Document:

Exhibit
10.2

 

intellagents,
LLC

ASSET PURCHASE
AGREEMENT

 

This Asset Purchase Agreement
(this “Agreement”), dated as of February 25, 2022, is entered into between Intellagents, LLC, a Delaware limited liability
company (“Seller”) and LZG International Inc., a Florida corporation (“Buyer”).

 

Recitals

 

WHEREAS, Seller is engaged
in the business of creating, orchestrating and selling software as a service within the larger insurance ecosystem services market (the
“Business”);

 

WHEREAS, Seller has created
the Company’s Smart Insurance Ecosystem Platform (the “Software Platform”), a Software Platform Package;

 

WHEREAS, Buyer has determined
that the Software Platform would be useful to the Buyer, in the Buyer’s artificial intelligence software business;

 

WHEREAS, Seller wishes to
sell and assign to Buyer, and Buyer wishes to purchase and assume from Seller, the Software Platform and certain other assets of the Business,
subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

Definitions

 

The following terms have the
meanings specified or referred to in this ARTICLE I:

 

“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation,
summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity.

 

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

 

“Ancillary Documents”
means the Bill of Sale, the Assignment and Assumption Agreement, the Intellectual Property Assignmentand the other agreements, instruments
and documents required to be delivered at the Closing.

 

“Business Day”
means any day except Saturday, Sunday or any other day on which commercial banks located in New York, New York are authorized or required
by Law to be closed for business.

 

     

     

    

 

“Business IT Systems”
means all Software, computer hardware, servers, networks, platforms, peripherals, and similar or related items of automated, computerized,
or other information technology (IT) networks and systems (including telecommunications networks and systems for voice, data, and video)
owned, leased, licensed, or used (including through cloud-based or other third-party service providers) in the conduct of the Business.

 

“CERCLA”
means 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.

 

“Closing Working Capital”
means: (a) Current Assets, less (b) Current Liabilities, determined as of the open of business on the Closing Date.

 

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

 

“Common Stock”
means the authorized common stock of the Buyer.

 

“Contracts”
means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures and
all other agreements, commitments and legally binding arrangements, whether written or oral.

 

“Current Assets”
means the current assets of the Business included in the line items set forth on Section 2.06(a)(i) of the Disclosure Schedules and only
to the extent acquired pursuant to the terms of this Agreement.

 

“Current Liabilities”
means the current liabilities of the Business included in the line items set forth on Section 2.06(a)(i) of the Disclosure Schedules and
only to the extent assumed pursuant to the terms of this Agreement.

 

“Disclosure Schedules”
means the Disclosure Schedules delivered by Seller and Buyer concurrently with the execution and delivery of this Agreement.

 

“Encumbrance”
means any charge, claim, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security
interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind, including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Environmental Claim”
means any Action, Governmental Order, lien, fine, penalty, or, as to each, any settlement or judgment arising therefrom, by or from any
Person alleging liability of whatever kind or nature (including liability or responsibility for the costs of enforcement proceedings,
investigations, cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal injuries,
medical monitoring, penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from: (a) the
presence, Release of, or exposure to, any Hazardous Materials; or (b) any actual or alleged non-compliance with any Environmental Law
or term or condition of any Environmental Permit.

 

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“Environmental Law”
means any applicable Law, and 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.

 

“Environmental Notice”
means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim relating to actual or alleged
non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

“Environmental Permit”
means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action required under or issued, granted,
given, authorized by or made pursuant to Environmental Law.

 

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

 

“Governmental Authority”
means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority
(to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court
or tribunal of competent jurisdiction.

 

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

 

“Hazardous Materials”
means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case,
whether naturally occurring or manmade, 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.

 

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

 

“Intellectual Property”
means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout the world: (a) issued
patents and patent applications (whether provisional or non-provisional), including divisionals, continuations, continuations-in-part,
substitutions, reissues, reexaminations, extensions, or restorations of any of the foregoing, and other Governmental Authority-issued
indicia of invention ownership (including certificates of invention, petty patents, and patent utility models) (“Patents”);
(b) trademarks, service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source or origin,
together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration, and renewals
of, any of the foregoing (“Trademarks”); (c) copyrights and works of authorship, whether or not copyrightable, and all
registrations, applications for registration, and renewals of any of the foregoing (“Copyrights”); (d) internet domain
names and social media account or user names (including “handles”), whether or not Trademarks, all associated web addresses,
URLs, websites and web pages, social media sites and pages, and all content and data thereon or relating thereto, whether or not Copyrights;
(e) mask works, and all registrations, applications for registration, and renewals thereof; (f) trade secrets, know-how, inventions (whether
or not patentable), discoveries, improvements, technology, business and technical information, databases, data compilations and collections,
tools, methods, processes, techniques, and other confidential and proprietary information and all rights therein (“Trade Secrets”);
(g) computer programs, operating systems, applications, firmware and other code, including all source code, object code, application programming
interfaces, data files, databases, protocols, specifications, and other documentation thereof (“Software”); (h) rights
of publicity; and (i) all other intellectual or industrial property and proprietary rights.

 

“Intellectual Property
Agreements” means all licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not to
sue, waivers, releases, permissions and other Contracts, whether written or oral, relating to any Intellectual Property that is used or
held for use in the conduct of the Business as currently conducted or proposed to be conducted to which Seller is a party, beneficiary
or otherwise bound.

 

“Intellectual Property
Assets” means all Intellectual Property that is owned by Seller and used or held for use in the conduct of the Business as currently
conducted or proposed to be conducted, together with all (i) royalties, fees, income, payments, and other proceeds now or hereafter due
or payable to Seller with respect to such Intellectual Property; and (ii) claims and causes of action with respect to such Intellectual
Property, whether accruing before, on, or after the date hereof, including all rights to and claims for damages, restitution, and injunctive
and other legal or equitable relief for past, present, or future infringement, misappropriation, or other violation thereof.

 

“Intellectual Property
Registrations” means all Intellectual Property Assets that are subject to any issuance, registration, or application by or with
any Governmental Authority or authorized private registrar in any jurisdiction, including issued Patents, registered Trademarks, domain
names and Copyrights, and pending applications for any of the foregoing.

 

“Knowledge of Seller
or Seller’s Knowledge” or any other similar knowledge qualification, means the actual or constructive knowledge of any director
or officer of Seller, after due inquiry.

 

“Law” means
any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule
of law of any Governmental Authority.

 

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“Liabilities”
means liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent,
accrued or unaccrued, matured or unmatured or otherwise.

 

“Licensed Intellectual
Property” means all Intellectual Property in which Seller holds any rights or interests granted by other Persons, including any
of Seller’s Affiliates, that is used or held for use in the conduct of the Business as currently conducted or proposed to be conducted.

 

“Losses”
means losses, damages, liabilities, deficiencies, Actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever
kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any
insurance providers; provided, however, that “Losses” shall not include punitive damages, except to the extent actually
awarded to a Governmental Authority or other third party.

 

“Material Adverse
Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become, individually
or in the aggregate, materially adverse to (a) the assets, results of operations, condition (financial or otherwise), (b) the value of
the Purchased Assets, or (c) the ability of Seller to consummate the transactions contemplated hereby on a timely basis; provided,
however, that “Material Adverse Effect” shall not include any event, occurrence, fact, condition or change, directly or
indirectly, arising out of or attributable to: (i) general economic or political conditions; (ii) conditions generally affecting the industries
in which the assets operate; (iii) any changes in financial or securities markets in general; (iv) acts of war (whether or not declared),
armed hostilities or terrorism, or the escalation or worsening thereof; (v) any action required or permitted by this Agreement, except
pursuant to Section 4.03 and Section 6.07 ;(vi) any changes in applicable Laws or accounting rules, including GAAP; or (vii) the public
announcement, pendency or completion of the transactions contemplated by this Agreement; provided further, however, that any event,
occurrence, fact, condition or change referred to in clauses (i) through (iv) immediately above shall be taken into account in determining
whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact,
condition or change has a disproportionate effect on the assets compared to other participants in the industries in which the assets operate
(in which case, only the incremental disproportionate adverse effect may be taken into account in determining whether a Material Adverse
Effect has occurred).

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained,
or required to be obtained, from Governmental Authorities.

 

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

 

“Post-Closing Tax
Period” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning before and
ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.

 

“Pre-Closing Tax Period”
means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning before and ending after
the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

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“Release”
means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient
air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building, structure, facility or
fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and
other agents of such Person.

 

“Restricted Business”
means any Person currently engaged in the Business.

 

“Target Working Capital”
means $15,000.

 

“Taxes” means
all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem, transfer, documentary, franchise,
registration, profits, license, lease, service, service use, , environmental, stamp, occupation, premium, property (real or personal),
real property gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with
any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.

 

“Tax Return”
means any return, declaration, report, claim for refund, information return or statement or other document relating to Taxes, including
any schedule or attachment thereto, and including any amendment thereof.

 

“Territory”
means any state in which the Buyer currently operates or will operate after the Closing.

 

“WARN Act”
means the federal Worker Adjustment and Retraining Notification Act of 1988, and similar state, local and foreign laws related to plant
closings, relocations, mass layoffs and employment losses.

 

ARTICLE II

Purchase and Sale

 

Section
2.01 Purchase and Sale of Assets. Subject to the terms and conditions set forth herein, at the Closing, Seller shall
sell, assign, transfer, convey and deliver to Buyer, and Buyer shall purchase from Seller, free and clear of any Encumbrances other
than Permitted Encumbrances, all of Seller’s right, title and interest in, to and the following (the “Purchased
Assets”):

 

(a)   the
Software Platform, together with all source code, historical versions, variations and work in process with respect to the Software Platform
and any variations, improvements and customizations

 

(b)   those
accounts or notes receivable held by Seller, and any security, claim, remedy or other right related to any of the foregoing, but only
too the extent designated by Seller at the Closing on Schedule 2.01(b) (“Accounts Receivable”);

 

(c)   all
Contracts, if any, set forth on Section 2.01(c) of the Disclosure Schedules (the “Assigned Contracts”);

 

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(d)   all
Intellectual Property Assets associated with the Platform;

 

(e)   all
rights to any Actions of any nature available to or being pursued by Seller to the extent related to the Platform, the Business, the Purchased
Assets or the Assumed Liabilities, whether arising by way of counterclaim or otherwise; and

 

(f)   originals,
or where not available, copies, of all books and records, including, but not limited to, books of account, ledgers and general, financial
and accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution
lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry files, research and development
files, records and data (including all correspondence with any Governmental Authority), sales material and records (including pricing
history, total sales, terms and conditions of sale, sales and pricing policies and practices), strategic plans, internal financial statements,
marketing and promotional surveys, material and research and files relating to the Platform and other Intellectual Property Assets (“Books
and Records”).

 

Section
2.02 Excluded Assets. Notwithstanding the foregoing, the Purchased Assets shall not include the following assets
(collectively, the “Excluded Assets”):

 

(a)   Contracts,
including Intellectual Property Agreements, that are not Assigned Contracts (the “Excluded Contracts”);

 

(b)   the
corporate seals, organizational documents, minute books, stock books, Tax Returns, books of account or other records having to do with
the corporate organization of Seller;

 

(c)   the
assets, properties and rights specifically set forth on Section 2.02(d) of the Disclosure Schedules; and

 

(d)   the
rights which accrue or will accrue to Seller under this Agreement and the Ancillary Documents.

 

Section
2.03 Assumed Liabilities. Subject to the terms and conditions set forth herein, Buyer shall assume and agree to pay,
perform and discharge only the following Liabilities of Seller (collectively, the “Assumed Liabilities”), and no
other Liabilities:

 

(a)   trade
accounts payable of Seller to third parties in connection with the Business that remain unpaid and are not delinquent as of the Closing
Date, but only to the extent designated by Seller on Schedule 2.03(a).

 

Section
2.04 Excluded Liabilities. Notwithstanding the provisions of Section 2.03 or any other provision in this Agreement to the
contrary, Buyer shall not assume and shall not be responsible to pay, perform or discharge any Liabilities of Seller or any of its
Affiliates of any kind or nature whatsoever other than the Assumed Liabilities (the “Excluded Liabilities”). Seller
shall, and shall cause each of its Affiliates to, pay and satisfy in due course all Excluded Liabilities which they are obligated to
pay and satisfy. Without limiting the generality of the foregoing, the Excluded Liabilities shall include, but not be limited to,
the following:

 

(a)   any
Liabilities of Seller arising or incurred in connection with the negotiation, preparation, investigation and performance of this Agreement,
the Ancillary Documents and the transactions contemplated hereby and thereby, including, without limitation, fees and expenses of counsel,
accountants, consultants, advisers and others;

 

(b)   any
Liability for (i) Taxes of Seller (or any stockholder or Affiliate of Seller) or relating to the Business, the Purchased Assets or the
Assumed Liabilities for any Pre-Closing Tax Period; (ii) Taxes that arise out of the consummation of the transactions contemplated hereby
or that are the responsibility of Seller; or (iii) other Taxes of Seller (or any stockholder or Affiliate of Seller) of any kind or description
(including any Liability for Taxes of Seller (or any stockholder or Affiliate of Seller) that becomes a Liability of Buyer under any common
law doctrine of de facto merger or transferee or successor liability or otherwise by operation of contract or Law);

 

(c)   any
Liabilities relating to or arising out of the Excluded Assets;

 

(d)   any
Liabilities in respect of any pending or threatened Action arising out of, relating to or otherwise in respect of the operation of the
Business or the Purchased Assets to the extent such Action relates to such operation on or prior to the Closing Date;

 

(e)   any
Environmental Claims, or Liabilities under Environmental Laws, to the extent arising out of or relating to facts, circumstances or conditions
existing on or prior to the Closing or otherwise to the extent arising out of any actions or omissions of Seller;

 

(f)   any
trade accounts payable of Seller to the extent not included on Schedule 2.03(a);

 

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(g)   any
Liabilities of the Business relating or arising from unfulfilled commitments, quotations, purchase orders, customer orders or work orders
that (i) do not constitute part of the Purchased Assets issued by the Business’ customers to Seller on or before the Closing; (ii) did
not arise in the ordinary course of business; or (iii) are not validly and effectively assigned to Buyer pursuant to this Agreement;

 

(h)   any
Liabilities to indemnify, reimburse or advance amounts to any present or former officer, director, employee or agent of Seller (including
with respect to any breach of fiduciary obligations by same), except for indemnification of same pursuant to Section 8.03 as Seller Indemnitees;

 

(i)   any
Liabilities under the Excluded Contracts or any other Contracts, including Intellectual Property Agreements, (i) which are not validly
and effectively assigned to Buyer pursuant to this Agreement; (ii) which do not conform to the representations and warranties with respect
thereto contained in this Agreement; or (iii) to the extent such Liabilities arise out of or relate to a breach by Seller of such Contracts
prior to Closing;

 

(j)   any
Liabilities associated with debt, loans or credit facilities of Seller and/or the Business owing to financial institutions; and

 

(k)   any
Liabilities arising out of, in respect of or in connection with the failure by Seller or any of its Affiliates to comply with any Law
or Governmental Order.

 

Section 2.05 Purchase
Price. The aggregate purchase price for the Purchased Assets shall be three million dollars ($3,000,000.00), subject to
adjustment pursuant to Section 2.08 hereof (the “Purchase Price”). The Purchase Price shall be paid by Buyer to
Seller as follows: (a) two hundred thousand dollars ($200,000.00) shall be paid in cash (the “Cash Purchase
Price”) for cost and fees associated with the Transaction and (b) two million eight hundred thousand dollars ($2,800,000)
shall be paid by the delivery of share certificates reflecting two million eight hundred shares of Common Stock (equal to $2,800,000
divided by the agreed value of $1.00 per share of LZGI Common Stock)(the “Stock Certificates”).

 

Section 2.06 Tax
Clearance Escrow. The parties acknowledge and agree that a portion of the Cash Purchase Price equal to eleven thousand one
hundred ninety-six dollars ($11,196) shall be placed in an escrow account (the “Tax Escrow”) with Buyer’s
attorneys, Lex Nova Law LLC (“Tax Escrow Agent”), who shall hold such Tax Escrow pending receipt of a tax
deficiency notice (a “Deficiency Notice”) or tax clearance certificate (a “Clearance
Certificate”), as applicable, from any applicable taxing authority in connection with the purchase and sale of the
Purchase Assets. Upon receipt of a Deficiency Notice, Tax Escrow Agent shall pay the amount of the deficiency from the Tax Escrow
directly to the appropriate taxing authority with any remaining portions of the Tax Escrow paid to the Seller upon confirmation from
the applicable taxing authority that the deficiency has been paid in full and Seller owes no further taxes. If the amount of the
deficiency is greater than the Tax Escrow, then Seller shall pay such excess to Tax Escrow Agent within three (3) days and Tax
Escrow Agent shall pay such deficiency, together with the Tax Escrow, to the appropriate taxing authority. If, instead of receiving
a Deficiency Note, the Tax Escrow Agent receives a Clearance Certificate declaring that Seller owes no taxes to any taxing
authority, then Tax Escrow Agent shall remit the full amount of the Tax Escrow to the Seller within three (3) days of receiving such
Clearance Certificate. Notwithstanding anything to the contrary contained herein, (a) Buyer shall not be liable for any taxes
(including but not limited to taxes owed in connection with the use and operation of the Purchased Assets); (b) Tax Escrow Agent
shall not be liable to Buyer, Seller, or any of their respective owners, agents, successors, or assigns for providing the escrow
services referred to in this Section 2.06; (c) Seller shall defend, indemnify and hold Buyer harmless from any liability or cost
incurred in connection with any claim, including any interest and penalties thereon and costs and fees imposed by any applicable
taxing authority relating thereto; and (d) Buyer and Seller shall jointly defend, indemnify, and hold Tax Escrow Agent harmless for
any claims brought against it for services provided in connection with this Section 2.06. The indemnification provision contained in
this Section 2.06 shall survive the termination of the Agreement and/or the Closing under this Agreement.

 

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Section
2.07 Stock.

 

(a)   All
Stock Certificates shall bear the following or similar legend:

 

“THE
ISSUANCE AND SALE OF SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITES ACT OF 1933, AS AMENDED, NOR
APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, OR ASSIGNED (I) IN THE ABSENCE OF (A)
AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (REASONABLY
ACCEPTABLE TO THE COMPANY), THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLES SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER
SAID ACT.”

 

(b)   Pursuant
to Rule 144 of the federal securities laws, before the Seller may sell any restricted securities in the marketplace or distribute such
securities to shareholders for sale in the marketplace, the Seller and/or the shareholders of the Seller, as applicable, must hold them
for at least six (6) months beginning on the date when the securities were purchased and fully paid for.

 

Section
2.08 Purchase Price. 

 

(a)   Post-Closing
Adjustment. Within sixty (60) days after the Closing Date, Buyer shall prepare and deliver to Seller (A) a statement setting forth
its calculation of Closing Working Capital, which statement shall be substantially in the form of Section 2.08 of the Disclosure Schedules
(the “Closing Working Capital Statement”), and (B) a certificate of the Chief Financial Officer of Buyer that the Closing
Working Capital Statement was prepared using the same accounting methods, practices, principles, policies and procedures, with consistent
classifications, judgments and valuation and estimation methodologies that were used in the preparation of the Financial Statements for
the most recent fiscal year end, subject to the modifications and limitations set forth on Section 2.08 of the Disclosure Schedules. The
“Post-Closing Adjustment” shall be an amount equal to the Closing Working Capital minus $15,000 (the “Target
Working Capital”). If the Post-Closing Adjustment is a positive number, Buyer shall pay to Seller an amount equal to the Post-Closing
Adjustment. If the Post-Closing Adjustment is a negative number, Seller shall pay to Buyer an amount equal to the Post-Closing Adjustment.

 

(b)   Examination
and Review.

 

(i)   Examination.
After receipt of the Closing Working Capital Statement, Seller shall have thirty (30) days (the “Review Period”) to review
the Closing Working Capital Statement. During the Review Period, Seller and Seller’s Representatives shall have full access to the relevant
books and records of Buyer, the personnel of, and work papers prepared by, Buyer and/or Buyer’s accountants to the extent that they relate
to the Closing Working Capital Statement and to such historical financial information (to the extent in Buyer’s possession) relating to
the Closing Working Capital Statement as Seller may reasonably request for the purpose of reviewing the Closing Working Capital Statement
and to prepare a Statement of Objections (defined below), provided, that such access shall be in a manner that does not interfere
with the normal business operations of Buyer.

 

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(ii)   Objection.
On or prior to the last day of the Review Period, Seller may object to the Closing Working Capital Statement by delivering to Buyer a
written statement setting forth Seller’s objections in reasonable detail, indicating each disputed item or amount and the basis for Seller’s
disagreement therewith (the “Statement of Objections”). If Seller fails to deliver the Statement of Objections before
the expiration of the Review Period, the Closing Working Capital Statement and the Post-Closing Adjustment, as the case may be, reflected
in the Closing Working Capital Statement shall be deemed to have been accepted by Seller. If Seller delivers the Statement of Objections
before the expiration of the Review Period, Buyer and Seller shall negotiate in good faith to resolve such objections within thirty (30)
days after the delivery of the Statement of Objections (the “Resolution Period”), and, if the same are so resolved within
the Resolution Period, the Post-Closing Adjustment and the Closing Working Capital Statement with such changes as may have been previously
agreed in writing by Buyer and Seller, shall be final and binding.

 

(iii)   Resolution
of Disputes. If Seller and Buyer fail to reach an agreement with respect to all of the matters set forth in the Statement of Objections
before expiration of the Resolution Period, then any amounts remaining in dispute (“Disputed Amounts” and any amounts
not so disputed, the “Undisputed Amounts”) shall be submitted for resolution to an impartial nationally recognized firm
of independent certified public accountants mutually acceptable to Buyer and Seller (the “Independent Accountant”) who,
acting as experts and not arbitrators, shall resolve the Disputed Amounts only and make any adjustments to the Post-Closing Adjustment,
as the case may be, and the Closing Working Capital Statement. The parties hereto agree that all adjustments shall be made without regard
to materiality. The Independent Accountant shall only decide the specific items under dispute by the parties and their decision for each
Disputed Amount must be within the range of values assigned to each such item in the Closing Working Capital Statement and the Statement
of Objections, respectively.

 

(iv)   Fees
of the Independent Accountant. The fees and expenses of the Independent Accountant shall be paid by Seller, on the one hand, and Buyer,
on the other hand, based upon the percentage that the amount actually contested but not awarded to Seller or Buyer, respectively, bears
to the aggregate amount actually contested by Seller and Buyer.

 

(v)   Determination
by Independent Accountant. The Independent Accountant shall make a determination as soon as practicable within thirty (30) days (or
such other time as the parties hereto shall agree in writing) after their engagement, and their resolution of the Disputed Amounts and
their adjustments to the Closing Working Capital Statement and/or the Post-Closing Adjustment shall be conclusive and binding upon the
parties hereto.

 

(c)   Payments
of Post-Closing Adjustment. Except as otherwise provided herein, any payment of the Post-Closing Adjustment, together with interest
calculated as set forth below, shall (A) be due (x) within five (5) Business Days of acceptance of the applicable Closing Working Capital
Statement or (y) if there are Disputed Amounts, then within five (5) Business Days of the resolution described in clause (v) above; and
(B) be paid by wire transfer of immediately available funds to such account as is directed by Buyer or Seller, as the case may be.

 

(d)   Adjustments
for Tax Purposes. Any payments made pursuant to Section 2.06 shall be treated as an adjustment to the Purchase Price by the parties
for Tax purposes, unless otherwise required by Law.

 

Section
2.09 Allocation of Purchase Price. Seller and Buyer agree that the Purchase Price and the Assumed Liabilities (plus other
relevant items) shall be allocated among the Purchased Assets for all purposes (including Tax and financial accounting) as shown on
the allocation schedule set forth in Schedule 2.09 of the Disclosure Schedules (the “Allocation Schedule”). Any
adjustments to the Purchase Price pursuant to Section 2.08 herein shall be allocated in a manner consistent with the Allocation
Schedule.

 

    10 

     

    

 

Section
2.10 Withholding Tax. Buyer shall be entitled to deduct and withhold from the Purchase Price all Taxes that are due and
owing by Seller as of the Closing and that Buyer may be required to deduct and withhold under any provision of Tax Law. All such withheld
amounts shall be treated as delivered to Seller hereunder.

 

Section
2.11 Third Party Consents. To the extent that Seller’s rights under any Contract or Permit constituting a Purchased Asset,
or any other Purchased Asset, may not be assigned to Buyer without the consent of another Person which has not been obtained, this Agreement
shall not constitute an agreement to assign the same if an attempted assignment would constitute a breach thereof or be unlawful, and
Seller, at its expense, shall use its reasonable best efforts to obtain any such required consent(s) as promptly as possible. If any
such consent shall not be obtained or if any attempted assignment would be ineffective or would impair Buyer’s rights under the Purchased
Asset in question so that Buyer would not in effect acquire the benefit of all such rights, Seller, to the maximum extent permitted by
law and the Purchased Asset, shall act after the Closing as Buyer’s agent in order to obtain for it the benefits thereunder and shall
cooperate, to the maximum extent permitted by Law and the Purchased Asset, with Buyer in any other reasonable arrangement designed to
provide such benefits to Buyer. Notwithstanding any provision in this Section 2.11 to the contrary, Buyer shall not be deemed to have
waived its rights under Section 7.02(d) hereof unless and until Buyer either provides written waivers thereof or elects to proceed to
consummate the transactions contemplated by this Agreement at Closing.

 

ARTICLE III

Closing

 

Section
3.01 Closing. Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by
this Agreement (the “Closing”) shall take place remotely by exchange of documents and signatures (or their
electronic counterparts), at 10:00am ET time, on the first Business Day after all of the conditions to Closing set forth in ARTICLE
VII are either satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date), or at
such other time, date or place as Seller and Buyer may mutually agree upon in writing. The date on which the Closing is to occur is
herein referred to as the “Closing Date”.

 

Section
3.02 Closing Deliverables. 

 

(a)   At
the Closing, Seller shall deliver to Buyer the following:

 

(i)   a
bill of sale in form and substance satisfactory to Buyer (the “Bill of Sale”) and duly executed by Seller, transferring
the tangible personal property included in the Purchased Assets to Buyer;

 

(ii)   an
assignment and assumption agreement in form and substance satisfactory to Buyer (the “Assignment and Assumption Agreement”)
and duly executed by Seller, effecting the assignment to and assumption by Buyer of the Purchased Assets and the Assumed Liabilities;

 

(iii)   an
assignment in form and substance satisfactory to Buyer (the “Intellectual Property Assignments”) and duly executed by
Seller, transferring all of Seller’s right, title and interest in and to the Intellectual Property Assets to Buyer;

 

(iv)   the
Seller Closing Certificate;

 

(v)   the
certificates of the Secretary or Assistant Secretary of Seller required by Section 7.02(k) and Section 7.02(l);

 

(vi)   such
other customary instruments of transfer, assumption, filings or documents, in form and substance reasonably satisfactory to Buyer, as
may be required to give effect to this Agreement; and

 

(b)   At
the Closing, Buyer shall deliver to Seller the following:

 

(i)   the
Cash Purchase Price by wire transfer of immediately available funds to Seller’s attorney’s client trust account;

 

(ii)   the
Stock Certificates representing the share portion of the Purchase Price;

 

(iii)   the
Assignment and Assumption Agreement duly executed by Buyer;

 

(iv)   the
Buyer Closing Certificate; and

 

(v)   the
certificates of the Secretary or Assistant Secretary of Buyer required by Section 7.03(f) and Section 7.03(g).

 

    11 

     

    

 

ARTICLE IV

Representations and warranties of seller

 

Except as set forth in the
correspondingly numbered Section of the Disclosure Schedules, Seller represents and warrants to Buyer that the statements contained in
this ARTICLE IV are true and correct as of the date hereof.

 

Section
4.01 Organization and Qualification of Seller. Seller is a limited liability company duly organized, validly existing and
in good standing under the Laws of the state of Delaware and has full limited liability company power and authority to own, operate
or lease the properties and assets now owned, operated or leased by it and to carry on the Business as currently conducted. Section
4.01 of the Disclosure Schedules sets forth each jurisdiction in which Seller is licensed or qualified to do business, and Seller is
duly licensed or qualified to do business and is in good standing in each jurisdiction in which the ownership of the Purchased
Assets or the operation of the Business as currently conducted makes such licensing or qualification necessary.

 

Section
4.02 Authority of Seller. Seller has full limited liability company power and authority to enter into this Agreement and
the Ancillary Documents to which Seller is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution and delivery by Seller of this Agreement and any Ancillary Document to which Seller is
a party, the performance by Seller of its obligations hereunder and thereunder and the consummation by Seller of the transactions contemplated
hereby and thereby have been duly authorized by all requisite corporate action on the part of Seller. This Agreement has been duly executed
and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement constitutes a legal, valid and
binding obligation of Seller enforceable against Seller in accordance with its terms. When each Ancillary Document to which Seller is
or will be a party has been duly executed and delivered by Seller (assuming due authorization, execution and delivery by each other party
thereto), such Ancillary Document will constitute a legal and binding obligation of Seller enforceable against it in accordance with its
terms.

 

Section
4.03 No Conflicts; Consents. The execution, delivery and performance by Seller of this Agreement and the Ancillary
Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a)
conflict with or result in a violation or breach of, or default under, any provision of the certificate of formation, operating
agreement or other organizational documents of Seller; (b) conflict with or result in a violation or breach of any provision of any
Law or Governmental Order applicable to Seller, the Business or the Purchased Assets; (c) require the consent, notice or other
action by any Person under, conflict with, result in a violation or breach of, constitute a default or an event that, with or
without notice or lapse of time or both, would constitute a default under, result in the acceleration of or create in any party the
right to accelerate, terminate, modify or cancel any Contract or Permit to which Seller is a party or by which Seller or the
Business is bound or to which any of the Purchased Assets are subject (including any Assigned Contract); or (d) result in the
creation or imposition of any Encumbrance other than Permitted Encumbrances on the Purchased Assets. No consent, approval, Permit,
Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Seller in
connection with the execution and delivery of this Agreement or any of the Ancillary Documents and the consummation of the
transactions contemplated hereby and thereby, except for such filings as may be required under the HSR Act.

 

Section
4.04 Financial Statements. Complete copies of the financial statements consisting of the balance sheet of the Business as
of December 31, 2021 and the related statements of income and retained earnings, stockholders’ equity and cash flow for the years
then ended (the “Annual Financial Statements”), and unaudited financial statements consisting of the balance sheet
of the Business as of January 31, 2022, and the related statements of income and retained earnings, stockholders’ equity and cash
flow for the period then ended (the “Interim Financial Statements” and together with the Annual Financial
Statements, the “Financial Statements”) have been delivered to Buyer. The Financial Statements have been prepared
on a consistent basis throughout the period involved, subject, in the case of the Interim Financial Statements, to normal and
recurring year-end adjustments (the effect of which will not be materially adverse) and the absence of notes (that, if presented,
would not differ materially from those presented in the Annual Financial Statements). The Financial Statements are based on the
books and records of the Business, and fairly present the financial condition of the Business as of the respective dates they were
prepared and the results of the operations of the Business for the periods indicated. The balance sheet of the Business as of
December 31, 2021 is referred to herein as the “Balance Sheet” and the date thereof as the “Balance Sheet
Date” and the balance sheet of the Business as of January 31, 2022 is referred to herein as the “Interim Balance
Sheet” and the date thereof as the “Interim Balance Sheet Date”. Seller maintains a standard system of
accounting for the Business using established accounting systems.

 

    12 

     

    

 

Section
4.05 Undisclosed Liabilities. Seller has no Liabilities with respect to the Business, except (a) those which are
adequately reflected or reserved against in the Balance Sheet as of the Balance Sheet Date, and (b) those which have been incurred
in the ordinary course of business consistent with past practice since the Balance Sheet Date and which are not, individually or in
the aggregate, material in amount.

 

Section
4.06 Absence of Certain Changes, Events and Conditions. Since the Balance Sheet Date, and other than in the ordinary
course of business consistent with past practice, there has not been any:

 

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

 

(b)   declaration
or payment of any dividends or distributions on or in respect of any of Seller’s capital stock or redemption, purchase or acquisition
of Seller’s capital stock;

 

(c)   material
change in any method of accounting or accounting practice for the Business, except as disclosed in the notes to the Financial Statements;

 

(d)   material
change in cash management practices and policies, practices and procedures with respect to collection of accounts receivable, establishment
of reserves for uncollectible accounts receivable, 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;

 

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

 

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

 

(g)   transfer,
assignment, sale or other disposition of any of the Purchased Assets shown or reflected in the Balance Sheet, except for the sale of Inventory
in the ordinary course of business;

 

(h)   cancellation
of any debts or claims or amendment, termination or waiver of any rights constituting Purchased Assets;

 

(i)   transfer
or assignment of or grant of any license or sublicense under or with respect to any Intellectual Property Assets or Intellectual Property
Agreements (except non-exclusive licenses or sublicenses granted in the ordinary course of business consistent with past practice);

 

(j)   abandonment
or lapse of or failure to maintain in full force and effect any Intellectual Property Registration, or failure to take or maintain reasonable
measures to protect the confidentiality or value of any Trade Secrets included in the Intellectual Property Assets;

 

(k)   material
damage, destruction or loss, or any material interruption in use, of any Purchased Assets, whether or not covered by insurance;

 

    13 

     

    

 

(l)   acceleration,
termination, material modification to or cancellation of any Assigned Contract or Permit;

 

(m)   material
capital expenditures which would constitute an Assumed Liability;

 

(n)   imposition
of any Encumbrance upon any of the Purchased Assets;

 

(o)   (i)
grant of any bonuses, whether monetary or otherwise, or increase in any wages, salary, severance, pension or other compensation or benefits
in respect of any current or former employees, officers, directors, independent contractors or consultants of the Business, other than
as provided for in any written agreements or required by applicable Law, (ii) change in the terms of employment for any employee of the
Business or any termination of any employees for which the aggregate costs and expenses exceed $10,000, or (iii) action to accelerate
the vesting or payment of any compensation or benefit for any current or former employee, officer, director, consultant or independent
contractor of the Business;

 

(p)   hiring
or promoting any person as or to (as the case may be) an officer or hiring or promoting any employee below officer except to fill a vacancy
in the ordinary course of business;

 

(q)   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 of the Business, (ii) Benefit Plan, or (iii) collective bargaining or other agreement with
a Union, in each case whether written or oral;

 

(r)   any
loan to (or forgiveness of any loan to), or entry into any other transaction with, any current or former directors, officers or employees
of the Business;

 

(s)   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;

 

(t)   purchase,
lease or other acquisition of the right to own, use or lease any property or assets in connection with the Business for an amount in excess
of $25,000, 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;

 

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

 

Section
4.07 Material Contracts. 

 

(a)   Section
4.07(a) of the Disclosure Schedules lists each of the following Contracts (x) by which any of the Purchased Assets are bound or affected
or (y) to which Seller is a party or by which it is bound in connection with the Business or the Purchased Assets (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 Section 4.10(a) of the Disclosure Schedules and all Intellectual Property Agreements set forth in Section
4.11(b) of the Disclosure Schedules, being “Material Contracts”):

 

(i)   all
Contracts involving aggregate consideration in excess of $25,000 and which, in each case, cannot be cancelled without penalty or without
more than ninety (90) days’ notice;

 

(ii)   all
Contracts that require Seller to purchase or sell a stated portion of the requirements or outputs of the Business or that contain “take
or pay” provisions;

 

    14 

     

    

 

(iii)   all
Contracts that provide for the indemnification of any Person or the assumption of any Tax, environmental or other Liability of any Person;

 

(iv)   all
Contracts 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);

 

(v)   all
broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research, marketing consulting
and advertising Contracts;

 

(vi)   all
employment agreements and Contracts with independent contractors or consultants (or similar arrangements) and which are not cancellable
without material penalty or without more than ninety (90) days’ notice;

 

(vii)   except
for Contracts relating to trade payables, all Contracts relating to indebtedness (including, without limitation, guarantees);

 

(viii)   all
Contracts with any Governmental Authority (“Government Contracts”);

 

(ix)   all
Contracts that limit or purport to limit the ability of Seller to compete in any line of business or with any Person or in any geographic
area or during any period of time;

 

(x)   all
joint venture, partnership or similar Contracts;

 

(xi)   all
Contracts for the sale of any of the Purchased Assets or for the grant to any Person of any option, right of first refusal or preferential
or similar right to purchase any of the Purchased Assets;

 

(xii)   all
powers of attorney with respect to the Business or any Purchased Asset;

 

(xiii)   all
collective bargaining agreements or Contracts with any Union ; and

 

(xiv)   all
other Contracts that are material to the Purchased Assets or the operation of the Business and not previously disclosed pursuant to this
Section 4.07.

 

(b)   Each
Material Contract is valid and binding on Seller in accordance with its terms and is in full force and effect. None of Seller or, to Seller’s
Knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under), or has provided
or received any notice of any intention to terminate, any Material Contract. No event or circumstance has occurred that, with notice or
lapse of time or both, would constitute an event of default under any Material Contract or result in a termination thereof or would cause
or permit the acceleration or other changes of any right or obligation or the loss of any benefit thereunder. Complete and correct copies
of each Material Contract (including all modifications, amendments and supplements thereto and waivers thereunder) have been made available
to Buyer. There are no material disputes pending or threatened under any Contract included in the Purchased Assets.

 

    15 

     

    

 

Section
4.08 Title to Purchased Assets. Seller has good and valid title to, or a valid leasehold interest in, all of the
Purchased Assets. All such Purchased Assets (including leasehold interests) are free and clear of Encumbrances except for the
following (collectively referred to as “Permitted Encumbrances”):

 

(a)   those
items set forth in Section 4.08 of the Disclosure Schedules;

 

(b)   liens
for Taxes not yet due and payable;

 

(c)   mechanics’,
carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course of business consistent with past practice
or amounts that are not delinquent and which are not, individually or in the aggregate, material to the Business or the Purchased Assets;

 

(d)   omitted;
or

 

(e)   other
than with respect to Owned Real Property, liens arising under original purchase price conditional sales contracts and equipment leases
with third parties entered into in the ordinary course of business consistent with past practice which are not, individually or in the
aggregate, material to the Business or the Purchased Assets.

 

Section
4.09 Condition and Sufficiency of Assets. The buildings, plants, structures, furniture, fixtures, machinery, equipment,
vehicles and other items of tangible personal property included in the Purchased Assets are structurally sound, are in good operating
condition and repair, and are adequate for the uses to which they are being put, and none of such buildings, plants, structures, furniture,
fixtures, machinery, equipment, vehicles and other items of tangible personal property is in need of maintenance or repairs except for
ordinary, routine maintenance and repairs that are not material in nature or cost. The Purchased Assets are sufficient for the continued
conduct of the Business after the Closing in substantially the same manner as conducted prior to the Closing and constitute all of the
rights, property and assets necessary to conduct the Business as currently conducted. None of the Excluded Assets are material to the
Business.

 

Section
4.10 Real Property. 

 

(a)   Seller
does not own any Real Property nor is any Real Property used in or necessary for the conduct of the Business as currently conducted.

 

(b)   Seller
does not lease any Real Property nor is any leased Real Property used in or necessary for the conduct of the Business as currently conducted.

 

Section
4.11 Intellectual Property. 

 

(a)   Section
4.11(a) of the Disclosure Schedules contains a correct, current and complete list of: (i) all Intellectual Property Registrations, specifying
as to each, as applicable: the title, mark, or design; the jurisdiction by or in which it has been issued, registered or filed; the patent,
registration or application serial number; the issue, registration or filing date; and the current status; and (ii) all unregistered Trademarks
included in the Intellectual Property Assets; and (iii) all proprietary Software included in the Intellectual Property Assets; and (iv)
all other Intellectual Property Assets that are used or held for use in the conduct of the Business as currently conducted or proposed
to be conducted.

 

(b)   Section
4.11(b) of the Disclosure Schedules contains a correct, current and complete list of all Intellectual Property Agreements, specifying
for each the date, title, and parties thereto, and separately identifying the Intellectual Property Agreements: (i) under which Seller
is a licensor or otherwise grants to any Person any right or interest relating to any Intellectual Property Asset; (ii) under which Seller
is a licensee or otherwise granted any right or interest relating to the Intellectual Property of any Person; and (iii) which otherwise
relate to the Seller’s ownership or use of any Intellectual Property in the conduct of the Business as currently conducted or proposed
to be conducted, in each case identifying the Intellectual Property covered by such Intellectual Property Agreement. Seller has provided
Buyer with true and complete copies (or in the case of any oral agreements, a complete and correct written description) of all such Intellectual
Property Agreements, including all modifications, amendments and supplements thereto and waivers thereunder. Each Intellectual Property
Agreement is valid and binding on Seller in accordance with its terms and is in full force and effect. Neither Seller nor any other party
thereto is, or is alleged to be, in breach of or default under, or has provided or received any notice of breach of, default under, or
intention to terminate (including by non-renewal), any Intellectual Property Agreement.

 

    16 

     

    

 

(c)   Seller
is the sole and exclusive legal and beneficial, and with respect to the Intellectual Property Registrations, record, owner of all right,
title and interest in and to the Intellectual Property Assets, and has the valid and enforceable right to use all other Intellectual Property
used or held for use in or necessary for the conduct of the Business as currently conducted or as proposed to be conducted, in each case,
free and clear of Encumbrances other than Permitted Encumbrances. The Intellectual Property Assets and Licensed Intellectual Property
are all of the Intellectual Property necessary to operate the Business as presently conducted or proposed to be conducted. Seller has
entered into binding, valid and enforceable written Contracts with each current and former employee and independent contractor who is
or was involved in or has contributed to the invention, creation, or development of any Intellectual Property during the course of employment
or engagement with Seller whereby such employee or independent contractor (i) acknowledges Seller’s exclusive ownership of all Intellectual
Property Assets invented, created or developed by such employee or independent contractor within the scope of his or her employment or
engagement with Seller; (ii) grants to Seller a present, irrevocable assignment of any ownership interest such employee or independent
contractor may have in or to such Intellectual Property, to the extent such Intellectual Property does not constitute a “work made
for hire” under Applicable Law; and (iii) irrevocably waives any right or interest, including any moral rights, regarding such Intellectual
Property, to the extent permitted by applicable Law. Seller has provided Buyer with true and complete copies of all such Contracts. All
assignments and other instruments necessary to establish, record, and perfect Seller’s ownership interest in the Intellectual Property
Registrations have been validly executed, delivered, and filed with the relevant Governmental Authorities and authorized registrars.

 

(d)   Neither
the execution, delivery, or performance of this Agreement, nor the consummation of the transactions contemplated hereunder, will result
in the loss or impairment of or payment of any additional amounts with respect to, or require the consent of any other Person in respect
of, the Buyer’s right to own or use any Intellectual Property Assets or Licensed Intellectual Property in the conduct of the Business
as currently conducted and as proposed to be conducted. Immediately following the Closing, all Intellectual Property Assets will be owned
or available for use by Buyer on identical terms as they were owned or available for use by Seller immediately prior to the Closing.

 

(e)   All
of the Intellectual Property Assets (and Licensed Intellectual Property) are valid and enforceable, and all Intellectual Property Registrations
are subsisting and in full force and effect. Seller has taken all reasonable and necessary steps to maintain and enforce the Intellectual
Property Assets and Licensed Intellectual Property and to preserve the confidentiality of all Trade Secrets included in the Intellectual
Property Assets, including by requiring all Persons having access thereto to execute binding, written non-disclosure agreements. All required
filings and fees related to the Intellectual Property Registrations have been timely submitted with and paid to the relevant Governmental
Authorities and authorized registrars. Seller has provided Buyer with true and complete copies of all file histories, documents, certificates,
office actions, correspondence, assignments, and other instruments relating to the Intellectual Property Registrations.

 

    17 

     

    

 

(f)   The
conduct of the Business as currently and formerly conducted and as proposed to be conducted, including the use of the Intellectual Property
Assets and Licensed Intellectual Property in connection therewith, and the products, processes, and services of the Business have not
infringed, misappropriated, or otherwise violated and will not infringe, misappropriate, or otherwise violate the Intellectual Property
or other rights of any Person. No Person has infringed, misappropriated, or otherwise violated any Intellectual Property Assets or Licensed
Intellectual Property.

 

(g)   There
are no Actions (including any opposition, cancellation, revocation, review, or other proceeding), whether settled, pending or threatened
(including in the form of offers to obtain a license): (i) alleging any infringement, misappropriation, or other violation of the Intellectual
Property of any Person by Seller in the conduct of the Business; (ii) challenging the validity, enforceability, registrability, patentability,
or ownership of any Intellectual Property Assets or Licensed Intellectual Property; or (iii) by Seller or any other Person alleging any
infringement, misappropriation, or other violation by any Person of any Intellectual Property Assets. Seller is not aware of any facts
or circumstances that could reasonably be expected to give rise to any such Action. Seller is not subject to any outstanding or prospective
Governmental Order (including any motion or petition therefor) that does or could reasonably be expected to restrict or impair the use
of any Intellectual Property Assets or Licensed Intellectual Property.

 

(h)   Section
4.11(h) of the Seller Disclosure Schedules contains a correct, current, and complete list of all social media accounts used by Seller
in the conduct of the Business. Seller has complied with all terms of use, terms of service, and other Contracts and all associated policies
and guidelines relating to its use of any social media platforms, sites, or services in the conduct of the Business (collectively, “Platform
Agreements”). There are no Actions settled, pending, or threatened alleging (A) any breach or other violation of any Platform
Agreement by Seller; or (B) defamation, any violation of publicity rights of any Person, or any other violation by Seller in connection
with its use of social media in the conduct of the Business.

 

(i)   All
Business IT Systems are in good working condition and are sufficient for the operation of the Business as currently conducted and as proposed
to be conducted. In the past three (3) years, there has been no malfunction, failure, continued substandard performance, denial-of-service,
or other cyber incident, including any cyberattack, or other impairment of the Business IT Systems. Seller has taken all commercially
reasonable steps to safeguard the confidentiality, availability, security, and integrity of the Business IT Systems, including implementing
and maintaining appropriate backup, disaster recovery, and Software and hardware support arrangements.

 

(j)   Seller
has complied with all applicable Laws and all internal or publicly posted policies, notices, and statements concerning the collection,
use, processing, storage, transfer, and security of personal information in the conduct of the Business. In the past three (3) years,
Seller has not (i) experienced any actual, alleged, or suspected data breach or other security incident involving personal information
in its possession or control or (ii) been subject to or received any notice of any audit, investigation, complaint, or other Action by
any Governmental Authority or other Person concerning the Company’s collection, use, processing, storage, transfer, or protection of personal
information or actual, alleged, or suspected violation of any applicable Law concerning privacy, data security, or data breach notification,
in each case in connection with the conduct of the Business, and there are no facts or circumstances that could reasonably be expected
to give rise to any such Action.

 

Section
4.12 Accounts Receivable. The Accounts Receivable reflected on the Interim Balance Sheet and the Accounts Receivable
arising after the date thereof (a) have arisen from bona fide transactions entered into by Seller involving the sale of goods or the
rendering of services in the ordinary course of business consistent with past practice; (b) constitute only valid, undisputed claims
of Seller not subject to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in the
ordinary course of business consistent with past practice; and (c) subject to a reserve for bad debts shown on the Interim Balance
Sheet or, with respect to Accounts Receivable arising after the Interim Balance Sheet Date, on the accounting records of the
Business, are collectible in full within ninety (90) days after billing. The reserve for bad debts shown on the Interim Balance
Sheet or, with respect to Accounts Receivable arising after the Interim Balance Sheet Date, on the accounting records of the
Business have been consistently applied, subject to normal year-end adjustments and the absence of disclosures normally made in
footnotes.

 

    18 

     

    

 

Section
4.13 Customers and Suppliers. 

 

(a)   Section
4.13(a) of the Disclosure Schedules sets forth with respect to the Business (i) each customer who has paid aggregate consideration to
Seller for goods or services rendered in an amount greater than or equal to $25,000 for each of the two (2) most recent fiscal years (collectively,
the “Material Customers”); and (ii) the amount of consideration paid by each Material Customer during such periods. Seller
has not received any notice, and has no reason to believe, that any of the Material Customers has ceased, or intends to cease after the
Closing, to use the goods or services of the Business or to otherwise terminate or materially reduce its relationship with the Business.

 

(b)   Section
4.13(b) of the Disclosure Schedules sets forth with respect to the Business (i) each supplier to whom Seller has paid consideration for
goods or services rendered in an amount greater than or equal to $25,000 for each of the two (2) most recent fiscal years (collectively,
the “Material Suppliers”); and (ii) the amount of purchases from each Material Supplier during such periods. Seller has
not received any notice, and has no reason to believe, that any of the Material Suppliers has ceased, or intends to cease, to supply goods
or services to the Business or to otherwise terminate or materially reduce its relationship with the Business.

 

Section
4.14 Insurance. Section 4.14 of the Disclosure Schedules sets forth (a) a true and complete list of all current policies
or binders of fire, liability, product liability, umbrella liability, real and personal property, workers’ compensation, vehicular, fiduciary
liability and other casualty and property insurance maintained by Seller or its Affiliates and relating to the Purchased Assets or the
Assumed Liabilities (collectively, the “Insurance Policies”); and (b) with respect to the Purchased Assets or the Assumed
Liabilities, a list of all pending claims and the claims history for Seller since January 1, 2018. There are no claims related to the
Purchased Assets or the Assumed Liabilities pending under any such Insurance Policies as to which coverage has been questioned, denied
or disputed or in respect of which there is an outstanding reservation of rights. Neither Seller nor any of its Affiliates has received
any written notice of cancellation of, premium increase with respect to, or alteration of coverage under, any of such Insurance Policies.
All premiums due on such Insurance Policies have either been paid or, if not yet due, accrued. All such Insurance Policies (a) are in
full force and effect and enforceable in accordance with their terms; (b) to Seller’s Knowledge, are provided by carriers who are
financially solvent; and (c) have not been subject to any lapse in coverage. None of Seller or any of its Affiliates is in default under,
or has otherwise failed to comply with, in any material respect, any provision contained in any such Insurance Policy. The Insurance Policies
are of the type and in the amounts customarily carried by Persons conducting a business similar to the Business and are sufficient for
compliance with all applicable Laws and Contracts to which Seller is a party or by which it is bound. True and complete copies of the
Insurance Policies have been made available to Buyer.

 

Section
4.15 Legal Proceedings; Governmental Orders. 

 

(a)   There
are no Actions pending or, to Seller’s Knowledge, threatened against or by Seller (a) relating to or affecting the Business, the Purchased
Assets or the Assumed Liabilities; or (b) that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by
this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action.

 

(b)   There
are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against, relating to or affecting the Business.

 

Section
4.16 Compliance With Laws; Permits. 

 

(a)   Seller
has complied, and is now complying, with all Laws applicable to the conduct of the Business as currently conducted or the ownership and
use of the Purchased Assets.

 

(b)   All
Permits required for Seller to conduct the Business as currently conducted or for the ownership and use of the Purchased Assets have been
obtained by Seller and are valid and in full force and effect. All fees and charges with respect to such Permits as of the date hereof
have been paid in full. Section 4.16(b) of the Disclosure Schedules lists all current Permits issued to Seller which are related to the
conduct of the Business as currently conducted or the ownership and use of the Purchased Assets, including the names of the Permits and
their respective dates of issuance and expiration. No event has occurred that, with or without notice or lapse of time or both, would
reasonably be expected to result in the revocation, suspension, lapse or limitation of any Permit set forth in Section 4.16(b) of the
Disclosure Schedules.

 

    19 

     

    

 

Section
4.17 Environmental Matters. 

 

(a) The
operations of Seller with respect to the Business and the Purchased Assets are currently and have been in compliance with all Environmental
Laws. Seller has not received from any Person, with respect to the Business or the Purchased Assets, any: (i) Environmental Notice or
Environmental Claim; or (ii) written request for information pursuant to Environmental Law, which, in each case, either remains pending
or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date.

 

(b) Seller
has obtained and is in material compliance with all Environmental Permits (each of which is disclosed in Section 4.17(b) of the Disclosure
Schedules) necessary for the conduct of the Business as currently conducted or the ownership, lease, operation or use of the Purchased
Assets and all such Environmental Permits are in full force and effect and shall be maintained in full force and effect by Seller through
the Closing Date in accordance with Environmental Law, and Seller is not aware of any condition, event or circumstance that might prevent
or impede, after the Closing Date, the conduct of the Business as currently conducted or the ownership, lease, operation or use of the
Purchased Assets. With respect to any such Environmental Permits, Seller has undertaken, or will undertake prior to the Closing Date,
all measures necessary to facilitate transferability of the same, and Seller is not aware of any condition, event or circumstance that
might prevent or impede the transferability of the same, and has not received any Environmental Notice or written communication regarding
any material adverse change in the status or terms and conditions of the same.

 

(c) None
of the Business or the Purchased Assets or any real property currently or formerly owned, leased or operated by Seller in connection with
the Business is listed on, or has been proposed for listing on, the National Priorities List (or CERCLIS) under CERCLA, or any similar
state list.

 

(d) There
has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the Business or the Purchased Assets
or any real property currently or formerly owned, leased or operated by Seller in connection with the Business, and Seller has not received
an Environmental Notice that any of the Business or the Purchased Assets or real property currently or formerly owned, leased or operated
by Seller in connection with the Business (including soils, groundwater, surface water, buildings and other structure located thereon)
has been contaminated with any Hazardous Material which could reasonably be expected to result in an Environmental Claim against, or a
violation of Environmental Law or term of any Environmental Permit by, Seller.

 

(e) Section
4.17(e) of the Disclosure Schedules contains a complete and accurate list of all active or abandoned aboveground or underground storage
tanks owned or operated by Seller in connection with the Business or the Purchased Assets.

 

(f) Section
4.17(f) of the Disclosure Schedules contains a complete and accurate list of all off-site Hazardous Materials treatment, storage, or disposal
facilities or locations used by Seller and any predecessors in connection with the Business or the Purchased Assets as to which Seller
may retain liability, and none of these facilities or locations has been placed or proposed for placement on the National Priorities List
(or CERCLIS) under CERCLA, or any similar state list, and Seller has not received any Environmental Notice regarding potential liabilities
with respect to such off-site Hazardous Materials treatment, storage, or disposal facilities or locations used by Seller.

 

    20 

     

    

 

(g) Seller
has not retained or assumed, by contract or operation of Law, any liabilities or obligations of third parties under Environmental Law.

 

(h) Seller
has provided or otherwise made available to Buyer and listed in Section 4.17(h) of the Disclosure Schedules: (i) any and all environmental
reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models and other similar documents with
respect to the Business or the Purchased Assets or any real property currently or formerly owned, leased or operated by Seller in connection
with the Business which are in the possession or control of Seller related to compliance with Environmental Laws, Environmental Claims
or an Environmental Notice or the Release of Hazardous Materials; and (ii) any and all material documents concerning planned or anticipated
capital expenditures required to reduce, offset, limit or otherwise control pollution and/or emissions, manage waste or otherwise ensure
compliance with current or future Environmental Laws (including, without limitation, costs of remediation, pollution control equipment
and operational changes).

 

(i) Seller
is not aware of or reasonably anticipates, as of the Closing Date, any condition, event or circumstance concerning the Release or regulation
of Hazardous Materials that might, after the Closing Date, prevent, impede or materially increase the costs associated with the ownership,
lease, operation, performance or use of the Business or the Purchased Assets as currently carried out.

 

Section
4.18 Taxes.

 

(a) All
Tax Returns with respect to the Business required to be filed by Seller for any Pre-Closing Tax Period have been, or will be, timely filed.
Such Tax Returns are, or will be, true, complete and correct in all respects. All Taxes due and owing by Seller (whether or not shown
on any Tax Return) have been, or will be, timely paid.

 

(b) Seller
has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing to any Employee, independent
contractor, creditor, customer, shareholder or other party, and complied with all information reporting and backup withholding provisions
of applicable Law.

 

(c) No
extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes of Seller.

 

(d) All
deficiencies asserted, or assessments made, against Seller as a result of any examinations by any taxing authority have been fully paid.

 

(e) Seller
is not a party to any Action by any taxing authority. There are no pending or threatened Actions by any taxing authority.

 

(f) There
are no Encumbrances for Taxes upon any of the Purchased Assets nor is any taxing authority in the process of imposing any Encumbrances
for Taxes on any of the Purchased Assets (other than for current Taxes not yet due and payable).

 

(g) Seller
is not a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2.

 

(h) Seller
is not, and has not been, a party to, or a promoter of, a “reportable transaction” within the meaning of Section 6707A(c)(1)
of the Code and Treasury Regulations Section 1.6011 4(b).

 

Section
4.19 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in
connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on
behalf of Seller.

 

Section
4.20 Full Disclosure. No representation or warranty by Seller in this Agreement and no statement contained in the
Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant to this
Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements
contained therein, in light of the circumstances in which they are made, not misleading.

 

    21 

     

    

 

ARTICLE V

Representations and warranties of buyer

 

Buyer represents and warrants
to Seller that the statements contained in this ARTICLE V are true and correct as of the date hereof.

 

Section
5.01 Organization of Buyer. Buyer is a corporation duly organized, validly existing and in good standing under the Laws
of the state of Florida.

 

Section
5.02 Authority of Buyer. Buyer has full corporate power and authority to enter into this Agreement and the Ancillary
Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution and delivery by Buyer of this Agreement and any Ancillary Document to which Buyer is
a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions
contemplated hereby and thereby have been duly authorized by all requisite corporate action on the part of Buyer. This Agreement has
been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement
constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms. When each
Ancillary Document to which Buyer is or will be a party has been duly executed and delivered by Buyer (assuming due authorization,
execution and delivery by each other party thereto), such Ancillary Document will constitute a legal and binding obligation of Buyer
enforceable against it in accordance with its terms.

 

Section
5.03 No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the Ancillary
Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a)
conflict with or result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or
other organizational documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or
Governmental Order applicable to Buyer; or (c) require the consent, notice or other action by any Person under any Contract to which
Buyer is a party. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental
Authority is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and the Ancillary
Documents and the consummation of the transactions contemplated hereby and thereby, except for such filings as may be required under
the HSR Act and such consents, approvals, Permits, Governmental Orders, declarations, filings or notices which, in the aggregate,
would not have a Material Adverse Effect.

 

Section
5.04 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in
connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on
behalf of Buyer.

 

Section
5.05 Sufficiency of Funds. Buyer has sufficient cash on hand or other sources of immediately available funds to enable it
to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement.

 

Section
5.06 Legal Proceedings. There are no Actions pending or, to Buyer’s knowledge, threatened against or by Buyer or any
Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No
event has occurred or circumstances exist that may give rise or serve as a basis for any such Action.

 

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ARTICLE VI

Covenants

 

Section
6.01 Access to Information. From the date hereof until the Closing, Seller shall (a) afford Buyer and its Representatives
full and free access to and the right to inspect all of the Real Property, properties, assets, premises, Books and Records,
Contracts and other documents and data related to the Business; (b) furnish Buyer and its Representatives with such financial,
operating and other data and information related to the Business as Buyer or any of its Representatives may reasonably request; and
(c) instruct the Representatives of Seller to cooperate with Buyer in its investigation of the Business. Any investigation pursuant
to this Section 6.02 shall be conducted in such manner as not to interfere unreasonably with the conduct of the Business or any
other businesses of Seller. No investigation by Buyer or other information received by Buyer shall operate as a waiver or otherwise
affect any representation, warranty or agreement given or made by Seller in this Agreement.

 

Section
6.02 No Solicitation of Other Bids. 

 

(a) Seller
shall not, and shall not authorize or permit any of its Affiliates or any of its or their Representatives to, directly or indirectly,
(i) encourage, solicit, initiate, facilitate or continue inquiries regarding an Acquisition Proposal; (ii) enter into discussions or negotiations
with, or provide any information to, any Person concerning a possible Acquisition Proposal; or (iii) enter into any agreements or other
instruments (whether or not binding) regarding an Acquisition Proposal. Seller shall immediately cease and cause to be terminated, and
shall cause its Affiliates and all of its and their Representatives to immediately cease and cause to be terminated, all existing discussions
or negotiations with any Persons conducted heretofore with respect to, or that could lead to, an Acquisition Proposal. For purposes hereof,
“Acquisition Proposal” means any inquiry, proposal or offer from any Person (other than Buyer or any of its Affiliates)
relating to the direct or indirect disposition, whether by sale, merger or otherwise, of all or any portion of the Business or the Purchased
Assets.

 

(b) In
addition to the other obligations under this Section 6.03, Seller shall promptly (and in any event within three (3) Business Days after
receipt thereof by Seller or its Representatives) advise Buyer orally and in writing of any Acquisition Proposal, any request for information
with respect to any Acquisition Proposal, or any inquiry with respect to or which could reasonably be expected to result in an Acquisition
Proposal, the material terms and conditions of such request, Acquisition Proposal or inquiry, and the identity of the Person making the
same.

 

(c) Seller
agrees that the rights and remedies for noncompliance with this Section 6.03 shall include having such provision specifically enforced
by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable
injury to Buyer and that money damages would not provide an adequate remedy to Buyer.

 

Section
6.03 Notice of Certain Events.  

 

(a) From
the date hereof until the Closing, Seller shall promptly notify Buyer in writing of:

 

(i) any
fact, circumstance, event or action the existence, occurrence or taking of which (A) has had, or could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, (B) has resulted in, or could reasonably be expected to result in, any representation
or warranty made by Seller hereunder not being true and correct or (C) has resulted in, or could reasonably be expected to result in,
the failure of any of the conditions set forth in Section 7.02 to be satisfied;

 

(ii) any
notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions
contemplated by this Agreement;

 

(iii) any
notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; and

 

(iv) any
Actions commenced or, to Seller’s Knowledge, threatened against, relating to or involving or otherwise affecting the Business, the Purchased
Assets or the Assumed Liabilities that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant
to Section 4.15 or that relates to the consummation of the transactions contemplated by this Agreement.

 

    23 

     

    

 

(b) Buyer’s
receipt of information pursuant to this Section 6.04 shall not operate as a waiver or otherwise affect any representation, warranty or
agreement given or made by Seller in this Agreement (including Section 8.02 and Section 9.01(b)) and shall not be deemed to amend or supplement
the Disclosure Schedules.

 

(c) 

 

Section
6.04 Governmental Approvals and Consents. 

 

(a) Each
party hereto shall, as promptly as possible, (i) make, or cause or be made, all filings and submissions (including those under the HSR
Act) required under any Law applicable to such party or any of its Affiliates; and (ii) use reasonable best efforts to obtain, or cause
to be obtained, all consents, authorizations, orders and approvals from all Governmental Authorities that may be or become necessary for
its execution and delivery of this Agreement and the performance of its obligations pursuant to this Agreement and the Ancillary Documents.
Each party shall cooperate fully with the other party and its Affiliates in promptly seeking to obtain all such consents, authorizations,
orders and approvals. The parties hereto shall not willfully take any action that will have the effect of delaying, impairing or impeding
the receipt of any required consents, authorizations, orders and approvals.

 

(b) Seller
and Buyer shall use reasonable best efforts to give all notices to, and obtain all consents from, all third parties that are described
in Section 4.03 of the Disclosure Schedules.

 

(c) Without
limiting the generality of the parties’ undertakings pursuant to subsections (a) and (b) above, each of the parties hereto shall use all
reasonable best efforts to:

 

(i) respond
to any inquiries by any Governmental Authority regarding antitrust or other matters with respect to the transactions contemplated by this
Agreement or any Ancillary Document;

 

(ii) avoid
the imposition of any order or the taking of any action that would restrain, alter or enjoin the transactions contemplated by this Agreement
or any Ancillary Document; and

 

(iii) in
the event any Governmental Order adversely affecting the ability of the parties to consummate the transactions contemplated by this Agreement
or any Ancillary Document has been issued, to have such Governmental Order vacated or lifted.

 

(d) All
analyses, appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals made by or on behalf
of either party before any Governmental Authority or the staff or regulators of any Governmental Authority, in connection with the transactions
contemplated hereunder (but, for the avoidance of doubt, not including any interactions between Seller or Buyer with Governmental Authorities
in the ordinary course of business, any disclosure which is not permitted by Law or any disclosure containing confidential information)
shall be disclosed to the other party hereunder in advance of any filing, submission or attendance, it being the intent that the parties
will consult and cooperate with one another, and consider in good faith the views of one another, in connection with any such analyses,
appearances, meetings, discussions, presentations, memoranda, briefs, filings, arguments, and proposals. Each party shall give notice
to the other party with respect to any meeting, discussion, appearance or contact with any Governmental Authority or the staff or regulators
of any Governmental Authority, with such notice being sufficient to provide the other party with the opportunity to attend and participate
in such meeting, discussion, appearance or contact.

 

(e) Notwithstanding
the foregoing, nothing in this Section 6.08 shall require, or be construed to require, Buyer or any of its Affiliates to agree to (i)
sell, hold, divest, discontinue or limit, before or after the Closing Date, any assets, businesses or interests of Buyer or any of its
Affiliates; (ii) any conditions relating to, or changes or restrictions in, the operations of any such assets, businesses or interests
which, in either case, could reasonably be expected to result in a Material Adverse Effect or materially and adversely impact the economic
or business benefits to Buyer of the transactions contemplated by this Agreement and the Ancillary Documents; or (iii) any material modification
or waiver of the terms and conditions of this Agreement.

 

    24 

     

    

 

Section
6.05 Books and Records. 

 

(a) In
order to facilitate the resolution of any claims made against or incurred by Seller prior to the Closing, or for any other reasonable
purpose, for a period of three (3) years after the Closing, Buyer shall:

 

(i) retain
the Books and Records (including personnel files) relating to periods prior to the Closing in a manner reasonably consistent with the
prior practices of Seller; and

 

(ii) upon
reasonable notice, afford the Seller’s Representatives reasonable access (including the right to make, at Seller’s expense, photocopies),
during normal business hours, to such Books and Records.

 

(b) In
order to facilitate the resolution of any claims made by or against or incurred by Buyer after the Closing, or for any other reasonable
purpose, for a period of three (3) years following the Closing, Seller shall:

 

(i) retain
the books and records (including personnel files) of Seller which relate to the Business and its operations for periods prior to the Closing;
and

 

(ii) upon
reasonable notice, afford the Buyer’s Representatives reasonable access (including the right to make, at Buyer’s expense, photocopies),
during normal business hours, to such books and records.

 

(c) Neither
Buyer nor Seller shall be obligated to provide the other party with access to any books or records (including personnel files) pursuant
to this Section 6.09 where such access would violate any Law.

 

Section
6.06 Closing Conditions From the date hereof until the Closing, each party hereto shall use reasonable best efforts to
take such actions as are necessary to expeditiously satisfy the closing conditions set forth in ARTICLE VII hereof.

 

Section
6.07 Public Announcements. Unless otherwise required by applicable Law or stock exchange requirements (based upon the
reasonable advice of counsel), no party to this Agreement shall make any public announcements in respect of this Agreement or the
transactions contemplated hereby or otherwise communicate with any news media without the prior written consent of the other party
(which consent shall not be unreasonably withheld, conditioned or delayed), and the parties shall cooperate as to the timing and
contents of any such announcement.

 

Section
6.08 Bulk Sales Laws. The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or similar
Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Purchased Assets to Buyer;
it being understood that any Liabilities arising out of the failure of Seller to comply with the requirements and provisions of any
bulk sales, bulk transfer or similar Laws of any jurisdiction which would not otherwise constitute Assumed Liabilities shall be
treated as Excluded Liabilities.

 

Section
6.09 Receivables. From and after the Closing, if Seller or any of its Affiliates receives or collects any funds relating
to any accounts receivable or any other Purchased Asset, Seller or its Affiliate shall remit such funds to Buyer within five (5) Business
Days after its receipt thereof. From and after the Closing, if Buyer or its Affiliate receives or collects any funds relating to any Excluded
Asset, Buyer or its Affiliate shall remit any such funds to Seller within five (5) Business Days after its receipt thereof.

 

Section
6.10 Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and
fees (including any penalties and interest) incurred in connection with this Agreement and the Ancillary Documents (including any
real property transfer Tax and any other similar Tax) shall be borne and paid by Seller when due. Seller shall, at its own expense,
timely file any Tax Return or other document with respect to such Taxes or fees (and Buyer shall cooperate with respect thereto as
necessary).

 

    25 

     

    

 

Section
6.11 Tax Clearance Certificates. If requested by Buyer, Seller shall notify all of the taxing authorities in the
jurisdictions that impose Taxes on Seller or where Seller has a duty to file Tax Returns of the transactions contemplated by this
Agreement in the form and manner required by such taxing authorities, if the failure to make such notifications or receive any
available tax clearance certificate (a “Tax Clearance Certificate”) could subject the Buyer to any Taxes of Seller.
If any taxing authority asserts that Seller is liable for any Tax, Seller shall promptly pay any and all such amounts and shall
provide evidence to the Buyer that such liabilities have been paid in full or otherwise satisfied.

 

Section
6.12Further Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates
to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement and the Ancillary Documents.

 

ARTICLE VII

Conditions to closing

 

Section
7.01 Conditions to Obligations of All Parties. The obligations of each party to consummate the transactions contemplated
by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

 

(a) The
filings of Buyer and Seller pursuant to the HSR Act, if any, shall have been made and the applicable waiting period and any extensions
thereof shall have expired or been terminated.

 

(b) No
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has
the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation of such
transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof.

 

Section
7.02 Conditions to Obligations of Buyer. The obligations of Buyer to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or Buyer’s waiver, at or prior to the Closing, of each of the following
conditions:

 

(a) Other
than the representations and warranties of Seller contained in Section 4.01, Section 4.02, Section 4.04 and Section 4.21, the representations
and warranties of Seller contained in this Agreement, the Ancillary Documents and any certificate or other writing delivered pursuant
hereto shall be true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse
Effect) or in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect)
on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those
representations and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that
specified date in all respects). The representations and warranties of Seller contained in Section 4.01, Section 4.02, Section 4.04 and
Section 4.21 shall be true and correct in all respects on and as of the date hereof and on and as of the Closing Date with the same effect
as though made at and as of such date (except those representations and warranties that address matters only as of a specified date, the
accuracy of which shall be determined as of that specified date in all respects).

 

(b) Seller
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this Agreement
and each of the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date.

 

    26 

     

    

 

(c) No
Action shall have been commenced against Buyer or Seller, which would prevent the Closing. No injunction or restraining order shall have
been issued by any Governmental Authority, and be in effect, which restrains or prohibits any transaction contemplated hereby.

 

(d) All
approvals, consents and waivers that are listed on Section 4.03 of the Disclosure Schedules shall have been received, and executed counterparts
thereof shall have been delivered to Buyer at or prior to the Closing.

 

(e) From
the date of this Agreement, there shall not have occurred any Material Adverse Effect, nor shall any event or events have occurred that,
individually or in the aggregate, with or without the lapse of time, could reasonably be expected to result in a Material Adverse Effect.

 

(f) Seller
shall have delivered to Buyer duly executed counterparts to the Ancillary Documents and such other documents and deliveries set forth
in Section 3.02(a).

 

(g) All
Encumbrances relating to the Purchased Assets shall have been released in full, other than Permitted Encumbrances, and Seller shall have
delivered to Buyer written evidence, in form satisfactory to Buyer in its sole discretion, of the release of such Encumbrances.

 

(h) Buyer
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions
set forth in Section 7.02(a) and Section 7.02(b) have been satisfied (the “Seller Closing Certificate”).

 

(i) Buyer
shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Seller certifying that attached
thereto are true and complete copies of all resolutions adopted by the member(s)/manager(s) of Seller authorizing the execution, delivery
and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby,
and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated
hereby and thereby.

 

(j) Buyer
shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Seller certifying the names and
signatures of the officers of Seller authorized to sign this Agreement, the Ancillary Documents and the other documents to be delivered
hereunder and thereunder.

 

(k) Seller
shall have delivered to Buyer such other documents or instruments as Buyer reasonably requests and are reasonably necessary to consummate
the transactions contemplated by this Agreement.

 

Section
7.03 Conditions to Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment or Seller’s waiver, at or prior to the Closing, of each of the following conditions:

 

(a) Other
than the representations and warranties of Buyer contained in Section 5.01, Section 5.02 and Section 5.04, the representations and warranties
of Buyer contained in this Agreement, the Ancillary Documents and any certificate or other writing delivered pursuant hereto shall be
true and correct in all respects (in the case of any representation or warranty qualified by materiality or Material Adverse Effect) or
in all material respects (in the case of any representation or warranty not qualified by materiality or Material Adverse Effect) on and
as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of such date (except those representations
and warranties that address matters only as of a specified date, the accuracy of which shall be determined as of that specified date in
all respects). The representations and warranties of Buyer contained in Section 5.01, Section 5.02 and Section 5.04 shall be true and
correct in all respects on and as of the date hereof and on and as of the Closing Date with the same effect as though made at and as of
such date.

 

    27 

     

    

 

(b) Buyer
shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this Agreement
and each of the Ancillary Documents to be performed or complied with by it prior to or on the Closing Date.

 

(c) No
injunction or restraining order shall have been issued by any Governmental Authority, and be in effect, which restrains or prohibits any
material transaction contemplated hereby.

 

(d) Buyer
shall have delivered to Seller duly executed counterparts to the Ancillary Documents and such other documents and deliveries set forth
in Section 3.02(b).

 

(e) Seller
shall have received a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions
set forth in Section 7.03(a) and Section 7.03(b) have been satisfied (the “Buyer Closing Certificate”).

 

(f) Seller
shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying that attached
thereto are true and complete copies of all resolutions adopted by the board of directors of Buyer authorizing the execution, delivery
and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby,
and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated
hereby and thereby.

 

(g) Seller
shall have received a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying the names and
signatures of the officers of Buyer authorized to sign this Agreement, the Ancillary Documents and the other documents to be delivered
hereunder and thereunder.

 

(h) Buyer
shall have delivered to Seller such other documents or instruments as Seller reasonably requests and are reasonably necessary to consummate
the transactions contemplated by this Agreement.

 

ARTICLE VIII

Indemnification

 

Section
8.01 Survival. Subject to the limitations and other provisions of this Agreement, the representations and warranties
contained herein shall survive the Closing and shall remain in full force and effect until the date that is two (2) years from the
Closing Date; provided, that the representations and warranties in (i) Section 4.01, Section 4.02, Section 4.08, Section
4.09, Section 4.21, Section 5.01, Section 5.02 and Section 5.04 shall survive indefinitely, and (ii) Section 4.20 shall survive for
the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof) plus sixty
(60) days. All covenants and agreements of the parties contained herein shall survive the Closing indefinitely or for the period
explicitly specified therein. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the
extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date
of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty and
such claims shall survive until finally resolved.

 

    28 

     

    

 

Section
8.02 Indemnification By Seller. Subject to the other terms and conditions of this ARTICLE VIII, Seller shall indemnify
and defend each of Buyer and its Affiliates and their respective Representatives (collectively, the “Buyer
Indemnitees”) against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for,
any and all Losses incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to or
by reason of:

 

(a) any
inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement, the Ancillary Documents or
in any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement, as of the date such representation or
warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties
that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date);

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement, the Ancillary
Documents or any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement;

 

(c) any
Excluded Asset or any Excluded Liability; or

 

(d) any
Third Party Claim based upon, resulting from or arising out of the business, operations, properties, assets or obligations of Seller or
any of its Affiliates (other than the Purchased Assets or Assumed Liabilities) conducted, existing or arising on or prior to the Closing
Date.

 

Section
8.03 Indemnification By Buyer. Subject to the other terms and conditions of this ARTICLE VIII, Buyer shall indemnify and
defend each of Seller and its Affiliates and their respective Representatives (collectively, the “Seller Indemnitees”)
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred
or sustained by, or imposed upon, the Seller Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a) any
inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any certificate or instrument
delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation or warranty was made or as if such representation
or warranty was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date,
the inaccuracy in or breach of which will be determined with reference to such specified date);

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement; or

 

(c) any
Assumed Liability.

 

Section
8.04 Indemnification Procedures. The party making a claim under this ARTICLE VIII is referred to as the
“Indemnified Party”, and the party against whom such claims are asserted under this ARTICLE VIII is referred to as
the “Indemnifying Party”.

 

    29 

     

    

 

(a) Indemnification
Basket. No Indemnifying Party shall be required to indemnify an Indemnified Party for Losses unless and until the aggregate amount
of such Losses for which the Indemnified Party is otherwise entitled to pursuant to this Article VIII exceeds Thirty Thousand Dollars
($30,000.00) (the “Basket”). After the Basket is exceeded, the Indemnified Party shall be entitled to be paid the full
amount of its Losses in excess of the Basket, subject to the limitations on recovery and recourse set forth herein.

 

(b) Third
Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by any Person
who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a “Third
Party Claim”) against such Indemnified Party with respect to which the Indemnifying Party is obligated to provide indemnification
under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any event
not later than thirty (30) calendar days after receipt of such notice of such Third Party Claim. The failure to give such prompt written
notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying
Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Third Party Claim
in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably
practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have the right to participate
in, or by giving written notice to the Indemnified Party, to assume the defense of any Third Party Claim at the Indemnifying Party’s expense
and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate in good faith in such defense; provided, that
if the Indemnifying Party is Seller, such Indemnifying Party shall not have the right to defend or direct the defense of any such Third
Party Claim that (x) is asserted directly by or on behalf of a Person that is a supplier or customer of the Business, or (y) seeks an
injunction or other equitable relief against the Indemnified Party. In the event that the Indemnifying Party assumes the defense of any
Third Party Claim, subject to Section 8.05(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend,
appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified
Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying
Party’s right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of the Indemnified Party,
provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there are legal defenses available to an Indemnified
Party that are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict of interest between
the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable fees
and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party determines counsel is required.
If the Indemnifying Party elects not to compromise or defend such Third Party Claim, fails to promptly notify the Indemnified Party in
writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the defense of such Third Party Claim,
the Indemnified Party may, subject to Section 8.05(b), pay, compromise, defend such Third Party Claim and seek indemnification for any
and all Losses based upon, arising from or relating to such Third Party Claim. Seller and Buyer shall cooperate with each other in all
reasonable respects in connection with the defense of any Third Party Claim, including making available (subject to the provisions of
Section 6.06) records relating to such Third Party Claim and furnishing, without expense (other than reimbursement of actual out-of-pocket
expenses) to the defending party, management employees of the non-defending party as may be reasonably necessary for the preparation of
the defense of such Third Party Claim.

 

    30 

     

    

 

(c) Settlement
of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement
of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 8.05(b). If a
firm offer is made to settle a Third Party Claim without leading to liability or the creation of a financial or other obligation on the
part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all liabilities
and obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying
Party shall give written notice to that effect to the Indemnified Party. If the Indemnified Party fails to consent to such firm offer
within ten (10) days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third Party Claim
and in such event, the maximum liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount of such settlement
offer. If the Indemnified Party fails to consent to such firm offer and also fails to assume defense of such Third Party Claim, the Indemnifying
Party may settle the Third Party Claim upon the terms set forth in such firm offer to settle such Third Party Claim. If the Indemnified
Party has assumed the defense pursuant to Section 8.05(a), it shall not agree to any settlement without the written consent of the Indemnifying
Party (which consent shall not be unreasonably withheld, conditioned or delayed).

 

(d) Direct
Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof, but
in any event not later than thirty (30) days after the Indemnified Party becomes aware of such Direct Claim. The failure to give such
prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent
that the Indemnifying Party forfeits rights or defenses by reason of such failure. Such notice by the Indemnified Party shall describe
the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated
amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall
have thirty (30) days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the
Indemnifying Party and its professional advisors to investigate the matter or circumstance alleged to give rise to the Direct Claim, and
whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying
Party’s investigation by giving such information and assistance (including access to the Indemnified Party’s premises and personnel and
the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably
request. If the Indemnifying Party does not so respond within such thirty (30) day period, the Indemnifying Party shall be deemed to have
rejected such claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified
Party on the terms and subject to the provisions of this Agreement.

 

Section 8.05 Payments. Once
a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIII, the Indemnifying
Party shall satisfy its obligations within fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of
immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such
obligations within such fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of
agreement of the Indemnifying Party or final, non-appealable adjudication to and including the date such payment has been made at a
rate per annum equal to six percent (6%). Such interest shall be calculated daily on the basis of a 365/366 day year and the actual
number of days elapsed.

 

Section
8.06 Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated
by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

    31 

     

    

 

Section
8.07 Effect of Investigation. The representations, warranties and covenants of the Indemnifying Party, and the
Indemnified Party’s right to indemnification with respect thereto, shall not be affected or deemed waived by reason of any
investigation made by or on behalf of the Indemnified Party (including by any of its Representatives) or by reason of the fact that
the Indemnified Party or any of its Representatives should have known that any such representation or warranty is, was or might be
inaccurate or by reason of the Indemnified Party’s waiver of any condition set forth in Section 7.02 or Section 7.03, as the case
may be.

 

Section
8.08 Exclusive Remedies. Subject to Section 2.06, Section 6.07 and Section 10.11, the parties acknowledge and agree that
their sole and exclusive remedy with respect to any and all claims (other than claims arising from fraud, criminal activity or willful
misconduct on the part of a party hereto 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 ARTICLE VIII. In furtherance of the foregoing, each party hereby waives, to the fullest
extent permitted under Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant,
agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties
hereto and their Affiliates and each of their respective Representatives arising under or based upon any Law, except pursuant to the indemnification
provisions set forth in this ARTICLE VIII. Nothing in this Section 8.08 shall limit any Person’s right to seek and obtain any equitable
relief to which any Person shall be entitled or to seek any remedy on account of any party’s fraudulent, criminal or intentional misconduct.

 

ARTICLE IX

Termination

 

Section
9.01 Termination. This Agreement may be terminated at any time prior to the Closing:

 

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

 

(b) by
Buyer by written notice to Seller if:

 

(i) Buyer
is not then in material breach of any provision of this Agreement and there has been a breach, inaccuracy in or failure to perform any
representation, warranty, covenant or agreement made by Seller pursuant to this Agreement that would give rise to the failure of any of
the conditions specified in ARTICLE VII and such breach, inaccuracy or failure has not been cured by Seller within ten (10) days of Seller’s
receipt of written notice of such breach from Buyer; or

 

(ii) any
of the conditions set forth in Section 7.01 or Section 7.02 shall not have been, or if it becomes apparent that any of such conditions
will not be, fulfilled by February 28, 2022, unless such failure shall be due to the failure of Buyer to perform or comply with any of
the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing;

 

(c) by
Seller by written notice to Buyer if:

 

(i) Seller
is not then in material breach of any provision of this Agreement and there has been a breach, inaccuracy in or failure to perform any
representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure of any of
the conditions specified in ARTICLE VII and such breach, inaccuracy or failure has not been cured by Buyer within ten (10) days of Buyer’s
receipt of written notice of such breach from Seller; or

 

(ii) any
of the conditions set forth in Section 7.01 or Section 7.03 shall not have been, or if it becomes apparent that any of such conditions
will not be, fulfilled by February 28, 2022, unless such failure shall be due to the failure of Seller to perform or comply with any of
the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing; or

 

(d) by Buyer or Seller
in the event that (i) there shall be any Law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise
prohibited or (ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions contemplated
by this Agreement, and such Governmental Order shall have become final and non-appealable.

 

Section
9.02 Effect of Termination. In the event of the termination of this Agreement in accordance with this Article, this
Agreement shall forthwith become void and there shall be no liability on the part of any party hereto except:

 

(a) as
set forth in this ARTICLE IX and Section 6.06 and ARTICLE X hereof; and

 

(b) that
nothing herein shall relieve any party hereto from liability for any willful breach of any provision hereof.

 

    32 

     

    

 

ARTICLE X

Miscellaneous

 

Section
10.01Expenses. Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees
and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred.

 

Section
10.02Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in
writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of
a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day
if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return
receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 10.02):

 

	If to Seller:	
    4929 Sorrento Ct

    Cape Coral, FL 33904

    Attention: Mark Stender, CEO

	with a copy to:	
     

    Fournier Legal Services

    64 Thompson Street, Suite A101

    East Haven, CT 06513

    Attention: Joseph Fournier

    Email: jfournier@jeflegal.com

	
     

    If to Buyer:
	
     

    54 West 40th Street

    New York, NY 10018

    Attention: Peter Ritz

    Email: peter.ritz@fatbrain.io

     

	
     

    with a copy to:
	
     

    Lex Nova Law LLC

    10 E. Stow Road, Suite 250

    Marlton, NJ 08053

    Attention: William Skinner

    Email: wskinner@lexnovalaw.com

    

 

Section
10.03 Interpretation. For purposes of this Agreement, (a) the words “include,” “includes” and
“including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not
exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and
“hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles,
Sections, Disclosure Schedules and Exhibits mean the Articles and Sections of, and Disclosure Schedules and Exhibits attached to,
this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended,
supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such
statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This
Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party
drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be
construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

    33 

     

    

 

Section
10.04 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this
Agreement.

 

Section
10.05 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Except as provided in Section 6.07(d), upon such determination that any
term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

Section
10.06 Entire Agreement. This Agreement and the Ancillary Documents constitute the sole and entire agreement of the
parties to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and
contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any
inconsistency between the statements in the body of this Agreement and those in the Ancillary Documents, the Exhibits and Disclosure
Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the statements in the body of this
Agreement will control.

 

Section
10.07 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior
written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however,
that prior to the Closing Date, Buyer may, without the prior written consent of Seller, assign all or any portion of its rights under
this Agreement to one or more of its direct or indirect wholly-owned subsidiaries. No assignment shall relieve the assigning party of
any of its obligations hereunder.

 

Section
10.08 No Third-party Beneficiaries. Except as provided in ARTICLE VIII, this Agreement is for the sole benefit of the
parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall
confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.

 

Section
10.09 Amendment and Modification; Waiver. This Agreement may only be amended, modified or supplemented by an agreement in
writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set
forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of
any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and
whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege
arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any
right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

 

    34 

     

    

 

Section
10.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

 

(a) This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any
choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).

 

(b) ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF DELAWARE IN EACH
CASE LOCATED IN THE CITY OF WILMINGTON, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT,
ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE
EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO
PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

 

(c) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE ANCILLARY DOCUMENTS IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE ANCILLARY DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH
PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.10(c).

 

Section
10.11Specific Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof,
in addition to any other remedy to which they are entitled at law or in equity.

 

Section
10.12Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other
means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

    35 

     

    

 

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

 

	 	INTELLAGENTS LLC
	 	 	 
	 	By:	/s/ Mark Stender
	 	 	Mark Stender, President and Co-Founder
	 	 	 
	 	LZG INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/ Shawn Carey
	 	 	Shawn Carey, Chief Operating Officer

 

    36 

     

    

 

Disclosure Schedule

Intellagents, LLC Asset Purchase Agreement

Dated as of February 23, 2022

 

Schedule 2.09 Allocation of Purchase Price

 

	Item	 	Amount	 
	Software Platform	 	 	2,985,000	 
	Net Working Capital	 	 	15,000	 
	TOTAL	 	 	3,000,000	 

 

 

37acer-ex102_6.htm

Exhibit 10.2

FIRST AMENDMENT TO 

CREDIT AGREEMENT 

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of August 19, 2022, is entered into by and among ACER THERAPEUTICS INC., a Delaware corporation (“Borrower”), each of the undersigned financial institutions (individually each a “Lender” and collectively “Lenders”) and SWK FUNDING LLC, a Delaware limited liability company, in its capacity as administrative agent for the other Lenders (in such capacity, “Agent”).

RECITALS

WHEREAS, Borrower, Agent and Lenders entered into that certain Credit Agreement dated as of March 4, 2022 (as the same may be amended, modified or restated from time to time, being hereinafter referred to as the “Credit Agreement”); and

WHEREAS,  Borrower, Agent and Lenders have agreed to amend certain provisions of the Credit Agreement as more fully set forth herein. 

AGREEMENT

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows:

ARTICLE I

Definitions

1.1Capitalized terms used in this Amendment are defined in the Credit Agreement, as amended hereby, unless otherwise stated.

ARTICLE II

Amendments to Credit Agreement

2.1Amendments to Section 1.1.  Effective as of the date hereof, Section 1.1 of the Credit Agreement is hereby amended as follows: 

(a)  The definition of “Acer-001 CRL Date” is amended and restated to read as follows:

Acer-001 CRL Date means the date on which Borrower receives a second Complete Response Letter (CRL) from the FDA in relation to Acer-001.

(b)A new definition of “Acer-002” is added in the appropriate alphabetical order to read as follows:

Acer-002 means the Borrower’s Product known as “EDSIVO (celiprolol)”. 

 

 

(c)The definition of “Amortization Payment Date” is amended and restated to read as follows:

Amortization Payment Date means the Payment Date occurring in February 2023.

(d)A new definition of “Liquidity Trigger Date” is added in the appropriate alphabetical order to read as follows:

Liquidity Trigger Date means the date, if any, on which each of the following conditions have been satisfied: (i) the Acer-001 CRL Date has occurred, (ii) the Osanetant Failure Date has occurred, and (iii) Borrower shall have failed to enter into a Qualified EDSIVO Partnership on or prior to December 31, 2022.

(e)A new definition of “Osanetant Failure Date” is added in the appropriate alphabetical order to read as follows:

Osanetant Failure Date means the date of determination by the Board that discontinuation of the Osanetant development program for treatment of vasomotor symptoms (VMS) is warranted based upon either of the following in the results from any completed phase 2a trial of Osanetant in VMS: (i) a serious adverse event (SAE); or (ii) lack of efficacy at any dose studied (relative to placebo).

(f)A new definition of “Qualified EDSIVO Partnership” is added in the appropriate alphabetical order to read as follows:

“Qualified EDSIVO Partnership” means (a) any right granted, license given or agreement entered into by Borrower to or with any Person, under or with respect to or permitting any use or exploitation of any of the Intellectual Property of Acer with respect to Acer-002 or otherwise permitting the development, manufacture, marketing, distribution, use and/or sale of Acer-002, (b) any option or other right granted by Borrower to any Person to negotiate for or receive any of the rights described under clause (a), or (c) any standstill or similar obligation undertaken by Borrower toward any Person not to grant any of the rights described in clause (a) or (b) to any other Person; in each case: (i) regardless of whether any such rights, license or agreement is referred to or is described as a sublicense, and (ii) resulting in either (A) an upfront payment to Borrower of not less than $10,000,000 on or about the date of the consummation of such transaction or (B) a reasonable likelihood, as determined by Agent in its commercially-reasonable discretion, that Borrower will receive not less than $25,000,000 in aggregate payments in connection therewith within the twenty-four month period following the consummation of such transaction.

2.2Amendment to Section 7.13.  Effective as of the date hereof, Section 7.13 of the Credit Agreement is hereby amended and restated to read as follows:

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7.13  Minimum Consolidated Unencumbered Liquid Assets

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Not permit the Consolidated Unencumbered Liquid Assets, at any time, to be less than the lesser of (a) the principal amount of Loans outstanding hereunder, or (b) $1,500,000; provided, however, such amount shall automatically be increased (without the need for any further action by Agent or Borrower) to (i) $4,000,000 on the date that is twenty (20) days following the Liquidity Trigger Date, if any, and (ii) $6,500,000 on the date that is forty (40) days following the Liquidity Trigger Date, if any.  Notwithstanding the forgoing, such increased amount(s) described in the prior sentence shall automatically be reduced (without the need for any further action by Agent or Borrower) to $2,000,000 in the event the Osanetant Trigger Date occurs following any such Liquidity Trigger Date. 

2.3Amendment to Section 8.2.  Effective as of the date hereof, Section 8.2 of the Credit Agreement is hereby amended to add a new subsection (e) thereto to read as follows:

(e)Notwithstanding any provision of any Loan Document, Agent, in its sole discretion shall have the right, but not any obligation, at any time following the Acer-001 CRL Date, whether or not a Default or Event of Default has occurred and is continuing, to exercise sole dominion and control over that certain Deposit Account of Borrower subject to the Blocked Account Control Agreement Shifting Control, entered into on or about April 1, 2022, by and among Borrower, Agent and JPMorgan Chase Bank, N.A.

ARTICLE III

Conditions Precedent 

3.1Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent in a manner satisfactory to Agent, unless specifically waived in writing by Agent in its sole discretion:

(A).Agent shall have received fully-executed copies of (i) this Amendment and (ii)  an additional Warrant to Purchase Stock in respect of an additional 100,000 shares of the common stock of Borrower, in form and substance acceptable to Agent. 

(B).The representations and warranties contained herein and in the Credit Agreement and the other Loan Documents, as each is amended hereby, shall be true and correct as of the date hereof, as if made on the date hereof, except for such representations and warranties as are by their express terms limited to a specific date.

(C).No Default or Event of Default under the Credit Agreement, as amended hereby, shall have occurred and be continuing, unless such Default or Event of Default has been otherwise specifically waived in writing by Agent.

 

No Waiver, Ratifications, Representations and Warranties

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4.1No Waiver.  Nothing contained in this Amendment or any other communication between Agent, any Lender, Borrower or any other Loan Party shall be a waiver of any past, present or future non-compliance, violation, Default or Event of Default of Borrower under the Credit Agreement or any Loan Document.  Agent and each Lender hereby expressly reserves any rights, privileges and remedies under the Credit Agreement and each Loan Document that Lender may have with respect to any non-compliance, violation, Default or Event of Default, and any failure by Agent or any Lender to exercise any right, privilege or remedy as a result of the violations set forth above shall not directly or indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Agent or any Lender, except as set forth herein, at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any Loan Document, (ii) amend or alter any provision of the Credit Agreement or any Loan Document or any other contract or instrument or (iii) constitute any course of dealing or other basis for altering any obligation of Borrower or any rights, privilege or remedy of Agent or any Lender under the Credit Agreement or any Loan Document or any other contract or instrument.  Nothing in this Amendment shall be construed to be a consent by Agent or any Lender to any prior, existing or future violations of the Credit Agreement or any Loan Document.

4.2Ratifications.  The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other Loan Documents, and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect.  Borrower, Lenders and Agent agree that the Credit Agreement and the other Loan Documents, as amended hereby, shall continue to be legal, valid, binding and enforceable in accordance with their respective terms.  Borrower agrees that this Amendment is not intended to and shall not cause a novation with respect to any or all of the Obligations.

4.3Representations and Warranties.  Borrower hereby represents and warrants to Agent and Lenders that (a) the execution, delivery and performance of this Amendment, any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite action (as applicable) on the part of Borrower and will not violate the organizational documents of Borrower; (b) Borrower’s directors and/or managers have authorized the execution, delivery and performance of this Amendment any and all other Loan Documents executed and/or delivered in connection herewith; (c) the representations and warranties contained in the Credit Agreement, as amended hereby, and any other Loan Document are true and correct on and as of the date hereof and on and as of the date of execution hereof as though made on and as of each such date (except to the extent such representations and warranties expressly relate to an earlier date); (d) no Default or Event of Default under the Credit Agreement, as amended hereby, has occurred and is continuing; (e) Loan Parties are in full compliance in all material respects with all covenants and agreements contained in the Credit Agreement and the other Loan Documents, as amended hereby; and (f) except as disclosed to Agent, no Loan Party has amended its organizational documents since the date of the Credit Agreement. 

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ARTICLE V

Miscellaneous Provisions

5.1Survival of Representations and Warranties.   All representations and warranties made in the Credit Agreement or any other Loan Document, including, without limitation, any document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Agent or any Lender or any closing shall affect the representations and warranties or the right of Agent and each Lender to rely upon them.

5.2Reference to Credit Agreement.  Each of the Credit Agreement and the other Loan Documents, and any and all other Loan Documents, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in the Credit Agreement and such other Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement, as amended hereby.

5.3Expenses of Agent.  As provided in Section 10.4 of the Credit Agreement, Borrower agrees to pay on demand all costs and expenses incurred by Agent, or its Affiliates, in connection with the preparation, negotiation, and execution of this Amendment.  

5.4Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

5.5Successors and Assigns.  This Amendment is binding upon and shall inure to the benefit of Agent and each Lender and Borrower and their respective successors and assigns, except that no Loan Party may assign or transfer any of its rights or obligations hereunder without the prior written consent of Agent.

5.6Counterparts.  This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.  This Amendment may be executed by facsimile or electronic (.pdf) transmission, which facsimile or electronic (.pdf) signatures shall be considered original executed counterparts for purposes of this Section 5.6, and each party to this Amendment agrees that it will be bound by its own facsimile or electronic (.pdf) signature and that it accepts the facsimile or electronic (.pdf) signature of each other party to this Amendment.

5.7Effect of Waiver.  No consent or waiver, express or implied, by Agent to or for any breach of or deviation from any covenant or condition by Borrower shall be deemed a consent to or waiver of any other breach of the same or any other covenant, condition or duty.

5.8Headings.  The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

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5.9Applicable Law.  THE TERMS AND PROVISIONS OF SECTIONS 10.17 (GOVERNING LAW) AND 10.18 (FORUM SELECTION; CONSENT TO JURISDICTION) OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED HEREIN BY REFERENCE, AND SHALL APPLY TO THIS AMENDMENT MUTATIS MUTANDIS AS IF FULLY SET FORTH HEREIN.  

5.10Final Agreement.  THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, EACH AS AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED.  THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AMENDED HEREBY, 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.  NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY Borrower AND AGENT.

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IN WITNESS WHEREOF, this Amendment has been executed and is effective as of the date first written above.

 

 

borrower:

 

ACER THERAPEUTICS INC.,

a Delaware corporation

 

 

 

		
	
By:
	
/s/ Chris Schelling          

	
Name:
	
Chris Schelling                              

	
Title:
	
CEO & Founder                            

 

				
	
 
	
 
	
 
	
 

 

 

 

 

AGENT AND LENDER:

 

SWK FUNDING LLC,
as Agent and a Lender

		
	
By:
	
SWK Holdings Corporation,

	
 
	
its sole Manager

		
	
By:
	
/s/ Winston Black

	
Name:
	
Winston Black

	
Title:
	
Chief Executive Officer and President

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