the collection
or withholding of Taxes from third parties (including without limitation employees) and the payment thereof (including, without
limitation, withholding of Taxes under Sections 1441 and 1442 of the Code, or similar provisions under any foreign laws).

 

(b) There are no liens
for Taxes upon any assets of Parent or Merger Sub, except statutory liens for current Taxes not yet due and Permitted Liens.

 

(c) No deficiency for
any Taxes has been asserted, assessed or proposed against Parent or Merger Sub that has not been finally resolved. No waiver, extension
or comparable consent given by Parent or Merger Sub regarding the application of the statute of limitations with respect to any
Taxes or Parent Returns is outstanding, nor is any request for any such waiver or consent pending. There is no pending or threatened
Tax audit or other administrative proceeding or court proceeding with regard to any Taxes or Parent Returns, nor is any such Tax
audit or other proceeding pending, nor has there been any notice to Parent or Merger Sub by any Taxing authority regarding any
such Tax audit or other proceeding, or, to the Knowledge of Parent, is any such Tax audit or other proceeding threatened with regard
to any Taxes or Parent Returns. Parent does not expect the assessment of any additional Taxes of Parent or Merger Sub for any period
prior to the date hereof and has no Knowledge of any unresolved questions, claims or disputes concerning the liability for Taxes
of Parent which would exceed the estimated reserves established on its books and records.

 

(d) Neither the execution
and delivery of this Agreement nor the consummation of the transactions contemplated hereby, either alone or in combination with
any other event (whether contingent or otherwise) will result in any “parachute payment” under Section 280G of the
Code (or any corresponding provision of state, local, or foreign Tax law).

 

(e) There is no contract,
agreement, plan or arrangement to which Parent or Merger Sub is a party which requires Parent or Merger Sub to pay a Tax gross-up,
equalization or reimbursement payment to any Person, including without limitation, with respect to any Tax-related payments under
Section 409A of the Code or Section 280G of the Code.

 

(f) Neither Parent nor
Merger Sub is liable for Taxes of any other Person under Treasury Regulations section 1.1502-6 or any similar provision of state,
local or foreign Tax law, as a transferee or successor, by Contract or otherwise. Neither Parent nor Merger Sub is a party to any
Tax sharing, allocation or indemnification agreement. Neither Parent nor Merger Sub has agreed nor is required, as a result of
a change in method of accounting or otherwise, to include any adjustment under Section 481 of the Code (or any corresponding provision
of state, local or foreign law) in Taxable income. Neither Parent nor Merger Sub will be required to include any item of income
in Taxable income for any Taxable period (or portion thereof) ending after the Closing Date as a result of any (i) prepaid
amount received on or prior to the Closing Date or (ii) “closing agreement” described in Section 7121 of the Code (or
any similar or corresponding provision of any other Tax law). No claim has ever been made by a Taxing authority in a jurisdiction
where Parent or Merger Sub does not file a return that Parent or Merger Sub is subject to Tax imposed by that jurisdiction. There
are no advance rulings in respect of any Tax pending or issued by any Taxing authority with respect to any Taxes of Parent.

 

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(g) Neither Parent nor
Merger Sub has been a “distributing corporation” or a “controlled corporation” (within the meaning of Section
355 of the Code) in a distribution of stock qualifying for tax-free treatment under Section 355 of the Code.

 

(h) Neither Parent nor
Merger Sub has requested any extension of time within which to file any Parent Return, which return has not since been filed.

 

(i) Neither Parent nor
Merger Sub is a party to any tax sharing, allocation, indemnity or similar agreement or arrangement (whether or not written) pursuant
to which it will have any obligation to make any payments after the Closing.

 

(j) Parent and Merger
Sub have not participated in any “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b).

 

(k) Neither Parent nor
Merger Sub knows of any fact or has taken or failed to take any action that would reasonably be expected to prevent the Merger
from qualifying as a reorganization within the meaning of Section 368(a) of the Code.

 

4.11
Compliance with Laws; Permits.

 

(a) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or would not reasonably be expected
to prevent or materially impair the consummation of the transactions contemplated by this Agreement, the businesses of Parent and
Merger Sub have not been, and as of the Effective Date will not be conducted in violation of any applicable Laws. No investigation,
audit or review by any Governmental Authority with respect to Parent or Merger Sub is pending or, to the Knowledge of Parent, threatened,
nor has any Governmental Authority notified Parent or Merger Sub of its intention to conduct the same, except for (i) such
investigations or reviews that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect
and/or (ii) any investigation or review related to the Merger. As of the date hereof, Parent and/or Merger Sub have not received
any notice or communication of any material noncompliance with any applicable Laws that has not been cured as of the date hereof.

 

(b) Neither Parent nor
Merger Sub has solicited, received, paid or offered to pay any remuneration, directly or indirectly, overtly or covertly, in cash
or kind for the purpose of making or receiving any referral that violated an anti-corruption Law.

 

4.12
Real Property.

 

(a) None of Parent or
any of its Subsidiaries owns any real property.

 

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(b) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, Parent has a valid and subsisting
leasehold estate in each parcel of real property demised under a Lease for the full term of the respective Lease free and clear
of any Liens other than Permitted Liens. Except as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, (i) all Leases are valid and in full force and effect except to the extent they have previously expired
or terminated in accordance with their terms, and (ii) neither Parent nor, to the Knowledge of Parent, any third party, has violated
any provision of, or committed or failed to perform any act which, with or without notice, lapse of time or both would constitute
a default under the provisions of, any Lease. Parent has not assigned, pledged, mortgaged, hypothecated or otherwise transferred
any Lease and Parent has not entered into with any other Person (other than another wholly-owned Subsidiary of Parent) any sublease,
license or other agreement that is material to Parent, taken as a whole, and that relates to the use or occupancy of all or any
portion of the Leased Real Estate. Parent has delivered or otherwise made available to Fixel true and complete copies of all Leases
(including all material modifications, amendments, supplements, waivers and side letters thereto) pursuant to which Parent leases,
subleases or licenses, as tenant, any Leased Real Estate.

 

(c) Except as would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, Parent has good title to, or a valid
and binding leasehold interest in, all the personal property owned by it, free and clear of all Liens, other than Permitted Liens.

 

4.13
Insurance. Each of the insurance policies held by Parent is in full force and effect. Except as set forth in Parent
Disclosure Schedule 4.13, Parent has not received any notice or other communication regarding any actual or possible (a) cancellation
or invalidation of any insurance policy, (b) refusal of any coverage or rejection of any claim under any insurance policy, or
(c) material adjustment in the amount of the premiums payable with respect to any insurance policy. With respect to each such
insurance policy: (i) to the Knowledge of Parent, the policy is legal, valid, binding, enforceable, and in full force and effect;
(ii) neither Parent nor, to Parent’s Knowledge, any other party to the policy is in breach or default (including with
respect to the payment of premiums or the giving of notices), and, to Parent’s Knowledge, no event has occurred that, with
notice or the lapse of time, would constitute such a breach or default, or permit termination, modification, or acceleration,
under the policy; and (iii) no party to the policy has repudiated any provision thereof.

 

4.14
Environmental Matters.

 

(a) Fixel is, and has
been, in compliance with all Environmental Laws, which compliance includes the possession, maintenance of, compliance with, or
application for, all Permits required under applicable Environmental Laws for the operation of the business of Fixel as currently
conducted.

 

(b) Fixel has not (i)
produced, processed, manufactured, generated, transported, treated, handled, used, stored, disposed of or released any Hazardous
Substances, except in compliance with Environmental Laws, at any Leased Real Estate of Fixel, or (ii) exposed any employee or any
third party to any Hazardous Substances under circumstances reasonably expected to give rise to any Liability or obligation under
any Environmental Law.

 

(c) Fixel has not received
written notice of and there is no Legal Proceeding pending, or to the Knowledge of Fixel, threatened against Fixel, alleging any
liability or responsibility under or non-compliance with any Environmental Law or seeking to impose any financial responsibility
for any investigation, cleanup, removal, containment or any other remediation or compliance under any Environmental Law. Fixel
is not subject to any order, judgment or decree or written agreement by or with any Governmental Authority or third party imposing
any material liability or obligation with respect to any of the foregoing.

 

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4.15
Employee Matters.

 

(a) The Parent SEC Filings
contain an accurate and complete list, as of the date hereof, of each material plan, program, policy, agreement, collective bargaining
agreement or other arrangement providing for compensation, severance, deferred compensation, performance awards, stock or stock-based
awards, fringe, retirement, death, disability or medical benefits or other employee benefits or remuneration of any kind, including
each employment, severance, retention, change in control or consulting plan, program arrangement or agreement, in each case whether
written or unwritten or otherwise, funded or unfunded, including each “employee benefit plan,” within the meaning of
Section 3(3) of ERISA, whether or not subject to ERISA, which is or has, within the six (6) years prior to the Closing
Date, been sponsored, maintained, contributed to, or required to be contributed to, by Parent for the benefit of any current or
former employee, independent contractor, consultant or director of Parent (each, a “Parent Employee”),
or with respect to which Parent has or may have any material liability (collectively, the “Parent Employee Plans”).

 

(b) Parent has made available
to Fixel correct and complete copies (or, if a plan is not written, a written description) of all Parent Employee Plans and amendments
thereto in each case that are in effect as of the date hereof, and, to the extent applicable, (i) all related trust agreements,
funding arrangements and insurance contracts now in effect, (ii) the most recent determination letter received regarding the tax-qualified
status of each Parent Employee Plan, (iii) the most recent financial statements for each Parent Employee Plan, (iv) the Form 5500
Annual Returns/Reports for the most recent plan year for each Parent Employee Plan, (v) the current summary plan description for
each Parent Employee Plan, and (vi) all actuarial valuation reports related to any Parent Employee Plans.

 

(c) (i) To the Knowledge
of Parent, each Parent Employee Plan has been established, administered, and maintained in all material respects in accordance
with its terms and in material compliance with applicable Laws, including but not limited to ERISA and the Code; (ii) to the
Knowledge of Parent, all the Parent Employee Plans that are intended to be qualified under Section 401(a) of the Code are so qualified
and have received timely determination letters from the IRS or may rely upon a favorable opinion letter and, as of the date hereof,
no such determination letter or opinion letter has been revoked nor, to the Knowledge of Parent, has any such revocation been threatened,
and to the Knowledge of Parent, as of the date hereof, no circumstance exists that is likely to result in the loss of such qualified
status under Section 401(a) of the Code; (iii) Parent has timely made all material contributions and other material payments required
by and due under the terms of each Parent Employee Plan and applicable Law, and all benefits accrued under any unfunded Parent
Employee Plan have been paid, accrued or otherwise adequately reserved to the extent required by, and in accordance with GAAP;
(iv) except to the extent limited by applicable Law, each Parent Employee Plan can be amended, terminated or otherwise discontinued
after the Effective Time in accordance with its terms, without material liability to Parent, Fixel or any of its Subsidiaries (other
than ordinary administration expenses and in respect of accrued benefits thereunder); (v) as of the date hereof, there are
no material audits, inquiries or Legal Proceedings pending or, to the Knowledge of Parent, threatened by the IRS or the U.S. Department
of Labor, or any similar Governmental Authority with respect to any Parent Employee Plan; (vi) as of the date hereof, there are
no material Legal Proceedings pending, or, to the Knowledge of Parent, threatened with respect to any Parent Employee Plan (in
each case, other than routine claims for benefits); and (vii) to the Knowledge of Parent, Parent has not engaged in a transaction
that could subject Parent to a tax or penalty imposed by either Section 4975 of the Code or Section 502(i) of ERISA.

 

(d) No Parent Employee
Plan provides post-termination or retiree welfare benefits to any person for any reason, except as may be required by COBRA or
other applicable Law, and neither Parent nor any Parent ERISA Affiliate has any liability to provide post-termination or retiree
welfare benefits to any person or ever represented, promised or contracted to any Parent Employee (either individually or to Parent
Employees as a group) or any other person that such Parent Employee(s) or other person would be provided with post-termination
or retiree welfare benefits, except to the extent required by COBRA or other applicable Law.

 

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(e) No Parent Employee
Plan has within the three years prior to the date hereof, been the subject of an examination or audit by a Governmental Authority
or is the subject of an application or filing under, or is a participant in, an amnesty, voluntary compliance, self-correction
or similar program sponsored by any Governmental Authority.

 

(f) Each Parent Employee
Plan that is subject to Section 409A of the Code has been operated in compliance with such section and all applicable regulatory
guidance (including, without limitation, proposed regulations, notices, rulings, and final regulations).

 

(g) Parent complies in
all material respects with the applicable requirements of COBRA or any similar state statute with respect to each Parent Employee
Plan that is a group health plan within the meaning of Section 5000(b)(1) of the Code or such state statute.

 

(h) Neither the execution
of this Agreement, the consummation of the Merger, nor any of the transactions contemplated by this Agreement will (either alone
or upon the occurrence of any additional or subsequent events): (i) entitle any current or former director, employee, contractor
or consultant of Parent to severance pay or any other payment; (ii) accelerate the time of payment, funding, or vesting, or increase
the amount of compensation due to any such individual, (iii) limit or restrict the right of Parent to merge, amend or terminate
any Parent Employee Plan, (iv) increase the amount payable or result in any other material obligation pursuant to any Parent Employee
Plan, or (v) result in “excess parachute payments” within the meaning of Section 280G(b) of the Code.

 

(i) Parent (i) is in
compliance with all applicable Laws and agreements respecting hiring, employment, termination of employment, plant closing and
mass layoff, employment discrimination, harassment, retaliation and reasonable accommodation, leaves of absence, terms and conditions
of employment, wages and hours of work, employee health and safety, leasing and supply of temporary and contingent staff, engagement
of independent contractors, including proper classification of same, payroll taxes, and immigration with respect to Parent Employees
and contingent workers; and (ii) is in compliance with all applicable Laws relating to the relations between it and any labor organization,
trade union, work council or other body representing Parent Employees, except, in the case of clauses (i) and (ii) immediately
above, where the failure to be in compliance with the foregoing would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

(j) Parent is not party
to, or subject to, any collective bargaining agreement or other agreement with any labor organization, work council or trade union
with respect to any of its or their operations. No material work stoppage, slowdown or labor strike against Parent with respect
to employees who are employed within the United States is pending, threatened or has occurred in the last two (2) years, and, to
the Knowledge of Parent, no material work stoppage, slowdown or labor strike against Parent with respect to employees who are employed
outside the United States is pending, threatened or has occurred in the last two (2) years. As of the date hereof, none of the
Parent Employees are represented by a labor organization, work council or trade union and, to the Knowledge of Parent, there is
no organizing activity, Legal Proceeding, election petition, union card signing or other union activity or union corporate campaigns
of or by any labor organization, trade union or work council directed at Parent or any Parent Employees. As of the date hereof,
there are no Legal Proceedings, government investigations, or labor grievances pending, or, to the Knowledge of Parent, threatened
relating to any employment related matter involving any Parent Employee or applicant, including, but not limited to, charges of
unlawful discrimination, retaliation or harassment, failure to provide reasonable accommodation, denial of a leave of absence,
failure to provide compensation or benefits, unfair labor practices, or other alleged violations of Law, except for any of the
foregoing which would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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(k) Neither Parent nor
any Parent ERISA Affiliate has at any time contributed to or had any obligation to, or has had any liability (contingent or otherwise)
with respect to (i) any “multiemployer plan,” as that term is defined in Section 4001 of ERISA; (ii) any “employee
benefit plan” subject to Title IV of ERISA or Section 412 of the Code’; or (iii) any “multiemployer welfare arrangement”
within the meaning of Section 3(40) of ERISA.

 

4.16
Intellectual Property.

 

(a) Parent is the sole
and exclusive owner of all right, title and interest in and to, or has the valid right to use all Intellectual Property used or
held for use in or necessary for the conduct of the business of Parent as currently conducted and contemplated (the “Parent
IP”), free and clear of all liens, except as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(b) Parent’s rights
in the Parent-Owned IP are valid, subsisting and enforceable, except as would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect. Parent has taken reasonable steps to maintain Parent IP and to protect and preserve
the confidentiality of all trade secrets included in Parent IP, except where the failure to take such actions would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(c) The Parent SEC Filings
contain a complete and accurate list of all material Parent IP Agreements, other than licenses for shrinkwrap, clickwrap or other
similar commercially available off-the- shelf software. The consummation of the transactions contemplated hereunder will not result
in the loss or impairment of any rights of Parent under any of the Parent IP Agreements, except as would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

(d) Except as would not
be reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (i) to the Knowledge of Parent
the conduct of the businesses of Parent has not infringed, misappropriated or otherwise violated, and is not infringing, misappropriating
or otherwise violating, any Intellectual Property of any other Person; and (ii) to the Knowledge of Parent, no third party is infringing
upon, violating or misappropriating any Parent IP.

 

(e) There are no Legal
Proceedings pending or, to the Knowledge of Parent, threatened: (i) alleging any infringement, misappropriation or violation of
the Intellectual Property of any Person by Parent; (ii) challenging the validity, enforceability or ownership of any Parent-Owned
IP or Parent’s rights with respect to any Parent IP, in each case except for such Legal Proceedings that would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. Parent is not subject to any outstanding order,
judgment or decree that restricts or impairs the use of any Parent IP, except where compliance with such order, judgment or decree
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

4.17
No Undisclosed Liabilities. As of the date hereof, except as set forth in Parent Disclosure Schedule 4.17 or Parent
SEC Filings, or except as reflected in or reserved against in the unaudited balance sheet of Parent at June 30, 2020 (the “Parent
Latest Balance Sheet”), Parent has no material liabilities (whether accrued, absolute, contingent, unliquidated
or otherwise) other than Parent Professional Fees, liabilities arisen in the ordinary course of business consistent with past
practice since June 30, 2020, and liabilities arising or permitted under this Agreement and the other Transaction Documents.

 

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4.18
Absence of Certain Changes, Events and Conditions. Except as set forth in the Parent SEC Filings, since June 30,
2020, and other than or in the ordinary course of business consistent with past practice, there has not been, with respect to
Parent, any:

 

(a) event, occurrence
or development that has had or that could reasonably be expected to result in a Material Adverse Effect,

 

(b) declaration or payment
of any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to
purchase or redeem any shares of its capital stock,

 

(c) issuance of equity
securities;

 

(d) split, combination
or reclassification of any shares of its capital stock;

 

(e) issuance, sale or
other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase or obtain (including
upon conversion, exchange or exercise) any of its capital stock;

 

(f) material change in
any method of accounting or accounting practice of Parent for tax or book purposes, except as required by GAAP or as disclosed
in the notes to the Financial Statements;

 

(g) material change in
Parent’s cash management practices and its policies, practices and procedures with respect to collection of accounts receivable,
establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory control, prepayment of expenses,
payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance of customer deposits;

 

(h) entry into any Contract
that would constitute a Parent Material Contract;

 

(i) incurrence, assumption
or guarantee of any indebtedness for borrowed money except for unsecured current obligations and liabilities incurred in the ordinary
course of business consistent with past practice;

 

(j) transfer, assignment,
sale or other disposition of any of the assets shown or reflected in Parent Latest Balance Sheet or cancellation of any debts or
entitlements;

 

(k) transfer, assignment
or grant of any license or sublicense of any material rights under or with respect to any Parent IP or Parent IP Agreements;

 

(l) material damage,
destruction or loss (whether or not covered by insurance) to its property;

 

(m) any capital investment
in, or any loan to, any other Person;

 

(n) acceleration, termination,
material modification to or cancellation of any Parent Material Contract (including, but not limited to, any Parent Material Contract)
to which Parent is a party or by which it is bound;

 

(o) any material capital
expenditures in excess of $10,000 in the aggregate;

 

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(p) imposition of any
material Lien upon any of Parent properties, capital stock or assets, tangible or intangible;

 

(q) (i) grant of any
bonuses, other than as provided for in any written agreements, required by applicable Law or consistent with past practice, (ii)
any material increase in the base salary of any officer or employee of Parent; or (iii) action to accelerate the vesting or payment
of any compensation or benefit for any current or former employee, officer, director, independent contractor or consultant;

 

(r) adoption, modification
or termination, of any: (i) employment, severance, retention or other agreement with any current or former employee, officer, director,
independent contractor or consultant, other than termination for cause or consistent with past practice, (ii) Parent Employee Plan
other than as required by applicable Law or (iii) collective bargaining or other agreement with a union, in each case whether written
or oral;

 

(s) any loan to (or forgiveness
of any loan to), or entry into any other transaction with, any of its stockholders or current or former directors, officers and
employees;

 

(t) entry into a new
line of business or abandonment or discontinuance of existing lines of business;

 

(u) except for the Merger,
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy
under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any
similar Law;

 

(v) purchase, lease or
other acquisition of the right to own, use or lease any property or assets for an amount in excess of $10,000, individually (in
the case of a lease, per annum) or $25,000 in the aggregate (in the case of a lease, for the entire term of the lease, not including
any option term), except for purchases of inventory or supplies in the ordinary course of business consistent with past practice;

 

(w) acquisition by merger
or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any other manner, any business
or any Person or any division thereof;

 

(x) action by Parent
to make, change or rescind any Tax election, amend any Parent Return or take any position on any Parent Return, take any action,
omit to take any action or enter into any other transaction that would have the effect of increasing the Tax liability of Parent
or the Surviving Corporation after the consummation of the Merger;

 

(y) amendment of the
Parent Organization Documents; or

 

(z) any Contract to do
any of the foregoing, or any action or omission that would result in any of the foregoing.

 

4.19
Material Contracts. All of the contracts listed as exhibits to any of the Parent SEC Filings that are still in effect
(the “Parent Material Contracts”), constitute all material contracts required to be filed as required
by the Exchange Act and the Securities Act, as applicable, are legally valid and binding on Parent and, to the knowledge of Parent,
are legally valid and binding obligations of the other party thereto, in accordance with its terms and is in full force and effect,
and neither Parent nor, to Parent’s Knowledge, the other party thereto is in breach or default thereunder except for such
breach or default as would not have a Material Adverse Effect on Parent.

 

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4.20
Information. The Merger 8-K will not at the time of the filing of the Merger 8-K and no other SEC filing of Parent
in connection with the transactions contemplated by this Agreement will at the time of its filing with the SEC, contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading; provided that no representation
is made by Parent with respect to information supplied by or related to, or the sufficiency of disclosures related to, Fixel or
any Affiliate or representative of Fixel. The Merger 8-K (as it relates to Parent and Merger Sub) and any other SEC filing of
Parent in connection with the transactions contemplated by this Agreement will comply as to form in all material respects with
the requirements of the Exchange Act and the Securities Act, as applicable, except that no representation is made by Parent with
respect to information supplied by or related to Fixel or any Affiliate or representative of Fixel.

 

4.21
No Other Information. Parent and Merger Sub acknowledge that Fixel makes no representations or warranties as to
any matter whatsoever except as expressly set forth in Article III. The representations and warranties set forth in Article
III are made solely by Fixel, and no Representative of Fixel shall have any responsibility or liability related thereto.

 

4.22
Access to Information; Disclaimer. Parent and Merger Sub each acknowledges and agrees that it (a) has had an opportunity
to discuss the business of Fixel and its Subsidiaries with the management of Fixel, (b) has had reasonable access to (i) the books
and records of Fixel and its Subsidiaries and (ii) the electronic dataroom maintained by Fixel for purposes of the transactions
contemplated by this Agreement, (c) has been afforded the opportunity to ask questions of and receive answers from officers of
Fixel and (d) has conducted its own independent investigation of Fixel and its Subsidiaries, their respective businesses and the
transactions contemplated hereby, and has not relied on any representation, warranty or other statement by any Person on behalf
of Fixel or any of its Subsidiaries, other than the representations and warranties of Fixel expressly contained in Article
III of this Agreement and that all other representations and warranties are specifically disclaimed.

 

4.23
Foreign Corrupt Practices; Improper Payments. Neither the Parent nor any director, officer, employee nor, to the
Knowledge of the Parent, agent or Affiliate of the Parent has (a) while acting on behalf of the Parent (i) made or agreed to make
any contribution, payment, gift or entertainment to, or accepted or received any contributions, payments, gifts or entertainment
from, any government official or employee, political party or agent or any candidate for any federal, state, local or foreign
public office, where either the contribution, payment or gift or the purpose thereof was in violation of Law or (ii) engaged in
or otherwise knowingly participated in, assisted or facilitated any transaction that is prohibited by any applicable embargo or
related trade restriction imposed by the United States Office of Foreign Assets Control or any other agency of the United States
government, or (b) made any unlawful payment to any government official or employee or to any political party or campaign or violated
any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

4.24
Full Disclosure. No representation or warranty relating to the Parent or Merger Sub or made by the Parent or Merger Sub
contained in this Agreement or in any of the Transaction Documents and no written statement made by or on behalf of Parent or Merger
Sub or any of its or their Affiliates pursuant to this Agreement or any of the Transaction Documents contains an untrue statement
of a material fact or omits to state a material fact necessary to make the statements contained herein or therein not misleading.
There are no facts which Parent or Merger Sub has not disclosed to Fixel in writing which could, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

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Article
V.

CONDUCT OF BUSINESS PENDING THE MERGER

 

5.1
Conduct of Business by Parent and Merger Sub. From the date of this Agreement to the Effective Date, except as otherwise
provided in this Agreement or the schedules hereto or consented to in writing by Fixel, each of Parent and Merger Sub shall (x)
conduct the business of Parent and Merger Sub in the ordinary course of business consistent with past practice; and (y) maintain
and preserve intact the current organization, business and franchise of Parent and Merger Sub and endeavor to preserve the rights,
franchises, goodwill and relationships of its employees, customers, lenders, suppliers, regulators and others having business
relationships with Parent and/or Merger Sub. Without limiting the foregoing, from the date hereof until the Closing Date, each
of Parent and Merger Sub shall, consistent with past practice and commercially reasonable conduct:

 

(a) preserve and maintain
all of its Permits;

 

(b) pay its debts, Taxes
and other obligations when due;

 

(c) maintain the properties
and assets owned, operated or used by it in the same condition as they were on the date of this Agreement, subject to reasonable
wear and tear;

 

(d) continue in full
force and effect without modification all material insurance policies;

 

(e) defend and protect
its properties and assets from infringement or usurpation;

 

(f) perform all obligations,
in all material respects, under all Parent Material Contracts relating to or affecting its properties, assets or business;

 

(g) maintain its books
and records in accordance with past practice;

 

(h) comply in all material
respects with all applicable Laws;

 

(i) not form any Subsidiaries;
and

 

(j) not take or permit
any action that would cause any of the changes, events or conditions described in Section 4.18, except as listed on Parent
Disclosure Schedule 4.18.

 

5.2
Conduct of Business by Fixel. From the date of this Agreement to the Effective Date, except as otherwise provided
in this Agreement or consented to in writing by Parent, Fixel shall (x) conduct the business of Fixel in the ordinary course of
business consistent with past practice; and (y) maintain and preserve intact the current organization, business and franchise
of the Fixel and preserve the rights, franchises, goodwill and relationships of its employees, customers, lenders, suppliers,
regulators and others having business relationships with Fixel. Without limiting the foregoing, from the date hereof until the
Closing Date, Fixel shall, consistent with past practice and commercially reasonable conduct:

 

(a) preserve and maintain
all of its Permits;

 

(b) pay its debts, Taxes
and other obligations when due;

 

(c) maintain the properties
and assets owned, operated or used by it in the same condition as they were on the date of this Agreement, subject to reasonable
wear and tear;

 

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(d) continue in full
force and effect without modification all material insurance policies;

 

(e) defend and protect
its properties and assets from infringement or usurpation;

 

(f) perform all obligations,
in all material respects, under all Fixel Material Contracts relating to or affecting its properties, assets or business;

 

(g) maintain its books
and records in accordance with past practice;

 

(h) comply in all material
respects with all applicable Laws;

 

(i) not form any Subsidiaries;
and

 

(j) not take or permit
any action that would cause any of the changes, events or conditions described in Section 3.25, except as listed on Fixel
Disclosure Schedule 3.25.

 

Article
VI.

ADDITIONAL COVENANTS AND AGREEMENTS

 

6.1
Commercially Reasonable Efforts; Governmental Filings. Subject to the terms and conditions herein provided, each
party will use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all
things necessary, proper or advisable to consummate and make effective as promptly as practicable the transactions contemplated
by this Agreement. Each party will use commercially reasonable efforts and will cooperate with the other party in the preparation
(including by furnishing any information, including financial statements, in respect of such party and its Affiliates required
to be included in such filings) and filing, as soon as practicable, of all filings, applications or other documents required under
applicable laws, including, but not limited to, the SEC Filings, as applicable, to consummate the transactions contemplated by
this Agreement. Each party will use commercially reasonable efforts and will cooperate with the other party in taking any other
actions necessary to obtain such regulatory or other approvals and consents at the earliest practicable time, including participating
in any required hearings or proceedings.

 

6.2
Expenses. Each party shall be responsible for their respective costs, fees, and expenses incurred in connection
with the making of this Agreement and the transactions contemplated hereby.

 

6.3
Access to Information; Confidentiality.

 

(a) Between the date
hereof and the Closing Date, each of Parent and Fixel (for the purposes of this Section 6.3 only, an “Investigated
Party”) shall afford to the other party (the “Investigating Party”) and such Investigating
Party’s authorized representatives access to the books and records and other information of the Investigated Party as described
herein. In light of the foregoing, the Investigated Party shall make reasonably available (together with the right to copy) to
the Investigating Party and its officers, employees, attorneys, accountants and other representatives (hereinafter collectively
referred to as “Representatives”), all books, papers, and records relating to the assets, stock, properties,
operations, obligations and liabilities of such Investigated Party and its Subsidiaries, including, without limitation, all books
of account (including, without limitation, the general ledger), Tax records, minute books of directors’ and stockholders’
meetings, organizational documents, operating agreements, bylaws, contracts and agreements, filings with any regulatory authority,
accountants’ work papers, litigation files (including, without limitation, legal research memoranda), attorney’s audit
response letters, securities transfer records and stockholder/member lists, and any books, papers and records (collectively referred
to herein as “Evaluation Material”) and otherwise provide such assistance as is reasonably requested
in order that the Investigating Party may have a full opportunity to make such investigation and evaluation as it shall reasonably
desire to make of the business and affairs of the Investigated Party; provided, however, that the foregoing rights granted to the
Investigating Party shall, whether or not and regardless of the extent to which the same are exercised, in no way affect the nature
or scope of the representations, warranties and covenants of the Investigated Party set forth herein.

 

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(b) The Investigating
Party agrees that it will not use the Evaluation Material for any purpose other than in connection with the Merger and the transactions
contemplated hereunder. The Investigating Party agrees not to disclose or allow disclosure to others of any Evaluation Material,
except to such party’s Affiliates or Representatives, in each case, to the extent necessary to permit such Affiliate or Investigating
Party Representative to assist such party in connection with the Merger and the transactions contemplated hereunder, or as may
be required by Law. The Investigating Party agrees that it will, within ten (10) days of the Investigated Party’s request,
re-deliver all copies of the Investigated Party’s Evaluation Material in its possession or that of its Affiliates or Representatives
if the Merger does not close as contemplated herein.

 

(c) Notwithstanding any
of the foregoing and subject to any other restrictions previously agreed to by an Investigating Party, if prior to Closing, for
any reason, the transactions contemplated by this Agreement are not consummated, neither the Investigating Party nor any of the
Investigating Party’s Representatives shall disclose to third parties or otherwise use any Evaluation Material or other confidential
information received from the Investigated Party in the course of investigating, negotiating, and performing the transactions contemplated
by this Agreement; provided, however, that nothing shall be deemed to be confidential information which:

 

(i) is or becomes
generally available to the public other than as a result of an act or omission by the Investigating Party, its Affiliates or Representatives
in breach of this Agreement;

 

(ii) was available
to the Investigating Party on a non-confidential basis prior to its disclosure;

 

(iii) becomes
available to the Investigating Party on a non-confidential basis from a source other than the Investigated Party or its agents,
advisors or Representatives; or

 

(iv) was developed
by the Investigating Party independently of any disclosure by the Investigated Party, and independently of any guidance by someone
at the Investigated Party with access to the Evaluation Material.

 

Nothing in
this Section 6.3 shall prohibit the disclosure of information required to be made under federal or state securities laws.
If any disclosure is so required, then provided a delay will not prevent timely compliance with applicable Laws, the Investigating
Party shall consult with the Investigated Party prior to making such disclosure, and the parties shall use all reasonable efforts,
acting in good faith, to agree upon a text for such disclosure which is satisfactory to both parties.

 

Under no circumstances
will an Investigated Party be required to disclose any information to an Investigating Party or publicly if such disclosure would
be a violation of applicable Laws.

 

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6.4
Press Releases. Fixel and Parent shall agree with each other as to the form and substance of any press release or
public announcement related to this Agreement or the transactions contemplated hereby; provided, however, that nothing contained
herein shall prohibit either party, following notification to the other party, from making any disclosure which is required by
law or regulation. If any such press release or public announcement is so required, the party making such disclosure shall consult
with the other party prior to making such disclosure, and the parties shall use commercially reasonable efforts, acting in good
faith, to agree upon a text for such disclosure which is satisfactory to both parties.

 

6.5
Securities Reports. Prior to the Closing, Parent will have filed with the SEC all reports, forms, financial statements
and other documents required to be filed under the Exchange Act that were or are due to be filed at any time prior to or on the
Closing Date. Parent agrees to provide to Fixel copies of all reports and other documents filed under the Securities Act or Exchange
Act with the SEC by it between the date hereof and the Effective Date prior to filing with the SEC.

 

6.6
Fixel Financial Statements. As promptly as reasonably practicable following the date of this Agreement, Fixel will deliver
(i) audited financial statements for the fiscal year ended December 31, 2019 (the “Fixel Audited Financial Statements”)
and (ii) unaudited interim financial statements for each interim period completed prior to Closing that would be required to be
included in any periodic report due prior to the Closing if Fixel were subject to the periodic reporting requirements under the
Securities Act or the Exchange Act (the “Fixel Interim Financial Statements”). 
Each of Fixel Audited Financial Statements and Fixel Interim Financial Statements will be prepared in accordance with GAAP and
applied on a consistent basis during the periods involved (except in each case as described in the notes thereto) and on that basis
will present fairly, in all material respects, the financial position and the results of operations, changes in Stockholders’
equity, and cash flows of Fixel as of the dates of and for the periods referred to in Fixel Audited Financial Statements or Fixel
Interim Financial Statements, as the case may be.

 

6.7
No Solicitation.

 

(a) Unless and until
this Agreement shall have been terminated pursuant to Section 8.1 and except as related to negotiations between Parent and
Fixel with respect to the Subject Transactions, neither Fixel nor its officers, directors or agents shall, directly or indirectly,
encourage, solicit or initiate discussions or negotiations with, or engage in negotiations or discussions with, or provide non-public
information to, any Person concerning (i) a merger, reorganization, consolidation, share exchange, business combination, recapitalization,
liquidation, dissolution or similar transaction involving an acquisition of Fixel or (ii) the acquisition in any manner, directly
or indirectly, of any equity securities or consolidated total assets of Fixel and its Subsidiaries, in each case other than the
Merger. Fixel will promptly notify Parent if it receives a proposal or inquiry with respect to the matters described above.

 

(b) Unless and until
this Agreement shall have been terminated pursuant to Section 8.1 and except as related to negotiations between Parent and
Fixel with respect to the Subject Transactions, neither Parent nor its officers, directors or agents shall, directly or indirectly,
encourage, solicit or initiate discussions or negotiations with, or engage in negotiations or discussions with, or provide non-public
information to, any Person concerning (i) a merger, reorganization, consolidation, share exchange, business combination, recapitalization,
liquidation, dissolution or similar transaction involving an acquisition of Parent or (ii) the acquisition in any manner, directly
or indirectly, of any equity securities or consolidated total assets of the Parent and its Subsidiaries, in each case other than
the Merger. Parent will promptly notify Fixel if it receives a proposal or inquiry with respect to the matters described above.

 

6.8
Failure to Fulfill Conditions. At or prior to the Effective Time, each party shall give prompt notice to the other
party of any fact, event or circumstance to the Knowledge of such party that would cause, or reasonably be expected to cause,
the failure of any condition precedent to its obligations specified in Article VIII to be satisfied so as to not permit
the consummation of the transactions contemplated hereby prior to the End Date.

 

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6.9
SEC Filings

 

(a) As promptly as reasonably
practicable following the Effective Time, Parent shall prepare and file with the SEC a current report on Form 8-K describing the
structure and results of the Merger (the “Merger 8-K”) and all other documents to be filed by Parent with the
SEC in connection with the Merger and other transactions contemplated hereby (together with the Merger 8-K, the “SEC
Filings”) as required by the Securities Act or the Exchange Act.

 

(b) Fixel and Parent
each agrees, as to itself and its Subsidiaries, that none of the information supplied or to be supplied by it or its Subsidiaries
for inclusion or incorporation by reference in the SEC Filings and any amendment or supplement thereto will, at the date of thereof,
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 

(c) Fixel, Parent and
Merger Sub shall cooperate with each other (i) in the preparation of the SEC Filings and (ii) to respond in a satisfactory manner
to any comments by the SEC regarding the SEC Filings. Each of Parent, Merger Sub and Fixel and their respective counsel shall be
given a reasonable opportunity to review and comment upon the SEC Filings prior to the filing thereof with the SEC, and shall provide
any comments thereon as soon as reasonably practicable. Each party shall promptly notify the other party and its counsel of (x)
the issuance of any stop order or suspension of the qualification of the shares of Parent Common Stock issuable in connection with
the Merger for offering or sale in any jurisdiction and (y) of the receipt of any oral or written comments from the staff of the
SEC on any SEC Filing. If at any time any party shall become aware of the occurrence of any event or other circumstance relating
to it or any of its Subsidiaries as to which an amendment or supplement to any SEC Filing shall be required, such party shall promptly
notify the other party and Parent shall use its reasonable best efforts to promptly prepare and file with the SEC such amendment
or supplement. Parent and Fixel shall also use their reasonable best efforts to satisfy all necessary state securities Law or “blue
sky” notice requirements in connection with the Merger and to consummate the other transactions contemplated hereby, and
Fixel will pay all expenses incident thereto.

 

6.10
Indemnification.

 

(a) Indemnification
by Fixel. Subject to the other terms and conditions of this Section 6.10, from and after the Closing, Fixel and the Founders
(each, an “Indemnifying Party”), severally and jointly, shall indemnify and defend Parent, Merger Sub,
the Surviving Corporation, and their respective Affiliates and each of their respective representatives, successors, assigns, officers,
directors, managers, members, partners, equity holders, employees, and agents (each an “Indemnified Party”),
and shall hold each of them harmless from and against any and all Losses incurred or sustained by, or imposed upon, such Indemnified
Party based on, arising out of, or with respect to or by reason of:

 

(i) any inaccuracy
in or breach of any representation or warranty made by an Indemnifying Party in this Agreement as of the Closing Date; and

 

(ii) any breach
of any covenant or obligation to be performed by such Indemnifying Party in this Agreement.

 

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(b) Survival.

 

(i) General;
18 months. Except as otherwise provided herein, all of the representations and warranties of the Parties made in, or made pursuant
to, this Agreement shall survive the Closing, and shall expire eighteen (18) months following the Closing Date (the “General
Survival Period”).

 

(ii) Fundamental
Representations. Notwithstanding Section 6.10(b)(i), the representations and warranties contained in each of Section 3.1 (Organization
and Qualification), Section 3.2 (Authority Relative to this Agreement; Non-Contravention), Section 3.3 (No Conflicts), Section
3.4 (Capitalization), Section 3.7 (Brokers or Finders), Section 3.8 (Tax Matters), and Section 3.16 (Environmental Matters) (collectively,
the “Fixel Fundamental Representations”) shall survive in perpetuity following the Closing (the “Fundamental
Survival Period”).

 

(iii) Special
Representations. The representations and warranties contained in each of Section 3.17 (Employee Matters) and Section 3.18 (Intellectual
Property) (collectively, the “Fixel Special Representations”) shall each survive the Closing until the
expiration of the statute of limitations under applicable federal or state law for claims by third parties against the Indemnifying
Party on each such matter (the “Special Survival Period(s)”). The parties acknowledge that the statute
of limitations under applicable federal or state law on each matter may be different and therefore each matter relating to a Fixel
Special Representation may each have a separate and different Special Survival Period.

 

(iv) Covenants
and Obligations. The covenants and other obligations and agreements of the parties contained in, or made pursuant to, this
Agreement which by their terms do not contemplate performance after the Closing shall survive the Closing and shall expire eighteen
(18) months following the Closing Date (the “General Covenant Survival Period”) and those covenants and
other obligations and agreements contained in, or made pursuant to, this Agreement which contemplate performance after the Closing
shall survive the Closing indefinitely (the “Post-Closing Covenant Survival Period”).

 

(c) Limitations on
Indemnification; Tipping Basket. In no event shall the aggregate Liability of a Founder, in his or her capacity as an Indemnifying
Party pursuant to Section 6.10(a) (other than for claims arising from the Fixel Fundamental Representations, and claims of fraud,
willful misconduct or intentional misrepresentation, or any claims concerning the calculation of the Final Closing Cash, Indebtedness
and Transaction Expenses) with respect to Losses for which indemnification is provided thereunder, exceed the value of the Parent
Common Stock (which value shall be equal to the Average Price per share as of Closing) distributed or distributable to such Founder
pursuant to the Escrow Agreement. The Indemnifying Party shall have no Liability to indemnify or hold harmless the Indemnified
Party pursuant to Section 6.10(a) (other than for claims arising from the Fixel Fundamental Representations, and claims of fraud,
willful misconduct or intentional misrepresentation, or any claims concerning the calculation of the Final Closing Cash, Indebtedness
and Transaction Expenses) with respect to Losses for which indemnification is provided thereunder unless the aggregate amount of
such Losses exceeds $50,000 (the “Basket”), in which case the Indemnifying Party shall be liable for
all such Losses incurred by the Indemnified Party back to the first dollar of such Losses. For the sake of clarity, and by way
of example, if the Buyer’s cumulative claims for Losses are $45,000, then the Indemnifying Party pays $0.00. However, if
the cumulative claims for Losses are $55,000, then the Indemnifying Party shall be liable to indemnify the Indemnified Party $55,000.

 

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(d) Claims of Parties.
An Indemnified Party shall give prompt written notice (a “Claim Notice”) to the Indemnifying Party after
the Indemnified Party first becomes aware of any event or other facts that have resulted or that might result in any Loss for which
the Indemnified Party is entitled to any indemnification under this Agreement, and such notice shall contain (a) a detailed description
and, if known, the estimated amount of any Loss incurred or reasonably expected to be incurred by the Indemnified Party together
with such supporting documents reasonably available to such Indemnified Party, (b) a reasonable explanation of the basis for the
Claim Notice to the extent of the facts then known by the Indemnified Party and (c) a demand for payment of such Loss; provided,
however, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent
the Indemnifying Party shall have been actually prejudiced as a result of such failure. If no agreement can be reached after good
faith negotiation between the parties, the Parent may initiate formal legal action with the applicable court to resolve such dispute.
The decision of the court as to the validity and amount of any claim in such Claim Notice shall be binding and conclusive upon
the parties to this Agreement, and notwithstanding anything in Article VI hereof, the parties shall be entitled to act in accordance
with such decision.

 

(e) Third Party Claims.

 

(i) The Indemnified
Party agrees to give prompt notice in writing to the Indemnifying Party of the assertion of any claim by any third party (a “Third
Party Claim”) in respect of which indemnity may be sought under such Section 6.10. Such notice shall set forth in
reasonable detail such Third Party Claim and the basis for indemnification (taking into account the information then available
to the Indemnified Party). The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations
hereunder, except to the extent such failure shall have actually prejudiced the Indemnifying Party.

 

(ii) The Indemnifying
Party shall be entitled to participate in the defense of any Third Party Claim and shall be entitled to control and appoint lead
counsel for such defense. The Indemnified Party shall obtain the prior written consent of the Indemnifying Party before entering
into any settlement of a Third Party Claim.

 

(iii) If the
Indemnifying Party assumes the control of the defense of any Third Party Claim in accordance with the provisions of this Section
6.10(e), the Indemnifying Party shall obtain the prior written consent of the Indemnified Party (which shall not be unreasonably
withheld, delayed or conditioned) before entering into any settlement of such Third Party Claim if the settlement does not release
the Indemnified Party from all liabilities and obligations with respect to such Third Party Claim or the settlement imposes injunctive
or other equitable relief against the Indemnified Party.

 

(iv) If the
Indemnifying Party has elected to control the defense of a Third Party Claim, the Indemnified Party shall be entitled to participate
in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose, in which case the fees and
expenses of such separate counsel shall be borne by the Indemnified Party.

 

(v) Each party
hereto shall cooperate, and cause their respective Affiliates to cooperate, in the defense or prosecution of any Third Party Claim
and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings,
hearings, trials or appeals, as may be reasonably requested in connection therewith.

 

(f) Treatment of Indemnification
Payments. The parties agree that any indemnity payments made pursuant to this Section 6.10 shall be deemed to be an adjustment
to the consideration paid by Parent in the Subject Transaction (i.e. the issuance of the Parent Common Stock) for tax purposes
to the extent permitted by applicable Laws.

 

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(g) Escrow Agreement.
In accordance with the terms set forth in the Escrow Agreement, a number of shares of Parent Common Stock (out of the Parent Common
Stock held by the Escrow Agent for benefit of the Founders, in such proportions among them as specified in the Capitalization Table),
equal to $1,000,000.00 worth of Parent Common Stock priced on the Average Price immediately prior to the Closing, shall be withheld
by the Escrow Agent for a period of eighteen (18) months following the Closing.

 

(h) Exclusive Remedy.
The parties acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims arising
from fraud or intentional misrepresentation in connection with the transactions contemplated by this Agreement) for any breach
of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter
of this Agreement, shall be pursuant to the indemnification provisions set forth in this Section 6.10

 

6.11
Obligations of Merger Sub and the Surviving Corporation. Parent shall take all action necessary to cause Merger
Sub and the Surviving Corporation to perform their respective obligations under this Agreement.

 

6.12
Working Capital. From and after the Effective Date, Parent shall use commercially reasonable efforts to provide working
capital to Fixel.

 

6.13
Israeli Compliant Option Plan. Parent shall use commercially reasonable efforts, within ninety (90) days after the Closing,
to adopt (subject to evaluation of the feasibility thereof) an appendix to its existing Equity Incentive Plan (the “Israeli
Appendix”) to be compliant with requirements of the Israel Tax Laws, including authorization
to issue options under the “Capital Gains Track of Section 102 of the Israeli Tax Ordinance”, to enable the Parent
or a Subsidiary thereof to issue stock options with favorable tax benefits to individuals residing in Israel.

 

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Article
VII.

CONDITIONS

 

7.1
Conditions to Obligations of Each Party. The respective obligations of each party to effect the transactions contemplated
hereby in accordance with the terms of this Agreement are subject to the fulfillment or waiver at or prior to the Effective Date
of the following condition:

 

(a) Governmental Action.
No Governmental Authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any Law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits consummation of the Merger
or the other transactions contemplated by this Agreement.

 

7.2
Additional Conditions to Obligations of Parent and Merger Sub. The obligations of Parent and Merger Sub to consummate
the transactions contemplated hereby in accordance with the terms of this Agreement are also subject to the fulfillment or waiver
at or prior to the Effective Date of the following conditions:

 

(a) Representations
and Compliance. The representations of Fixel contained in this Agreement were true and correct as of the date of this Agreement
and are true and correct as of the Closing Date (except for representations and warranties made as of a specific date, which shall
be true and correct as of such date), in all respects (in the case of any representation containing any materiality qualification)
or in all material respects (in the case of any representation without any materiality qualification). Fixel shall have performed
in all material respects each obligation and agreement and complied in all material respects with each covenant to be performed
and complied with by it hereunder at or prior to the Closing Date. Notwithstanding the foregoing, Fixel’s representations
and warranties contained in Section 3.4 shall be true and correct in all respects without regard to any Materiality or Material
Adverse Effect qualifier.

 

(b) Officers’
Certificate. Fixel shall have furnished to Parent and Merger Sub a certificate of the Chief Executive Officer of Fixel, dated
as of the Effective Date, in which such officer shall certify that the conditions set forth in Section 7.2(a) have been
fulfilled.

 

(c) Secretary’s
Certificate. Fixel shall have furnished to Parent (i) copies of the text of (A) the resolutions by which the corporate action
on the part of Fixel necessary to approve this Agreement, the Certificate of Merger and the transactions contemplated hereby and
thereby were taken and (B) resolutions of the Stockholders of Fixel approving the Merger and adopting this Agreement, (ii) a certificate
dated as of the Closing Date executed on behalf of Fixel by its secretary certifying to Parent that such copies are true, correct
and complete copies of such resolutions and that such resolutions were duly adopted and have not been amended or rescinded, (iii)
an incumbency certificate dated as of the Closing Date executed on behalf of Fixel by its secretary certifying the signature and
office of each officer of Fixel executing this Agreement, the Certificate of Merger or any other agreement, certificate or other
instrument executed pursuant hereto by Fixel, (iv) a copy of the certificate of incorporation of Fixel, certified by the Secretary
of State of Delaware, and (v) a certificate from the Secretary of State of Delaware evidencing the good standing of Fixel in such
jurisdiction as of a day within five (5) Business Days prior to the Closing Date.

 

(d) Absence of Material
Adverse Effect. There shall not have occurred any Material Adverse Effect on Fixel, and no event shall have occurred or circumstance
shall exist that, in combination with any other events or circumstances, would reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect on Fixel.

 

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(e) Employment Agreements.
The employment agreements between Parent and each of Etgar Shpivak and the other Founders shall have been signed and delivered.

 

7.3
Additional Conditions to Obligations of Fixel. The obligation of Fixel to consummate the transactions contemplated
hereby in accordance with the terms of this Agreement is also subject to the fulfillment or waiver at or prior to the Effective
Date of the following conditions:

 

(a) Representations
and Compliance. The representations of Parent and Merger Sub contained in this Agreement were true and correct as of the date
of this Agreement and are true and correct as of the Closing Date (except for representations and warranties made as of a specific
date, which shall be true and correct as of such date), in all respects (in the case of any representation containing any materiality
qualification) or in all material respects (in the case of any representation without any materiality qualification). Parent and
Merger Sub, respectively, shall have performed in all material respects each obligation and agreement and complied in all material
respects with each covenant to be performed and complied with by them hereunder at or prior to the Closing Date. Notwithstanding
the foregoing, Parent’s representations and warranties contained in Section 4.4 shall be true and correct in all respects
without regard to any material or Material Adverse Effect qualifier contained in any such provision.

 

(b) Officers’
Certificate. Parent shall have furnished to Fixel a certificate of the Principal Executive Officer and Principal Financial
Officer (each as defined in the Exchange Act) of Parent, dated as of the Effective Date, in which such officer shall certify that
the conditions set forth in Section 7.3(a) have been fulfilled.

 

(c) Secretary’s
Certificate. Parent shall have furnished to Fixel (i) copies of the text of the resolutions by which the corporate action on
the part of Parent necessary to approve this Agreement and the Certificate of Merger and the transactions contemplated hereby and
thereby, which shall be accompanied by a certificate of the corporate secretary of Parent dated as of the Closing Date certifying
to Fixel that such copies are true, correct and complete copies of such resolutions and that such resolutions were duly adopted
and have not been amended or rescinded, (ii) an incumbency certificate dated as of the Closing Date executed on behalf of Parent
by its corporate secretary certifying the signature and office of each officer of Parent executing this Agreement, the Certificate
of Merger or any other agreement, certificate or other instrument executed pursuant hereto, and (iii) copies of (A) the Parent
Organization Documents, (B) the certificate evidencing the good standing of Parent as of a day within five (5) Business Days prior
to the Closing Date, (C) the Merger Sub Organization Documents, and (D) the certificate evidencing the good standing of Merger
Sub as of a day within five (5) Business Days prior to the Closing Date.

 

(d) Absence of Material
Adverse Effect. There shall not have occurred any Material Adverse Effect on either Parent or Merger Sub, and no event shall
have occurred or circumstance shall exist that, in combination with any other events or circumstances, would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect on either Parent or Merger Sub.

 

(e) Employment Agreements.
The employment agreements between Parent and each of Etgar Shpivak and the other Founders shall have been signed and delivered.

 

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7.4
Frustration of Closing Conditions. Neither Fixel nor Parent may rely, either as a basis for not consummating the
Merger or terminating this Agreement and abandoning the Merger, on the failure of any condition set forth in Section 7.1,
7.2 or 7.3, as the case may be, to be satisfied if such failure was caused by such party’s breach in any material
respect of any provision of this Agreement or failure to use all reasonable best efforts to consummate the Merger and the other
transactions contemplated hereby, as required by Section 6.1.

 

Article
VIII.

TERMINATION

 

8.1
Termination. This Agreement may be terminated prior to the Effective Date:

 

(a) by the mutual written
consent of Fixel and Parent;

 

(b) by either Fixel or
Parent, if:

 

(i) the Effective
Time shall not have occurred on or before the End Date, and the party seeking to terminate this Agreement pursuant to this Section
8.1(b)(i) shall not have breached its obligations under this Agreement in any manner that shall have proximately caused the
failure to consummate the Merger on or before the End Date; or

 

(ii) if any
court of competent jurisdiction shall have entered an injunction, other legal restraint or order permanently restraining, enjoining
or otherwise prohibiting the consummation of the Merger and such injunction, other legal restraint or order shall have become final
and non-appealable.

 

(c) by Parent, if Fixel
shall have breached or failed to perform any of its representations, warranties, covenants or other agreements contained in this
Agreement, which breach or failure to perform (i) would result in a failure of a condition set forth in Sections 7.1 or
7.2, and (ii) cannot be cured by the End Date, provided that Parent shall have given Fixel written notice, delivered
at least thirty (30) days prior to such termination, stating Parent’s intention to terminate this Agreement pursuant to this
Section 8.1(c) and the basis for such termination; or

 

(d) by Fixel, if Parent
shall have breached or failed to perform any of its representations, warranties, covenants or other agreements contained in this
Agreement, which breach or failure to perform (i) would result in a failure of a condition set forth in Section 7.1 or 7.3
to be satisfied and (ii) cannot be cured by the End Date, provided that Fixel shall have given Parent written notice, delivered
at least thirty (30) days prior to such termination, stating Fixel’s intention to terminate this Agreement pursuant to this
Section 8.1(d) and the basis for such termination.

 

(e) In the event of termination
of this Agreement pursuant to this Section 8.1, this Agreement shall terminate (except for the confidentiality obligations
under Section 7.3), and there shall be no other liability on the part of Parent or Fixel except liability arising out of
the provisions of Section 8.2, respectively, or any willful and material breach of any of the representations, warranties
or covenants in this Agreement by Parent or Fixel (subject to any express limitations set forth in this Agreement).

 

8.2
Expenses following Termination. Upon a termination occurring pursuant to Section 8.1, each party hereto shall
be responsible for and pay its own fees and expenses, including the fees of any professional service providers incurred in connection
with the Subject Transactions.

 

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Article
IX.

GENERAL PROVISIONS

 

9.1
Notices. All notices and other communications hereunder shall be in writing and shall be sufficiently given if made
by hand delivery, by electronic communication, by overnight delivery service for next Business Day delivery, or by registered
or certified mail (return receipt requested), in each case with delivery charges prepaid, to the parties at the following addresses
(or at such other address for a party as shall be specified by it by like notice):

 

	 	If to Fixel or the Founders:	 
	 	 	Fixel AI, Inc.
	 	 	_____________________
	 	 	_____________________
	 	 	Attn: Etgar Shpivak, CEO
	 	 	Email: _____________________
	 	 	 
	 	With copies to:	Pearl Cohen
	 	 	_____________________
	 	 	_____________________
	 	 	_____________________
	 	 	Attn: Lior Baruch
	 	 	Email: _____________________
	 	 	 
	 	If to Parent or Merger Sub:  	Logiq, Inc.
	 	 	85 Broad Street, 16-079
	 	 	New York, NY 10004
	 	 	Attn: Tom Furukawa
	 	 	Email: _____________________
	 	 	 
	 	With copies to:	Procopio, Cory, Hargreaves & Savitch LLP
	 	 	_____________________
	 	 	_____________________
	 	 	Attn: Christopher L. Tinen, Esq.
	 	 	Email: _____________________

 

All such notices
and other communications shall be deemed to have been duly given as follows: when delivered by hand, if personally delivered, when
received; (i) if delivered by registered or certified mail (return receipt requested), when receipt acknowledged; or (ii) if electronically
transmitted, on the day of transmission or, if that day is not a Business Day, on the next Business Day; and the next Business
Day delivery after being timely delivered to a recognized overnight delivery service.

 

9.2
Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. References to Sections and Articles refer to Sections and Articles of
this Agreement unless otherwise stated. Words such as “herein,” “hereinafter,” “hereof,”
“hereto,” “hereby” and “hereunder,” and words of like import, unless the context
requires otherwise, refer to this Agreement (including the Schedules hereto). As used in this Agreement, the masculine, feminine
and neuter genders shall be deemed to include the others if the context requires.

 

9.3
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties shall
negotiate in good faith to modify this Agreement and to preserve each party’s anticipated benefits under this Agreement.

 

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9.4
Amendment. This Agreement may not be amended or modified except by an instrument in writing approved by Fixel and
Parent and signed on behalf of each of Fixel and Parent.

 

9.5
Waiver. At any time prior to the Effective Date, any party hereto may (i) extend the time for the performance of
any of the obligations or other acts of the other party hereto or (ii) waive compliance with any of the agreements of the other
party or with any conditions to its own obligations, in each case only to the extent such obligations, agreements and conditions
are intended for its benefit. Any such extension or waiver shall only be effective if made in writing and duly executed by the
party giving such extension or waiver.

 

9.6
Entire Agreement; Binding Effect. This Agreement (together with all exhibits hereto and other documents and instruments
referred to herein): (i) constitutes the entire agreement, and supersedes all other prior agreements and undertakings, both written
and oral, among the parties, with respect to the subject matter hereof; and (ii) shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns, but shall not be assignable by either party hereto without
the prior written consent of the other party hereto.

 

9.7
Counterparts; Facsimile Signatures. This Agreement may be executed in two or more counterparts, which together shall
constitute a single agreement. This Agreement and any documents relating to it may be executed and transmitted to any other party
by facsimile or email of a PDF, which facsimile or PDF shall be deemed to be, and utilized in all respects as, an original, wet-inked
document.

 

9.8
Third Party Beneficiaries. Each party hereto intends that this Agreement, except as set forth in Article VI
or expressly provided herein, shall not benefit or create any right or cause of action in or on behalf of any Person other than
the parties hereto. The representations and warranties set forth in Articles III and IV and the covenants set forth
in Sections 6.1 and 6.2 have been made solely for the benefit of the parties to this Agreement and (a) may be intended
not as statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;
(b) have been qualified by reference to Fixel Disclosure Schedule and the Parent Disclosure Schedule, each of which contains certain
disclosures that are not reflected in the text of this Agreement; and (c) may apply standards of materiality in a way that is
different from what may be viewed as material by stockholders or Stockholders of, or other investors in, the parties hereto.

 

9.9
Governing Law. This Agreement is governed by the internal laws of the State of Delaware without regard to its principles
of conflicts of laws that would defer to the substantive laws of another jurisdiction.

 

9.10
Enforcement; Jurisdiction; Service of Process.

 

(a) The parties agree
that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached, and that money damages or other legal remedies would not be an adequate remedy
for any such damages. It is accordingly agreed that prior to the termination of this Agreement in accordance with Article VIII,
in the event of any breach or threatened breach by Fixel, on the one hand, or Parent and Merger Sub, on the other hand, of any
of their respective covenants or obligations set forth in this Agreement, Fixel, on the one hand, and Parent and Merger Sub, on
the other hand, shall be entitled to an injunction or injunctions to prevent or restrain breaches or threatened breaches of this
Agreement by the other (as applicable), and to specifically enforce the terms and provisions of this Agreement to prevent breaches
or threatened breaches of, or to enforce compliance with, the covenants and obligations of the other under this Agreement. The
parties hereto further agree that (x) by seeking the remedies provided for in this Section 9.10(a), a party shall not in
any respect waive its right to seek any other form of relief that may be available to a party under this Agreement in the event
that the remedies provided for in this Section 9.10(a) are not available or otherwise are not granted, and (y) nothing set
forth in this Section 9.10(a) shall require any party hereto to institute any proceeding for (or limit any party’s
right to institute any proceeding for) specific performance under this Section 9.10(a) prior or as a condition to exercising
any termination right under Article VIII, nor shall the commencement of any legal action or legal proceeding pursuant to
this Section 9.10(a) or anything set forth in this Section 9.10(a) restrict or limit any party’s right to terminate
this Agreement in accordance with the terms of Article VIII, or pursue any other remedies under this Agreement that may
be available then or thereafter.

 

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(b) Any action or proceeding
seeking to enforce any provision of, or based on any right arising out of, this Agreement must, to the extent such courts will
accept such jurisdiction, be brought against any of the parties in the courts of the State of New York, or, if it has or can acquire
jurisdiction, in the United States District Court for the District of New York, and each of the parties consents to the jurisdiction
of those courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid
therein. Process in any such action or proceeding may be served by sending or delivering a copy of the process to the party to
be served at the address and in the manner provided for the giving of notices in Section 9.1. Nothing in this Section
9.10, however, affects the right of any party to serve legal process in any other manner permitted by law.

 

9.11
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING BETWEEN THE PARTIES HERETO ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

9.12
Disclosure in Schedules. For purposes of this Agreement, with respect to any matter that is clearly disclosed on
any Schedule hereto with respect to any Section hereof in such a way as to make its relevance to the information called for by
another Section hereof or any other Schedule, as the case may be, reasonably apparent, such matter shall be deemed to have been
disclosed in response to such other Section or Schedule, notwithstanding the omission of any appropriate cross-reference thereto;
provided, however, that each of Parent and Fixel hereby covenants to make a good faith diligent effort to make all appropriate
cross-references within and to any and all Sections of this Agreement and Schedules hereto.

 

[Remainder of Page
Left Intentionally Blank]

 

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IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed on the date first written above by their respective officers.

 

	
        
	FIXEL AI, INC.
	 	 
	 	By:	/s/ Etgar Shpivak
	 	Name: 	Etgar Shpivak
	 	Title:	Chief Executive Officer
	 	 	 
	 	LOGIQ, INC.
	 	 
	 	By:	/s/ Tom Furukawa
	 	Name:	Tom Furukawa
	 	Title:	Chief Executive Officer
	 	 	 
	 	LOGIQ FIXEL MERGER SUB, INC.
	 	 
	 	By:	/s/ Tom Furukawa
	 	Name:	Tom Furukawa
	 	Title:	Chief Executive Officer

 

	 	FOUNDERS:
	 	 
	 	/s/ Etgar Shpivak
	 	Etgar Shpivak
	 	 
	 	/s/ Hadar Shpivak
	 	Hadar Shpivak
	 	 
	 	/s/ Elad Levy
	 	Elad Levy

   

   

58Document

Exhibit 10.1

			
	

$25,000,000

CREDIT AGREEMENT*

dated as of August 5, 2020

by and between

CHANNELADVISOR CORPORATION,
as Borrower,

and

HSBC BANK USA, N.A.,
as Lender

			
	

						
		

Table of Contents

												
	*	Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be furnished on a supplemental basis to the Securities and Exchange Commission upon request.
	
				Page
	ARTICLE I     DEFINITIONS	1
		SECTION 1.1	Definitions	1
		SECTION 1.2	Other Definitions and Provisions	18
		SECTION 1.3	Accounting Terms	19
		SECTION 1.4	UCC Terms	19
		SECTION 1.5	References to Agreement and Laws	19
		SECTION 1.6	Times of Day	20
		SECTION 1.7	Letter of Credit Amounts	20
		SECTION 1.8	Covenant Compliance Generally	20
		SECTION 1.9	Rounding	20
	ARTICLE II    REVOLVING CREDIT FACILITY	20
		SECTION 2.1	Revolving Credit Loans	20
		SECTION 2.2	Procedure for Advances of Revolving Credit Loans	21
		SECTION 2.3	Repayment and Prepayment of Revolving Credit Loans	21
		SECTION 2.4	Voluntary Reduction of the Revolving Credit Commitment	21
		SECTION 2.5	L/C Facility	22
		SECTION 2.6	Interest	23
		SECTION 2.7	Commitment Fee; Upfront Fees	24
		SECTION 2.8	Manner of Payment	25
		SECTION 2.9	Increase Option	25
	ARTICLE III   CHANGED CIRCUMSTANCES; INCREASED COSTS; TAXES	25
		SECTION 3.1	Changed Circumstances	25
		SECTION 3.2	Indemnity for LIBOR Breakage	26
		SECTION 3.3	Increased Costs	27
		SECTION 3.4	Taxes	28
	ARTICLE IV   CONDITIONS OF CLOSING AND BORROWING	28
		SECTION 4.1	Conditions to Closing and Initial Extensions of Credit	28
		SECTION 4.2	Conditions to All Extensions of Credit	29
	ARTICLE V     REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES	30
		SECTION 5.1	Organization; Power; Qualification	30
		SECTION 5.2	Ownership	30
		SECTION 5.3	Authorization; Enforceability	30
		SECTION 5.4	Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc	30
		SECTION 5.5	Compliance with Law; Governmental Approvals	31
		SECTION 5.6	Taxes	31
		SECTION 5.7	Intellectual Property Matters	31
		SECTION 5.8	Environmental Matters	31
		SECTION 5.9	Employee Benefit Matters	31
		SECTION 5.10	Margin Stock	31
		SECTION 5.11	Investment Company Act, Etc	32
		SECTION 5.12	Employee Relations	32

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Table of Contents
(continued)

												
		SECTION 5.13	Financial Statements	32
		SECTION 5.14	No Material Adverse Effect	32
		SECTION 5.15	Solvency	32
		SECTION 5.16	Title to Properties	32
		SECTION 5.17	Litigation	32
		SECTION 5.18	Sanctions; Anti-Corruption Laws and Anti-Money Laundering Laws	32
		SECTION 5.19	Absence of Defaults	33
		SECTION 5.20	Disclosure	33
	ARTICLE VI    AFFIRMATIVE COVENANTS	33
		SECTION 6.1	Financial Statements and Budgets	33
		SECTION 6.2	Certificates; Other Reports	34
		SECTION 6.3	Notice of Litigation and Other Matters	35
		SECTION 6.4	Preservation of Corporate Existence and Related Matters	36
		SECTION 6.5	Maintenance of Properties	36
		SECTION 6.6	Insurance	36
		SECTION 6.7	Payment of Taxes	36
		SECTION 6.8	Compliance with Laws and Approvals	36
		SECTION 6.9	Compliance with Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	36
		SECTION 6.10	Compliance with ERISA	36
		SECTION 6.11	Visits and Inspections	37
		SECTION 6.12	Additional Subsidiaries and Collateral	37
		SECTION 6.13	Use of Proceeds	37
		SECTION 6.14	Further Assurances	37
	ARTICLE VII   NEGATIVE COVENANTS	38
		SECTION 7.1	Indebtedness	38
		SECTION 7.2	Liens	39
		SECTION 7.3	Investments	40
		SECTION 7.4	Fundamental Changes	41
		SECTION 7.5	Asset Dispositions	41
		SECTION 7.6	Restricted Payments	42
		SECTION 7.7	Transactions with Affiliates	43
		SECTION 7.8	Accounting Changes; Organizational Documents	43
		SECTION 7.9	Payments and Modifications of Subordinated Indebtedness	43
		SECTION 7.10	No Further Negative Pledges; Restrictive Agreements	43
		SECTION 7.11	Sanctions; Anti-Bribery	44
		SECTION 7.12	Capital Expenditures	44
		SECTION 7.13	Financial Covenants	44
		SECTION 7.14	Disposal of Subsidiary Interests	44
	ARTICLE VIII   DEFAULT AND REMEDIES	44
		SECTION 8.1	Events of Default	44
		SECTION 8.2	Remedies	46
		SECTION 8.3	Rights and Remedies Cumulative; Non-Waiver; Etc	46
		SECTION 8.4	Application of Payments and Proceeds	47
	ARTICLE IX    MISCELLANEOUS	47

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Table of Contents
(continued)

												
		SECTION 9.1	Notices	47
		SECTION 9.2	Amendments, Waivers and Consents	47
		SECTION 9.3	Expenses; Indemnity	47
		SECTION 9.4	Right of Setoff	49
		SECTION 9.5	Governing Law; Jurisdiction, Etc	49
		SECTION 9.6	Waiver of Jury Trial	50
		SECTION 9.7	Reversal of Payments	50
		SECTION 9.8	Successors and Assigns; Participations	50
		SECTION 9.9	Performance of Duties	51
		SECTION 9.10	All Powers Coupled with Interest	51
		SECTION 9.11	Survival	51
		SECTION 9.12	Titles and Captions	51
		SECTION 9.13	Severability of Provisions	51
		SECTION 9.14	Counterparts; Integration; Effectiveness	51
		SECTION 9.15	Term of Agreement	52
		SECTION 9.16	USA PATRIOT Act; Anti-Money Laundering Laws	52
		SECTION 9.17	No Fiduciary Responsibility	52
		SECTION 9.18	Inconsistencies with Other Documents	52

iii

									
	EXHIBITS		
	Exhibit A	-	Form of Revolving Credit Note
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of Notice of Conversion/Continuation
	Exhibit D	-	Form of Compliance Certificate
	
	SCHEDULES
	Schedule 1.1	-	Existing Letters of Credit
	Schedule 5.2	-	Subsidiaries and Capitalization
	Schedule 7.1	-	Existing Indebtedness
	Schedule 7.2	-	Existing Liens
	Schedule 7.3	-	Existing Loans, Advances and Investments
	Schedule 7.7	-	Transactions with Affiliates

iv

CREDIT AGREEMENT, dated as of August 5, 2020, by and between CHANNELADVISOR CORPORATION, a Delaware corporation, as Borrower, and HSBC BANK USA, N.A., as Lender.
STATEMENT OF PURPOSE
The Borrower has requested, and subject to the terms and conditions set forth in this Agreement, the Lender has agreed to extend, a revolving credit facility to the Borrower.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.1    Definitions.  The following terms when used in this Agreement shall have the meanings assigned to them below:
“Acquisition” means any transaction, or any series of related transactions, consummated on or after the date of this Agreement, by which any Credit Party or any of its Subsidiaries (a) acquires any business or all or substantially all of the assets of any Person, or division thereof, whether through purchase of assets, merger or otherwise or (b) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a corporation which have ordinary voting power for the election of members of the board of directors or the equivalent governing body (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding ownership interests of a partnership or limited liability company. 
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agreement” means this Credit Agreement.
“Applicable Law” means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals, interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators.
“Applicable Margin” means 2.25% per annum for Base Rate Loans and 3.25% per annum for LIBOR Rate Loans. 
 “Asset Disposition” means the sale, transfer, license, lease or other disposition of any Property (including any disposition of Equity Interests and any Sale Leaseback Transaction) by any Credit Party or any Subsidiary thereof.
“Bankruptcy Code” means 11 U.S.C. §§ 101 et seq.

“Base Rate” means, at any time, the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the LIBOR Rate plus 1.0%; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or LIBOR Rate (provided that clause (c) shall not be applicable during any period in which the LIBOR Rate is 

unavailable or unascertainable).  Notwithstanding the foregoing, if the Base Rate shall be less than 1.50%, such rate shall be deemed to be 1.50% for purposes of this Agreement.

“Base Rate Loan” means any Revolving Credit Loan bearing interest at a rate based upon the Base Rate.
“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Lender giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for U.S. dollar-denominated syndicated or bilateral credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Lender giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated or bilateral credit facilities at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Lender decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender decides that adoption of any portion of such market practice is not administratively feasible or if the Lender determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Lender decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBOR Rate:
(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the LIBOR Rate; or
(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBOR Rate:
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(1)    a public statement or publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate;
(2) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or
(3) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate announcing that the LIBOR Rate is no longer representative.
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Lender by notice to the Borrower, so long as the Lender has not received, by such date, written notice of objection to such Early Opt-in Election from the Borrower.
“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with the Section titled “Effect of Benchmark Transition Event” and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to the Section titled “Effect of Benchmark Transition Event.”
“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. Sec. 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Borrower” means ChannelAdvisor Corporation, a Delaware corporation.
“Business Day” means (a) for all purposes other than as set forth in clause (b) below, any day other than a Saturday, Sunday or legal holiday on which banks in New York, New York, are open for the 
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conduct of their commercial banking business and (b) with respect to all notices and determinations in connection with, and payments of principal and interest on, any LIBOR Rate Loan or any Base Rate Loan as to which the interest rate is determined by reference to the LIBOR Rate, any day that is a Business Day described in clause (a) and that is also a London Banking Day.
“Capital Expenditures” means, with respect to the Borrower and its Subsidiaries on a Consolidated basis, for any period, (a) the additions to property, plant and equipment and other capital expenditures that are (or would be) set forth in a consolidated statement of cash flows of such Person for such period prepared in accordance with GAAP and (b) Capital Lease Obligations during such period, but excluding expenditures for the restoration, repair or replacement of any fixed or capital asset which was destroyed or damaged, in whole or in part, to the extent financed by the proceeds of an insurance policy maintained by such Person.
“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.
“Cash Collateralize” means, to deposit in a deposit account or securities account that is subject to an account control agreement in form and substance satisfactory to the Lender or to pledge and deposit with, or deliver to the Lender, as collateral for L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the Lender.  “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.
“Cash Equivalents” means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof maturing within twelve (12) months from the date of acquisition thereof, (b) commercial paper maturing no more than  twelve (12) months from the date of creation thereof and having a rating of A-2 or better, as determined by S&P, or a rating of P-2 or better, as determined by Moody’s, (c) certificates of deposit issued by commercial banks incorporated under the laws of the United States, each having combined capital, surplus and undivided profits of not less than $500,000,000 and having a rating of “A” or better by a nationally recognized rating agency, (d) time deposits maturing no more than thirty (30) days from the date of creation thereof with commercial banks or savings banks or savings and loan associations each having membership either in the FDIC or the deposits of which are insured by the FDIC and in amounts not exceeding the maximum amounts of insurance thereunder, (e) money market deposit accounts and mutual funds issued or offered by commercial banks or other  institutions incorporated under the laws of the United States or (f) readily-marketable equities and bonds that have been approved by the board of directors of the Borrower or the chairman of the board of directors of the Borrower.
“Cash Management Agreement” means any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card (including non-card electronic payables and purchasing cards), electronic funds transfer and other cash management arrangements.
“CFC” means a Person that is a controlled foreign corporation under Section 957 of the Code.
“Change in Control” means an event or series of events by which (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit 
4

plan of such person or its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a “person” or “group” shall be deemed to have “beneficial ownership” of all Equity Interests that such “person” or “group” has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of twenty-five percent (25%) or more of the Equity Interests of the Borrower entitled to vote in the election of members of the board of directors (or equivalent governing body) of the Borrower or (b) a majority of the members of the board of directors (or other equivalent governing body) of the Borrower shall not constitute Continuing Directors.  For purposes hereof, “Continuing Directors” means the directors (or equivalent governing body) of the Borrower on the Closing Date and each other director (or equivalent) of the Borrower, if, in each case, such other Person’s nomination for election to the board of directors (or equivalent governing body) of the Borrower is approved by at least 51% of the then Continuing Directors.
“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, implemented or issued.
“Closing Date” means the date of this Agreement.
“Code” means the Internal Revenue Code of 1986, and the rules and regulations promulgated thereunder.
“Collateral” means the collateral security for the Secured Obligations pledged or granted pursuant to the Security Documents.
“Collateral Agreement” means the collateral agreement of even date herewith executed by the Credit Parties in favor of the Lender, which shall be in form and substance acceptable to the Lender.
“Commitment Fee” has the meaning assigned thereto in Section 2.7.
“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.).
“Compliance Certificate” means a certificate of the chief financial officer or the treasurer of the Borrower substantially in the form attached as Exhibit D.
“Consolidated” means, when used with reference to financial statements or financial statement items of any Person, such statements or items on a consolidated basis in accordance with applicable principles of consolidation under GAAP.
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“Consolidated EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP: (a) Consolidated Net Income for such period plus (b) the sum of the following, without duplication, to the extent deducted in determining Consolidated Net Income for such period: (i) Consolidated Interest Expense, (ii) expense for Taxes measured by net income, profits or capital (or any similar measures), paid or accrued, including federal and state and local income Taxes, foreign income Taxes and franchise Taxes, (iii) amortization, depreciation, non-cash stock based compensation expense and other non-cash charges (except to the extent that such non-cash charges are reserved for cash charges to be taken in the future), and (iv) extraordinary losses (excluding extraordinary losses from discontinued operations) less (c) the sum of the following, without duplication, to the extent included in determining Consolidated Net Income for such period: (i) interest income,  (ii) federal, state, local and foreign income Tax credits of the Borrower and its Subsidiaries for such period (to the extent not netted from income Tax expense), (iii) any extraordinary gains and (iv) non-cash gains or non-cash items increasing Consolidated Net Income.  For purposes of calculating Consolidated EBITDA hereunder for any period during which one or more Specified Transactions occurs, such Specified Transaction (and all other Specified Transactions that have been consummated during the applicable period) shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant such that all income statement items (whether positive or negative) attributable to the Property or Person disposed of in a Specified Disposition shall be excluded and all income statement items (whether positive or negative) attributable to the Property or Person acquired in a Permitted Acquisition shall be included (provided that such income statement items to be included are reflected in financial statements or other financial data reasonably acceptable to the Lender and based upon reasonable assumptions and calculations which are expected to have a continuous impact). 
“Consolidated Funded Indebtedness” means, for any period, with respect to the Borrower and its Subsidiaries on a Consolidated basis, (a) all Indebtedness (other than Indebtedness of the types referred to in clauses (e) and (f) of the definition of “Indebtedness”), plus (b) without duplication, all Guarantees of Indebtedness of the type specified in the foregoing clause (a).
“Consolidated Interest Expense” means, for any period, the sum of the following determined on a Consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP, interest expense (including, without limitation, interest expense attributable to Capital Lease Obligations and all net payment obligations pursuant to Hedge Agreements) for such period.
“Consolidated Net Income” means, for any period, the net income (or loss) of the Borrower and its Subsidiaries for such period, determined on a Consolidated basis, without duplication, in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Borrower and its Subsidiaries for any period, there shall be excluded (a) the net income (or loss) of any Person (other than a Subsidiary which shall be subject to clause (c) below), in which the Borrower or any of its Subsidiaries has a joint interest with a third party, except to the extent such net income is actually paid in cash to the Borrower or any of its Subsidiaries by dividend or other distribution during such period, (b) the net income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or any of its Subsidiaries or is merged into or consolidated with the Borrower or any of its Subsidiaries or that Person’s assets are acquired by the Borrower or any of its Subsidiaries except to the extent included pursuant to the foregoing clause (a), (c) the net income (if positive), of any Subsidiary to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary to the Borrower or any of its Subsidiaries of such net income (i) is not at the time permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such Subsidiary or (ii) would be subject to any taxes payable on such dividends or distributions, but in each 
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case only to the extent of such prohibition or taxes and (d) any gain or loss from Asset Dispositions (other than sale of inventory in the ordinary course of business) during such period.
“Consolidated Total Assets” means, as of any date, the sum of all items which would be classified as assets of the Borrower and its Subsidiaries on a consolidated basis determined in accordance with GAAP.
“Consolidated Total Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness on such date to (b) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Parties” means, collectively, the Borrower and the Guarantors.
“Debtor Relief Laws” means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.
“Default” means any of the events specified in Section 8.1 which with the passage of time, the giving of notice or any other condition, would constitute an Event of Default.
“Dollars” or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.
“Domestic Subsidiary” means any Subsidiary organized under the laws of any political subdivision of the United States, other than any Subsidiary that is a direct or indirect subsidiary of a CFC.
“Early Opt-in Election” means the occurrence of:
(1) the determination by the Lender that with respect to the LIBOR Rate, similar United States dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in the Section titled “Effect of Benchmark Transition Event”, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and 
(2) the election by the Lender to declare that an Early Opt-in Election has occurred and the provision by the Lender of written notice of such election to the Borrower.
“Employee Benefit Plan” means (a) any employee benefit plan within the meaning of Section 3(3) of ERISA that is maintained for employees of any Credit Party or any ERISA Affiliate or (b) any Pension Plan or Multiemployer Plan that has at any time within the preceding five (5) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliate.
“Environmental Claims” means any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, accusations, allegations, notices of noncompliance or violation, investigations (other than internal reports prepared by any Person in the ordinary course of business and 
7

not in response to any third party action or request of any kind) or proceedings relating in any way to any actual or alleged violation of or liability under any Environmental Law or relating to any permit issued, or any approval given, under any such Environmental Law, including, without limitation, any and all claims by Governmental Authorities for enforcement, cleanup, removal, response, remedial or other actions or damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of injury to public health or the environment.
“Environmental Laws” means any and all federal, foreign, state, provincial and local laws, statutes, ordinances, codes, rules, standards and regulations, permits, licenses, approvals, interpretations and orders of courts or Governmental Authorities, relating to the protection of public health or the environment, including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.
“Equity Interests” means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests, (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person and (f) any and all warrants, rights or options to purchase any of the foregoing.
“ERISA” means the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder.
“ERISA Affiliate” means any Person who together with any Credit Party or any of its Subsidiaries is treated as a single employer within the meaning of Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA.
“ERISA Event” means the occurrence of any of the following: (a) a “Reportable Event” described in Section 4043 of ERISA, or (b) the withdrawal of any Credit Party or any ERISA Affiliate from a Pension Plan during a plan year in which it was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or (c) the termination of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a termination, under Section 4041 of ERISA, if the plan assets are not sufficient to pay all plan liabilities, or (d) the institution of proceedings to terminate, or the appointment of a trustee with respect to, any Pension Plan by the PBGC, or (e) any other event or condition which would constitute grounds under Section 4042(a) of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan, or (f) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303 of ERISA, or (g) the determination that any Pension Plan or Multiemployer Plan is considered an at-risk plan or plan in endangered or critical status within the meaning of Sections 430, 431 or 432 of the Code or Sections 303, 304 or 305 of ERISA or (h) the partial or complete withdrawal of any Credit Party or any ERISA Affiliate from a Multiemployer Plan if withdrawal liability is asserted by such plan, or (i) any event or condition which results in the reorganization or insolvency of a Multiemployer Plan under Section 4245 of ERISA, or (j) any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA, or (k) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Credit Party or any ERISA Affiliate.
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“Event of Default” means any of the events specified in Section 8.1; provided that any requirement for passage of time, giving of notice, or any other condition, has been satisfied.
“Exchange Act” means the Securities Exchange Act of 1934.
“Excluded Swap Obligation” means, with respect to any Credit Party, any Swap Obligation if, and to the extent that, all or a portion of the liability of such Credit Party for or the guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any liability or guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the liability for or the guarantee of such Credit Party or the grant of such security interest becomes effective with respect to such Swap Obligation (such determination being made after giving effect to any applicable keepwell, support or other agreement for the benefit of the applicable Credit Party, including under the keepwell provisions in the Guaranty Agreement).  If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal for the reasons identified in the immediately preceding sentence of this definition.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to the Lender or required to be withheld or deducted from a payment to the Lender, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of the Lender being organized under the laws of, or having its principal office or its lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) United States federal withholding Taxes imposed on interest in a Revolving Credit Loan or Revolving Credit Commitment pursuant to a law in effect on the Closing Date and (c) any United States federal withholding Taxes imposed pursuant to FATCA.
“Existing Letters of Credit” means those letters of credit existing on the Closing Date and identified on Schedule 1.1.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1).
“FCPA” has the meaning assigned thereto in Section 5.18.
“FDIC” means the Federal Deposit Insurance Corporation.
“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day, provided that if such rate is not so published for any day which is a Business Day, the Federal Funds Rate for such day shall be the average of the quotation for such day on such transactions received by the Lender from three federal funds brokers of recognized standing selected by the Lender.  Notwithstanding the foregoing, if the Federal Funds Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
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“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
“Fiscal Year” means the fiscal year of the Borrower and its Subsidiaries ending on December 31.
“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary.
“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied.
“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses and exemptions of, and all registrations and filings with or issued by, any Governmental Authorities.
“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation or (e) for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (whether in whole or in part).  Unless otherwise specified, the amount of any Guarantee shall be the lesser of the amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee.
“Guarantors” means, collectively, (a) all direct and indirect Material Domestic Subsidiaries of the Borrower in existence on the Closing Date or which become a party to the Guaranty Agreement pursuant to Section 6.12, (b) all direct or indirect Immaterial Domestic Subsidiaries that become a party to the Guaranty Agreement and (c) with respect to (i) Obligations owing by any Credit Party or any Subsidiary of a Credit Party (other than the Borrower) under any Secured Hedge Agreement or any Secured Cash Management Agreement and (ii) the payment and performance by each Specified Credit Party of its obligations under the Guaranty Agreement with respect to all Swap Obligations, the Borrower.
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“Guaranty Agreement” means the unconditional guaranty agreement of even date herewith executed by the Guarantors in favor of the Lender, for the ratable benefit of the Secured Parties, which shall be in form and substance acceptable to the Lender.
“Hazardous Materials” means any substances or materials (a) which are or become defined as hazardous wastes, hazardous substances, pollutants, contaminants, chemical substances or mixtures or toxic substances under any Environmental Law, (b) which are toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic or otherwise harmful to public health or the environment and are or become regulated by any Governmental Authority, (c) the presence of which require investigation or remediation under any Environmental Law or common law, (d) the discharge or emission or release of which requires a permit or license under any Environmental Law or other Governmental Approval, (e) which are deemed by a Governmental Authority to constitute a nuisance or a trespass which pose a health or safety hazard to Persons or neighboring properties, or (f) which contain, without limitation, asbestos, polychlorinated biphenyls, urea formaldehyde foam insulation, petroleum hydrocarbons, petroleum derived substances or waste, crude oil, nuclear fuel, natural gas or synthetic gas.
“Hedge Agreement” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement.  The amount of any net obligation under any Hedge Agreement on any date shall be deemed to be the Hedge Termination Value thereof as of such date.
“Hedge Termination Value” means, in respect of any one or more Hedge Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Hedge Agreements, (a) for any date on or after the date such Hedge Agreements have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Hedge Agreements, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Hedge Agreements.
“Immaterial Domestic Subsidiary” means each Domestic Subsidiary of the Borrower that is not a Material Domestic Subsidiary. 
“Indebtedness” means for any Person at any date and without duplication, the sum of the following: (a) all liabilities, obligations and indebtedness for borrowed money including, but not limited to, obligations evidenced by bonds, debentures, notes or other similar instruments, (b) all obligations to pay the deferred purchase price of property or services of any such Person (including, without limitation, all payment obligations under non-competition, earn-out or similar agreements), except trade payables arising in the ordinary course of business not more than ninety (90) days past due, or that are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided for on the books of such Person, (c) capitalized lease obligations, (d) all 
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obligations, contingent or otherwise, of any such Person relative to the face amount of letters of credit, whether or not drawn, (e) all net obligations of such Person under any hedging agreements and (f) all Guarantees of any such Person with respect to any of the foregoing.
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Indemnitee” has the meaning assigned thereto in Section 9.3(b).
“Interest Period” means, as to each LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is disbursed or converted to or continued as a LIBOR Rate Loan and ending on the date one (1), three (3) or six (6) months thereafter, in each case as selected by the Borrower and subject to availability; provided that:
(a)    the Interest Period shall commence on the date of advance of or conversion to any LIBOR Rate Loan and, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;
(b)    if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; provided that if any Interest Period with respect to a LIBOR Rate Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day;
(c)    any Interest Period with respect to a LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period;
(d)    no Interest Period shall extend beyond the Revolving Credit Maturity Date; and
(e)    there shall be no more than six (6) Interest Periods in effect at any time.
“Investment” means, with respect to any Person, that such Person (a) purchases, owns, invests in or otherwise acquires (in one transaction or a series of transactions), directly or indirectly, any Equity Interests, interests in any partnership or joint venture (including, without limitation, the creation or capitalization of any Subsidiary), evidence of Indebtedness or other obligation or security, substantially all or a portion of the business or assets of any other Person or any other investment or interest whatsoever in any other Person, (b) makes any Acquisition or (c) makes or holds, directly or indirectly, any loans, advances or extensions of credit to, or any investment in cash or by delivery of Property in, any Person.
“Investment Company Act” means the Investment Company Act of 1940 (15 U.S.C. § 80(a)(1), et seq.).
“ISP” means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time).
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“L/C Obligations” means at any time, an amount equal to the sum of (a) the aggregate undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit which have not then been reimbursed pursuant to Section 2.5.
“L/C Sublimit” means the lesser of (a) $10,000,000 and (b) the Revolving Credit Commitment.
“Lender” means HSBC Bank USA, N.A., together with its successors and assigns.
“Letter of Credit Application” means an application requesting the Lender to issue a Letter of Credit in the form specified by the Lender from time to time.
“Letter of Credit Documents” means with respect to any Letter of Credit, such Letter of Credit, the Letter of Credit Application, a letter of credit agreement or reimbursement agreement and any other document, agreement and instrument required by the Lender and relating to such Letter of Credit, in each case in the form specified by the Lender from time to time.
“Letters of Credit” means the collective reference to letters of credit issued pursuant to Section 2.5 and the Existing Letters of Credit.
“LIBOR Rate” means, subject to the implementation of a Benchmark Replacement in accordance with Section 3.1(b),
(a)    for any interest rate calculation with respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable Interest Period as published by the ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Lender, at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period.  If, for any reason, such rate is not so published then the “LIBOR Rate” shall be determined by the Lender to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Lender at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period, and
(b)    for any interest rate calculation with respect to a Base Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for an Interest Period equal to one month (commencing on the date of determination of such interest rate) as published by ICE Benchmark Administration Limited, a United Kingdom company, or a comparable or successor quoting service approved by the Lender, at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business Day, then the immediately preceding Business Day.  If, for any reason, such rate is not so published then  the “LIBOR Rate” for such Base Rate Loan shall be determined by the Lender to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Lender at approximately 11:00 a.m. (London time) on such date of determination for a period equal to one month commencing on such date of determination.
Each calculation by the Lender of the LIBOR Rate shall be conclusive and binding for all purposes, absent manifest error.  
The LIBOR Rate shall be adjusted for all costs, expenses and liabilities arising from or in connection with reserve percentages prescribed by the Board of Governors of the Federal Reserve System 
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(or any successor) for “Eurocurrency Liabilities” (as defined in Regulation D of the Federal Reserve Board, as amended).  Notwithstanding the foregoing, (x) in no event shall the LIBOR Rate (including any Benchmark Replacement with respect thereto) be less than 0.50% and (y) unless otherwise specified in any amendment to this Agreement entered into in accordance with Section 3.1(b), in the event that a Benchmark Replacement with respect to the LIBOR Rate is implemented then all references herein to the LIBOR Rate shall be deemed references to such Benchmark Replacement.
“LIBOR Rate Loan” means any Revolving Credit Loan bearing interest at a rate based upon the LIBOR Rate.
“Lien” means, with respect to any asset, any mortgage, leasehold mortgage, lien, pledge, charge, security interest, hypothecation or encumbrance of any kind in respect of such asset.  For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease Obligation or other title retention agreement relating to such asset.
“Loan Documents” means, collectively, this Agreement, any Revolving Credit Note, the Letter of Credit Documents, the Security Documents, the Guaranty Agreement and each other document, instrument, certificate and agreement executed and delivered by the Credit Parties or any of their respective Subsidiaries in favor of or provided to the Lender or any Secured Party in connection with this Agreement or otherwise referred to herein or contemplated hereby (excluding any Secured Hedge Agreement and any Secured Cash Management Agreement).
“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank Eurodollar market.
“Maintenance Capital Expenditure” means all expenditures (by the expenditure of cash or the incurrence of Indebtedness permitted hereunder other than the Obligations) by any Person during any measuring period for any improvements, replacements, substitutions or additions to any equipment or property used in the current operation of the business of such Person that are required to be capitalized under GAAP.
“Material Adverse Effect” means, with respect to the Borrower and its Subsidiaries, (a) a material adverse effect on the operations, business, assets, properties, liabilities (actual or contingent) or condition (financial or otherwise) of the Borrower and its Subsidiaries, taken as a whole, (b) a material impairment of the ability of any such Person to perform its obligations under the Loan Documents to which it is a party, (c) a material impairment of the rights and remedies of the Lender under any Loan Document or (d) an impairment of the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is a party.
“Material Domestic Subsidiary” means each Domestic Subsidiary of the Borrower that individually represents greater than or equal to either (a) 5% of the Consolidated Total Assets of the Borrower and its Domestic Subsidiaries or (b) 5% of the Consolidated EBITDA of the Borrower and its Domestic Subsidiaries; provided that in any event the Borrower and the Material Domestic Subsidiaries on a combined basis shall represent at least 95% of the Consolidated Total Assets and Consolidated EBITDA of the Borrower and its Domestic Subsidiaries.
“Moody’s” means Moody’s Investors Service, Inc.
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“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which any Credit Party or any ERISA Affiliate is making, or is accruing an obligation to make, or has accrued an obligation to make contributions within the preceding five (5) years.
“Non-Guarantor Subsidiary” means any Subsidiary of the Borrower that is not a Guarantor.
“Notice of Borrowing” has the meaning assigned thereto in Section 2.2(a).
“Notice of Conversion/Continuation” has the meaning assigned thereto in Section 2.6(c).
“Obligations” means, in each case, whether now in existence or hereafter arising: (a) the principal of and interest on (including interest accruing after the filing of any bankruptcy or similar petition) the Revolving Credit Loans, (b) the L/C Obligations and (c) all other fees and commissions (including attorneys’ fees), charges, indebtedness, loans, liabilities, financial accommodations, obligations, covenants and duties owing by the Credit Parties to the Lender, in each case under any Loan Document, with respect to any Revolving Credit Loan or Letter of Credit of every kind, nature and description, direct or indirect, absolute or contingent, due or to become due, contractual or tortious, liquidated or unliquidated, and whether or not evidenced by any note and including interest and fees that accrue after the commencement by or against any Credit Party of any proceeding under any Debtor Relief Laws, naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.
“Other Connection Taxes” means Taxes imposed as a result of a present or former connection between the Lender and the jurisdiction imposing such Tax (other than connections arising from the Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Revolving Credit Loan or Loan Document).
“Other Taxes” means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.
“PATRIOT Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).
“PBGC” means the Pension Benefit Guaranty Corporation or any successor agency.
“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to the provisions of Title IV of ERISA or Section 412 of the Code and which (a) is maintained, funded or administered for the employees of any Credit Party or any ERISA Affiliate or (b) has at any time within the preceding five (5) years been maintained, funded or administered for the employees of any Credit Party or any current or former ERISA Affiliates.
“Permitted Acquisition” means any Acquisition permitted pursuant to Section 7.3(h).
“Permitted Liens” means the Liens permitted pursuant to Section 7.2.
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“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Prime Rate” means, at any time, the rate of interest per annum publicly announced from time to time by the Lender as its prime rate.  Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs.  The parties hereto acknowledge that the rate announced publicly by the Lender as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.
“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Equity Interests.
“Reimbursement Obligation” means the obligation of the Borrower to reimburse the Lender pursuant to Section 2.5 for amounts drawn under Letters of Credit.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“Responsible Officer” means, as to any Person, the chief executive officer, president, vice president, chief financial officer, corporate controller, treasurer or assistant treasurer of such Person, or solely for purposes of the delivery of incumbency certificates, organization documents and resolutions pursuant to Section 4.1(c), the secretary or assistant secretary of such Person or any other officer of such Person designated in writing by the Borrower and reasonably acceptable to the Lender.
“Restricted Payment” means any dividend on, or the making of any payment or other distribution on account of, or the purchase, redemption, retirement or other acquisition (directly or indirectly) of, or the setting apart assets for a sinking or other analogous fund for the purchase, redemption, retirement or other acquisition of, any class of Equity Interests of the Borrower or any Subsidiary, or the making of any distribution of cash, property or assets to the holders of any Equity Interests of the Borrower or any Subsidiary on account of such Equity Interests.
“Revolving Credit Commitment” means the commitment of the Lender to make Revolving Credit Loans, as such amount may be modified at any time or from time to time pursuant to the terms hereof.  The Revolving Credit Commitment on the Closing Date shall be $25,000,000.
“Revolving Credit Facility” means the revolving credit facility established pursuant to Article II (including any increase in such revolving credit facility established pursuant to Section 2.9).
“Revolving Credit Increase” has the meaning assigned thereto in Section 2.9.
“Revolving Credit Loan” means any revolving loan made to the Borrower pursuant to Section 2.1, and all such revolving loans collectively as the context requires.
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“Revolving Credit Maturity Date” means the earliest to occur of (a) August 5, 2023, (b) the date of termination of the entire Revolving Credit Commitment by the Borrower pursuant to Section 2.4, and (c) the date of termination of the Revolving Credit Commitment pursuant to Section 8.2(a).
“Revolving Credit Note” means a promissory note made by the Borrower in favor of the Lender evidencing the Revolving Credit Loans, substantially in the form attached as Exhibit A, and any substitutes therefor, and any replacements, restatements, renewals or extension thereof, in whole or in part.
“Revolving Credit Outstandings” means, on any date, the sum of (a) the aggregate outstanding principal amount of all Revolving Credit Loans on such date, after giving effect to any borrowings and prepayments or repayments occurring on such date plus (b) the aggregate outstanding amount of all L/C Obligations on such date after giving effect to any extensions of credit occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date.
“S&P” means Standard & Poor’s Rating Service, a division of S&P Global Inc. and any successor thereto.
“Sale Leaseback Transaction” means any transaction whereby a Person shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property that such Person intends to use for substantially the same purpose or purposes as the property sold or transferred.
“Sanctioned Country” has the meaning assigned thereto in Section 5.18.
“Sanctioned Person” has the meaning assigned thereto in Section 5.18.
“Sanctions” has the meaning assigned thereto in Section 5.18. 
“SEC” means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.
“Secured Cash Management Agreement” means any Cash Management Agreement between or among the Borrower or any Subsidiary and the Lender or any Affiliate of the Lender.
“Secured Hedge Agreement” means any Hedge Agreement between or among the Borrower or any Subsidiary and the Lender or any Affiliate of the Lender.
“Secured Obligations” means, collectively, (a) the Obligations and (b) all existing or future payment and other obligations owing under (i) any Secured Hedge Agreement and (ii) any Secured Cash Management Agreement; provided that the “Secured Obligations” of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party.
“Secured Parties” means, collectively, the Lender and any Affiliate of the Lender that holds any Secured Obligations and, in each case, their respective successors and permitted assigns.
“Securities Act” means the Securities Act of 1933 (15 U.S.C. § 77 et seq.).
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“Security Documents” means the collective reference to the Collateral Agreement and each other agreement or writing pursuant to which any Credit Party pledges or grants a security interest in any Property or assets securing the Secured Obligations.
“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
“Solvent” and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the fair value of the Property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business.  
“Specified Credit Party” means any Credit Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to any “keepwell, support or other agreement”).
“Specified Disposition” means any Asset Disposition (other than sale of inventory in the ordinary course of business) having gross sales proceeds in excess of $500,000.
“Specified Transactions” means (a) any Specified Disposition and (b) any Permitted Acquisition.
“Subordinated Indebtedness” means the collective reference to any Indebtedness incurred by the Borrower or any of its Subsidiaries that is subordinated in right and time of payment to the Obligations on terms and conditions reasonably satisfactory to the Lender.
“Subsidiary” means as to any Person, any corporation, partnership, limited liability company or other entity of which more than fifty percent (50%) of the outstanding Equity Interests having ordinary voting power to elect a majority of the board of directors (or equivalent governing body) or other managers of such corporation, partnership, limited liability company or other entity is at the time owned by (directly or indirectly) or the management is otherwise controlled by (directly or indirectly) such Person (irrespective of whether, at the time, Equity Interests of any other class or classes of such corporation, partnership, limited liability company or other entity shall have or might have voting power by reason of the happening of any contingency).  Unless otherwise qualified, references to “Subsidiary” or “Subsidiaries” herein shall refer to those of the Borrower.
“Swap Obligation” means, with respect to any Credit Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto.
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“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“UCC” means the Uniform Commercial Code as in effect in the State of New York.
“UK Bribery Act” has the meaning assigned thereto in Section 5.18.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
“United States” means the United States of America.
“Wholly-Owned” means, with respect to a Subsidiary, that all of the Equity Interests of such Subsidiary are, directly or indirectly, owned or controlled by the Borrower and/or one or more of its Wholly-Owned Subsidiaries (except for directors’ qualifying shares or other shares required by Applicable Law to be owned by a Person other than the Borrower and/or one or more of its Wholly-Owned Subsidiaries).
SECTION 1.2    Other Definitions and Provisions.  
(a)    With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: (a) the definitions of terms herein shall apply equally to the singular and plural forms of the terms defined, (b) whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, (c) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (d) the word “will” shall be construed to have the same meaning and effect as the word “shall”, (e) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (f) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (g) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (h) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (i) the term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form and (j) in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including”. The amount of contingent liabilities or a liability that is contingent, when such liabilities are referenced in this Agreement, shall mean the amount of such liabilities computed as the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.
(b)    Any reference herein to a merger, consolidation, amalgamation, conveyance, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, consolidation, amalgamation, conveyance, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).
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SECTION 1.3    Accounting Terms.
(a)    All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with GAAP, applied on a consistent basis, as in effect from time to time and in a manner consistent with that used in preparing the audited financial statements required by Section 6.1(a), except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.
(b)    If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Lender shall so request, the Lender and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; provided, further that (A) all obligations of any Person that are or would have been treated as operating leases for purposes of GAAP prior to the effectiveness of FASB ASC 842 shall continue to be accounted for as operating leases for purposes of all financial definitions and calculations for purpose of this Agreement (whether or not such operating lease obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with FASB ASC 842 (on a prospective or retroactive basis or otherwise) to be treated as Capital Lease Obligations in the financial statements and (B) all financial statements delivered to the Lender hereunder shall contain a schedule showing the modifications necessary to reconcile the adjustments made pursuant to clause (A) above with such financial statements.
SECTION 1.4    UCC Terms.  Terms defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates, have the meanings provided by those definitions.  Subject to the foregoing, the term “UCC” refers, as of any date of determination, to the UCC then in effect.
SECTION 1.5    References to Agreement and Laws.  Unless otherwise expressly provided herein, (a) any definition or reference to formation documents, governing documents, agreements (including the Loan Documents) and other contractual documents or instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are not prohibited by any Loan Document; and (b) any definition or reference to any Applicable Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable Law.
SECTION 1.6    Times of Day.  Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).
SECTION 1.7    Letter of Credit Amounts.  Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the maximum face amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit or the 
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Letter of Credit Documents therefor (at the time specified therefor in such applicable Letter of Credit or Letter of Credit Documents and as such amount may be reduced by (a) any permanent reduction of such Letter of Credit or (b) any amount which is drawn, reimbursed and no longer available under such Letter of Credit).
SECTION 1.8    Covenant Compliance Generally.  For purposes of determining compliance under Sections 7.1, 7.2, 7.3, 7.5 and 7.6, any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in calculating Consolidated Net Income in the most recent annual financial statements of the Borrower and its Subsidiaries delivered pursuant to Section 6.1(a).  Notwithstanding the foregoing, for purposes of determining compliance with Sections 7.1, 7.2 and 7.3, with respect to any amount of Indebtedness or Investment in a currency other than Dollars, no breach of any basket contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Investment is incurred; provided that for the avoidance of doubt, the foregoing provisions of this Section 1.8 shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness or Investment may be incurred at any time under such Sections.
SECTION 1.9    Rounding.  Any financial ratios required to be maintained pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio or percentage is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).
ARTICLE II
REVOLVING CREDIT FACILITY

SECTION 2.1    Revolving Credit Loans.  Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties set forth in this Agreement and the other Loan Documents, the Lender agrees to make Revolving Credit Loans in Dollars to the Borrower from time to time from the Closing Date to, but not including, the Revolving Credit Maturity Date; provided, that the Revolving Credit Outstandings shall not exceed the Revolving Credit Commitment.  Subject to the terms and conditions hereof, the Borrower may borrow, repay and reborrow Revolving Credit Loans hereunder until the Revolving Credit Maturity Date.  The Revolving Credit Loans made by the Lender shall be evidenced by one or more accounts or records maintained by the Lender in the ordinary course of business, which shall be conclusive absent manifest error of the amount of the Revolving Credit Loans made by the Lender and the interest and payments thereon.  The Lender may request a Revolving Credit Note in addition to such accounts or records.  The Revolving Credit Facility and the Revolving Credit Commitment shall terminate on the Revolving Credit Maturity Date.
SECTION 2.2    Procedure for Advances of Revolving Credit Loans.  
(a)    Requested Loans.  The Borrower may request Revolving Credit Loans by giving the Lender irrevocable prior written notice substantially in the form of Exhibit B (a “Notice of Borrowing”) (or by electronic notice as set forth below) not later than 1:00 p.m. (New York City time) (i) three (3) Business Days prior to the date of the requested borrowing date (or such shorter period as may be agreed to by the Lender) in the case of a LIBOR Rate Loan or (ii) one (1) Business Day prior to the date of the requested borrowing date (or such shorter period as may be agreed to by the Lender) in the case of a Base Rate Loan.    Each Revolving Credit Loan may only be requested in a minimum amount of $100,000.00.  The Borrower authorizes the Lender to disburse the proceeds of each Revolving Credit Loan by crediting 
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or wiring such proceeds to the deposit account of the Borrower identified to Lender in writing from time to time. 
(b)    Electronic Requests.  The Lender will permit electronic transmittal of instructions, authorizations, agreements or reports to the Lender by the Borrower.  Unless the Borrower specifically directs the Lender in writing not to accept or act upon electronic communications from the Borrower, the Lender shall have no liability to the Borrower for any loss or damage suffered by the Borrower as a result of the Lender’s honoring of any requests, execution of any instructions, authorizations or agreements or reliance on any reports communicated to the Lender electronically and purporting to have been sent to the Lender by the Borrower and the Lender shall have no duty to verify the origin of any such communication or the authority of the person sending it. Authorization shall be limited to designated Responsible Officers appointed by the Borrower in a writing delivered to the Lender.
SECTION 2.3    Repayment and Prepayment of Revolving Credit Loans.
(a)    Repayment on Termination Date.  The Borrower hereby agrees to repay the outstanding principal amount of all Revolving Credit Loans in full on the Revolving Credit Maturity Date, together, in each case, with all accrued but unpaid interest thereon.
(b)    Mandatory Prepayments.  If at any time the Revolving Credit Outstandings exceed the Revolving Credit Commitment, the Borrower agrees to repay immediately upon notice from the Lender, Revolving Credit Loans in an amount equal to such excess with each such repayment applied first, to the principal amount of outstanding Revolving Credit Loans and second, with respect to any Letters of Credit then outstanding, a payment of Cash Collateral into a Cash Collateral account opened by the Lender in an amount equal to such excess.
(c)    Optional Prepayments.  The Borrower may at any time and from time to time prepay Revolving Credit Loans, in whole or in part, without premium or penalty (except as set forth in Section 3.2).
SECTION 2.4    Voluntary Reduction of the Revolving Credit Commitment.  The Borrower shall have the right at any time and from time to time, upon prior written notice to the Lender, to permanently reduce, without premium or penalty, the Revolving Credit Commitment in an aggregate principal amount not less than $500,000 or any whole multiple of $500,000 in excess thereof.  Each such reduction shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans and L/C Obligations, as applicable, after such reduction to the Revolving Credit Commitment as so reduced, and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving Credit Commitment as so reduced, the Borrower shall be required to deposit Cash Collateral in a Cash Collateral account opened by the Lender in an amount equal to such excess.
SECTION 2.5    L/C Facility.
(a)    Availability.  The Lender agrees to issue standby Letters of Credit in an aggregate amount not to exceed its L/C Sublimit for the account of the Borrower or any Subsidiary thereof, so long as after giving effect to such issuance (i) the L/C Obligations do not exceed the L/C Sublimit and (ii) the Revolving Credit Outstandings do not exceed the Revolving Credit Commitment.  Letters of Credit may be issued on any Business Day from the Closing Date to, but not including the thirtieth (30th) Business Day prior to the Revolving Credit Maturity Date in such form as may be approved from time to time by the Lender. The undrawn amount of all Letters of Credit shall be reserved under the Revolving Credit Commitment and shall not be available for borrowings thereunder.  
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(b)    Terms of Letters of Credit.  Each Letter of Credit shall (i) be denominated in Dollars in a minimum amount of $50,000, (ii) expire on a date no more than twelve (12) months after the date of issuance or last renewal or extension of such Letter of Credit (subject to automatic renewal or extension for additional one (1) year periods (but not to a date later than the date set forth below) pursuant to the terms of the Letter of Credit Documents or other documentation acceptable to the Lender), which date shall be no later than the fifth (5th) Business Day prior to the Revolving Credit Maturity Date, and (iii) unless otherwise expressly agreed by the Lender and the Borrower when a Letter of Credit is issued by it (including any such agreement applicable to an Existing Letter of Credit), be subject to the ISP as set forth in the Letter of Credit Documents or as determined by the Lender and, to the extent not inconsistent therewith, the laws of the State of New York. As of the Closing Date, each of the Existing Letters of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit issued and outstanding hereunder.   
(c)    Procedure for Issuance of Letters of Credit. The Borrower may from time to time request that the Lender issue, amend, renew or extend a Letter of Credit by delivering to Lender a Letter of Credit Application therefor, completed to the satisfaction of the Lender, and such other certificates, documents and other Letter of Credit Documents and information as the Lender may request, not later than 11:00 a.m. at least two (2) Business Days prior to the proposed date of issuance, amendment, renewal or extension, as the case may be. Upon receipt of any Letter of Credit Application, the Lender shall process such Letter of Credit Application and the certificates, documents and other Letter of Credit Documents and information delivered to it in connection therewith in accordance with its customary procedures and shall, subject to clauses (a) and (b) of this Section 2.5 and Article IV, promptly issue, amend, renew or extend the Letter of Credit requested thereby (subject to the timing requirements set forth in this Section 2.5(c)) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed by the Lender and the Borrower.  Additionally, the Borrower shall furnish to the Lender such other documents and information pertaining to such requested Letter of Credit issuance or amendment, renewal or extension, including any Letter of Credit Documents, as the Lender may require.
(d)    Reimbursement. The Borrower shall reimburse the Lender for each drawing in full on the date such drawing is made.  To the extent not reimbursed by the Borrower on the date of drawing, each drawing paid under a Letter of Credit shall be deemed to be repaid to the Lender through a Base Rate Loan; provided that if Revolving Credit Loans are not available for any reason at the time any drawing is paid, then the Borrower shall immediately reimburse to the Lender the full amount drawn, together with interest thereon from the date such drawing is paid to the date such amount is fully repaid by the Borrower, at the rate pursuant to Section 2.6(b) applicable to Base Rate Loans.  In such event the Borrower agrees that the Lender, in its sole discretion, may debit any account maintained by the Borrower with the Lender for the amount of any such drawing.  If any Event of Default shall occur and be continuing or if any L/C Obligations are outstanding on the date that is five (5) Business Days prior to the Revolving Credit Maturity Date, on the Business Day that the Borrower receives notice from the Lender demanding same, the Borrower shall immediately Cash Collateralize the L/C Obligations as of such date; provided that the obligation to provide such Cash Collateral shall become effective immediately, without demand or other notice of any kind, (x) upon the occurrence of any Event of Default with respect to the Borrower described in Section 8.1(f) or (g), and (y) if any L/C Obligations remain outstanding on the Revolving Credit Maturity Date.  The Lender shall not at any time be obligated to issue any Letter of Credit hereunder if (i) the conditions set forth in Section 4.2 are not satisfied, (ii) the issuance of such Letter of Credit would violate one or more policies of the Lender applicable to letters of credit generally or (iii) the beneficiary of such Letter of Credit is a Sanctioned Person.  References herein to “issue” and derivations thereof with respect to Letters of Credit shall also include extensions or modifications of any outstanding Letters of Credit, unless the context otherwise requires.  To the extent that any provision of 
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any Letter of Credit Document is inconsistent with the provisions of this Section 2.5, the provisions of this Section 2.5 shall apply.
(e)    Commissions and Other Charges.  The Borrower shall pay to the Lender a letter of credit commission with respect to each Letter of Credit in the amount equal to the daily amount available to be drawn under such Letters of Credit times the Applicable Margin with respect to Revolving Credit Loans that are LIBOR Rate Loans (determined on a per annum basis).  Such commissions shall be payable quarterly in arrears on the last Business Day of each calendar quarter, on the Revolving Credit Maturity Date and thereafter on demand of the Lender.  In addition to the foregoing commissions, the Borrower shall pay or reimburse the Lender for such normal and customary fees, costs, charges and expenses as are incurred or charged by the Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit issued by it. For the avoidance of doubt, such fees shall be applicable to and paid upon each of the Existing Letters of Credit.
(f)    Obligations Absolute.  The Borrower’s obligations under this Section 2.5 shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower may have or have had against the Lender or any beneficiary of a Letter of Credit or any other Person.  The Borrower also agrees that the Lender shall not be responsible for, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee.  The Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit issued by it, except for errors or omissions caused by the Lender’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction by final nonappealable judgment.
SECTION 2.6    Interest.
(a)    Interest Rate Options.  Subject to the provisions of this Section, at the election of the Borrower, Revolving Credit Loans shall bear interest at (i) the Base Rate plus the Applicable Margin or (ii) the LIBOR Rate plus the Applicable Margin (provided that the LIBOR Rate shall not be available until three (3) Business Days after the Closing Date unless the Borrower has delivered to the Lender a letter in form and substance reasonably satisfactory to the Lender indemnifying the Lender in the manner set forth in Section 3.2 of this Agreement).
(b)    Default Rate.  (i) Immediately upon the occurrence and during the continuance of an Event of Default under Section 8.1(a), (f) or (g), or (ii) at the election of the Lender, upon the occurrence and during the continuance of any other Event of Default, (i) the Borrower shall no longer have the option to request LIBOR Rate Loans or Letters of Credit, (ii) all outstanding LIBOR Rate Loans shall bear interest at a rate per annum of two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to LIBOR Rate Loans until the end of the applicable Interest Period and thereafter at a rate equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans, (iii) all outstanding Base Rate Loans and other Obligations arising hereunder or under any other Loan Document shall bear interest at a rate per annum equal to two percent (2%) in excess of the rate (including the Applicable Margin) then applicable to Base Rate Loans or such other Obligations arising hereunder or under any other Loan Document and (iv) all accrued and unpaid interest shall be due and payable on demand of the Lender.  Interest shall continue to accrue on the Obligations after the filing 
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by or against the Borrower of any petition seeking any relief in bankruptcy or under any Debtor Relief Law.
(c)    Notice and Manner of Conversion or Continuation of Loans.  Provided that no Default or Event of Default has occurred and is then continuing, the Borrower shall have the option to (i) convert at any time, and from time to time, following the third Business Day after the Closing Date all or any portion of any outstanding Base Rate Loans into one or more LIBOR Rate Loans and (ii) upon the expiration of any Interest Period, (x) convert all or any part of its outstanding LIBOR Rate Loans into Base Rate Loans or (y) continue such LIBOR Rate Loans as LIBOR Rate Loans.  The Borrower shall give the Lender prior written notice in the form attached as Exhibit C (a “Notice of Conversion/Continuation”) not later than 11:00 a.m. three (3) Business Days before the day on which a proposed conversion or continuation of such Revolving Credit Loan is to be effective.  If the Borrower fails to give a timely Notice of Conversion/Continuation prior to the end of the Interest Period for any LIBOR Rate Loan, then the applicable LIBOR Rate Loan shall be continued as a LIBOR Rate Loan for the same Interest Period.
(d)    Interest Payment and Computation.  Interest on each Revolving Credit Loan shall be due and payable in arrears on the third Business Day of each calendar quarter.  All computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year). 
(e)    Maximum Rate.  In no contingency or event whatsoever shall the aggregate of all amounts deemed interest under this Agreement charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any Applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the “Maximum Rate”).  In the event that such a court determines that the Lender has charged or received interest hereunder in excess of the Maximum Rate, the rate in effect hereunder shall automatically be reduced to the Maximum Rate and the Lender shall (i) promptly refund to the Borrower any interest received by the Lender in excess of the Maximum Rate or (ii) apply such excess to the principal balance of the Obligations.  It is the intent hereof that the Borrower not pay or contract to pay, and that the Lender not receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of the Maximum Rate.  
SECTION 2.7    Commitment Fee; Upfront Fees.  
(a)    Commencing on the Closing Date, the Borrower shall pay to the Lender a non-refundable commitment fee (the “Commitment Fee”) at a rate per annum equal to 0.50% on the actual daily unused portion of the Revolving Credit Commitment.  The Commitment Fee shall be payable in arrears on the last Business Day of each calendar quarter during the term of this Agreement and ending on the date upon which all Obligations (other than contingent indemnification obligations not then due) shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitment has been terminated. 
(b)    On the Closing Date, the Borrower shall pay to the Lender an upfront fee in an amount equal to 0.25% of the aggregate principal amount of the Revolving Credit Commitment.
SECTION 2.8    Manner of Payment.  Each payment by the Borrower on account of the principal of or interest on the Revolving Credit Loans or of any fee, commission or other amounts (including the 
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Reimbursement Obligation) payable to the Lender hereunder shall be made not later than 1:00 p.m. on the date specified for payment under this Agreement in immediately available funds and shall be made without any setoff, counterclaim or deduction whatsoever.  Subject to the definition of Interest Period, if any payment under this Agreement shall be specified to be made upon a day which is not a Business Day, it shall be made on the next succeeding day which is a Business Day and such extension of time shall in such case be included in computing any interest if payable along with such payment.
SECTION 2.9    Increase Option.  The Borrower may from time to time request to increase the Revolving Credit Commitment (each, a “Revolving Credit Increase”) in minimum increments of $1,000,000 so long as, after giving effect thereto, the aggregate amount of such Revolving Credit Increases during the term of this Agreement does not exceed $10,000,000.  Revolving Credit Increases pursuant to this Section shall become effective on the date agreed by the Borrower and the Lender.  Each Revolving Credit Increase shall be subject to the following conditions:  (a) the Lender has agreed to provide such increase, (b) on the proposed date of the effectiveness of such Revolving Credit Increase, (i) the conditions set forth in paragraphs (a) and (b) of Section 4.2 shall be satisfied and the Lender shall have received a certificate from the Borrower to that effect and (ii) the Borrower shall be in compliance (on a pro forma basis) with the covenants contained in Section 7.13 and (c) the Lender shall have received documents, certificates and opinions consistent with those delivered on the Closing Date as to the organizational power and authority of the Borrower to borrow hereunder after giving effect to such Revolving Credit Increase and such other documents reasonably requested by the Lender.  The Lender shall not be obligated to provide any such Revolving Credit Increase.
ARTICLE III
CHANGED CIRCUMSTANCES; INCREASED COSTS; TAXES

SECTION 3.1    Changed Circumstances. 
(a)    Circumstances Affecting LIBOR Rate Availability.  Subject to clause (b) below, in connection with any request for a LIBOR Rate Loan or a conversion or continuation thereof or otherwise, if for any reason the Lender shall determine (which determination shall be conclusive and binding absent manifest error) that (i) Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Revolving Credit Loan, (ii) reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan, (iii) the LIBOR Rate, as applicable, does not adequately and fairly reflect the cost to the Lender of making or maintaining such Revolving Credit Loans or (iv) the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for the Lender to honor its obligations hereunder to make or maintain any LIBOR Rate Loan, then thereafter, until the Lender notifies the Borrower that such circumstances no longer exist, the obligation of the Lender to make LIBOR Rate Loans and the right of the Borrower to convert any Revolving Credit Loan to or continue any Revolving Credit Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest thereon, on the last day of the then current Interest Period applicable to such LIBOR Rate Loan, (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan (as of the last day of such Interest Period for any LIBOR Rate Loan) or (C) if the Lender may not lawfully continue to maintain a LIBOR Rate Loan to 
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the end of the then current Interest Period applicable thereto, the applicable Revolving Credit Loan shall immediately be converted to a Base Rate Loan for the remainder of such Interest Period.
(b)    Effect of Benchmark Transition Event
(i)    Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Lender may amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement.  Any such amendment will become effective at 5:00 p.m. (New York time) on the tenth (10th) Business Day after the Lender has provided such proposed amendment to the Borrower without any further action or consent of the Borrower, so long as the Lender has not received, by such time, written notice of objection to such amendment from the Borrower.  No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section titled “Effect of Benchmark Transition Event” will occur prior to the applicable Benchmark Transition Start Date.
(ii)    In connection with the implementation of a Benchmark Replacement, the Lender will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of the Borrower.
(iii)    The Lender will promptly notify the Borrower of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Lender pursuant to this Section titled “Effect of Benchmark Transition Event,” including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in the Lender’s sole discretion and without consent from the Borrower, except, in each case, as expressly required pursuant to this Section titled “Effect of Benchmark Transition Event.”
(iv)    Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a borrowing of a LIBOR Rate Loan, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans.  During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Rate will not be used in any determination of the Base Rate.
SECTION 3.2    Indemnity for LIBOR Breakage.  In the event that (i) any payment of a LIBOR Rate Loan is required, made or permitted on a date other than the last day of the then current Interest Period applicable thereto (including upon demand by the Lender), (ii) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (iii) the failure to convert, continue, borrow or prepay any LIBOR Rate Loan on the date specified in any notice delivered pursuant hereto, then, in any such event, the Borrower shall compensate the Lender for the loss, cost and expense 
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attributable to such event in an amount computed as follows: the excess, if any, of (x) the amount of interest that would have accrued on the principal amount of such LIBOR Rate Loan had such event not occurred, at the interest rate that would have been applicable to such LIBOR Rate Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest Period for such LIBOR Rate Loan), over (y) the amount of interest that would accrue on such principal amount for such period at the interest rate with the Lender (or an affiliate of the Lender) would bid were it to bid, at the commencement of the interest period, for U.S. Dollar deposits of a comparable amount and period from other banks in the London interbank eurodollar market. A certificate of the Lender delivered to the Borrower and setting forth any amount or amounts that the Lender is entitled to receive pursuant to this paragraph shall be conclusive absent manifest error. The Borrower shall pay the Lender the amount shown as due on any such certificate upon demand.
SECTION 3.3    Increased Costs.
(a)    Increased Costs Generally.  If any Change in Law shall (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, the Lender (except any reserve requirement reflected in the LIBOR Rate), (ii) subject the Lender to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto or (iii) impose on the Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or LIBOR Rate Loans made by the Lender or any Letter of Credit, and the result of any of the foregoing shall be to increase the cost to the Lender of making, converting to, continuing or maintaining any Revolving Credit Loan (or of maintaining its obligation to make any such Revolving Credit Loan), or to increase the cost to the Lender issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then, upon written request of the Lender, the Borrower shall promptly pay to the Lender any such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.
(b)    Capital Requirements.  If the Lender determines that any Change in Law affecting the Lender or its holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on the Lender’s capital or on the capital of its holding company, if any, as a consequence of this Agreement, the Revolving Credit Commitment or the Revolving Credit Loans made by, or the Letters of Credit issued by, the Lender to a level below that which the Lender or its holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of its holding company with respect to capital adequacy and liquidity), then from time to time upon written request of the Lender the Borrower shall promptly pay to the Lender such additional amount or amounts as will compensate the Lender or its holding company for any such reduction suffered.
(c)    Certificates for Reimbursement.  A certificate of the Lender setting forth the amount or amounts necessary to compensate it or its holding company as specified in paragraph (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall pay the Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.  Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender’s right to demand such compensation.
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(d)    Delay in Requests.   Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of the Lender’s intention to claim compensation therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).
SECTION 3.4    Taxes.  For purposes of this Section 3.4 ̧ the term “Applicable Law” includes FATCA. Any and all payments by or on account of the Obligations shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law requires the deduction or withholding of any Tax from any such payment by the Lender, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that, after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section), the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made.  The Borrower shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Lender timely reimburse it for the payment of, any Other Taxes as permitted by Applicable Law. The Borrower shall indemnify the Lender, within thirty (30) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by the Lender or required to be withheld or deducted from a payment to the Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
ARTICLE IV
CONDITIONS OF CLOSING AND BORROWING

SECTION 4.1    Conditions to Closing and Initial Extensions of Credit.  The obligation of the Lender to close this Agreement and to make the initial Revolving Credit Loans or issue the initial Letter of Credit, if any, is subject to the receipt and satisfaction by the Lender of each of the following:
(a)    this Agreement, a Revolving Credit Note in favor of the Lender, the Security Documents and the Guaranty Agreement, together with any other applicable Loan Documents;
(b)    a certificate from a Responsible Officer of the Borrower to the effect that (i) all representations and warranties of the Credit Parties contained in this Agreement and the other Loan Documents are true and correct in all material respects, except to the extent any such representation and warranty is qualified by materiality or reference to a Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects, (ii) after giving effect to the Closing Date, no Default or Event of Default has occurred and is continuing, (iii) after giving effect to the Closing Date, each Credit Party and each Subsidiary thereof is each Solvent and (iv) since December 31, 2019, no event has occurred or condition arisen, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect;
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(c)    a certificate of a Responsible Officer of each Credit Party certifying as to the incumbency and genuineness of the signature of each officer of such Credit Party executing Loan Documents to which it is a party and certifying that attached thereto is a true, correct and complete copy of (i) the articles or certificate of incorporation or formation (or equivalent), as applicable, of such Credit Party and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of incorporation, organization or formation (or equivalent), as applicable, (ii) the bylaws or other governing document of such Credit Party as in effect on the Closing Date, (iii) resolutions duly adopted by the board of directors (or other governing body) of such Credit Party authorizing and approving the transactions contemplated hereunder and the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party, and (iv) certificates as of a recent date of the good standing of such Credit Party under the laws of its jurisdiction of organization (or equivalent);
(d)    opinions of counsel to the Credit Parties addressed to the Lender with respect to the Credit Parties, the Loan Documents and such other matters as the Lender shall request (which such opinions shall expressly permit reliance by permitted successors and assigns of the Lender without any obligation on the part of counsel to the Credit Parties to update its opinion after the Closing Date);
(e)    all filings and recordations that are necessary to perfect the security in the Collateral and evidence (including lien searches) that upon such filings and recordations such security interests constitute valid and perfected first priority Liens thereon (subject to Permitted Liens); 
(f)    payment of (i) all reasonable costs and expenses (including legal fees and expenses) incurred by the Lender in connection with the transactions contemplated by this Agreement and (ii) the fees set forth or referenced in Section 2.7;
(g)    evidence of property, business interruption and liability insurance covering each Credit Party (with appropriate endorsements naming the Lender as lender’s loss payee on all policies for property hazard insurance and as additional insured on all policies for liability insurance), and if requested by the Lender, copies of such insurance policies; 
(h)    at least three Business Days prior to the Closing Date, (i) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower and (ii) all documentation and other information requested by the Lender for purpose of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act; and
(i)    such other documents, certificates and instruments reasonably requested by the Lender with respect to the transactions contemplated by this Agreement.
SECTION 4.2    Conditions to All Extensions of Credit.  The obligation of the Lender to make any Revolving Credit Loans (including the initial Revolving Credit Loans) or to issue or extend any Letter of Credit is subject to the satisfaction of the following conditions precedent on the relevant borrowing, issuance or extension date:
(a)    The representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects, except to the extent any such representation and warranty is qualified by materiality or reference to a Material Adverse Effect, in which case, such representation and warranty shall be true and correct in all respects, on and as of the date of such borrowing, issuance or extension.
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(b)    No Default or Event of Default shall have occurred and be continuing on or after giving effect to such borrowing, issuance or extension.
(c)    The Lender shall have received a Notice of Borrowing or Letter of Credit Application, as applicable.
Each Notice of Borrowing or request for issuance or extension of a Letter of Credit shall constitute a representation and warranty by the Borrower that the conditions contained in Section 4.2(a) and (b) have been satisfied. Lender may require a duly completed Compliance Certificate as a condition to making an extension of credit.
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES

To induce the Lender to enter into this Agreement and to make Revolving Credit Loans and issue Letters of Credit, the Borrower hereby represents and warrants, on behalf of itself and its Subsidiaries, to the Lender both before and after giving effect to the transactions contemplated hereunder, which representations and warranties shall be deemed made on the Closing Date and as otherwise set forth in Section 4.2, that:
SECTION 5.1    Organization; Power; Qualification.  Each Credit Party (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, (b) has the power and authority to own its Properties and to carry on its business as now being and hereafter proposed to be conducted and (c) is duly qualified and authorized to do business in each jurisdiction in which the character of its Properties or the nature of its business requires such qualification and authorization except in jurisdictions where the failure to be so qualified or in good standing could not reasonably be expected to result in a Material Adverse Effect. 
SECTION 5.2    Ownership.  Schedule 5.2 lists the legal name and jurisdiction of organization of each Credit Party and Subsidiary of any Credit Party as of the Closing Date, and for each Subsidiary of any Credit Party as of the Closing Date also indicates the parent entity of such Subsidiary and the percentage of issued and outstanding Equity Interests of such Subsidiary owned by the parent entity.  As of the Closing Date, there are no outstanding stock purchase warrants, subscriptions, options, securities, instruments or other rights of any type or nature whatsoever, which are convertible into, exchangeable for or otherwise provide for or require the issuance of Equity Interests of any Subsidiary of the Borrower, except as described on Schedule 5.2.
SECTION 5.3    Authorization; Enforceability.  Each Credit Party has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of each of the Loan Documents to which it is a party in accordance with their respective terms.  Each of the other Loan Documents have been duly executed and delivered by the duly authorized officers of each Credit Party that is a party thereto, and each such document constitutes the legal, valid and binding obligation of each Credit Party that is a party thereto, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal Debtor Relief Laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.
SECTION 5.4    Compliance of Agreement, Loan Documents and Borrowing with Laws, Etc.  The execution, delivery and performance by each Credit Party of the Loan Documents to which each such 
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Person is a party, in accordance with their respective terms, the Revolving Credit Loans hereunder and the transactions contemplated hereby or thereby do not and will not, by the passage of time, the giving of notice or otherwise, (a) require any Governmental Approval (or, if required, such approval has been obtained) or violate any Applicable Law relating to any Credit Party, (b) conflict with, result in a breach of or constitute a default under the articles of incorporation, bylaws or other organizational documents of any Credit Party, (c) conflict with, result in a breach of or constitute a default under any indenture, agreement or other instrument to which such Person is a party or by which any of its properties may be bound or any Governmental Approval relating to such Person except to the extent such violation could not reasonably be expected to have a Material Adverse Effect, (d) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Person other than Permitted Liens or (e) require any consent or authorization of, filing with, or other act in respect of, an arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement other than (i) consents, authorizations, filings or other acts or consents that have been obtained or made or for which the failure to obtain or make could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (ii) consents or filings under the UCC.
SECTION 5.5    Compliance with Law; Governmental Approvals.  The Borrower and each Subsidiary thereof (a) has all Governmental Approvals required by any Applicable Law for it to conduct its business, each of which is in full force and effect, (b) is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective properties, except in each case of clauses (a) and (b) where the failure to have or comply could not reasonably be expected to have a Material Adverse Effect.
SECTION 5.6    Taxes.  The Borrower and each Subsidiary thereof has filed all United States federal tax returns and all other tax returns required to be filed and has paid all taxes due pursuant to said returns or pursuant to any assessment received by the Borrower or its Subsidiaries except such taxes, if any, as are being contested in good faith and as to which, in the good faith judgment of the Borrower, adequate reserves have been provided and except for those returns with respect to which the failure to file would not reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries with respect to any taxes or other governmental charges are adequate in the good faith judgment of the Borrower.
SECTION 5.7    Intellectual Property Matters.  Except as could not reasonably be expected to have a Material Adverse Effect, the Borrower and each Subsidiary thereof owns or possesses rights to use all material franchises, licenses, copyrights, copyright applications, patents, patent rights or licenses, patent applications, trademarks, trademark rights, service mark, service mark rights, trade names, trade name rights, copyrights and other rights with respect to the foregoing which are reasonably necessary to conduct its business.
SECTION 5.8    Environmental Matters.  The Borrower and its Subsidiaries are in compliance in all material respects with all applicable Environmental Laws.  There has been no release, or to its knowledge, threat of release, of Hazardous Materials at or from properties owned, leased or operated by any Credit Party or any Subsidiary, now or in the past, in violation of or in amounts or in a manner that could give rise to liability under applicable Environmental Laws that could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.  Neither the Borrower nor any of its Subsidiaries has received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters, Hazardous Materials, or compliance with Environmental Laws 
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that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
SECTION 5.9    Employee Benefit Matters.  The Borrower and each ERISA Affiliate is in compliance in all material respects with all applicable provisions of ERISA.  No liability has been incurred by the Borrower or any ERISA Affiliate which remains unsatisfied for any taxes or penalties assessed with respect to any Employee Benefit Plan or any Multiemployer Plan except for a liability that could not reasonably be expected to have a Material Adverse Effect.  Neither the Borrower nor any ERISA Affiliate is required to contribute to or has ever had a liability to a Multiemployer Plan. As of the Closing Date the Borrower is not nor will be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Revolving Credit Loans, the Letters of Credit or the Revolving Credit Commitment.
SECTION 5.10    Margin Stock.  No Credit Party nor any Subsidiary thereof is engaged principally or as one of its important activities in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” (as each such term is defined or used, directly or indirectly, in Regulation U of the Board of Governors of the Federal Reserve System).  No part of the proceeds of any of the Revolving Credit Loans or Letters of Credit will be used for purchasing or carrying margin stock or for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of such Board of Governors.  
SECTION 5.11    Investment Company Act, Etc.  No Credit Party nor any Subsidiary thereof is or is required to be registered as an “investment company” under the Investment Company Act and no Credit Party nor any Subsidiary thereof is, or after giving effect to any extension of credit will be, subject to regulation under any other Applicable Law which limits its ability to incur or consummate the transactions contemplated hereby.
SECTION 5.12    Employee Relations.  The Borrower knows of no pending, threatened or contemplated strikes, work stoppage or other collective labor disputes involving its employees or those of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.
SECTION 5.13    Financial Statements.  The audited financial statements for the periods ended December 31, 2017, December 31, 2018 and December 31, 2019, the unaudited financial statements for the period ended March 31, 2020 and all financial and other information supplied to the Lender after the Closing Date pursuant to Section 6.1(a) and (b), in each case have been prepared in accordance with GAAP, and fairly present in all material respects on a Consolidated basis the assets, liabilities and financial position of the Borrower and its Subsidiaries as at such dates, and the results of the operations and changes of financial position for the periods then ended (other than customary year-end adjustments for unaudited financial statements and the absence of footnotes from unaudited financial statements).  Such financial statements show all material indebtedness and other material liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including material liabilities for taxes, material commitments, and Indebtedness, in each case, to the extent required to be disclosed under GAAP.  
SECTION 5.14    No Material Adverse Effect.  Since December 31, 2019, there has been no change in the business, property, financial condition or results of operations of the Borrower and its Subsidiaries that could reasonably be expected to have a Material Adverse Effect.
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SECTION 5.15    Solvency.  The Borrower and its Subsidiaries, on a Consolidated basis, are Solvent.
SECTION 5.16    Title to Properties.  Each Credit Party and each Subsidiary thereof has such title to the real property owned or leased by it as is necessary or desirable to the conduct of its business and valid and legal title to all of its personal property and assets, except those which have been disposed of by the Credit Parties and their Subsidiaries subsequent to such date which dispositions have been in the ordinary course of business or as otherwise expressly permitted hereunder or where the failure to have such title or other interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
SECTION 5.17    Litigation.  There are no actions, suits or proceedings pending or, to its knowledge, threatened against the Borrower or any Subsidiary thereof or any of their respective properties in any court or before any arbitrator of any kind or before or by any Governmental Authority that could reasonably be expected to have a Material Adverse Effect.
SECTION 5.18    Sanctions; Anti-Corruption Laws and Anti-Money Laundering Laws.  
(a)    None of the Borrower, any of its Subsidiaries, any director or officer, or any employee, agent, or Affiliate, of the Borrower or any of its Subsidiaries, is a Person (any such Person, a “Sanctioned Person”) that is, or is owned or controlled by Persons that are, (i) the target of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, the Hong Kong Monetary Authority or any other relevant sanctions authorities (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is the target of Sanctions (any such country or territory, a “Sanctioned Country”), including currently, the Crimea region, Cuba, Iran, North Korea and Syria. 
(b)    None of the Borrower or any of its Subsidiaries nor to the knowledge of the Borrower, any director, officer, agent, employee, Affiliate or other person acting on behalf of the Borrower or any of its Subsidiaries is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of any applicable anti-bribery law, including but not limited to, the United Kingdom Bribery Act 2010 (the “UK Bribery Act”) and the U.S. Foreign Corrupt Practices Act of 1977 (the “FCPA”). Furthermore, the Borrower and, to the knowledge of the Borrower, its Affiliates have conducted their businesses in compliance with the UK Bribery Act, the FCPA and similar laws, rules or regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.  
(c)    The Borrower and, to the knowledge of the Borrower, its Affiliates have conducted their businesses in compliance with all anti-money laundering rules and regulations and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.
SECTION 5.19    Absence of Defaults.  No Default or an Event of Default has occurred or is continuing.
SECTION 5.20    Disclosure.  No financial statement, material report, material certificate or other material information furnished (whether in writing or orally) by or on behalf of any Credit Party or any Subsidiary thereof to the Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information 
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so furnished), taken together as a whole, contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected financial information, pro forma financial information, estimated financial information and other projected or estimated information, such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being recognized that projections are not to be viewed as facts and that the actual results during the period or periods covered by such projections may vary from such projections). As of the Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.
ARTICLE VI
AFFIRMATIVE COVENANTS

Until all of the Obligations (other than contingent indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitments terminated, the Borrower will, and will cause each of its Subsidiaries to:
SECTION 6.1    Financial Statements and Budgets.  Deliver to the Lender, in form and detail satisfactory to the Lender:
(a)    Annual Financial Statements.  As soon as practicable and in any event within one hundred twenty (120) days (or, if earlier, on the date of any required public filing thereof) after the end of each Fiscal Year, an audited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such Fiscal Year and audited Consolidated statements of income, retained earnings and cash flows including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the preceding Fiscal Year and prepared in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the year.  Such annual financial statements shall be audited by an independent certified public accounting firm of recognized national standing acceptable to the Lender, and accompanied by a report and opinion thereon by such certified public accountants prepared in accordance with generally accepted auditing standards that is not subject to any “going concern” or similar qualification or exception or any qualification as to the scope of such audit or with respect to accounting principles followed by the Borrower or any of its Subsidiaries not in accordance with GAAP (but may contain a “going concern” statement solely with respect to, or resulting solely from, the upcoming maturity date of the Revolving Credit Facility being scheduled to occur within twelve months from the time such report is delivered).
(b)    Quarterly Financial Statements.  As soon as practicable and in any event within forty-five (45) days (or, if earlier, on the date of any required public filing thereof) after the end of the first three fiscal quarters of each Fiscal Year, an unaudited Consolidated balance sheet of the Borrower and its Subsidiaries as of the close of such fiscal quarter and unaudited Consolidated statements of income, retained earnings and cash flows and a report containing management’s discussion and analysis of such financial statements for the fiscal quarter then ended and that portion of the Fiscal Year then ended, including the notes thereto, all in reasonable detail setting forth in comparative form the corresponding figures as of the end of and for the corresponding period in the preceding Fiscal Year and prepared by the Borrower in accordance with GAAP and, if applicable, containing disclosure of the effect on the financial position or results of operations of any change in the application of accounting principles and practices during the period, and certified by the chief financial officer of the Borrower to present fairly in all 
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material respects the financial condition of the Borrower and its Subsidiaries on a Consolidated basis as of their respective dates and the results of operations of the Borrower and its Subsidiaries for the respective periods then ended, subject to normal year-end adjustments and the absence of footnotes.
(c)    Annual Budget.  As soon as practicable and in any event within sixty (60) days after the end of each Fiscal Year, an operating and capital budget of the Borrower and its Subsidiaries for the ensuing four (4) fiscal quarters, to be prepared in accordance with GAAP and to include, on a quarterly basis, the following:  a quarterly operating and capital budget, and a projected income statement, statement of cash flows and balance sheet, all accompanied by a certificate from a Responsible Officer of the Borrower to the effect that such budget contains good faith estimates (utilizing assumptions believed to be reasonable at the time of delivery of such budget) of the financial condition and operations of the Borrower and its Subsidiaries for such period.
SECTION 6.2    Certificates; Other Reports.  Deliver to the Lender:
(a)    at each time financial statements are delivered pursuant to Sections 6.1(a) or (b) and at such other times as the Lender shall reasonably request, a duly completed Compliance Certificate signed by the chief financial officer, treasurer or corporate controller of the Borrower (which shall (i) contain a listing of each Immaterial Domestic Subsidiary who is not a Guarantor as of the date thereof along with a calculation of the portion of Consolidated EBITDA and Consolidated Total Assets of the Borrower and its Subsidiaries attributable thereto; (ii) state that such officer has reviewed the terms of the Loan Documents and has made, or has caused to be made under such officer’s supervision, a review in reasonable detail of the transactions and condition of the Borrower and its Subsidiaries during the accounting period covered by such financial statements and that such review has not disclosed the existence of any Default or Event of Default during or at the end of such accounting period and that such officer does not have knowledge of the existence, as at the date of such certificate, of any Default or Event of Default, or, if such officer does have knowledge that a Default or an Event of Default existed or exists, specifying the nature and period of existence thereof and what action the Borrower has taken, is taking, or proposes to take with respect thereto; (iii) set forth the calculations required to establish whether the Borrower was in compliance with each of the financial covenants set forth in Section 7.13 on the date of such financial statements and (iv) with respect to each Compliance Certificate delivered with the financial statements delivered pursuant to Section 6.1(a), include an annual recurring revenue report on a trailing twelve month basis as of the end of the Fiscal Year for which such Compliance Certificate is being delivered), together with any report, if any, that was prepared in conjunction with such financial statements, containing management’s discussion and analysis of such financial statements; 
(b)    promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Borrower, and copies of all annual, regular, periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, or with any national securities exchange, and in any case not otherwise required to be delivered to the Lender pursuant hereto;
(c)    promptly, and in any event within ten (10) Business Days after receipt thereof by any Credit Party or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Credit Party or any Subsidiary thereof;
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(d)    promptly following any request therefor, such other information and documentation reasonably requested by the Lender for purpose of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation; and
(e)    promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of any Credit Party or any Subsidiary thereof as the Lender may reasonably request.
Documents required to be delivered pursuant to Section 6.1(a) or (b) or Section 6.2(b) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website; provided that the Borrower shall deliver electronic versions by e-mail (i.e., soft copies) of such documents to the Lender if it requests the Borrower to deliver such soft copies until a written request to cease delivering soft copies is given by the Lender.
SECTION 6.3    Notice of Litigation and Other Matters.  Promptly (but in no event later than ten (10) days after any Responsible Officer of any Credit Party obtains knowledge thereof) notify the Lender in writing of:  (a) the occurrence of any Default or Event of Default and of any other development, financial or otherwise, that could reasonably be expected to have a Material Adverse Effect, (b) the receipt of any notice from any Governmental Authority of the expiration without renewal, revocation or suspension of, or the institution of any proceedings to revoke or suspend, any license now or hereafter held by the Borrower or any Subsidiary which is required to conduct business in compliance with all applicable laws and regulations, other than such expiration, revocation or suspension that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect, (c) the receipt of any notice from any Governmental Authority of the institution of any disciplinary proceedings against or with respect to the Borrower or any Subsidiary or the issuance of any order, the taking of any action or any request for an extraordinary audit for cause by any Governmental Authority which, if adversely determined, could reasonably be expected to have a Material Adverse Effect or (d) any judicial or administrative order limiting or controlling the business of the Borrower or any Subsidiary which has been issued or adopted and which could reasonably be expected to have a Material Adverse Effect.
SECTION 6.4    Preservation of Corporate Existence and Related Matters.  Except as permitted by Section 7.4, preserve and maintain its separate corporate existence or equivalent form and all rights, franchises, licenses and privileges necessary to the conduct of its business, and qualify and remain qualified as a foreign corporation or other entity and authorized to do business in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Effect.
SECTION 6.5    Maintenance of Properties.  Do all things reasonably necessary to maintain, preserve, protect and keep its Property in good repair, working order and condition, ordinary wear and tear excepted, and make all reasonably necessary repairs, renewals and replacements for the conduct of its business, except where the failure to do so could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
SECTION 6.6    Insurance.  Maintain insurance with financially sound and reputable insurance companies against at least such risks and in at least such amounts as are customarily maintained by similar businesses and as may be required by Applicable Law and deliver to the Lender upon its request information in reasonable detail as to the insurance then in effect.  All such insurance shall, (a) provide 
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that no cancellation or material modification thereof shall be effective until at least 30 days (or 10 days for non-payment of premiums) after receipt by the Lender of written notice thereof, (b) in the case of each liability insurance policy, name the Lender as an additional insured party thereunder and (c) in the case of each property insurance policy, name the Lender as lender’s loss payee.   
SECTION 6.7    Payment of Taxes.  Pay when due all material taxes, assessments and governmental charges and levies upon it or its income, profits or Property, except those that are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been set aside.
SECTION 6.8    Compliance with Laws and Approvals.  Observe and remain in compliance with all Applicable Laws and maintain in full force and effect all Governmental Approvals, in each case applicable to the conduct of its business except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
SECTION 6.9    Compliance with Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions.  The Borrower will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with the UK Bribery Act, the FCPA, all anti-money laundering rules and regulations, all similar laws, rules or regulations and all applicable Sanctions.
SECTION 6.10    Compliance with ERISA.  The Borrower and its Subsidiaries shall not (a) terminate, or permit any ERISA Affiliate to terminate, any Employee Benefit Plan so as to result in any material liability to the Borrower or an ERISA Affiliate to the PBGC, (b) permit to exist any occurrence of any Reportable Event (as defined in Title IV of ERISA), or any other event or condition, that presents a material risk of such a termination by the PBGC of any Employee Benefit Plan so as to result in any material liability of the Borrower or any ERISA Affiliate to the PBGC, (c) be an “employer” (as defined in Section 3(5) of ERISA), or permit any ERISA Affiliate to be an “employer,” required to contribute to any Multiemployer Plan or (d) fail to comply in any material respect with any laws or regulations applicable to any Employee Benefit Plan.
SECTION 6.11    Visits and Inspections.  Permit representatives of the Lender, from time to time upon prior reasonable notice and at such times during normal business hours, to visit and inspect its properties; inspect, audit and make extracts from its books, records and files, including, but not limited to, management letters prepared by independent accountants; and discuss with its principal officers, and its independent accountants, its business, assets, liabilities, financial condition, results of operations and business prospects.  Excluding any such visits and inspections during the continuation of an Event of Default, the Lender shall not exercise such rights more often than two (2) times during any calendar year.  Any such visits and inspections conducted during the occurrence of an Event of Default shall be at the expense of the Borrower.
SECTION 6.12    Additional Subsidiaries and Collateral.  If after the Closing Date, any Subsidiary is created or acquired or any Domestic Subsidiary ceases to be an Immaterial Domestic Subsidiary, (a) promptly notify the Lender of such event and, if such Subsidiary is a Material Domestic Subsidiary, within thirty (30) days after such event (or such longer period as may be agreed by the Lender, with any such agreement to be evidenced by a writing from the Lender, which writing may be in the form of an e-mail), cause such Subsidiary to (i) become a Guarantor by delivering to the Lender a duly executed supplement to the Guaranty Agreement or such other document as the Lender shall deem appropriate for such purpose, (ii) grant a security interest in all Collateral (subject to the exceptions specified in the 
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Collateral Agreement) owned by such Subsidiary by delivering to the Lender a duly executed supplement to each applicable Security Document or such other document as the Lender shall deem appropriate for such purpose and comply with the terms of each applicable Security Document, (iii) deliver to the Lender such opinions, documents and certificates referred to in Section 4.1 as may be reasonably requested by the Lender, (iv) deliver to the Lender such updated Schedules to the Loan Documents as requested by the Lender with respect to such Subsidiary, and (v) deliver to the Lender such other documents as may be reasonably requested by the Lender, all in form, content and scope reasonably satisfactory to the Lender, and (b) provide all additional information, documents and certificates, and take such additional action, as required by the Security Documents.
SECTION 6.13    Use of Proceeds.  The Borrower shall use the proceeds of the Revolving Credit Loans (a) to pay fees, commissions and expenses in connection with this Agreement and (b) for working capital and general corporate purposes of the Borrower and its Subsidiaries, including Permitted Acquisitions.  The Borrower will not request any extension of credit, and the Borrower shall not use, and shall ensure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any extension of credit, directly or indirectly, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the UK Bribery Act, the FCPA or any similar laws, rules or regulations, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 
SECTION 6.14    Further Assurances.  Execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements and other documents), which may be required under any Applicable Law, or which the Lender may reasonably request, to effectuate the transactions contemplated by the Loan Documents or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any such Lien, all at the expense of the Credit Parties.  The Borrower also agrees to provide to the Lender, from time to time upon the reasonable request by the Lender, evidence reasonably satisfactory to the Lender as to the perfection and priority of the Liens created or intended to be created by the Security Documents.
ARTICLE VII
NEGATIVE COVENANTS

Until all of the Obligations (other than contingent, indemnification obligations not then due) have been paid and satisfied in full in cash, all Letters of Credit have been terminated or expired (or been Cash Collateralized) and the Revolving Credit Commitments terminated, the Credit Parties will not, and will not permit any of their respective Subsidiaries to:
SECTION 7.1    Indebtedness.  Create, incur, assume or suffer to exist any Indebtedness except:
(a)    the Obligations;
(b)    Indebtedness (i) owing under Hedge Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes and (ii) owing under Cash Management Agreements entered into in the ordinary course of business;
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(c)    Indebtedness existing on the Closing Date and listed on Schedule 7.1, and the renewal, refinancing, extension and replacement (but not the increase in the aggregate principal amount) thereof;
(d)    Guarantees with respect to Indebtedness permitted pursuant to subsections (a) through (c) of this Section;
(e)    unsecured intercompany Indebtedness (i) owed by any Credit Party to another Credit Party, (ii) owed by any Credit Party to any Non-Guarantor Subsidiary (provided that such Indebtedness shall be subordinated to the Obligations in a manner reasonably satisfactory to the Lender), (iii) owed by any Non-Guarantor Subsidiary to any other Non-Guarantor Subsidiary and (iv) owed by any Non-Guarantor Subsidiary to any Credit Party;
(f)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or other similar instrument drawn against insufficient funds in the ordinary course of business;
(g)    Indebtedness under performance bonds, surety bonds, release, appeal and similar bonds, statutory obligations or with respect to workers’ compensation claims, in each case incurred in the ordinary course of business, and reimbursement obligations in respect of any of the foregoing;
(h)    Indebtedness representing deferred compensation to officers, directors, managers, consultants and employees of the Borrower and its Subsidiaries incurred in the ordinary course of business;
(i)    Indebtedness incurred in a Permitted Acquisition, any other Investment or other acquisition permitted hereunder or any Asset Disposition permitted hereunder, in each case to the extent constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;
(j)    (i) Indebtedness assumed in connection with any Permitted Acquisition; provided that such Indebtedness is not incurred in contemplation of such Permitted Acquisition, and (ii) the renewal, refinancing, extension and replacement (but not the increase in the aggregate principal amount) thereof; and
(k)    Indebtedness not otherwise permitted hereunder in an aggregate amount not to exceed $10,000,000 at any time outstanding.
SECTION 7.2    Liens.  Create, incur, assume or suffer to exist, any Lien on or with respect to any of its Property, whether now owned or hereafter acquired, except:
(a)    Liens created pursuant to the Loan Documents;
(b)    Liens in existence on the Closing Date and described on Schedule 7.2, and the replacement, renewal or extension thereof; provided that the scope of any such Lien shall not be increased, or otherwise expanded, to cover any additional property or type of asset, as applicable, beyond that in existence on the Closing Date, except for products and proceeds of the foregoing;
(c)    Liens for taxes, assessments and other governmental charges or levies (excluding any Lien imposed pursuant to any of the provisions of ERISA or Environmental Laws) (i) not yet due or as to which the period of grace (not to exceed thirty (30) days), if any, related thereto has not expired or 
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(ii) which are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP;
(d)    the claims of materialmen, mechanics, carriers, warehousemen, processors or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which (i) are not overdue for a period of more than thirty (30) days, or if more than thirty (30) days overdue, no action has been taken to enforce such Liens and such Liens are being contested in good faith and by appropriate proceedings if adequate reserves are maintained to the extent required by GAAP and (ii) do not, individually or in the aggregate, materially impair the use thereof in the operation of the business of the Borrower or any of its Subsidiaries;
(e)    deposits or pledges made in the ordinary course of business in connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance and other types of social security or similar legislation, or to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business, in each case, so long as no foreclosure sale or similar proceeding has been commenced with respect to any portion of the Collateral on account thereof;
(f)    encumbrances in the nature of zoning restrictions, easements and rights or restrictions of record on the use of real property, which in the aggregate are not substantial in amount and which do not, in any case, detract from the value of such property or impair the use thereof in the ordinary conduct of business;
(g)    Liens arising from the filing of precautionary UCC financing statements relating solely to personal property leased pursuant to operating leases entered into in the ordinary course of business of the Borrower and its Subsidiaries;
(h)    Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.1(i) or securing appeal or other surety bonds relating to such judgments;
(i)    (i) Liens of a collecting bank arising in the ordinary course of business under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction and (ii) Liens of any depositary bank in connection with statutory, common law and contractual rights of setoff and recoupment with respect to any deposit account of the Borrower or any Subsidiary thereof;
(j)    any interest or title of a licensor, sublicensor, lessor or sublessor with respect to any assets under any license or lease agreement entered into in the ordinary course of business which do not (i) interfere in any material respect with the business of the Borrower or its Subsidiaries or materially detract from the value of the relevant assets of the Borrower or its Subsidiaries or (ii) secure any Indebtedness; and
(k)    Liens not otherwise permitted hereunder securing Indebtedness or other obligations in the aggregate principal amount not to exceed $10,000,000 at any time outstanding.
Notwithstanding the foregoing, in no event shall this Section permit any consensual Liens on real property or intellectual property of the Borrower or any of its Subsidiaries.
SECTION 7.3    Investments.  Make any Investment, except:
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(a)    (i) Investments existing on the Closing Date in Subsidiaries existing on the Closing Date, (ii) Investments existing on the Closing Date (other than Investments in Subsidiaries existing on the Closing Date) and described on Schedule 7.3, (iii) Investments made after the Closing Date by any Credit Party in any other Credit Party, (iv) Investments made after the Closing Date by any Non-Guarantor Subsidiary in any other Non-Guarantor Subsidiary, (v) Investments made after the Closing Date by any Non-Guarantor Subsidiary in any Credit Party and (vi) Investments which consist of the transfer of Equity Interests of a Non-Guarantor Subsidiary by a Credit Party to another Non-Guarantor Subsidiary;
(b)    Investments in cash and Cash Equivalents;
(c)    Investments by the Borrower or any of its Subsidiaries consisting of capital expenditures permitted by this Agreement;
(d)    deposits made in the ordinary course of business to secure the performance of leases or other obligations as permitted by Section 7.2;
(e)    purchases of assets in the ordinary course of business;
(f)    Guarantees permitted pursuant to Section 7.1; 
(g)    extensions of credit by any of the Credit Parties relating to the sale of goods and/or services to customers in the ordinary course of business; 
(h)    Investments in the form of Acquisitions in an aggregate amount of consideration (including earnouts) during the term of this Agreement not to exceed $30,000,000; provided that, (i) such Acquisition is non-hostile, (ii) the Person or assets to be acquired are in the same, or substantially similar, business to one or more businesses of the Borrower and its Subsidiaries prior to such Acquisition (without limiting the generality of the foregoing, it being agreed that any e-commerce technology Person or assets are deemed to be in the same or substantially similar business), (iii) no Default or Event of Default has occurred and is continuing or would result therefrom and (iv) at the time of such Acquisition and after giving pro forma effect thereto and any Indebtedness incurred in connection therewith (and any other appropriate pro forma adjustments), the Consolidated Total Leverage Ratio is less than or equal to 2.00 to 1.00 and the Borrower is in compliance with Section 7.13(b), each such compliance to be determined on the basis of the financial information most recently delivered to the Lender pursuant to Section 6.1(a) or (b); and
(i)    additional Investments in an aggregate amount not to exceed $50,000,000 at any time outstanding; provided that no Default or Event of Default has occurred and is continuing or would result therefrom. 
For purposes of determining the amount of any Investment outstanding for purposes of this Section 7.3, such amount shall be deemed to be the amount of such Investment when made, purchased or acquired (without adjustment for subsequent increases or decreases in the value of such Investment) less any amount realized in respect of such Investment upon the sale, collection or return of capital (not to exceed the original amount invested).
SECTION 7.4    Fundamental Changes.  Merge, consolidate or enter into any similar combination with, or enter into any Asset Disposition of all or substantially all of its assets (whether in a single transaction or a series of transactions) with, any other Person or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution) except:
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(a)    (i) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into the Borrower (provided that the Borrower shall be the continuing or surviving entity) or (ii) any Wholly-Owned Subsidiary of the Borrower may be merged, amalgamated or consolidated with or into any Guarantor (provided that the Guarantor shall be the continuing or surviving entity);
(b)    (i) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, or may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to, any other Non-Guarantor Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may be merged, amalgamated or consolidated with or into, or be liquidated into, or may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to, any other Non-Guarantor Subsidiary that is a Domestic Subsidiary;
(c)    any Subsidiary may dispose of all or substantially all of its assets (upon voluntary liquidation, dissolution, winding up or otherwise) to the Borrower or any Guarantor; provided that, with respect to any such disposition by any Non-Guarantor Subsidiary, the consideration for such disposition shall not exceed the fair value of such assets;
(d)    any Wholly-Owned Subsidiary of the Borrower may merge with or into the Person such Wholly-Owned Subsidiary was formed to acquire in connection with any Permitted Acquisition; provided that in the case of any merger involving a Wholly-Owned Subsidiary that is a Domestic Subsidiary, a Guarantor shall be the continuing or surviving entity; and
(e)    Asset Dispositions permitted by Section 7.5 (other than clause (d) thereof).
SECTION 7.5    Asset Dispositions.  Make any Asset Disposition except:
(a)    the sale of inventory in the ordinary course of business; 
(b)    the write-off, discount, sale or other disposition of defaulted or past-due receivables and similar obligations in the ordinary course of business and not undertaken as part of an accounts receivable financing transaction; 
(c)    the sale of obsolete, worn-out or surplus assets no longer used or usable in the business of the Borrower or any of its Subsidiaries;
(d)    the transfer by any Credit Party of its assets to any other Credit Party, the transfer of assets to the Borrower or any Guarantor pursuant to any other transaction permitted pursuant to Section 7.4 or the transfer by any Credit Party of Equity Interests of a Non-Guarantor Subsidiary permitted pursuant to Section 7.3(a)(vi); 
(e)    the transfer by any Non-Guarantor Subsidiary of its assets to any Credit Party (provided that in connection with any new transfer, such Credit Party shall not pay more than an amount equal to the fair market value of such assets as determined in good faith at the time of such transfer);
(f)    the transfer by any Non-Guarantor Subsidiary of its assets to any other Non-Guarantor Subsidiary;
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(g)    licenses and sublicenses of intellectual property rights in the ordinary course of business not interfering, individually or in the aggregate, in any material respect with the conduct of the business of the Borrower and its Subsidiaries, provided that no such license may be exclusive except for exclusive licenses to customers of work developed by the Borrower or any Subsidiary exclusively for such customers;
(h)    leases, subleases, licenses or sublicenses of real or personal property granted by the Borrower or any of its Subsidiaries to others in the ordinary course of business not detracting from the value of such real or personal property or interfering in any material respect with the business of the Borrower or any of its Subsidiaries; 
(i)    the sale and/or exchange of Cash Equivalents; and
(j)    Asset Dispositions not otherwise permitted pursuant to this Section; provided that (i) no Default or Event of Default shall exist or would result from such Asset Disposition and (ii) the aggregate fair market value of all property disposed of in reliance on this clause (j) shall not exceed $100,000 in any Fiscal Year. 
SECTION 7.6    Restricted Payments.  Declare or pay any Restricted Payments; provided that:
(a)    so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the Borrower or any of its Subsidiaries may pay dividends in shares of its own common Equity Interests;
(b)    any Subsidiary of the Borrower may pay cash dividends to the Borrower or any Guarantor;
(c)    (i) any Non-Guarantor Subsidiary that is a Domestic Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary that is a Domestic Subsidiary and (ii) any Non-Guarantor Subsidiary that is a Foreign Subsidiary may make Restricted Payments to any other Non-Guarantor Subsidiary;
(d)    the Borrower and its Subsidiaries may make cash payment, in lieu of issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for the Equity Interests of the Borrower or a Subsidiary; 
(e)    so long as no Default or Event of Default has occurred and is continuing, the Borrower and its Subsidiaries may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans or similar arrangements for management (including directors and officers) or employees of the Borrower and its Subsidiaries; and
(f)    the Borrower may declare and make Restricted Payments in aggregate amount in any Fiscal Year not to exceed $10,000,000 so long as (i) no Default or Event of Default has occurred and is continuing or would result therefrom and (ii) after giving pro forma effect to such Restricted Payment and any Indebtedness incurred in connection therewith, the Consolidated Total Leverage Ratio is less than or equal to 2.00 to 1.00, such compliance to be determined on the basis of the financial information most recently delivered to the Lender pursuant to Section 6.1(a) or (b) as though such Restricted Payment had been made as of the last day of the applicable four fiscal quarter period covered thereby.
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SECTION 7.7    Transactions with Affiliates.  Directly or indirectly enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with (a) any officer, director, or other Affiliate of, the Borrower or any of its Subsidiaries or (b) any Affiliate of any such officer or director, other than (i) transactions permitted by Sections 7.1, 7.3, 7.4, 7.5, and 7.6, (ii) transactions existing on the Closing Date and described on Schedule 7.7, (iii) transactions among Credit Parties and their Subsidiaries, or any of them, not prohibited hereunder, (iv) other transactions in the ordinary course of business on terms at least as favorable as would be obtained by it on a comparable arm’s-length transaction with an independent, unrelated third party as determined in good faith by the board of directors (or equivalent governing body) of the Borrower, (v) employment and severance arrangements (including equity incentive plans and employee benefit plans and arrangements) with their respective officers and employees in the ordinary course of business, (vi) stock repurchases permitted hereunder from officers and/or directors of the Borrower for fair market value and (vii) payment of customary fees and reasonable out of pocket costs to, and indemnities for the benefit of, directors, officers and employees of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership or operation of the Borrower and its Subsidiaries.
SECTION 7.8    Accounting Changes; Organizational Documents.  Change its Fiscal Year end, make any material change in its accounting treatment and reporting practices except as required  or allowed by GAAP or amend, modify or change its articles of incorporation (or corporate charter or other similar organizational documents) or amend, modify or change its bylaws (or other similar documents) in any manner materially adverse to the rights or interests of the Lender; provided that the Borrower may change its Fiscal Year end one time during the term of this Agreement so long as the Borrower provides the Lender with at least 10 days’ prior written notice (which written notice may be in the form of an e-mail) of such change.
SECTION 7.9    Payments and Modifications of Subordinated Indebtedness.
(a)    Amend, modify, waive or supplement (or permit the modification, amendment, waiver or supplement of) any of the terms or provisions of any Subordinated Indebtedness in any respect which would materially and adversely affect the rights or interests of the Lender hereunder or would violate the subordination terms thereof.
(b)    Cancel, forgive, make any payment or prepayment on, or redeem or acquire for value (including by way of depositing with any trustee with respect thereto money or securities before due for the purpose of paying when due or at the maturity thereof) any Subordinated Indebtedness to the extent such payment would be prohibited by any subordination provisions applicable thereto.
SECTION 7.10    No Further Negative Pledges; Restrictive Agreements.  Create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Credit Party or any Subsidiary thereof to (a) create or assume any Lien upon its properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for some other obligation, (b) pay dividends or make any other distributions to the Borrower or any Subsidiary on its Equity Interests, make loans or advances to any Credit Party or pay any Indebtedness or other obligation owed to any Credit Party or (c) sell, lease or transfer any of its properties or assets to any Credit Party or to guarantee Obligations, except (i) pursuant to the Loan Documents or Applicable Law, (ii) customary restrictions in connection with any Permitted Lien (provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Lien), (iii) customary restrictions contained in an agreement related to the sale of Property (to the extent such sale is 
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permitted pursuant to Section 7.5) that limit the transfer of such Property pending the consummation of such sale and (iv) customary restrictions in leases, subleases, licenses and sublicenses or asset sale agreements otherwise permitted by this Agreement so long as such restrictions relate only to the assets subject thereto.
SECTION 7.11    Sanctions; Anti-Bribery.  Directly or indirectly, use the proceeds of the Revolving Credit Loans and Letters of Credit, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (i) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is the target of Sanctions or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Revolving Credit Loans and Letters of Credit, whether as issuing bank, lender, underwriter, advisor, investor or otherwise). No part of the proceeds of the Revolving Credit Loans and Letters of Credit will be used, directly or indirectly, for any payments that could constitute a violation of any applicable anti-bribery law.
SECTION 7.12    Capital Expenditures.  Make any Capital Expenditure other than Capital Expenditures in an aggregate amount in any Fiscal Year not to exceed $10,000,000, so long as (a) no Default or Event of Default has occurred and is continuing or would result therefrom and (b) after giving pro forma effect to such Capital Expenditure and any Indebtedness incurred in connection therewith, the Consolidated Total Leverage Ratio is less than or equal to 2.00 to 1.00, such compliance to be determined on the basis of the financial information most recently delivered to the Lender pursuant to Section 6.1(a) or (b) as though such Capital Expenditure had been made as of the last day of the applicable four fiscal quarter period covered thereby. 
SECTION 7.13    Financial Covenants.
(a)    Consolidated Total Leverage Ratio.  As of the last day of any fiscal quarter, permit the Consolidated Total Leverage Ratio to be greater than 2.50 to 1.00.
(b)    Consolidated Interest Coverage Ratio.  As of the last day of any fiscal quarter, permit the ratio of (i) the sum of (A) Consolidated EBITDA less (B) the aggregate amount of all Maintenance Capital Expenditures paid in cash less (C) the aggregate amount of all Restricted Payments made in cash, in each case, for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date, to (ii) Consolidated Interest Expense for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date, to be less than 3.00 to 1.00.
SECTION 7.14    Disposal of Subsidiary Interests.  Permit any Domestic Subsidiary to be a non-Wholly-Owned Subsidiary except as a result of or in connection with a dissolution, merger, amalgamation, consolidation or disposition permitted by Section 7.4.
ARTICLE VIII
DEFAULT AND REMEDIES

SECTION 8.1    Events of Default.  Each of the following shall constitute an Event of Default:
(a)    Nonpayment of (i) principal of any Revolving Credit Loan or Reimbursement Obligation when and as due or (ii) nonpayment of interest on any Revolving Credit Loan or Reimbursement Obligation or the payment of any other Obligation, and with respect to this clause (ii) such default shall continue for a period of three (3) Business Days.
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(b)    Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any Subsidiary thereof in this Agreement, in any other Loan Document, or in any document delivered in connection herewith or therewith that is subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any respect when made or deemed made or any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower or any Subsidiary thereof in this Agreement, any other Loan Document, or in any document delivered in connection herewith or therewith that is not subject to materiality or Material Adverse Effect qualifications, shall be incorrect or misleading in any material respect when made or deemed made.
(c)    The Borrower or any Subsidiary thereof shall default in the performance or observance of any covenant or agreement contained in Sections 6.1, 6.2, 6.3, 6.4, 6.12, or 6.13 or Article VII.
(d)    The Borrower or any Subsidiary shall default in the performance or observance of any term, covenant, condition or agreement contained in this Agreement (other than as specifically provided for in this Section) or any other Loan Document and such default shall continue for a period of thirty (30) days after the earlier of (i) the Lender’s delivery of written notice thereof to the Borrower and (ii) a Responsible Officer of the Borrower or any Subsidiary having obtained knowledge thereof.
(e)    The Borrower or any Subsidiary shall (i) default in the payment of any Indebtedness (other than the Revolving Credit Loans or any Reimbursement Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of $500,000 beyond the period of grace if any, provided in the instrument or agreement under which such Indebtedness was created, or (ii) default in the observance or performance of any other agreement or condition relating to any Indebtedness (other than the Revolving Credit Loans or any Reimbursement Obligation) the aggregate principal amount (including undrawn committed or available amounts), or with respect to any Hedge Agreement, the Hedge Termination Value, of which is in excess of $500,000 or contained in any instrument or agreement evidencing, securing or relating thereto or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice and/or lapse of time, if required, any such Indebtedness to (A) become due, or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity (any applicable grace period having expired) or (B) be cash collateralized.
(f)    The Borrower or any Subsidiary shall (i) commence a voluntary case under any Debtor Relief Laws, (ii) file a petition seeking to take advantage of any Debtor Relief Laws, (iii) consent to or fail to contest in a timely and appropriate manner any petition filed against it in an involuntary case under any Debtor Relief Laws, (iv) apply for or consent to, or fail to contest in a timely and appropriate manner, the appointment of, or the taking of possession by, a receiver, custodian, trustee, or liquidator of itself or of a substantial part of its property, domestic or foreign, (v) admit in writing its inability to pay its debts as they become due, (vi) make a general assignment for the benefit of creditors, or (vii) take any corporate action for the purpose of authorizing any of the foregoing.
(g)    A case or other proceeding shall be commenced against the Borrower or any Subsidiary in any court of competent jurisdiction seeking (i) relief under any Debtor Relief Laws, or (ii) the appointment of a trustee, receiver, custodian, liquidator or the like for the Borrower or any Subsidiary or for all or any substantial part of their respective assets, domestic or foreign, and such case or proceeding shall continue without dismissal or stay for a period of sixty (60) consecutive days, or an order granting 
47

the relief requested in such case or proceeding (including, but not limited to, an order for relief under such federal bankruptcy laws) shall be entered.
(h)    Any ERISA Event which, individually or in the aggregate, has resulted or could reasonably be expected to result in liability of the Borrower in an aggregate amount in excess of $500,000 shall have occurred.
(i)    One or more judgments, orders or decrees shall be entered against the Borrower or any Subsidiary by any court and (i) enforcement proceedings are commenced by any creditor upon such judgments, orders or decrees or (ii) such judgments, orders or decrees continue without having been discharged, vacated or stayed for a period of, with respect to the Borrower or any Domestic Subsidiary, thirty (30) consecutive days, or, with respect to any Foreign Subsidiary, sixty (60) consecutive days, after the entry thereof, and, in each case, such judgments, orders or decrees are either (A) for the payment of money, individually or in the aggregate (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage), equal to or in excess of $500,000 or (B) for injunctive relief and could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
(j)    Any Change in Control shall occur.
(k)    Any material provision of this Agreement or any material provision of any other Loan Document shall for any reason cease to be valid and binding on the Borrower or any Subsidiary party thereto or any such Person shall so state in writing, or any Loan Document shall for any reason cease to create a valid and perfected first priority Lien (subject to Permitted Liens) on, or security interest in, any of the Collateral purported to be covered thereby, in each case other than in accordance with the express terms hereof or thereof.
SECTION 8.2    Remedies.  Upon the occurrence and during the continuance of an Event of Default, the Lender may (a) terminate the Revolving Credit Commitment and declare the principal of and interest on the Revolving Credit Loans and the Reimbursement Obligations at the time outstanding, and all other Obligations to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Revolving Credit Facility and any right of the Borrower to request borrowings or Letters of Credit thereunder; provided, that upon the occurrence of an Event of Default specified in Section 8.1(f) or (g), the Revolving Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or in any other Loan Document to the contrary notwithstanding, (b) with respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, demand that the Borrower deposit in a Cash Collateral account opened by the Lender an amount equal to 105% of the aggregate then undrawn and unexpired amount of such Letters of Credit.  Amounts held in such Cash Collateral account shall be applied by the Lender to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay the other Secured Obligations and (c) exercise all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Secured Obligations.
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SECTION 8.3    Rights and Remedies Cumulative; Non-Waiver; Etc.  The enumeration of the rights and remedies of the Lender set forth in this Agreement is not intended to be exhaustive and the exercise by the Lender of any right or remedy shall not preclude the exercise of any other rights or remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy given hereunder or under the other Loan Documents or that may now or hereafter exist at law or in equity or by suit or otherwise.  No delay or failure to take action on the part of the Lender in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default.  No course of dealing between the  Borrower and the Lender or its agents or employees shall be effective to change, modify or discharge any provision of this Agreement or any of the other Loan Documents or to constitute a waiver of any Event of Default.
SECTION 8.4    Application of Payments and Proceeds.  In the event that the Obligations have been accelerated pursuant to Section 8.2 or the Lender has exercised any remedy set forth in this Agreement or any other Loan Document, all payments received on account of the Secured Obligations and all net proceeds from the enforcement of the Secured Obligations shall be applied to the Secured Obligations in such order as determined by the Lender, with the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, paid to the Borrower or as otherwise required by Applicable Law.
ARTICLE IX
MISCELLANEOUS

SECTION 9.1    Notices.  
(a)    Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service or mailed by certified or registered mail as follows:
If to the Borrower:
ChannelAdvisor Corporation
3025 Carrington Mill Boulevard, Suite 500
Morrisville, NC 27560
Attention of:  General Counsel
Telephone No.:  919-582-6771

If to the Lender:
HSBC Bank USA, N.A.
550 South Tryon Street, Suite 3520
Charlotte, NC 28202
Attention of:  Taylor R. Beringer
Telephone No.:  980-335-5109

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(b)    Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received.
SECTION 9.2    Amendments, Waivers and Consents.  Subject to Section 3.1(b), any term, covenant, agreement or condition of this Agreement or any of the other Loan Documents may be amended or waived with the prior written consent of the Lender and the Borrower.
SECTION 9.3    Expenses; Indemnity.
(a)    The Borrower and any other Credit Party, jointly and severally, shall pay (i) all reasonable out of pocket expenses incurred by the Lender and its Affiliates (including the reasonable fees, charges and disbursements of one counsel for the Lender (and, if necessary, one local counsel to the Lender in any relevant jurisdiction)), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out of pocket expenses incurred by the Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out of pocket expenses incurred by the Lender (including the fees, charges and disbursements of one counsel for the Lender (and, if necessary, one local counsel to the Lender in any relevant jurisdiction)), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Revolving Credit Loans made or Letters of Credit issued hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Revolving Credit Loans or Letters of Credit, in any arbitration proceeding or otherwise.
(b)    THE BORROWER SHALL INDEMNIFY THE LENDER (AND ANY SUB-AGENT THEREOF) AND EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, AND SHALL PAY OR REIMBURSE ANY SUCH INDEMNITEE FOR, ANY AND ALL LOSSES, CLAIMS (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL CLAIMS), PENALTIES, DAMAGES, LIABILITIES AND RELATED EXPENSES (INCLUDING THE FEES, CHARGES AND DISBURSEMENTS OF ONE COUNSEL FOR ALL INDEMNITEES TAKEN AS A WHOLE AND, IF REASONABLY NECESSARY, ONE LOCAL COUNSEL IN EACH RELEVANT JURISDICTION, AND SOLELY IN THE CASE OF A CONFLICT OF INTEREST, ONE ADDITIONAL COUNSEL IN EACH RELEVANT JURISDICTION TO EACH GROUP OF SIMILARLY SITUATED AFFECTED INDEMNITEES), INCURRED BY ANY INDEMNITEE OR ASSERTED AGAINST ANY INDEMNITEE BY ANY PERSON (INCLUDING THE BORROWER OR ANY OTHER CREDIT PARTY), ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, THE PERFORMANCE BY THE PARTIES HERETO OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, (ii) ANY REVOLVING CREDIT LOAN OR LETTER OF CREDIT OR THE USE OR PROPOSED USE OF THE PROCEEDS THEREFROM (INCLUDING ANY REFUSAL BY THE LENDER TO HONOR A DEMAND FOR PAYMENT UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT), (iii) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY ANY 
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CREDIT PARTY OR ANY SUBSIDIARY THEREOF, OR ANY ENVIRONMENTAL CLAIM RELATED IN ANY WAY TO ANY CREDIT PARTY OR ANY SUBSIDIARY, (iv) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, ARBITRATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY, WHETHER BROUGHT BY A THIRD PARTY OR BY ANY CREDIT PARTY OR ANY SUBSIDIARY THEREOF, AND REGARDLESS OF WHETHER ANY INDEMNITEE IS A PARTY THERETO, OR (v) ANY CLAIM (INCLUDING, WITHOUT LIMITATION, ANY ENVIRONMENTAL CLAIMS), INVESTIGATION, LITIGATION, ARBITRATION OR OTHER PROCEEDING (WHETHER OR NOT THE LENDER IS A PARTY THERETO) AND THE PROSECUTION AND DEFENSE THEREOF, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE REVOLVING CREDIT LOANS, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT, OR ANY DOCUMENTS CONTEMPLATED BY OR REFERRED TO HEREIN OR THEREIN OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, INCLUDING WITHOUT LIMITATION, REASONABLE ATTORNEYS AND CONSULTANT’S FEES (SUBJECT TO THE LIMITATION ON THE NUMBER OF COUNSEL INCLUDED IN THE FOURTH PARENTHETICAL OF THIS SECTION 9.3(B)), PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE.
(c)    To the fullest extent permitted by Applicable Law, the Borrower and each other Credit Party shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Revolving Credit Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby except for such damages arising from the gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction by final and nonappealable judgment.  All amounts due under this Section shall be payable promptly after demand therefor.  Each party’s obligations under this Section shall survive the termination of the Loan Documents and payment of the obligations hereunder.
(d)    THE BORROWER AND THE LENDER EXPRESSLY INTEND THAT THE FOREGOING INDEMNITY SHALL COVER, AND THAT THE BORROWER SHALL INDEMNIFY AND HOLD THE INDEMNITEES HARMLESS FROM AND AGAINST, COSTS, EXPENSES AND LOSSES SUFFERED AS A RESULT OF THE NEGLIGENCE OF ANY INDEMNITEE (OTHER THAN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT).
SECTION 9.4    Right of Setoff.  If an Event of Default shall have occurred and be continuing, the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to setoff and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Lender to or for the credit or the account of the Borrower or any other Credit Party against any and all of the obligations of the Borrower or such Credit Party now or hereafter existing under this 
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Agreement or any other Loan Document to the Lender, irrespective of whether or not the Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower or such Credit Party may be contingent or unmatured or are owed to a branch or office of the Lender different from the branch, office or Affiliate holding such deposit or obligated on such indebtedness.
SECTION 9.5    Governing Law; Jurisdiction, Etc.  
(a)    This Agreement and the other Loan Documents and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Agreement or any other Loan Document (except, as to any other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed in accordance with, the law of the State of New York.  
(b)    The Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender or any Related Party of the foregoing in any way relating to this Agreement or any other Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of  New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by Applicable Law, in such federal court.  Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement or in any other Loan Document shall affect any right that the Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against the Borrower or any other Credit Party or its properties in the courts of any jurisdiction.  
(c)    The Borrower and each other Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.  
(d)    Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 9.1.  Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.
SECTION 9.6    Waiver of Jury Trial.  EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN 
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THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
SECTION 9.7    Reversal of Payments.  To the extent any Credit Party makes a payment or payments to the Lender for the ratable benefit of any of the Secured Parties or to any Secured Party directly or the Lender or any Secured Party receives any payment or proceeds of the Collateral or any Secured Party exercises its right of setoff, which payments or proceeds (including any proceeds of such setoff) 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 Debtor Relief Law, other Applicable Law or equitable cause, then, to the extent of such payment or proceeds repaid, the Secured Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or proceeds had not been received by the Lender.
SECTION 9.8    Successors and Assigns; Participations.  This Agreement is binding on the Borrower’s and the Lender’s successors and assignees.  The Borrower agrees that it may not assign this Agreement without the Lender’s prior written consent.  The Lender may sell participations in or assign its Revolving Credit Loan and the rights and obligations hereunder, and may exchange information about the Borrower with actual or potential participants or assignees.  If a participation is sold or the loan is assigned, the purchaser will have the right of set-off against the Borrower.
SECTION 9.9    Performance of Duties.  Each of the Credit Party’s obligations under this Agreement and each of the other Loan Documents shall be performed by such Credit Party at its sole cost and expense.
SECTION 9.10    All Powers Coupled with Interest.  All powers of attorney and other authorizations granted to the Lender and any Persons designated by the Lender pursuant to any provisions of this Agreement or any of the other Loan Documents shall be deemed coupled with an interest and shall be irrevocable so long as any of the Obligations remain unpaid or unsatisfied, any of the Revolving Credit Commitments remain in effect or the Revolving Credit Facility has not been terminated.
SECTION 9.11    Survival.  All representations and warranties made under this Agreement shall be made or deemed to be made at and as of the Closing Date (except those that are expressly made as of a specific date), shall survive the Closing Date and shall not be waived by the execution and delivery of this Agreement, any investigation made by or on behalf of the Lender or any borrowing hereunder.  Notwithstanding any termination of this Agreement, the indemnities to which the Lender is entitled under the provisions of Section 9.3 and any other provision of this Agreement and the other Loan Documents shall continue in full force and effect and shall protect the Lender against events arising after such termination as well as before.
SECTION 9.12    Titles and Captions.  Titles and captions of Articles, Sections and subsections in, and the table of contents of, this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement.
SECTION 9.13    Severability of Provisions.  Any provision of this Agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions hereof or thereof or affecting the validity or enforceability of 
53

such provision in any other jurisdiction.  In the event that any provision is held to be so prohibited or unenforceable in any jurisdiction, the Lender and the Borrower shall negotiate in good faith to amend such provision to preserve the original intent thereof in such jurisdiction.
SECTION 9.14    Counterparts; Integration; Effectiveness.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  Except as provided in Section 4.1, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. THIS AGREEMENT AND ALL THE OTHER LOAN DOCUMENTS CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES RELATING TO THIS AGREEMENT AND THE INDEBTEDNESS EVIDENCED HEREBY.
SECTION 9.15    Term of Agreement.  This Agreement shall remain in effect from the Closing Date through and including the date upon which all Obligations (other than contingent indemnification obligations not then due) arising hereunder or under any other Loan Document shall have been indefeasibly and irrevocably paid and satisfied in full, all Letters of Credit have been terminated or expired (or been Cash Collateralized) or otherwise satisfied in a manner acceptable to the Lender and the Revolving Credit Commitment has been terminated.  No termination of this Agreement shall affect the rights and obligations of the parties hereto arising prior to such termination or in respect of any provision of this Agreement which survives such termination.
SECTION 9.16    USA PATRIOT Act; Anti-Money Laundering Laws.  The Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act or other anti-money laundering rules and regulations, each of them is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow the Lender to identify each Credit Party in accordance with the PATRIOT Act or such anti-money laundering rules and regulations.
SECTION 9.17    No Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby, each Credit Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that (a) the facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Borrower and its Affiliates, on the one hand, and the Lender and its Affiliates, on the other hand, and the Borrower is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof), (b) in connection with the process leading to such transaction, the Lender is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrower or any of its Affiliates, stockholders, creditors or employees or any other 
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Person, (c) the Lender has not assumed an advisory, agency or fiduciary responsibility in favor of the Borrower with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document and the Lender has no obligation to the Borrower or any of its Affiliates with respect to the financing transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents and (d) the Lender has not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Credit Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate.
SECTION 9.18    Inconsistencies with Other Documents.  In the event there is a conflict or inconsistency between this Agreement and any other Loan Document, the terms of this Agreement shall control; provided that any provision of the Security Documents which imposes additional burdens on the Borrower or any of its Subsidiaries or further restricts the rights of the Borrower or any of its Subsidiaries or gives the Lender additional rights shall not be deemed to be in conflict or inconsistent with this Agreement and shall be given full force and effect.

[Signature pages to follow]

55

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers, all as of the day and year first written above.
CHANNELADVISOR CORPORATION, as Borrower

By:    /s/ David Spitz                    
Name:    David Spitz
Title:    Chief Executive Officer

ChannelAdvisor Corporation
Credit Agreement
Signature Page

HSBC BANK USA, N.A., 
as Lender

By:    /s/ Alyssa Champion                
Name:    Alyssa Champion
Title:    Vice President

ChannelAdvisor Corporation
Credit Agreement
Signature Page

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