Document:

Exhibit
10.51

 

 

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

bank
statements. Each Merchant understands that it will be held responsible for any fees resulting from a rejected ACH attempt or an Event
of Default (see Section 2). CFS is not responsible for any overdrafts or rejected transactions that may result from CFS’s ACH debiting
the Specified Percentage amounts under the terms of this Agreement.

 

2. 
 Additional Fees. In addition to the Receivables Purchased Amount, each Merchant will be held responsible to CFS for
the following fees, where applicable:

 

A.
Origination Fee - $7,000.00 to cover underwriting and the ACH debit program, as well as related expenses. This will be deducted
from payment of the Purchase Price.

B.
Wire Fee - Merchant(s) shall receive funding electronically to the Account and will be charged $50.00 for a Fed Wire or $0.00 for a bank
ACH. This will be deducted from payment of the Purchase Price.

C.
Blocked Account/Default - $2,500.00 - If CFS considers an Event of Default to have taken place under Section 34.

D.
Stacking Fee –25% of the then remaining outstanding purchased receivables- If CFS considers the Stacking provision detailed in
Section 30 to have been violated.

E.
UCC Fee - $195.00 – to cover CFS filing a UCC-1 financing statement to secure its interest in the Receivables Purchased Amount.
A $195.00 UCC termination fee will be charged if a UCC filing is terminated.

F.
Court costs, arbitration fees, collection agency fees, attorney fees, expert fees, and any other expenses incurred in litigation, arbitration,
or the enforcement of any of CFS’s legal or contractual rights against each Merchant and/or each Guarantor, if required, as explained
in other Sections of this Agreement.

 

3.
 Cap on Collection of the Receivables Purchased Amount. The amount that CFS will collect from Merchant(s) towards the
Receivables Purchased Amount during any specific day will be capped at $1,725.00 (the “Cap”). If the Specified
Percentage of all Receivables for a specific day is less than the Cap, then in addition to the Specified Percentage of Receivables
for that day, CFS will be permitted to collect any Receivables it did not previously collect due to the Cap such that the total
amount collected during that day does not exceed the Cap. The Cap is not applicable to make up for a business day on which CFS
is closed and does not ACH debit the Account, to subsequent attempts to collect a rejected or blocked ACH payment, or for the collection
of any of the fees listed in Section 2 or if any Event of Default listed in Section 34 is considered by CFS to have taken place.

 

4.
 Reconciliations. Any Merchant may give written notice to CFS requesting that CFS conduct a reconciliation in order to
ensure that the amount that CFS has collected equals the Specified Percentage of Merchant(s)’s Receivables under this Agreement.
Any Merchant may give written notice requesting a reconciliation. A reconciliation may also be requested by e-mail to support@cobaltfunding.com
and such notice will be deemed to have been received if and when CFS sends a reply e-mail (but not a read receipt). If such reconciliation
determines that CFS collected more than it was entitled to, then CFS will credit to the Account all amounts to which CFS was not entitled
within seven days thereafter. If such reconciliation determines that CFS collected less than it was entitled to, then CFS will debit
from the Account all additional amounts to which CFS was entitled within seven days thereafter. In order to effectuate this reconciliation,
any Merchant must produce with its request the login and password for the Account and any and all bank statements and merchant statements
covering the period from the date of this Agreement through the date of the request for a reconciliation. CFS will complete each such
reconciliation within two business days after receipt of a written request for one accompanied by the information and documents required
for it. Nothing herein limits the amount of times that such a reconciliation may be requested.

 

5.
 Prepayments. Although there is no obligation to do so, any Merchant may prepay any amount towards the Receivables Purchased
Amount. There will be no penalty for any prepayment made by any Merchant. Any Merchant may elect to terminate this Agreement by prepaying
CFS the amount of the balance of the Receivables Purchased Amount at that time.

 

6.
 Merchant Deposit Agreement. Merchant(s) shall appoint a bank acceptable to CFS, to obtain electronic fund transfer services
and/or “ACH” payments. Merchant(s) shall provide CFS and/or its authorized agent with all of the information, authorizations,
and passwords necessary to verify each Merchant’s Receivables. Merchant(s) shall authorize CFS and/or its agent(s) to deduct the
amounts owed to CFS for the Receivables as specified herein from settlement amounts which would otherwise be due to each Merchant and
to pay such amounts to CFS by permitting CFS to withdraw the Specified Percentage by ACH debiting of the account. The authorization shall
be irrevocable absent CFS’s written consent.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

7. 
Term of Agreement. The term of this Agreement is indefinite and shall continue until CFS receives the full Receivables Purchased
Amount, or earlier if terminated pursuant to any provision of this Agreement. The provisions of Sections 4, 6, 7, 8, 10, 11, 13, 14,
15, 17, 18, 19, 22, 23, 28, 31, 32, 33, 34, 35, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, and
58 shall survive any termination of this Agreement.

 

8. 
Ordinary Course of Business. Each Merchant acknowledges that it is entering into this Agreement in the ordinary course of
its business and that the payments to be made from each Merchant to CFS under this Agreement are being made in the ordinary course of
each Merchant’s business.

 

9. 
Financial Condition. Each Merchant and each Guarantor (Guarantor being defined as each signatory to the Guarantee of this
Agreement) authorizes CFS and its agent(s) to investigate each Merchant’s financial responsibility and history, and will provide
to CFS any bank or financial statements, tax returns, and other documents and records, as CFS deems necessary prior to or at any time
after execution of this Agreement. A photocopy of this authorization will be deemed as acceptable for release of financial information.
CFS is authorized to update such information and financial profiles from time to time as it deems appropriate.

 

10. 
Monitoring, Recording, and Electronic Communications. CFS may choose to monitor and/or record telephone calls with any Merchant
and its owners, employees, and agents. By signing this Agreement, each Merchant agrees that any call between CFS and any Merchant or
its representatives may be monitored and/or recorded. Each Merchant and each Guarantor grants access for CFS to enter any Merchant’s
premises and to observe any Merchant’s premises without any prior notice to any Merchant at any time after execution of this Agreement.

 

CFS
may use automated telephone dialing, text messaging systems, and e-mail to provide messages to Merchant(s), Owner(s) (Owner being defined
as each person who signs this Agreement on behalf of a Merchant), and Guarantor(s) about Merchant(s)’s account. Telephone messages
may be played by a machine automatically when the telephone is answered, whether answered by an Owner, a Guarantor, or someone else.
These messages may also be recorded by the recipient’s answering machine or voice mail. Each Merchant, each Owner, and each Guarantor
gives CFS permission to call or send a text message to any telephone number given to CFS in connection with this Agreement and to play
pre-recorded messages and/or send text messages with information about this Agreement and/or any Merchant’s account over the phone.
Each Merchant, each Owner, and each Guarantor also gives CFS permission to communicate such information to them by e-mail. Each Merchant,
each Owner, and each Guarantor agree that CFS will not be liable to any of them for any such calls or electronic communications, even
if information is communicated to an unintended recipient. Each Merchant, each Owner, and each Guarantor acknowledge that when they receive
such calls or electronic communications, they may incur a charge from the company that provides them with telecommunications, wireless,
and/or Internet services, and that CFS has no liability for any such charges.

 

11. 
Accuracy of Information Furnished by Merchant and Investigation Thereof. To the extent set forth herein, each of the parties
is obligated upon his, her, or its execution of the Agreement to all terms of the Agreement. Each Merchant and each Owner signing this
Agreement represent that he or she is authorized to sign this Agreement for each Merchant, legally binding said Merchant to its obligations
under this Agreement and that the information provided herein and in all of CFS’s documents, forms, and recorded interview(s) is
true, accurate, and complete in all respects. CFS may produce a monthly statement reflecting the delivery of the Specified Percentage
of Receivables from Merchant(s) to CFS. An investigative report may be made in connection with the Agreement. Each Merchant and each
Owner signing this Agreement authorize CFS, its agents and representatives, and any credit- reporting agency engaged by CFS, to (i) investigate
any references given or any other statements obtained from or about each Merchant or any of its Owners for the purpose of this Agreement,
and (ii) pull credit report at any time now or for so long as any Merchant and/or Owners(s) continue to have any obligation to CFS under
this Agreement or for CFS’s ability to determine any Merchant’s eligibility to enter into any future agreement with CFS.
Any misrepresentation made by any Merchant or Owner in connection with this Agreement may constitute a separate claim for fraud or intentional
misrepresentation.

 

12. 
Transactional History. Each Merchant authorizes its bank to provide CFS with its banking and/or credit card processing history.

 

13. 
Indemnification. Each Merchant and each Guarantor jointly and severally indemnify and hold harmless each Merchant’s
credit card and check processors (collectively, “Processor”) and Processor’s officers, directors, and shareholders
against all losses, damages, claims, liabilities, and expenses (including reasonable attorney and expert fees) incurred by Processor
resulting from (a) claims asserted by CFS for monies owed to CFS from any Merchant and (b) actions taken by any Processor in reliance
upon information or instructions provided by CFS.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

14. 
No Liability. In no event will CFS be liable for any claims asserted by any Merchant under any legal theory for lost profits,
lost revenues, lost business opportunities, exemplary, punitive, special, incidental, indirect, or consequential damages, each of which
is waived by each Merchant and each Guarantor.

 

15. 
Sale of Receivables. Each Merchant and CFS agree that the Purchase Price under this Agreement is in exchange for the Receivables
Purchased Amount and that such Purchase Price is not intended to be, nor shall it be construed as a loan from CFS to any Merchant. CFS
is entering into this Agreement knowing the risks that each Merchant’s business may decline or fail, resulting in CFS not receiving
the Receivables Purchased Amount. Each Merchant agrees that the Purchase Price in exchange for the Receivables pursuant to this Agreement
equals the fair market value of such Receivables. CFS has purchased and shall own all the Receivables described in this Agreement up
to the full Receivables Purchased Amount as the Receivables are created. Payments made to CFS in respect to the full amount of the Receivables
shall be conditioned upon each Merchant’s sale of products and services and the payment therefor by each Merchant’s customers
in the manner provided in this Agreement. Although certain jurisdictions require the disclosure of an Annual Percentage Rate or APR in
connection with this Agreement, those disclosures do not change the fact that the transaction encompassed by this Agreement is not a
loan and does not have an interest rate.

 

16. 
Power of Attorney. Each Merchant irrevocably appoints CFS as its agent and attorney-in-fact with full authority to take any
action or execute any instrument or document to settle all obligations due to CFS, or, if CFS considers an Event of Default to have taken
place under Section 34, to settle all obligations due to CFS from each Merchant, including without limitation (i) to obtain and adjust
insurance; (ii) to collect monies due or to become due under or in respect of any of the Collateral (which is defined in Section 33);
(iii) to receive, endorse and collect any checks, notes, drafts, instruments, documents, or chattel paper in connection with clause

 

(i)
or clause (ii) above; (iv) to sign each Merchant’s name on any invoice, bill of lading, or assignment directing customers or account
debtors to make payment directly to CFS; and (v) to file any claims or take any action or institute any proceeding which CFS may deem
necessary for the collection of any of the unpaid Receivables Purchased Amount from the Collateral, or otherwise to enforce its rights
with respect to payment of the Receivables Purchased Amount.

 

17. 
Protections Against Default. The following Protections 1 through 7 may be invoked by CFS, immediately and without notice to
any Merchant in the event:

 

(a)
Any Merchant takes any action to discourage the use of methods of payment ordinarily and customarily used by its customers or permits
any event to occur that could have an adverse effect on the use, acceptance, or authorization of checks and credit cards for the purchase
of any Merchant’s services and products;

(b)
Any Merchant changes its arrangements with any Processor in any way that is adverse to CFS;

(c)
Any Merchant changes any Processor through which the Receivables are settled to another electronic check and/or credit card processor
or permits any event to occur that could cause diversion of any Merchant’s check and/or credit card transactions to another such
processor;

(d)
Any Merchant interrupts the operation of its business (other than adverse weather, natural disasters, or acts of God) or transfers, moves,
sells, disposes, or otherwise conveys its business or assets without (i) the express prior written consent of CFS and

(ii)
the written agreement of any purchaser or transferee to the assumption of all of any Merchant’s obligations under this Agreement
pursuant to documentation satisfactory to CFS; or

(e)
Any Merchant takes any action, fails to take any action, or offers any incentive—economic or otherwise—the result of which
will be to induce any customer or customers to pay for any Merchant’s goods or services with any means other than checks and/or
credit cards that are settled through Processor. These protections are in addition to any other remedies available to CFS at law, in
equity, or otherwise available pursuant to this Agreement.

(f)
CFS considers any Event of Default listed in Section 34 to have taken place.

Protection
1: The full uncollected Receivables Purchased Amount plus all fees due under this Agreement may become due and payable in full immediately.

Protection
2. CFS may enforce the provisions of the Guarantee against Guarantor.

Protection
3. CFS may enforce its security interest in the Collateral identified in Section 33.

Protection
4. CFS may proceed to protect and enforce its rights and remedies by litigation or arbitration.

Protection
5. If requested by CFS, Merchant shall deliver to CFS an executed assignment of lease of each Merchant’s premises in favor of
CFS. Upon breach of any provision in this Section 17, CFS may exercise its rights under such assignment of lease.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

Protection
6. CFS may debit any Merchant’s depository accounts wherever situated by means of ACH debit or electronic or facsimile signature
on a computer-generated check drawn on any Merchant’s bank account or otherwise, in an amount consistent with the terms of this
Agreement.

 

Protection
7. CFS may modify the payment frequency of any weekly debit so long as the weekly aggregate does not exceed the Initial Estimated Payment
detailed above.

 

Protection
8. CFS will have the right, without waiving any of its rights and remedies and without notice to any Merchant and/or Guarantor, to notify
each Merchant’s credit card and/or check processor of the sale of Receivables hereunder and to direct such credit card processor
to make payment to CFS of all or any portion of the amounts received by such credit card processor on behalf of each Merchant. Each Merchant
hereby grants to CFS an irrevocable power-of-attorney, which power-of-attorney will be coupled with an interest, and hereby appoints
CFS and its representatives as each Merchant’s attorney-in-fact to take any and all action necessary to direct such new or additional
credit card and/or check processor to make payment to CFS as contemplated by this Section.

 

18. 
Protection of Information. Each Merchant and each person signing this Agreement on behalf of each Merchant and/or as Owner,
in respect of himself or herself personally, authorizes CFS to disclose information concerning each Merchant, Owner and/or Guarantor’s
credit standing and business conduct to agents, affiliates, subsidiaries, and credit reporting bureaus. Each Merchant, Guarantor, and
Owner hereby waives to the maximum extent permitted by law any claim for damages against CFS or any of its affiliates relating to any
(i) investigation undertaken by or on behalf of CFS as permitted by this Agreement or (ii) disclosure of information as permitted by
this Agreement.

 

19. 
Confidentiality. Each Merchant understands and agrees that the terms and conditions of the products and services offered by
CFS, including this Agreement and any other CFS documents (collectively, “Confidential Information”) are proprietary and
confidential information of CFS. Accordingly, unless disclosure is required by law or court order, Merchant(s) shall not disclose Confidential
Information of CFS to any person other than an attorney, accountant, financial advisor, or employee of any Merchant who needs to know
such information for the purpose of advising any Merchant (“Advisor”), provided such Advisor uses such information solely
for the purpose of advising any Merchant and first agrees in writing to be bound by the terms of this Section 19.

 

20. 
D/B/As. Each Merchant hereby acknowledges and agrees that CFS may be using “doing business as” or “d/b/a”
names in connection with various matters relating to the transaction between CFS and each Merchant, including the filing of UCC-1 financing
statements and other notices or filings.

 

21. 
Financial Condition and Financial Information. Each Merchant represents, warrants, and covenants that its bank and financial
statements, copies of which have been furnished to CFS, and future statements which will be furnished hereafter at the request of CFS,
fairly represent the financial condition of each Merchant at such dates, and that since those dates there have been no material adverse
changes, financial or otherwise, in such condition, operation, or ownership of any Merchant. Each Merchant has a continuing affirmative
obligation to advise CFS of any material adverse change in its financial condition, operation, or ownership.

 

22. 
Governmental Approvals. Each Merchant represents, warrants, and covenants that it is in compliance and shall comply with all
laws and has valid permits, authorizations, and licenses to own, operate, and lease its properties and to conduct the business in which
it is presently engaged.

 

23. 
Authorization. Each Merchant represents, warrants, and covenants that it and each person signing this Agreement on behalf
of each Merchant has full power and authority to incur and perform the obligations under this Agreement, all of which have been duly
authorized.

 

24. 
Insurance. Each Merchant represents, warrants, and covenants that it will maintain business-interruption insurance naming CFS
as loss payee and additional insured in amounts and against risks as are satisfactory to CFS and shall provide CFS proof of such insurance
upon request.

 

25. 
Electronic Check Processing Agreement. Each Merchant represents, warrants, and covenants that it will not, without CFS’s
prior written consent, change its Processor, add terminals, change its financial institution or bank account, or take any other action
that could have any adverse effect upon any Merchant’s obligations under this Agreement.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

26. 
Change of Name or Location. Each Merchant represents, warrants, and covenants that it will not conduct its business under
any name other than as disclosed to CFS or change any place(s) of its business without prior written consent from CFS.

 

27. 
Estoppel Certificate. Each Merchant represents, warrants, and covenants that it will, at any time, and from time to time,
upon at least two day’s prior notice from CFS to that Merchant, execute, acknowledge, and deliver to CFS and/or to any other person
or entity specified by CFS, a statement certifying that this Agreement is unmodified and in full force and effect (or, if there have
been modifications, that the same is in full force and effect as modified and stating the modifications) and stating the dates which
the Receivables Purchased Amount or any portion thereof have been paid.

 

28. 
No Bankruptcy. Each Merchant represents, warrants, and covenants that as of the date of this Agreement, it does not contemplate
and has not filed any petition for bankruptcy protection under Title 11 of the United States Code and there has been no involuntary petition
brought or pending against any Merchant. Each Merchant further warrants that it does not anticipate filing any such bankruptcy petition
and it does not anticipate that an involuntary petition will be filed against it. Each Merchant further warrants that there will be no
statutory presumption that it would have been insolvent on the date of this Agreement.

 

29. 
Unencumbered Receivables. Each Merchant represents, warrants, and covenants that it has good, complete, and marketable title
to all Receivables, free and clear of any and all liabilities, liens, claims, changes, restrictions, conditions, options, rights, mortgages,
security interests, equities, pledges, and encumbrances of any kind or nature whatsoever or any other rights or interests that may be
inconsistent with this Agreement or adverse to the interests of CFS, other than any for which CFS has actual or constructive knowledge
as of the date of this Agreement.

 

30. 
Stacking. Each Merchant represents, warrants, and covenants that it will not enter into with any party other than CFS any
arrangement, agreement, or commitment that relates to or involves the Receivables, whether in the form of a purchase of, a loan against,
collateral against, or the sale or purchase of credits against Receivables without the prior written consent of CFS.

 

31. 
Business Purpose. Each Merchant represents, warrants, and covenants that it is a valid business in good standing under the
laws of the jurisdictions in which it is organized and/or operates, and each Merchant is entering into this Agreement for business purposes
and not as a consumer for personal, family, or household purposes.

 

32. 
Default Under Other Contracts. Each Merchant represents, warrants, and covenants that its execution of and/or performance
under this Agreement will not cause or create an event of default by any Merchant under any contract with another person or entity.

 

33. 
Security Interest. To secure each Merchant’s payment and performance obligations to CFS under this Agreement and any
future agreement with CFS, each Merchant hereby grants to CFS a security interest in collateral (the “Collateral”), that
is defined as collectively: (a) all accounts, including without limitation, all deposit accounts, accounts-receivable, and other receivables,
chattel paper, documents, equipment, general intangibles, instruments, and inventory, as those terms are defined by Article 9 of the
Uniform Commercial Code (the “UCC”), now or hereafter owned or acquired by any Merchant; and (b) all proceeds, as that term
is defined by Article 9 of the UCC. The parties acknowledge and agree that any security interest granted to CFS under any other agreement
between any Merchant or Guarantor and CFS (the “Cross-Collateral”) will secure the obligations hereunder and under this Agreement.
Negative Pledge: Each Merchant agrees not to create, incur, assume, or permit to exist, directly or indirectly, any lien on or with respect
to any of the Collateral or the Cross-Collateral, as applicable.

 

Each
Merchant agrees to execute any documents or take any action in connection with this Agreement as CFS deems necessary to perfect or maintain
CFS’s first priority security interest in the Collateral and the Cross-Collateral, including the execution of any account control
agreements. Each Merchant hereby authorizes CFS to file any financing statements deemed necessary by CFS to perfect or maintain CFS’s
security interest, which financing statements may contain notification that each Merchant has granted a negative pledge to CFS with respect
to the Collateral and the Cross-Collateral, and that any subsequent lienor may be tortiously interfering with CFS’s rights. Each
Merchant shall be liable for and CFS may charge and collect all costs and expenses, including but not limited to attorney fees, which
may be incurred by CFS in protecting, preserving, and enforcing CFS’s security interest and rights. Each Merchant further acknowledges
that CFS may use another legal name and/or D/B/A or an agent when designating the Secured Party when CFS files the above-referenced financing
statement(s).

 

34. 
Events of Default. An “Event of Default” may be considered to have taken place if any of the following occur:

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

(1)
Any Merchant violates any term or covenant in this Agreement;

(2)
Any representation or warranty by any Merchant in any Agreement with CFS that has not been terminated proves to have been incorrect,
false, or misleading in any material respect when made;

(3)
Any Merchant fails to provide CFS with written notice of any material change in its financial condition, operation, or ownership within
seven days thereafter (unless a different notice period is specifically provided for elsewhere in this Agreement;

(4)
the sending of notice of termination by any Merchant or Guarantor;

(5)
Any Merchant transports, moves, interrupts, suspends, dissolves, or terminates its business without the prior written consent of CFS
other than a bankruptcy filing;

(6)
Any Merchant transfers or sells all or substantially all of its assets without the prior written consent of CFS;

(7)
Any Merchant makes or sends notice of any intended bulk sale or transfer by any Merchant without the prior written consent of CFS;

(8)
Any Merchant uses multiple depository accounts without the prior written consent of CFS;

(9)
Any Merchant changes the Account without the prior written consent of CFS;

(10)
CFS is not provided with updated login or password information for the Account within one business day after any such change is made
by any Merchant;

(11)
Any Merchant fails to send bank statements, merchant account statements, or bank login information for the Account within two business
days after a written request for same is made by CFS;

(12)
Any Merchant changes any Processor or adds terminals without the prior written consent of CFS;

(13)
Any Merchant performs any act that reduces the value of any Collateral granted under this Agreement;

(14)
Any Merchant fails to deposit its Receivables into the Account;

(15)
Any Merchant causes any ACH debit to the Account by CFS to be blocked or stopped;

(16)
Any Merchant who pursuant to the Agreement contracts to make payments to CFS via wire transfer and fails to make two such wire transfer
payments;

(17)
Either two consecutive or four total ACH debits to the Account by CFS are returned for not sufficient funds (NSF) without advance written
notice from any Merchant;

(18)
Any Merchant whose payment structure involves weekly payments has any such weekly debit to the Account by CFS returned for not sufficient
funds;

(19)
Merchant Violates the Stacking provision detailed in Section 30;

(20)
Any Merchant prevents CFS from collecting any part of the Receivables Purchased Amount;

(21)
Any Merchant causes any ACH debit to the Account to be stopped that would result in an ACH Return Code of R08 or R10 and that Merchant
does not within two business days thereafter provide CFS with written notice thereof explaining why that Merchant caused the ACH debit
to be stopped, which notice may be given by e-mail to support@cobaltfunding.com; or

(22)
Any Merchant defaults under any of the terms, covenants, and conditions of any other agreement with CFS.

 

35. 
Remedies. In case any Event of Default occurs and is not waived, CFS may proceed to protect and enforce its rights or remedies
by suit in equity or by action at law, or both, whether for the specific performance of any covenant, agreement, or other provision contained
herein, or to enforce the discharge of each Merchant’s obligations hereunder, or any other legal or equitable right or remedy.
All rights, powers, and remedies of CFS in connection with this Agreement, including each Protection listed in Section 17, may be exercised
at any time by CFS after the occurrence of an Event of Default, are cumulative and not exclusive, and will be in addition to any other
rights, powers, or remedies provided by law or equity. In addition to the foregoing, in case any Event of Default occurs and is not waived,
CFS will be entitled to the issuance of an injunction, restraining order, or other equitable relief in CFS’s favor, subject to
court or arbitrator approval, restraining each Merchant’s accounts and/or receivables up to the amount due to CFS as a result of
the Event of Default, and each Merchant will be deemed to have consented to the granting of an application for the same to any court
or arbitral tribunal of competent jurisdiction without any prior notice to any Merchant or Guarantor and without CFS being required to
furnish a bond or other undertaking in connection with the application.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

36. 
Merchant’s Obligations Upon Default. Upon the occurrence of an Event of Default under this Agreement, Merchant shall be obliged
to immediately deliver to CFS (i) the entire unpaid portion of the Receivables Purchased Amount; (ii) the Default Fee in the amount of
$2,500.00, pursuant to Section 1, above; (iii) applicable NSF/Rejected ACH Fees, pursuant to Section 1, above; and (iii) as additional
damages, reasonable costs and expenses in connection with CFS recovering the monies due to CFS from Merchant pursuant to this Agreement,
including without limitation reasonable attorneys’ fees and disbursements (with such additional damages collectively referred to as “Reasonable
Damages”). The parties agree that CFS shall not be required to itemize or prove its Reasonable Damages and that the fair value
of the Reasonable Damages shall be calculated as forty percent (40%) of the undelivered portion of the Receivables Purchased Amount upon
the occurrence of an Event of Default, or five thousand dollars ($5,000.00), whichever is greater. Merchant shall be obliged to pay the
Reasonable Damages irrespective of whether CFS actually incurs such expenses. The entire sum due to CFS pursuant to this paragraph shall
bear simple interest from the date on which the Event of Default occurred Date until it is paid in full or a judgment is entered, at
the rate of 16% per annum (or the maximum rate permitted by applicable law if lower), and such interest shall accrue daily.

 

37. 
Required Notifications. Each Merchant is required to give CFS written notice at least one day prior to any filing under Title
11 of the United States Code. Merchant(s) are required to give CFS at least seven days’ written notice prior to the closing of
any sale of all or substantially all of any Merchant’s assets or stock.

 

38. 
Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and
assigns, except that Merchant(s) shall not have the right to assign its rights hereunder or any interest herein without the prior written
consent of CFS, which consent may be withheld in CFS’s sole discretion. CFS may assign, transfer, or sell its rights under this
Agreement, including, without limitation, its rights to receive the Receivables Purchased Amount, and its rights under Section 33 of
this Agreement, the Guarantee, and any other agreement, instrument, or document executed in connection with the transactions contemplated
by this Agreement (a “Related Agreement”), or delegate its duties hereunder or thereunder, either in whole or in part. From
and after the effective date of any such assignment or transfer by CFS, whether or not any Merchant has actual notice thereof, this Agreement
and each Related Agreement shall be deemed amended and modified (without the need for any further action on the part of any Merchant
or CFS) such that the assignee shall be deemed a party to this Agreement and any such Related Agreement and, to the extent provided in
the assignment document between CFS and such assignee (the “Assignment Agreement”), have the rights and obligations of CFS
under this Agreement and such Related Agreements with respect to the portion of the Receivables Purchased Amount set forth in such Assignment
Agreement, including but not limited to rights in the Receivables, Collateral and Additional Collateral, the benefit of each Guarantor’s
guaranty regarding the full and prompt performance of every obligation that is a subject of the Guarantee, CFS’s rights under Section
17 of this Agreement (Protections Against Default), and to receive damages from any Merchant following a breach of this Agreement by
any Merchant. In connection with such assignment, CFS may disclose all information that CFS has relating to any Merchant or its business.
Each Merchant agrees to acknowledge any such assignment in writing upon CFS’s request.

 

39. 
Notices. All notices, requests, consents, demands, and other communications hereunder to CFS shall be delivered by certified
mail, return receipt requested, or by overnight delivery with signature confirmation addressed to 99 Wall Street, New York, NY 10005
and shall become effective only upon receipt. All notices, requests, consents, demands, and other communications hereunder to Merchant(s)
and Guarantor(s) shall be delivered by certified mail, return receipt requested, or by overnight delivery with signature confirmation
addressed to their addresses set forth in this Agreement and shall become effective only upon receipt. Written notice may also be given
to any Merchant or Guarantor by e-mail to the E-mail Address listed on the first page of this Agreement. Each Merchant must set its spam
or junk mail filter to accept e-mails sent by support@cobaltfunding.com and its domain. This Section is not applicable to service of
process or notices in any legal proceedings.

 

40. 
Binding Effect; Governing Law, Venue and Jurisdiction. This Agreement shall be binding upon and inure to the benefit
of Merchant, CFS and their respective successors and assigns, except that Merchant shall not have the right to assign its rights hereunder
or any interest herein without the prior written consent of CFS which consent may be withheld in CFS’s sole discretion. CFS reserves
the rights to assign this Agreement with or without prior written notice to Merchant. This Agreement shall be governed by and construed
in accordance with the laws of the state of New York, without regards to any applicable principals of conflicts of law. Any suit, action
or proceeding arising hereunder, or the interpretation, performance or breach hereof, shall, if CFS elects, be instituted in any court
sitting in the States of New York or Connecticut, (the “Acceptable Forums”). Merchant agrees that the Acceptable
Forums are convenient to it and submits to the jurisdiction of the Acceptable Forums and waives any and all objections to jurisdiction
or venue. Should such proceeding be initiated in any other forum, Merchant waives any right to oppose any motion or application made
by CFS to transfer such proceeding to an Acceptable Forum.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

41. 
Forum Selection and Venue. Any litigation relating to this Agreement or involving CFS on one side and any Merchant or any
Guarantor on the other must be commenced and maintained in any court located in the Counties of Nassau, Kings, Queens, New York, or Sullivan
in the State of New York (the “Acceptable Forums”). The parties agree that the Acceptable Forums are convenient, submit to
the jurisdiction of the Acceptable Forums, and waive any and all objections to the jurisdiction or venue of the Acceptable Forums. If
any litigation is initiated in any other venue or forum, the parties waive any right to oppose any motion or application made by any
party to transfer such litigation to an Acceptable Forum. The parties agree that this Agreement encompasses the transaction of business
within the City of New York. In addition to the Acceptable Forums, any action or proceeding to enforce a judgment or arbitration award
against any Merchant or Guarantor or to restrain or collect any amount due to CFS may be commenced and maintained in any other court
of competent jurisdiction.

 

42. 
Jury Waiver. The parties agree to waive trial by jury in any dispute between them.

 

43. 
Counterclaim Waiver. In any litigation or arbitration commenced by CFS, each Merchant and each Guarantor will not be permitted
to interpose any counterclaim.

 

44. 
Statutes of Limitations. Each Merchant and each Guarantor agree that any claim that is not asserted against CFS within one
year of its accrual will be time barred.

 

45. 
Prejudgment and Postjudgment Interest. If CFS becomes entitled to the entry of a judgment against any Merchant or any Guarantor,
then CFS will be entitled to the recovery of prejudgment interest at a rate of 24% per annum (or 16% per annum if any Merchant is a sole
proprietorship), or the maximum rate permitted by applicable law if less, and upon entry of any such judgment, it will accrue interest
at a rate of 24% per annum (or 16% per annum if any Merchant is a sole proprietorship), or the maximum rate permitted by applicable law
if less, which rate will govern over the statutory rate of interest up until actual satisfaction of the judgment.

 

46. 
Class Action Waiver. CFS, each Merchant, and each Guarantor agree that they may bring claims against each other relating to
this Agreement only in their individual capacities, and not as a plaintiff or class action member in any purported class or representative
proceedings.

 

47. 
PREJUDGMENT REMEDY WAIVER. EACH AND EVERY MERCHANT OR GUARANTOR OF THIS AGREEMENT AND EACH OTHER PERSON OR ENTITY WHO MAY
BECOME LIABLE FOR ALL OR ANY PART OF THIS OBLIGATION, HEREBY ACKNOWLEDGE THAT THE TRANSACTION OF WHICH THIS AGREEMENT IS A PART IS A
COMMERCIAL TRANSACTION, AND TO THE EXTENT ALLOWED UNDER CONNECTICUT GENERAL STATUTES SECTION 52- 278a TO 52-278m, INCLUSIVE, OR BY OTHER
APPLICABLE LAW EACH AND EVERY MERCHANT OR GUARANTOR OF THIS AGREEMENT HEREBY WAIVE (A) ALL RIGHTS TO NOTICE AND PRIOR COURT HEARING OR
COURT ORDER IN CONNECTION WITH ANY AND ALL PREJUDGMENT REMEDIES TO WHICH THE PURCHASER HEREOF MAY BECOME ENTITILED BY VIRTUE OF ANY DEFAULT
OR PROVISION OF THIS AGREEMENT AND (B) ALL RIGHTS TO REQUEST THAT THE PURCHASER HEREOF POST A BOND, WITH OR WITHOUT SURETY, TO PROTECT
SAID MERCHANT OR GURANTOR AGAINST DAMAGES THAT MAY BE CAUSED BY ANY PREJUDGMENT REMEDY SOUGHT OR OBTAINED BY THE PURCHASER HEREOF BY
VIRTUE OF ANY DEFAULT OR PROVISION OF THIS AGREEMENT.

 

48. 
Arbitration. Any action or dispute relating to this Agreement or involving CFS on one side and any Merchant or any Guarantor
on the other, including, but not limited to issues of arbitrability, will, at the option of any party to such action or dispute, be determined
by arbitration before a single arbitrator. The arbitration will be administered either by Arbitration Services, Inc. under its Commercial
Arbitration Rules as are in effect at that time, which rules are available at www.arbitrationservicesinc.com, or by Mediation
& Commercial Arbitration, Inc. under its Commercial Arbitration Rules as are in effect at that time, which rules are available at
www.mcarbitration.org. Once an arbitration is initiated with one of these arbitral forums, it must be maintained exclusively before that
arbitral forum and the other arbitral forum specified herein may not be used. Any arbitration relating to this Agreement must be conducted
in the Counties of Nassau, New York, Queens, or Kings in the State of New York. Notwithstanding any provision of any applicable arbitration
rules, any witness in an arbitration who does not reside in or have a place for the regular transaction of business located in New York
City or the Counties of Nassau, Suffolk, or Westchester in the State of New York will be permitted to appear and testify remotely by
telephone or video conferencing. In case any Event of Default occurs and is not waived, each Merchant and each Guarantor consents to
CFS making an application to the arbitrator, without notice to any Merchant or any Guarantor, for the issuance of an injunction, restraining
order, or other equitable relief in CFS’s favor, subject to court or arbitrator approval, restraining each Merchant’s accounts
and/or receivables up to the amount due to CFS as a result of the Event of Default.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

Each
Merchant acknowledges and agrees that this Agreement is the product of communications conducted by telephone and the Internet, which
are instrumentalities of interstate commerce, and that the transactions contemplated under this Agreement will be made by wire transfer
and ACH, which are also instrumentalities of interstate commerce, and that this Agreement therefore evidences a transaction affecting
interstate commerce. Accordingly, notwithstanding any provision in this Agreement to the contrary, all matters of arbitration relating
to this Agreement will be governed by and construed in accordance with the provisions of the Federal Arbitration Act, codified as Title
9 of the United States Code, however any application for injunctive relief in aid of arbitration or to confirm an arbitration award may
be made under Article 75 of the New York Civil Practice Law and Rules. The arbitration agreement contained in this Section may also be
enforced by any employee, agent, attorney, member, manager, officer, subsidiary, affiliate entity, successor, or assign of CFS.

 

49. 
Service of Process. Merchant hereby agrees and consents that the mailing or emailing of any process required by any such court
will constitute valid and lawful service of process against each Merchant without the necessity for service by any other means provided
by statute or rule of court, but without invalidating service performed in accordance with such other provisions. Such mailing of process
shall be made via certified mail to the Contact Address shown on Page 1 of this Agreement and if more than one Contract Address is provided,
then to any one of such address; and such emailing shall be made by emailing a copy of the process as an attachment to the email address(es)
shown on Page 1 of this Agreement. Merchant agrees that the service of such process and any legal papers served subsequently thereafter
shall be deemed complete upon such mailing or transmission of such email irrespective of whether such mailing or email is actually received
by each Merchant and Guarantor. Merchant agrees that it will be precluded from asserting that it did not receive service of process or
any other notice mailed or emailed to the Contact Address or email address set forth on Page 1 of this Agreement if they do not furnish
a certified mail return receipt signed by CFS demonstrating that CFS was provided with notice of a change in the Contact Address or email
address.

 

50. 
Survival of Representation, etc. All representations, warranties, and covenants herein shall survive the execution and delivery
of this Agreement and shall continue in full force until all obligations under this Agreement shall have been satisfied in full and this
Agreement shall have terminated.

 

51. 
Waiver. No failure on the part of CFS to exercise, and no delay in exercising, any right under this Agreement, shall operate
as a waiver thereof, nor shall any single or partial exercise of any right under this Agreement preclude any other or further exercise
thereof or the exercise of any other right. The remedies provided hereunder are cumulative and not exclusive of any remedies provided
by law or equity.

 

52. 
Independent Sales Organizations/Brokers. Each Merchant and each Guarantor acknowledge that it may have been introduced to
CFS by or received assistance in entering into this Agreement or its Guarantee from an independent sales organization or broker (“ISO”).
Each Merchant and each Guarantor agree that any ISO is separate from and is not an agent or representative of CFS. Each Merchant and
each Guarantor acknowledge that CFS is not bound by any promises or agreements made by any ISO that are not contained within this Agreement.
Each Merchant and each Guarantor exculpate from liability and agree to hold harmless and indemnify CFS and its officers, directors, members,
shareholders, employees, and agents from and against all losses, damages, claims, liabilities, and expenses (including reasonable attorney
and expert fees) incurred by any Merchant or any Guarantor resulting from any act or omission by any ISO. Each Merchant and each Guarantor
acknowledge that any fee that they paid to any ISO for its services is separate and apart from any payment under this Agreement. Each
Merchant and each Guarantor acknowledge that CFS does not in any way require the use of an ISO and that any fees charged by any ISO are
not required as a condition or incident to this Agreement.

 

53. 
Modifications; Agreements. No modification, amendment, waiver, or consent of any provision of this Agreement shall be effective
unless the same shall be in writing and signed by all parties.

 

54. 
Severability. If any provision of this Agreement is deemed invalid or unenforceable as written, it will be construed, to the
greatest extent possible, in a manner which will render it valid and enforceable, and any limitation on the scope or duration of any
such provision necessary to make it valid and enforceable will be deemed to be part thereof. If any provision of this Agreement is deemed
void, all other provisions will remain in effect.

 

55. 
Headings. Headings of the various articles and/or sections of this Agreement are for convenience only and do not necessarily
define, limit, describe, or construe the contents of such articles or sections.

 

56. 
Attorney Review. Each Merchant acknowledges that it has had an opportunity to review this Agreement and all addenda with counsel
of its choosing before signing the documents or has chosen not to avail itself of the opportunity to do so.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

57. 
Entire Agreement. This Agreement, inclusive of all addenda, if any, executed simultaneously herewith constitutes the full
understanding of the parties to the transaction herein and may not be amended, modified, or canceled except in writing signed by all
parties. Should there arise any conflict between this Agreement and any other document preceding it, this Agreement will govern. This
Agreement does not affect any previous agreement between the parties unless such an agreement is specifically referenced herein. This
Agreement will not be affected by any subsequent agreement between the parties unless this Agreement is specifically referenced therein.

 

58. 
Counterparts; Fax and Electronic Signatures. This Agreement may be executed electronically and in counterparts. Facsimile
and electronic copies of this Agreement will have the full force and effect of an original.

 

SIGNATURES
TO FOLLOW ON NEXT PAGE

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

EACH
UNDERSIGNED HEREBY ACCEPTS THE TERMS OF THIS AGREEMENT

 

FOR
THE MERCHANT/OWNER (#1)

 

	ROBERT
    ALLAN CLARK II	 	Owner	 	 
	Print
    Name	 	Title	 	Signature

 

	SS#:	###-##-####	 	Driver
    License Number:	C462761771000

 

FOR
THE MERCHANT/OWNER (#2)

 

	 	 	 	 	 
	Print
    Name	 	Title	 	Signature

 

	SS#:	 	 	Driver
    License Number:	 

 

Approved
for Cobalt Funding Solutions by:

 

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

GUARANTEE

 

G1.
Personal Guarantee of Performance. This is a personal guaranty of performance, dated 11/02/2022, of the Standard Merchant
Cash Advance Agreement, dated 11/02/2022 (“Agreement”), inclusive of all addenda, if any, executed simultaneously
therewith, by and between Cobalt Funding Solutions(“CFS”) and All Merchants Listed in “Merchant List” Addendum
(“Merchant”). Each undersigned Guarantor hereby guarantees each Merchant’s performance of all of the representations,
warranties, and covenants made by each Merchant to CFS in the Agreement, inclusive of all addenda, if any, executed simultaneously herewith,
as the Agreement may be renewed, amended, extended, or otherwise modified (the “Guaranteed Obligations”). Each Guarantor’s
obligations are due at the time of any breach by any Merchant of any representation, warranty, or covenant made by any Merchant in the
Agreement.

 

G2.
Communications. CFS may use automated telephone dialing, text messaging systems, and e-mail to provide messages to Guarantor(s)
about Merchant(s)’s account. Telephone messages may be played by a machine automatically when the telephone is answered, whether
answered by an Owner, a Guarantor, or someone else. These messages may also be recorded by the recipient’s answering machine or
voice mail. Each Guarantor gives CFS permission to call or send a text message to any telephone number given to CFS in connection with
this Agreement and to play pre-recorded messages and/or send text messages with information about this Agreement and/or any Merchant’s
account over the phone. Each Guarantor also gives CFS permission to communicate such information to them by e-mail. Each Guarantor agrees
that CFS will not be liable to any of them for any such calls or electronic communications, even if information is communicated to an
unintended recipient. Each Guarantor acknowledges that when they receive such calls or electronic communications, they may incur a charge
from the company that provides them with telecommunications, wireless, and/or Internet services, and that CFS has no liability for any
such charges.

 

G3.
Guarantor Waivers. If CFS considers any Event of Default to have taken place under the Agreement, then CFS may enforce its rights
under this Guarantee without first seeking to obtain payment from any Merchant, any other guarantor, or any Collateral, Additional Collateral,
or Cross-Collateral CFS may hold pursuant to this Guarantee or any other agreement or guarantee. CFS does not have to notify any Guarantor
of any of the following events and Guarantor(s) will not be released from its obligations under this Guarantee even if it is not notified
of: (i) any Merchant’s failure to pay timely any amount owed under the Agreement; (ii) any adverse change in any Merchant’s
financial condition or business; (iii) any sale or other disposition of any collateral securing the Guaranteed Obligations or any other
guarantee of the Guaranteed Obligations; (iv) CFS’s acceptance of the Agreement with any Merchant; and (v) any renewal, extension,
or other modification of the Agreement or any Merchant’s other obligations to CFS. In addition, CFS may take any of the following
actions without releasing any Guarantor from any obligations under this Guarantee: (i) renew, extend, or otherwise modify the Agreement
or any Merchant’s other obligations to CFS; (ii) if there is more than one Merchant, release a Merchant from its obligations to
CFS such that at least one Merchant remains obligated to CFS; (iii) sell, release, impair, waive, or otherwise fail to realize upon any
collateral securing the Guaranteed Obligations or any other guarantee of the Guaranteed Obligations; and (iv) foreclose on any collateral
securing the Guaranteed Obligations or any other guarantee of the Guaranteed Obligations in a manner that impairs or precludes the right
of Guarantor to obtain reimbursement for payment under the Agreement. Until the Receivables Purchased Amount and each Merchant’s
other obligations to CFS under the Agreement and this Guarantee are paid in full, each Guarantor shall not seek reimbursement from any
Merchant or any other guarantor for any amounts paid by it under the Agreement. Each Guarantor permanently waives and shall not seek
to exercise any of the following rights that it may have against any Merchant, any other guarantor, or any collateral provided by any
Merchant or any other guarantor, for any amounts paid by it or acts performed by it under this Guarantee: (i) subrogation; (ii) reimbursement;
(iii) performance; (iv) indemnification; or (v) contribution.

 

G4.
Joint and Several Liability. The obligations hereunder of the persons or entities constituting each Guarantor under this Guarantee
are joint and several.

 

G5.
Injunctive Relief. In case any Event of Default occurs and is not waived, CFS will be entitled to the issuance of an injunction,
restraining order, or other equitable relief in CFS’s favor, subject to court or arbitrator approval, restraining each Guarantor’s
accounts and/or receivables up to the amount due to CFS as a result of the Event of Default, and each Guarantor will be deemed to have
consented to the granting of an application for the same to any court or arbitral tribunal of competent jurisdiction without any prior
notice to any Merchant or Guarantor and without CFS being required to furnish a bond or other undertaking in connection with the application.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

 

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

G6.
Binding Effect; Governing Law, Venue and Jurisdiction. This Agreement and Guarantee shall be binding upon and inure to the benefit
of Merchant, or any Guarantor, CFS and their respective successors and assigns, except that Merchant or any Guarantor, shall not have
the right to assign its rights hereunder or any interest herein without the prior written consent of CFS which consent may be withheld
in CFS’s sole discretion. CFS reserves the rights to assign this Agreement with or without prior written notice to Merchant or
any Guarantor. This Agreement shall be governed by and construed in accordance with the laws of the state of New York, without
regards to any applicable principals of conflicts of law. Any suit, action or proceeding arising hereunder, or the interpretation, performance
or breach hereof, shall, if CFS elects, be instituted in any court sitting in the States of New York or Connecticut, (the “Acceptable
Forums”). Merchant or any Guarantor, agree that the Acceptable Forums are convenient to it and submits to the jurisdiction
of the Acceptable Forums and waive any and all objections to jurisdiction or venue. Should such proceeding be initiated in any other
forum, Merchant or any Guarantor, waive any right to oppose any motion or application made by CFS to transfer such proceeding to an Acceptable
Forum.

 

G7.
Jury Waiver. Each Guarantor agrees to waive trial by jury in any dispute with CFS.

 

G8.
Counterclaim Waiver. In any litigation or arbitration commenced by CFS, each Merchant and each Guarantor will not be permitted
to interpose any counterclaim.

 

G9.
Statutes of Limitations. Each Merchant and each Guarantor agree that any claim that is not asserted against CFS within one year
of its accrual will be time barred.

 

G10.
Costs & Legal Fees. Each Merchant and each Guarantor must pay all of CFS’s reasonable costs associated with a breach
by any Merchant of the covenants in this Agreement or this Guarantee and the enforcement thereof as set forth in the Agreement

 

G11.
Prejudgment and Postjudgment Interest. If CFS becomes entitled to the entry of a judgment against any Merchant or any Guarantor,
then CFS will be entitled to the recovery of prejudgment interest at a rate of 24% per annum (or 16% per annum if any Merchant is a sole
proprietorship), or the maximum rate permitted by applicable law if less, and upon entry of any such judgment, it will accrue interest
at a rate of 24% per annum (or 16% per annum if any Merchant is a sole proprietorship), or the maximum rate permitted by applicable law
if less, which rate will govern over the statutory rate of interest up until actual satisfaction of the judgment.

 

G12.
If CFS prevails in any litigation or arbitration with any Merchant or any Guarantor, then that Merchant and/or Guarantor must
pay CFS’s reasonable attorney fees, which may include a contingency fee of up to 40% of the amount claimed.

 

G13.
Class Action Waiver. CFS, each Merchant, and each Guarantor agree that they may bring claims against each other relating to this
Agreement only in their individual capacities, and not as a plaintiff or class action member in any purported class or representative
proceedings.

 

G14.
- PREJUDGMENT REMEDY WAIVER. EACH AND EVERY MERCHANT OR GUARANTOR OF THIS AGREEMENT AND EACH OTHER PERSON OR ENTITY WHO MAY BECOME
LIABLE FOR ALL OR ANY PART OF THIS OBLIGATION, HEREBY ACKNOWLEDGE THAT THE TRANSACTION OF WHICH THIS AGREEMENT IS A PART IS A COMMERCIAL
TRANSACTION, AND TO THE EXTENT ALLOWED UNDER

 

CONNECTICUT
GENERAL STATUTES SECTION 52- 278a TO 52-278m, INCLUSIVE, OR BY OTHER APPLICABLE LAW EACH AND EVERY MERCHANT OR GUARANTOR OF THIS AGREEMENT
HEREBY WAIVE (A) ALL RIGHTS TO NOTICE AND PRIOR COURT HEARING OR COURT ORDER IN CONNECTION WITH ANY AND ALL PREJUDGMENT REMEDIES TO WHICH
THE PURCHASER HEREOF MAY BECOME ENTITILED BY VIRTUE OF ANY DEFAULT OR PROVISION OF THIS AGREEMENT AND (B) ALL RIGHTS TO REQUEST THAT
THE PURCHASER HEREOF POST A BOND, WITH OR WITHOUT SURETY, TO PROTECT SAID MERCHANT OR GURANTOR AGAINST DAMAGES THAT MAY BE CAUSED BY
ANY PREJUDGMENT REMEDY SOUGHT OR OBTAINED BY THE PURCHASER HEREOF BY VIRTUE OF ANY DEFAULT OR PROVISION OF THIS AGREEMENT.

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

 

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

G15.
Arbitration. Any action or dispute relating to this Agreement or this Guarantee or involving CFS on one side and any Merchant
or any Guarantor on the other, including, but not limited to issues of arbitrability, will, at the option of any party to such action
or dispute, be determined by arbitration before a single arbitrator. The arbitration will be administered either by Arbitration Services,
Inc. under its Commercial Arbitration Rules as are in effect at that time, which rules are available at www.arbitrationservicesinc.com,
or by Mediation & Commercial Arbitration, Inc. under its Commercial Arbitration Rules as are in effect at that time, which rules
are available at www.mcarbitration.org. Once an arbitration is initiated with one of these arbitral forums, it must be maintained
exclusively before that arbitral forum and the other arbitral forum specified herein may not be used. Any arbitration relating to this
Agreement or this Guarantee must be conducted in the Counties of Nassau, New York, Queens, or Kings in the State of New York. Notwithstanding
any provision of any applicable arbitration rules, any witness in an arbitration who does not reside in or have a place for the regular
transaction of business located in New York City or the Counties of Nassau, Suffolk, or Westchester in the State of New York will be
permitted to appear and testify remotely by telephone or video conferencing. In case any

 

Event
of Default occurs and is not waived, each Guarantor consents to CFS making an application to the arbitrator, without notice to any Merchant
or any Guarantor, for the issuance of an injunction, restraining order, or other equitable relief in CFS’s favor, subject to court
or arbitrator approval, restraining each Guarantor’s accounts and/or receivables up to the amount due to CFS as a result of the
Event of Default.

 

Each
Guarantor acknowledges and agrees that the Agreement and this Guarantee are the product of communications conducted by telephone and
the Internet, which are instrumentalities of interstate commerce, and that the transactions contemplated under the Agreement and this
Guarantee will be made by wire transfer and ACH, which are also instrumentalities of interstate commerce, and that the Agreement and
this Guarantee therefore evidence a transaction affecting interstate commerce. Accordingly, notwithstanding any provision in the Agreement
or this Guarantee to the contrary, all matters of arbitration relating to the Agreement or this Guarantee will be governed by and construed
in accordance with the provisions of the Federal Arbitration Act, codified as Title 9 of the United States Code, however any application
for injunctive relief in aid of arbitration or to confirm an arbitration award may be made under Article 75 of the New York Civil Practice
Law and Rules. The arbitration agreement contained in this Section may also be enforced by any employee, agent, attorney, member, manager,
officer, subsidiary, affiliate entity, successor, or assign of CFS.

 

G16.
Service of Process. Guarantor hereby agrees and consents that the mailing or emailing of any process required by any such court
will constitute valid and lawful service of process against each Guarantor without the necessity for service by any other means provided
by statute or rule of court, but without invalidating service performed in accordance with such other provisions. Such mailing of process
shall be made via certified mail to the Contact Address shown on Page 1 of this Agreement and if more than one Contract Address is provided,
then to any one of such address; and such emailing shall be made by emailing a copy of the process as an attachment to the email address(es)
shown on Page 1 of this Agreement. Guarantor agrees that the service of such process and any legal papers served subsequently thereafter
shall be deemed complete upon such mailing or transmission of such email irrespective of whether such mailing or email is actually received
by each Merchant and Guarantor. Guarantor agrees that it will be precluded from asserting that it did not receive service of process
or any other notice mailed or emailed to the Contact Address or email address set forth on Page 1 of this Agreement if they do not furnish
a certified mail return receipt signed by CFS demonstrating that CFS was provided with notice of a change in the Contact Address or email
address.

 

G17.
Severability. If any provision of this Guarantee is deemed invalid or unenforceable as written, it will be construed, to the
greatest extent possible, in a manner which will render it valid and enforceable, and any limitation on the scope or duration of any
such provision necessary to make it valid and enforceable will be deemed to be part thereof. If any provision of this Guarantee is deemed
void, all other provisions will remain in effect.

 

G18.
Survival. The provisions of Sections G2, G3, G4, G5, G6, G7, G8, G9, G10, G11, G12, G13, G14, G15, G16, G17, G18, G19, G20, G21,
and G22 shall survive any termination of this Guarantee.

 

G19.
Headings. Headings of the various articles and/or sections of this Guarantee are for convenience only and do not necessarily
define, limit, describe, or construe the contents of such articles or sections.

 

G20.
Attorney Review. Each Guarantor acknowledges that it has had an opportunity to review this Guarantee, the Agreement, and all
addenda with counsel of its choosing before signing the documents or has chosen not to avail itself of the opportunity to do so.

 

G21.
Entire Agreement. This Guarantee, inclusive of all addenda, if any, executed simultaneously herewith may not be amended, modified,
or canceled except in writing signed by all parties. Should there arise any conflict between this Guarantee and any other document preceding
it, this Guarantee will govern. This Guarantee does not affect any previous agreement between the parties unless such an agreement is
specifically referenced in the Agreement or herein. This Guarantee will not be affected by any subsequent agreement between the parties
unless this Guarantee is specifically referenced therein.

 

G22.
Counterparts; Fax and Electronic Signatures. This Guarantee may be executed electronically and in counterparts. Facsimile and
electronic copies of this Guarantee will have the full force and effect of an original.

 

THE
TERMS, DEFINITIONS, CONDITIONS AND INFORMATION SET FORTH IN THE “STANDARD MERCHANT CASH ADVANCE AGREEMENT”, INCLUDING THE
“TERMS AND CONDITIONS”, ARE HEREBY INCORPORATED IN AND MADE A PART OF THIS GUARANTEE. CAPITALIZED TERMS NOT DEFINED IN THIS
GUARANTEE SHALL HAVE THE MEANING SET FORTH IN THE STANDARD MERCHANT CASH ADVANCE AGREEMENT, INCLUDING THE TERMS AND CONDITIONS.

 

SIGNATURES
TO FOLLOW ON NEXT PAGE

 

I
have read and agree to the terms and conditions set forth above:

 

	 		 	 	 
	Name:	ROBERT
  ALLAN CLARK II	 	Name:	 
	Title:	Owner	 	Title:	 
	Date:
  	11/02/2022	 	Date:
    	11/02/2022

 

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

THE
UNDERSIGNED HEREBY ACCEPT THE TERMS OF THIS GUARANTEE

 

FOR
THE MERCHANT/OWNER (#1)

 

	ROBERT
    ALLAN CLARK II	 	Owner	 	 
	Print
    Name	 	Title	 	Signature

 

	SS#:	###-##-####	 	Driver
    License Number:	C462761771000

 

FOR
THE MERCHANT/OWNER (#2)

 

	 	 	 	 	 
	Print
    Name	 	Title	 	Signature

 

	SS#:	 	 	Driver
    License Number:	 

 

    	 

     

    

 

STANDARD
MERCHANT CASH ADVANCE AGREEMENT

 

ADDENDUM
TO STANDARD MERCHANT CASH ADVANCE AGREEMENT FOR ESTIMATED PAYMENTS

 

This
is an Addendum, dated 11/02/2022, to the Standard Merchant Cash Advance Agreement (“Agreement”), dated 11/02/2022, between
Cobalt Funding Solutions (“CFS”) and All Merchants Listed in “Merchant List” Addendum (“Merchant”).
This Addendum incorporates the Agreement by reference. The terms of this Addendum will control to the extent they conflict with any of
the terms in the Agreement.

 

Instead
of debiting the 15% Specified Percentage of Merchant’s Receivables, CFS may instead debit $1,725.00(“Estimated
Payment”) from the Account every day. The Estimated Payment is intended to be an approximation of no more than the Specified
Percentage.

 

Any
Merchant may give written notice to CFS requesting that CFS conduct a reconciliation in order to ensure that the amount that CFS has
collected equals the Specified Percentage of Merchant(s)’s Receivables under this Agreement. Any Merchant may give written notice
requesting a reconciliation. A request for reconciliation may also be made by e-mail to support@cobaltfunding.com and such notice will
be deemed to have been received if and when CFS sends a reply e-mail (but not a read receipt). If such reconciliation determines that
CFS collected more than it was entitled to, then within seven days thereafter, CFS will credit to the Account all amounts to which CFS
was not entitled and decrease the Estimated Payment so that it is consistent with the Specified Percentage of Merchant(s)’s Receivables
from the date of the Agreement through the date of the reconciliation. If such reconciliation determines that CFS collected less than
it was entitled to, then within seven days thereafter, CFS will debit from the Account all additional amounts to which CFS was entitled
and increase the Estimated Payment so that it is consistent with the Specified Percentage of Merchant(s)’s Receivables from the
date of the Agreement through the date of the reconciliation, with the increase being subject to any Cap in place on collections. In
order to effectuate this reconciliation, any Merchant must produce with its request the login and password for the Account and any and
all bank statements and merchant statements covering the period from the date of this Agreement through the date of the request for a
reconciliation. CFS will complete each such reconciliation within two business days after receipt of a written request for one accompanied
by the information and documents required for it. Nothing herein limits the amount of times that such a reconciliation may be requested.

 

FOR
                                            THE MERCHANT/OWNER (#1)

 

	ROBERT
    ALLAN CLARK II	 	Owner	 	 
	Print
    Name	 	Title	 	Signature

 

FOR
THE MERCHANT/OWNER (#2)

 

	 	 	 	 	 
	Print
    Name	 	Title	 	Signature
    

 

    	 

     

    

 

ADDENDUM
TO STANDARD MERCHANT CASH ADVANCE AGREEMENT FOR ADDITIONAL FEES

 

This
is an Addendum, dated 11/02/2022, to the Standard Merchant Cash Advance Agreement (“Agreement”), dated 11/02/2022, between
Cobalt Funding Solutions (“CFS”) and All Merchants Listed in “Merchant List” Addendum (“Merchant”).
This Addendum incorporates the Agreement by reference. The terms of this Addendum will control to the extent they conflict with any of
the terms in the Agreement.

 

Each
Merchant may be held responsible for an NSF/ Rejected ACH Fee of $50.00 for each time an ACH debit to the Account by CFS is returned
or otherwise rejected. No Merchant will be held responsible for such a fee if any Merchant gives CFS advance notice of no more than one
business day in advance that the Account has insufficient funds to be debited by CFS and no Merchant is otherwise in default of the terms
of the Agreement. Each such fee may be deducted from any payment collected by CFS or may be collected in addition to any other payment
collected by CFS under this Agreement.

 

FOR
                                            THE MERCHANT/OWNER (#1)

 

	ROBERT
    ALLAN CLARK II	 	Owner	 	 
	Print
    Name	 	Title	 	Signature

 

FOR
THE MERCHANT/OWNER (#2)

 

	 	 	 	 	 
	Print
    Name	 	Title	 	Signature
    

 

    	 

     

    

 

DECLARATION
OF ORDINARY COURSE OF BUSINESS

 

Each
undersigned hereby declares the following:

 

1.
I am duly authorized to sign the Standard Merchant Cash Advance Agreement (“Agreement”), dated 11/02/2022 between
Cobalt Funding Solutions (“CFS”) and All Merchants Listed in “Merchant List” Addendum (“Merchant”)
on behalf of Merchant.

 

2.
This Declaration incorporates by reference the Agreement and every addendum to it.

 

3.
I acknowledge that I am authorized to sign the Agreement and every addendum to it on behalf of each Merchant.

 

4.
I acknowledge that I had sufficient time to review the Agreement and every addendum to it before signing it.

 

5.
I acknowledge that I had an opportunity to seek legal advice from counsel of my choosing before signing the Agreement and every addendum
to it.

 

6.
I acknowledge that each Merchant is entering into the Agreement voluntarily and without any coercion.

 

7.
I acknowledge that each Merchant is entering into the Agreement in the ordinary course of its business.

 

8.
I acknowledge that the payments to be made from any Merchant to CFS under the Agreement are being made in the ordinary course of each
Merchant’s business.

 

9.
I DECLARE UNDER PENALTY OF PERJURY THAT THE FOREGOING IS TRUE AND CORRECT.

 

	Executed
  on	11/02/2022
	 	(Date)

 

FOR
                                            THE MERCHANT/OWNER (#1)

 

	ROBERT
    ALLAN CLARK II	 	Owner	 	 
	Print
    Name	 	Title	 	Signature

 

FOR
THE MERCHANT/OWNER (#2)

 

	 	 	 	 	 
	Print
    Name	 	Title	 	Signature
    

 

    	 

     

    

 

BANK
INFORMATION

 

Dear
Merchant,

 

Thank
you for accepting this offer from Cobalt Funding Solutions. We look forward to being your funding partner.

 

You
authorize Cobalt Funding Solutions to collect the Receivables Purchased Amount under this Agreement by ACH debiting your bank account
with the bank listed below.

 

Cobalt
Funding Solutions will require viewing access to your bank account, each business day.

 

Cobalt
Funding Solutions will also require viewing access to your bank account, prior to funding, as part of our underwriting process. Please
fill out the form below with the information necessary to access your account.

 

*
Be sure to indicate capital or lower case letters.

 

	Name
  of Bank:	 	Wells
  Fargo
	Name
  of account:	 	Kona
  Gold 
	Account
  number:	 	2283172399
	Routing
  number:	 	063107513
	Bank
  Portal Website:	 	 
	Username:	 	 
	Password:	 	 
	Security
  Question/Answer 1:	 	 
	Security
  Question/Answer 2:	 	 
	Security
  Question/Answer 3:	 	 
	Any
  other information necessary to access your account:	 	 

 

Please
note: In the event that we are unable to access your account, we will take a daily estimated payment. If you have any questions, please
feel free to contact us directly at (202) 733-4200.

 

    	 

     

    

 

Please
complete the full reference page for funding.

 

	Merchant
  / Owner (#1)	 	Merchant
  / Owner (#2)
	Name:
  Jay Fisher	 	Name:
	Phone:
  864-386-5070	 	Phone:
	Email:
  jay@covertcarts.com	 	Email:

 

Business
Reference (#1)

 

	Name
    	Josh
                                            Riskind
	 
	Company
    	Echo
    Logisitics	 
	Phone
    	800-354-7993	 

 

Business
Reference (#1)

 

	Name
    	John
    Plata	 
	Company
    	Flock
    Frieight	 
	Phone
    	858-263-1790	 

 

Personal
Reference

 

	Name
    	Jeremy
    Stewart	 
	Company
    	Curri
    Real Estate	 
	Phone
    	321-626-5821	 

 

Emergency
Contact

 

	Name
    	Lori
    Radcliffe	 
	Relation
    	Colleague	 
	Phone
    	321-652-4057EXHIBIT 10.1
​
EXECUTIVE EMPLOYMENT AGREEMENT
​
THIS AGREEMENT is made as of the 21st day of October 2022.
​
BETWEEN:
​
IVANHOE ELECTRIC INC., a Delaware corporation, having an office at Suite 606-999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1
​
	​
	 (the "Company")

​
AND:
​
TAYLOR MELVIN, residing at 6101 E. Montecito Avenue, Scottsdale, AZ 85251
​
	​
	(the "Employee")

​
WHEREAS:
​
(A) Ivanhoe Electric Inc. is a technology led mineral exploration company with corporate offices located in Vancouver, British Columbia, Canada and to be established in the United States. Through subsidiaries and investment, the Company funds and manages exploration programs in several jurisdictions globally but with a focus in the United States;
​
(B) the Company wishes to engage the Employee as President and Chief Executive Officer of the Company (the “Position”);
​
(C) during the Term of this Agreement, the Employee will also serve as a member of the Company’s Board of Directors (the “Board”);
​
(D) the Employee’s payroll and benefit plans and other related employee costs provided hereunder may be administered by Global Mining Management Corporation (“Global”), and if so administered all related costs will be paid by the Company in accordance with the Global Mining Management Corporation Shareholders’ Corporate Management and Cost Sharing Agreement dated December 4, 2013 as amended January 1, 2016;
​
(E) the Parties hereto wish to enter into this Agreement for the purpose of fixing the compensation and terms applicable to the employment of the Employee during the period hereinafter set forth; and
​
(F) all references in this Agreement to dollars are United States Dollars.
​
NOW THEREFORE THIS AGREEMENT WITNESSES that the Company and Employee (collectively the “Parties”), as Parties hereto, in consideration of the respective covenants and agreements on the part of each of them herein contained, and each intending to be legally bound hereby, do hereby covenant and agree as follows:
​
Section 1 Employment
​
1.1 The Company hereby engages the Employee, and the Employee acknowledges and agrees, to perform the function of President and Chief Executive Officer for the Company, initially based in Phoenix, Arizona, reporting to the Board. You will have the mandate, in consultation with the Board, to develop a corporate head office in or outside Arizona.
​
1.2 In fulfilment of the Position, the Employee will carry out such duties and responsibilities as are customarily performed by persons in such role within the industry, which shall include without limitation responsibility for all aspects of the advancement of the business of the Company, including oversight of the Company’s mineral project exploration and development activities; developing the strategic direction of the Company; funding and capital raising initiatives; maintaining relationships with the Company’s shareholders and strategic partners; maintaining and developing the Company’s relationship with local communities; hiring and termination of employees of the Company other than those reporting to the Board; as well as being the public face of the Company, and such other duties as the Company may assign from time to time.
​

1

1.3 The Employee may be expected to travel outside of the work location where based to the Company's offices, project sites and other locations as required.
​
Section 2 Term
​
This Agreement will be effective from November 21, 2022 and will remain in full force and effect until terminated as hereinafter provided (the “Term”).
​
Section 3 Responsibility
​
Subject to the approval and/or ratification of the Board in accordance with Company policies regarding delegation of authorities, the Employee will have the authority and duty to perform and carry out such duties and responsibilities as are set out in Section 1.2 and related duties as may from time to time be assigned, delegated, limited or determined by the Board.
​
Section 4 Other Activities
​
4.1 The Employee's employment hereunder shall be substantially full-time and exclusively for the benefit of the Company, except as permitted herein.
​
4.2 The Employee agrees not to undertake, or be engaged in the performance of, any work, services or other business activity (which does not include charitable or philanthropic endeavors that do not materially interfere with the Employee’s employment hereunder), directly or indirectly, for any other person, firm, company, other legal entity or governmental agency or organization, with the exception of the Employee’s employment with the Company and directorships with the Company unless it is determined by prior written approval of the Board or the Chairman of the Board that such activities will not interfere with, or impede, in any significant manner the performance of Employee’s duties in the Position, and further provided that:
​
(a) before the Employee can engage in any work, services or other business activity which involves the Employee owning or acquiring any interest in excess of five percent, directly or indirectly, in any mining or technology company or the rendering of any advice or service to another person, partnership or other legal entity or a joint venture engaged in the business of exploring for and/or mining minerals, the Employee must disclose full particulars thereof in writing to the Board and within 15 days after the date of such disclosure, the Employee must receive from the Board or its Chairman a decision that such activities by the Employee will not, in the opinion of the Board, interfere or be in conflict with the Employee's performance of his duties to the Company hereunder. If a decision is not received from the Board or its Chairman within such 15-day period, the activities will be deemed to interfere or be in conflict with the Employee’s performance of his duties to the Company hereunder unless and until a contrary decision is received from the Board or its Chairman,
​
(b) before engaging in any work, services or business activity other than the kind described in sub-paragraph (a) of this Section 4.2, the Employee shall have disclosed same in writing to the Board, and
​
(c) notwithstanding the foregoing, the Employee may engage in work for an affiliate of the Company, including serving on the board of directors of any affiliate, consistent with his responsibilities for the Company to the extent agreed by the Board or its Chairman.
​
4.3 The Employee shall refer to the Board any and all facts, matters and transactions that may adversely affect the Employee's relationship with the Company or the Employee’s ability to perform his duties, or in respect of which an actual or potential conflict of interest between the Employee and the Company has arisen or may arise, and the Employee shall not proceed with any such matter or transaction until the Board’s approval therefor is obtained. For purposes of clarification, this provision is not intended to limit in any way the Employee's other fiduciary obligations to the Company that may arise in law or in equity.
​
4.4 Without limiting the generality of the foregoing, the Employee acknowledges, covenants and agrees that under no circumstances will his provision of services in the Position involve or include, nor will the Employee be asked by any director or officer of the Company to engage in, any activities contrary to the Corruption of Foreign Public Officials Act (Canada) or the United States Foreign Corrupt Practices Act and any other similar legislation in the jurisdiction in which the Employee is employed or to whose laws the Employee may be subject.
​

2

4.5 The Employee shall adhere to the Company's policies in effect from time to time.
​
Section 5 Compensation
​
5.1 In consideration of the performance by the Employee of his responsibilities and duties in the Position hereunder:
​
(a) The Company shall pay the Employee the sum of five hundred thousand dollars ($500,000.00) (the "Base Salary") per year. The Base Salary and all other forms of compensation payable hereunder are subject to deduction for all applicable taxes, payroll deductions and withholdings required by law and otherwise in accordance with the payroll practices of the Company for similarly situated employees of the Company.
​
(b) The Base Salary will be reviewed annually and, if increased or decreased, such increased or decreased amount shall be the Base Salary hereunder provided however that the Base Salary may only be decreased as part of a general executive or company-wide reduction for cost savings or similar requirements;
​
(c) The Employee will be eligible to participate in the compensation plans of the Company in effect from time to time, subject to the terms of the applicable plans;
​
(d) The Employee will be eligible on an annual basis to receive short term and long term incentive awards, with a short-term bonus target of 100% of Base Salary (“Short Term Bonus”) and a long-term bonus target of 200% of Base Salary for 2023, based on the terms and conditions of the Company's then effective annual incentive and equity-based incentive plans or programs as adopted by the Company’s Board upon recommendation by its Compensation Committee and contingent upon the degree of achievement of any applicable performance goals. Equity plans (“Equity Plans”) shall include but not be limited to the 2022 Long Term Incentive Plan and associated award agreements, including but not limited to the Restricted Stock Unit Award Agreement and the Stock Option Agreement, and any similar agreements entered by the Parties hereafter. Targets for short term and long term incentive awards will be reviewed and established by the Board and the Compensation Committee on an annual basis; provided that the Short Term Bonus target will not be less than 100% of Base Salary in any future year during the Term.
​
(i) The amount of the Short Term Bonus that will be earned shall be determined based upon performance criteria and targets established by the Board and the Compensation Committee, and the achievement and/or satisfaction of such criteria and targets during the time employed. For example, if Employee is employed for a partial year, Employee shall receive the Short Term Bonus on a pro rata basis that considers the degree of achievement and/or satisfaction of performance criteria and targets prior to Employee’s separation from service and the number of months worked divided by the total number of months in the reporting year, subject to (ii) below.
​
(ii) Employee shall be entitled to receive the Short Term Bonus regardless of employment status on the date the Short Term Bonus is calculated or paid provided, however, that no Short Term Bonus will be earned if the Employee’s employment is terminated for Cause or by reason of voluntary termination.
​
(e) The Company will make an initial grant of stock options (“Options”) and restricted stock units (“RSUs”) under its equity incentive plan and in accordance therewith, such number of Options to equal 500,000 with a strike price of not less than $11.75 per share or at least equal to the fair market value per share on the date of grant if the market value is greater than $11.75 per share on the date of grant, designated to the extent permissible in the award agreement as Incentive Stock Options with the remainder as Nonqualified Stock Options, and 750,000 RSUs pursuant to the terms and conditions of award agreements attached hereto. Options and RSUs will vest in accordance with the terms of the applicable Equity Plans.
​
(f) The Employee will be eligible to participate in employee benefit plans (including health, medical, dental, and other insurance benefits) from time to time in effect for similarly situated employees of the Company, except to the extent such plans are duplicative of benefits otherwise provided to the Employee. The Employee's participation will be subject to the terms of the applicable plan documents and generally applicable policies of the Company.
​

3

Section 6 Expenses
​
The Company will reimburse the Employee for any and all reasonable and documented expenses actually and necessarily incurred by the Employee in connection with the performance of his duties under this Agreement in accordance with the policies of the Company in effect from time to time. The Employee will furnish the Company with an itemized account of his expenses in such form or forms as may reasonably be required by the Company and at such times or intervals as may be required by the Company. To the extent that any reimbursements payable to Employee are subject to the provisions of Section 409A of the Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.
​
Section 7 Vacation
​
7.1 The Employee will be entitled to a paid vacation of twenty-five (25) days within each calendar year period, pro-rated for partial calendar years, during the Term of this Agreement, to be calculated from the date of commencement of employment set forth in Section 2 herein. This vacation must be taken at such times that do not adversely compromise the Employee's performance of his duties under this Agreement.
​
7.2 The Employee may carry forward a maximum of ten (10) days’ vacation from one entitlement year to the next. Any such vacation carried forward must be taken by 15 March in the subsequent entitlement year. Any unused vacation in excess of ten (10) days will be forfeited.
​
7.3 All other responsibilities and rights (if any) of Employee relating to accrual of vacation benefits, requesting and using vacation benefits, and receipt of payment for accrued, unused vacation benefits upon separation from employment shall be governed by the terms and conditions of the Company’s applicable policies, practices, and procedures.
​
Section 8 Indemnity
​
The Company shall defend, indemnify and hold harmless the Employee from any and all claims, damages, losses or costs, to the extent provided by applicable law and the Company’s organizational documents, including but not limited to, those relating to loss or damage to property, or injury to, or death of any person or persons arising from or out of the Employee's performance of his obligations under this Agreement.
​
Section 9 Consent to Use Personal Information
​
9.1 The Employee acknowledges and agrees that the Company has the right to collect, use and disclose the terms and conditions of his employment and any other identifying personal information required to be disclosed for reporting or business purposes or otherwise by law, including:
​
(a) ensuring that he is paid for his services to the Company;
​
(b) administering any benefits to which he is or may become entitled to, including bonuses, medical, dental, disability and life insurance benefits, and/or annual bonuses and long-term incentive securities. This shall include the disclosure of his personal information to any insurance company and/or broker or to any entity that manages or administers the Company’s benefits on behalf of the Company, subject to applicable laws;
​
(c) compliance with any regulatory reporting and withholding requirements relating to his employment; and
​
(d) in the event of a sale or transfer of all or part of the shares or assets of the Company, disclosing to any potential acquiring organization solely for the purposes of determining the value of the Company and its assets and liabilities and to evaluate the Employee’s position in the Company. If the Employee’s information is disclosed to any potential acquiring organization, the Company will require the potential acquiring organization to agree to use the information solely for the purpose of evaluating the Company and to protect the privacy of Employee’s information in a manner that is consistent with any policy of the Company dealing with privacy that may be in effect from time to time and/or any applicable law that may be in effect from time to time.
​

4

9.2 The Employee may withdraw his consent provided herein at any time. The Employee acknowledges that if he withdraws his consent, his entitlement to certain employment benefits provided by the Company may be negatively affected and in the event of a sale of business, the acquiring organization may not be in a position to offer continued employment due to a lack of personal information on the Employee.
​
Section 10 Termination
​
10.1 This Agreement may be terminated as follows:
​
(a) By Employee on Voluntary Resignation: Upon receipt by the Company of the Employee's resignation, in writing, which shall be provided not less than six (6) months prior to the effective date of resignation. In these circumstances, during the 6-month notice period, the Employee shall receive as full and sole compensation: (i) Base Salary at the then current rate of pay; and (ii) reimbursements that are due and owing Employee or that were earned or accrued on or before the effective date of termination, (collectively the “Accrued Obligations”) together with any rights under the Company’s employee benefit plans, including equity or equity-based compensation plans, which shall be governed solely by the terms of the Equity Plans. Employee agrees to faithfully perform and discharge all of his duties and responsibilities under this Agreement throughout the notice period until the effective date of his employment termination. At any time after receiving notice of Employee’s resignation, the Company shall have the sole option to relieve Employee of his duties and/or to restrict Employee from accessing Company facilities or systems, communicating with Company employees or third parties about work-related matters, attending work-related events, or otherwise conducting business on Company’s behalf. In all cases, the Employee will continue to be an employee throughout the notice period until the effective date of termination and will receive from the Company all Accrued Obligations through the effective date of resignation;
​
(b) By Company on Death or Disability of Employee: Forthwith on the death of the Employee or termination of service by reason of Disability. Company shall have the right to terminate Employee by reason of “Disability” if Employee is unable to perform the essential functions of Employee’s Position, with or without a reasonable accommodation, for either ninety (90) consecutive calendar days, or one hundred twenty (120) aggregate calendar days in a twenty-four (24) month period, by reason of any mental or physical illness, condition, impairment or incapacity. In these circumstances, the Employee (or his estate) shall be entitled to receive as full and sole compensation in discharge of the Company's obligations to the Employee under this Agreement, the Accrued Obligations, the Short Term Bonus, if any, determined pursuant to Section 5.1(d)(i) and (ii), together with any rights under the Company’s employee benefit plans, including the Equity Plans;
​
(c) By the Company without Cause: By the Company at any time, and for any reason whatsoever upon written notice of six (6) months. Employee agrees to faithfully perform and discharge all of his duties and responsibilities under this Agreement throughout the notice period until the effective date of his employment termination. At any time after delivering written notice of termination, the Company shall have the sole option to relieve Employee of his duties and/or to restrict Employee from accessing Company facilities or systems, communicating with Company employees or third parties about work-related matters, attending work-related events, or otherwise conducting business on Company’s behalf. In all cases, the Employee will continue to be an employee throughout the notice period until the effective date of termination. Contingent upon the Employee’s execution and non-revocation of a general mutual release of claims within twenty-one (21) days of termination in the form mutually agreed to by the Parties, or such other time period agreed to by the Parties, except for the Accrued Obligations which will be paid without regard to such release, on such a termination, the Employee will receive the following, as full and sole compensation in discharge of the Company's obligations to the Employee under this Agreement:
​
(i) the Accrued Obligations together with any obligations accrued and then owing under the Company’s employee benefit plans;
​
(ii) a lump sum cash payment, less applicable withholdings, equal to 1.5 times Employee’s annual Base Salary and 1.5 times the target annual bonuses for the year in which termination of employment occurs, which the Parties agree shall fully satisfy any Short Term Bonus payment owed pursuant to Section 5.1(d)(i) and (ii) hereof, payable on the forty-fifth (45th) day, or next succeeding business day if the 45th day is not a business day, following Employee’s separation from service;
​
(iii) continued medical coverage for a period of eighteen (18) months following Employee’s separation from service at the same level as available to executive level employees of Company, provided that Employee elects continuation coverage under a policy, plan program or arrangement of the Company pursuant to COBRA; and
​
​

5

(iv) the Employee’s equity incentive awards will be governed in accordance with the terms of the applicable Equity Plans; or
​
For greater certainty, this Section 10.1(c) shall not apply to a termination following a Change in Control under the circumstances provided for in Section 10.3.
​
(d) By the Company with Cause: The Company may terminate this Agreement, and Employee’s employment hereunder, for Cause immediately upon written notice to Employee. In these circumstances, the Employee (or his estate) will be entitled to receive as full and sole compensation in discharge of the Company's obligations to the Employee under this Agreement, the Accrued Obligations together with any rights under the Company’s employee benefit plans, including equity or equity-based compensation plans, which will be governed solely by the terms of such plans.
​
(e) For purposes of this Agreement, “Cause” shall be deemed to exist if any of the following circumstances exist, as determined by the Board, regardless of the timing of the precipitating events:
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(i) Employee’s willful failure to substantially perform his or her duties and responsibilities to the Company;
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(ii) Employee’s violation of a Company policy, after receiving thirty (30) days written notice from the Company of the precise policy and the Employee’s conduct alleged to violate the policy, and Employee has failed to cure the violation within the 30-day notice period;
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(iii) Employee’s commission of any act of fraud, embezzlement, misappropriation, breach of fiduciary duty or duty of loyalty, dishonesty or any other intentional act of misconduct that has caused or is reasonably expected to result in material injury to the Company;
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(iv) Employee has been convicted of or pled guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude, if such felony or other crime is (A) work-related, (B) impairs Employee’s ability to perform services for the Company, or (C) results in reputational or financial harm to the Company;
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(v) the unauthorized use or disclosure by Employee of any proprietary information or trade secrets of the Company or any other party to whom Employee owes an obligation of nondisclosure as a result of his Employment with the Company; or
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(vi) Employee’s breach of any of his or her obligations under any written agreement or covenant with the Company; or
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(vii) the Employee has committed any act which results in either loss or damage to the Company or prejudice to its business standing or reputation, including any social media post or public comment made on the Internet or otherwise, or through the making of any disparaging comment or remark in any public forum or setting, provided, nothing herein prohibits Employee from making truthful statements protected by any State or Federal law.
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(f) Notwithstanding the foregoing, the Employee's rights and entitlements with respect to any stock options and RSUs or any other equity incentive award or incentive bonus amount shall be in accordance with the relevant incentive plan(s).
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10.2 Notwithstanding Section 10.1(a) and (c), on or following the service of notice by either party for any reason to terminate this Agreement, the Company may at its sole and absolute discretion terminate the Employee’s employment at any time and with immediate effect by providing the Employee all payments due in lieu of the notice period (or, if applicable, the remainder of the notice period) equivalent to the Base Salary at the date of termination for such period, in addition to the other Accrued Obligations required of the Company as set forth in Sections 10.1(a) and 10.1(c).
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10.3 (a) If a Change in Control occurs and, at any time during the twelve (12) month period following such Change in Control, either (i) there occurs a termination of the Employee's employment by the Company, other than for Cause, or (ii) the Employee resigns employment for Good Reason, contingent upon the Employee’s execution and non-revocation of a mutual general release of claims within twenty-one (21) days of termination in the form mutually agreed upon by the Parties, or such other time period agreed to by the Parties, except for the Accrued Obligations which will be paid without regard to such release, the Employee shall be entitled to receive:
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6

(i) the Accrued Obligations together with any rights under the Company’s employee benefit plans;
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(ii) a lump sum cash payment, less applicable withholdings, equal to eighteen (18) months of Employee’s annual Base Salary plus one (1) additional month for each full year of service after the third (3rd) full year of service up a maximum of twenty (24) months annual Base Salary together with 150% of the Short Term Bonus for the year in which termination of employment occurs, payable on the forty-fifth (45th) day, or next succeeding business day if the 45th day is not a business day, following Employee’s separation from service; and
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(iii) continued medical coverage for a period of eighteen (18) months following Employee’s separation from service at the same level as available to executive level employees of Company, provided that Employee elects continuation coverage under a policy, plan program or arrangement of the Company pursuant to COBRA; and
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(iv) Employee's equity incentive awards shall be governed in accordance with the terms of the applicable Equity Plans.
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(b) For purposes of this Section 10.3, "Good Reason" means any of the following events, unless the Employee gives his express written consent thereto:
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(i) a material adverse change in the Employee's Position as in effect immediately prior to a Change in Control. Such material adverse change shall mean a material diminution in the Employee's duties or authority or the assignment to the Employee of any duties or responsibilities which are materially inconsistent with such Position. Notwithstanding the foregoing, Good Reason shall not be deemed to occur upon a change in the Employee's duties or responsibilities that is solely a result of the Company no longer being publicly traded;
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(ii) a material reduction by the Company in the Employee's annual Base Salary as in effect immediately prior to a Change in Control;
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(iii) a material failure by the Company to continue in effect any employee benefit program in which the Employee is participating at the time of a Change in Control other than as a result of the normal expiration of any such employee benefit program in accordance with its terms as in effect at the time of a Change in Control or replacement of such benefit program with a comparable program, or the taking of any action, or the failure to act, by the Company which would materially and adversely affect the Employee's continued participation in any such employee benefit program on at least as favorable a basis to the Employee as on the date of a Change in Control;
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(iv) the Company requiring the Employee to be based in a location more than 50 miles from where the Employee is based at the time of a Change in Control, except for required travel on the Company's business to an extent substantially consistent with the Employee's business travel obligations in the ordinary course of business immediately prior to the Change in Control;
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(v) the Company repudiating or breaching any of its material obligations under this Agreement; or
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(vi) the Company requiring the Employee to report to a person of lesser authority or standing than that set forth in Section 1.1; provided that a general change in overall reporting structure bona fide entered into by the Company in the interests of improved management of its business and not limited to the individual Employee, shall not be a change in reporting responsibilities as contemplated by this clause.
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(c) Notwithstanding the foregoing, to constitute Good Reason hereunder, the Employee must give notice to the Company within 30 days following the Employee's knowledge of an event constituting Good Reason describing the alleged failure or action by the Company in respect of the events set out in clauses (i) to (vi) above and advising the Company of the Employee's intention to terminate the Employee's employment for Good Reason. If the Employee fails to provide such notice within 30 days, such event shall not constitute Good Reason under this Agreement. Following receipt of such notice from the Employee, the Company shall then have 30 business days to take any required corrective action to rectify or rescind such event (and if such event is so rectified or rescinded, such event shall not constitute Good Reason) and to notify the Employee in writing that it has completed such rectification or rescindment, or to notify the Employee that it denies the occurrence of such event.
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(d) A notice of resignation for Good Reason in accordance with the foregoing will be deemed to have occurred within the twelve (12) month period following a Change in Control provided the Employee gives the required notice to the Company prior to the end of such twelve (12) month period.
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7

(e) The payments provided for in paragraph (a) under this Section 10.3 shall be inclusive of the Employee's entitlement to notice and severance pay at common law or by statute. The Company shall not be obligated to make any further payments under this Agreement, except for the payment of any reasonable expenses due and owing pursuant to Section 6.
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(f) For the purposes of this Agreement, "Change in Control" means any of the following events occurring after the date hereof:
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(i) a transaction or series of transactions whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) directly or indirectly acquires beneficial ownership (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition; provided, however, that the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company or any of its Subsidiaries; (ii) any acquisition by an employee benefit plan maintained by the Company or any of its Subsidiaries, (iii) any acquisition which complies with Sections 10.3(f)(iii)(I), 10.3(f)(iii)(II) and 10.3(f)(iii)(III); or (iv) in respect of an Award (as defined in the Company’s Long Term Incentive Plan) held by a particular Holder, any acquisition by the Holder or any group of persons including the Holder (or any entity controlled by the Holder or any group of persons including the Holder);
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(ii) the Incumbent Directors, as defined in the Company’s Long Term Incentive Plan, or successor plan, cease for any reason to constitute a majority of the Board;
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(iii) the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction:
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(I) which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and
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(II) after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; and
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(III) after which at least a majority of the board of directors (or the analogous governing body) of the Successor Entity were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such transaction; or
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(iv) the date which is 10 business days prior to the completion of a liquidation or dissolution of the Company.
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Notwithstanding the foregoing, if a Change in Control constitutes a payment event with respect to any amount that provides for the deferral of compensation that is subject to Section 409A of the Code, to the extent required to avoid the imposition of additional taxes under Section 409A, the transaction or event described in subsection (i), (ii), (iii) or (iv) with respect to such payment (or portion thereof) shall only constitute a Change in Control for purposes of the payment if such transaction also constitutes a “change in control event,” as defined in Treasury Regulation Section 1.409A-3(i)(5).
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8

(g) Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by the Company to Employee or for Employee’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Section 10.3 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to Employee of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to Employee if the Covered Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”). “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign income, employment and excise taxes. Any such reduction shall be made by the Company in its sole discretion consistent with the requirements of Section 409A of the Code. In the event that Executive receives reduced payments and benefits, the order in which they shall be reduced is the following: (i) cash payments under Section 10.3 that do not constitute deferred compensation within the meaning of Section 409A of the Code; (ii) cash payments under Section 10.3 that do constitute deferred compensation, in each case, beginning with the payment or benefits that are to be paid or provided the farthest in time from the effective date of Executive’s termination of employment; and (iii) the rights to any acceleration of equity awards; in each case only to the extent that such reduction would eliminate or reduce the Excise Tax.
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10.4 If this Agreement is terminated by either party while the Employee is on site at any work location other than where the Employee is otherwise based, regardless of the circumstances or the reason for termination, the Company will reimburse the Employee for his return flight home and any change fees that are incurred by the Employee.
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Section 11 Directorships and Other Offices
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11.1 The Company may from time to time in its discretion require the Employee to be nominated and appointed as a director or other officer or manager of the Company or of any of its subsidiary companies, and the Employee agrees to comply with each such request.
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11.2 If the Employee is a director or other officer or manager of the Company or of any of its subsidiary companies, the Company is not obliged to ensure that the Employee remains a director or other officer or manager of the Company or any subsidiary. The removal of the Employee as a director of the Company by reason of election by the Company’s shareholders, or removal of the Employee as a director of a subsidiary, or removal from that other office or management position will not amount to a breach of this Agreement or constitute Good Reason or constitute grounds for termination with Cause.
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11.3 If the Employee is at any time not a director of the Company or of any of its subsidiary companies then the Employee shall not be entitled to and shall not hold himself out as a director and the removal of the term "Director" from his job title will not constitute a breach by the Company of this Agreement.
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11.4 Upon the termination of the Employee's employment by the Company for any reason (unless the Company in writing requires the Employee not to do so) the Employee hereby agrees to resign from and vacate each and every office as director of the Company or of any of its subsidiary companies and every other office or management position which he may hold in the Company or a subsidiary company to which he may have been appointed or elected, and for purposes hereof the Employee hereby irrevocably and unconditionally appoints any director of the Company or the company secretary of the Company as his agent or attorney to effect each such resignation.
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11.5 Notwithstanding the provisions of Section 11.4, the Company may request the Employee to retain his office as a director of the Company or a subsidiary notwithstanding the termination of his employment, in which case the Employee shall become a non-executive director of the Company or of its subsidiary companies and shall be entitled to receive compensation as a non-employee director of the Company or such subsidiary.
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11.6 The Employee hereby indemnifies the Company (and their respective officers, managers and employees) in respect of any claims, losses, costs or expenses whatsoever (including indirect and consequential damages) which may be suffered or incurred by any of them arising out of or in connection with the Employee refusing for any reason whatsoever to resign from and/or vacate any office as a director or other position contemplated in Section 11.4 for purposes of having to have the Employee removed as a director of the Company or a subsidiary company.
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9

Section 12 Confidential Information
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12.1 The Employee agrees to keep the affairs and Confidential Information (as defined below) of the Company strictly confidential and shall not disclose the same to any person, company or firm, directly or indirectly, during or after his employment by the Company except as authorized in writing by the Board. "Confidential Information" includes, without limitation, the following types of information or material, both existing and contemplated, regarding the Company and which is not in the public domain or publicly available: corporate information, including contractual licensing arrangements, plans, strategies, tactics, policies, resolutions, patent, trade-mark and trade name applications; any litigation or negotiations; information concerning suppliers; marketing information, including sales, investment and product plans, customer lists, strategies, methods, customers, prospects and market research data; financial information, including cost and performance data, debt arrangements, equity structure, investors and holdings; operational and scientific information, including trade secrets; technical information, including technical drawings and designs; any information relating to any mineral projects in which the Company has an actual or potential interest; and personnel information, including personnel lists, resumes, personnel data, organizational structure and performance evaluations. The Employee agrees not to use such information, directly or indirectly, for his own interests, or any interests other than those of the Company, whether or not those interests conflict with the interests of the Company during or after his employment by the Company. The Employee expressly acknowledges and agrees that all information relating to the Company, whether financial, technical or otherwise shall, upon execution of this Agreement and thereafter, as the case may be, be the sole property of the Company, whether arising before or after the execution of this Agreement. The Employee expressly agrees not to divulge any of the foregoing information to any person, partnership, company or other legal entity or to assist in the disclosure or divulging of any such information, directly or indirectly, except as required by law or as otherwise authorized in writing by the Board. The provisions of Section 12 shall survive the termination of this Agreement.
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12.2 The Employee agrees that all documents of any nature pertaining to the activities of the Company, including Confidential Information, in the Employee's possession now or at any time during the Employee's period of employment, are and shall be the property of the Company and that all such documents and copies of them shall be surrendered to the Company when requested by the Company. The Employee shall be permitted to retain Information that pertains to himself including his contacts.
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Section 13 Non-Solicitation
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13.1 The Employee covenants and agrees that during his employment and for a period of twelve (12) months following the date of termination of his employment, however caused, the Employee will not on his own behalf or on behalf of any person, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any person, employ, engage, offer employment or engagement to or solicit the employment or engagement of or otherwise entice away an employee or officer of the Company, whether or not such person would commit any breach of their contract of employment by reason of leaving their service.
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13.2 Employee agrees that the restrictions, including the duration, scope and geographic area for each, established under the covenants contained in this Section 13 are fair, reasonable and necessary in order to protect the legitimate interests of the Company, that Employee is receiving adequate consideration under this Agreement for such obligations, and that such obligations will not prevent Employee from earning a livelihood during the time periods covered by the restrictive covenants.
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13.3 In the event Employee has violated any of the covenants contained in this Section 13, the time period covered by the restrictive covenant shall be tolled during the period in which the violation was occurring.
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13.4 The Employee agrees that a breach by him or her of any of the covenants contained in this Section 13 would result in damages that could not adequately be compensated by monetary award. Accordingly, the Employee agrees that in the event of any such breach or threatened breach, in addition to all other remedies available at law, the Company will be entitled as a matter of right to seek a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security.
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13.5 The Employee further agrees that a breach by him or her of any of the covenants contained in this Section 13 constitutes Cause to terminate the Employee’s employment.
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Section 14 Representations and Warranties
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The Employee represents and warrants to the Company that the execution and performance of this Agreement will not result in or constitute a default, breach or violation or an event that, with notice or lapse of time or both, would be a default, breach or violation of any understanding, agreement or commitment, written or oral, express or implied, to which the Employee is currently a party or by which the Employee or Employee's property is currently bound.
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10

Section 15 Arbitration
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The Parties agree to attempt to resolve all claims, causes of action, controversies, and disputes arising out of or in connection with this Agreement by structured negotiation with the assistance of a mediator agreed to by the Parties. If the dispute cannot be settled within a period of thirty (30) days after the mediator has been appointed, or such longer period agreed to in writing by the Parties, the Parties agree to submit their Dispute to binding arbitration, with a hearing to take place in Phoenix, Arizona unless the Dispute is earlier dismissed or resolved, in accordance with the American Arbitration Association’s (“AAA”) Rules regarding Employment Disputes, subject to any conflicting provisions of this Agreement which shall control, and pursuant to the Federal Arbitration Act, by the Parties. If the Parties are unable to agree to the appointment of an arbitrator within fifteen (15) days of delivery of a request for arbitration by either party to the other, the Parties shall select the arbitrator from a panel of at least nine (9) arbitrators who have at least ten (10) years’ of experience as an arbitrator primarily handling employment law cases pursuant to AAA’s arbitrator selection procedures. Each party shall bear its own costs of legal representation and assistance. All other costs, including the fees and expenses of the mediator, the arbitrator and administrative fees and charges, shall be as awarded by the arbitrator. The arbitrator shall apply the substantive federal or state law applicable to the claims and the defenses asserted in arbitration, including applicable statute of limitations and any prerequisites to civil action recognized under applicable federal or state law (e.g., exhaustion of administrative remedies). The arbitrator, and not any court, shall have exclusive authority to resolve any dispute relating to the validity, enforceability, formation, and interpretation of this Agreement and the arbitrability of the Parties’ dispute. Each party shall have the right to file dispositive motions, and the arbitrator shall have the authority to adjudicate and dispose of any or all Disputes submitted for arbitration based on such dispositive motions and applicable substantive law. In the event an arbitration hearing is conducted, the arbitration hearing shall not last longer than five (5) business days unless otherwise mutually agreed upon by the Parties. Each party shall have the right to file post-hearing briefs according to a briefing schedule to be established by the arbitrator. The arbitrators will render a decision within a reasonably prompt period after the completion of the hearing, which decision may include any award or remedy available under any applicable law, and may include an award of legal fees, expert witness costs, costs of arbitration, and interest as permissible under the controlling statute or law. The decision of the arbitrator will be final, binding, and conclusive upon the Parties. Each party will have the right to have the decision enforced by any court of competent jurisdiction. Notwithstanding anything to the contrary, any Dispute in which a party seeks equitable relief may be brought in any court of competent jurisdiction; provided that any portion of such Dispute in which the party seeks monetary or other non-equitable relief must be submitted for arbitration as provided hereunder.
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Section 16 Governing Law
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This Agreement shall be construed and enforced in accordance with the laws of the State of Arizona, without reference to principles of conflicts of laws. Subject to Section 15 any action or proceeding brought by a party arising out of or in connection with this Agreement shall be brought solely in a court of competent jurisdiction located in the State of Arizona. To the extent permitted by law, the Parties agree not to contest such exclusive jurisdiction or seek the transfer of any action relating to such dispute to any other jurisdiction. Each of the Parties hereby submits to personal jurisdiction and waives any objection as to venue in the State of Arizona but Subject to Section 15 .
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Section 17 Entire Agreement
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This Agreement constitutes the entire agreement between the Parties hereto with respect to the relationship between the Company and the Employee and supersedes all prior arrangements and agreements, whether oral or in writing between the Parties hereto with respect to the subject matter hereof.
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Section 18 Amendments
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No amendment to or variation of the terms of this Agreement will be effective or binding upon the Parties hereto unless made in writing and signed by both of the Parties hereto.
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Section 19 Assignment
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This Agreement is not assignable by the Employee. This Agreement is assignable by the Company to any other company that controls, is controlled by, or is under common control with the Company. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and permitted assigns and the Employee and his heirs, executors and administrators.
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11

Section 20 Severability
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Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability and shall be severed from the balance of this Agreement, all without affecting the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.
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Section 21 Headings
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The division of this Agreement into Sections and the insertion of headings are for convenience or reference only and shall not affect the construction or interpretation of this Agreement.
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Section 22 Time of Essence
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Time shall be of the essence in all respects of this Agreement.
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Section 23 Independent Legal Advice
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The Employee agrees that he has had, or has had the opportunity to obtain, independent legal advice in connection with the execution of this Agreement and has read this Agreement in its entirety, understands its contents and is signing this Agreement freely and voluntarily, without duress or undue influence from any party.
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Section 24 Notice
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24.1 Any notice required or permitted to be made or given under this Agreement to either party shall be in writing and shall be sufficiently given if delivered personally, by electronic transmission, or if sent by prepaid registered mail to the intended recipient of such notice at their respective addresses set forth below or to such other address as may, from time to time, be designated by notice given in the manner provided in this Section:
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(a) in the case of the Company:
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Ivanhoe Electric Inc.
#606 – 999 Canada Place
Vancouver, BC Canada V6C 3E1
Attention: Human Resources
Email: hrservices@ivancorp.com
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(b) in the case of the Employee, at the address set forth on the first page hereof or tmelvin3@hotmail.com
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24.2 Any notice hand-delivered to the party to whom it is addressed shall be deemed to have been given and received on the day it is so delivered or, if such day is not a business day, then on the next business day following any such day. Any notice delivered by registered mail shall be deemed to have been given and received on the 10th business day following the date of mailing. In the case of facsimile transmission, notice is deemed to have been given or served on the party to whom it was sent at the time of dispatch if, following transmission, the sender receives a transmission confirmation report or, if the sender's facsimile machine is not equipped to issue a transmission confirmation report, the recipient confirms in writing that the notice has been received. In the case of e-mail transmission, notice is deemed to have been given or served on the party to whom it was sent at the time of dispatch if, following transmission, the recipient confirms by e-mail or telephone call that the notice has been received. Notwithstanding the above, no notice will be deemed to have been given to the Employee while on site, or traveling to and from a site unless such notice is hand-delivered to the Employee or the Employee confirms that he has received delivery of the notice by another method.
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Section 25 Counterparts
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This Agreement may be executed in counterparts and shall become operative when each party has executed and delivered at least one counterpart.
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IN WITNESS WHEREOF the Parties hereto have executed this Agreement as of the day and year first above written.
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IVANHOE ELECTRIC INC.
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	 /s/ Robert Friedland
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	Authorized Signatory
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	Title: Chairman and Chief Executive Officer
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	SIGNED by the Employee in the presence of:
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	/s/ Taylor Melvin
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	Taylor Melvin
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	/s/ Charles A. Cooley
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	Witness
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13

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