Document:

ex10-30.htm

EXHIBIT 10.30

REGISTRATION RIGHTS AGREEMENT

REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of June 15, 2012, by and between JUHL WIND, INC., a Delaware corporation (the "Company"), and LINCOLN PARK CAPITAL FUND, LLC, an Illinois limited liability company (together with it permitted assigns, the “Buyer”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement by and between the parties hereto, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the "Purchase Agreement").

WHEREAS:

The Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to issue to the Buyer up to Ten Million Dollars ($10,000,000) of Purchase Shares and to induce the Buyer to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "Securities Act"), and applicable state securities laws.

NOW, THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Buyer hereby agree as follows:

1.             DEFINITIONS.

As used in this Agreement, the following terms shall have the following meanings:

a.           "Investor" means the Buyer, any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9.

b.           "Person" means any person or entity including but not limited to any corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

c.           "Register," "registered," and "registration" refer to a registration effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis ("Rule 415"), and the declaration or ordering of effectiveness of such registration statement(s) by the United States Securities and Exchange Commission (the "SEC").

d.           "Registrable Securities" means the Purchase Shares which have been, or which may from time to time be, issued or issuable to the Investor upon purchases of the Available Amount under the Purchase Agreement and the Commitment Shares issued or issuable to the Investor and any shares of capital stock issued or issuable with respect to the Purchase Shares and the Commitment Shares or the Purchase Agreement as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases under the Purchase Agreement.

 

  

  

  

 

e.           "Registration Statement" means the registration statement of the Company covering only the sale of the Registrable Securities.

2.             REGISTRATION.

a.           Mandatory Registration.  The Company shall within thirty (30) Business Days from the date hereof file with the SEC the Registration Statement.  The Registration Statement shall register only the Registrable Securities and no other securities of the Company.  The Investor and its counsel shall have a reasonable opportunity to review and comment upon such registration statement or amendment to such registration statement and any related prospectus prior to its filing with the SEC.  Investor shall furnish all information reasonably requested by the Company for inclusion therein.  The Company shall use its reasonable best efforts to have the Registration Statement or amendment declared effective by the SEC at the earliest possible date.  The Company shall use reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415 promulgated under the Securities Act and available for sales of all of the Registrable Securities at all times until the earlier of (i) the date as of which the Investor may sell all of the Registrable Securities without restriction pursuant to the last sentence of Rule 144(b)(1)(i) promulgated under the Securities Act (or successor thereto) or (ii) the date on which (A) the Investor shall have sold all the Registrable Securities and no Available Amount remains under the Purchase Agreement (the "Registration Period").  The Registration Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

b.           Rule 424 Prospectus.  The Company shall, as required by applicable securities regulations, from time to time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used in connection with sales of the Registrable Securities under the Registration Statement.  The Investor and its counsel shall have a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC.  The Investor shall use its reasonable best efforts to comment upon such prospectus within one (1) Business Day from the date the Investor receives the final version of such prospectus.

c.           Sufficient Number of Shares Registered.  In the event the number of shares available under the Registration Statement is insufficient to cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new registration statement (a “New Registration Statement”), so as to cover all of such Registrable Securities as soon as practicable, but in any event not later than twenty (20) Business Days after the necessity therefor arises.  The Company shall use it reasonable best efforts to cause such amendment and/or New Registration Statement to become effective as soon as practicable following the filing thereof.

3.             RELATED OBLIGATIONS.

With respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2(b) including on any New Registration Statement, the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

a.           The Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any registration statement and the prospectus used in connection with such registration statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

  

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b.           The Company shall permit the Investor to review and comment upon the Registration Statement or any New Registration Statement and all amendments and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any document in a form to which Investor reasonably objects.  The Investor shall use its reasonable best efforts to comment upon the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business Days from the date the Investor receives the final version thereof.  The Company shall furnish to the Investor, without charge any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to the Registration Statement or any New Registration Statement.

c.           Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor.

d.           The Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement under such other securities or "blue sky" laws of such jurisdictions in the United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction.  The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

e.           As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the happening of any event or existence of such facts as a result of which the prospectus included in any registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request).  The Company shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by facsimile on the same day of such effectiveness and by overnight mail), (ii) of any request by the SEC for amendments or supplements to any registration statement or related prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective amendment to a registration statement would be appropriate.

 

  

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f.           The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

g.           The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Principal Market.  The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section.

h.           The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to any registration statement and enable such certificates to be in such denominations or amounts as the Investor may reasonably request and registered in such names as the Investor may request.

i.            The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

j.            If reasonably requested by the Investor, the Company shall (i) as soon as reasonably practical incorporate in a prospectus supplement or post-effective amendment such information as the Investor believes should be included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of such prospectus supplement or post-effective amendment as soon as notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

k.           The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

l.            Within one (1) Business Day after any registration statement which includes the Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor) confirmation that such registration statement has been declared effective by the SEC in the form attached hereto as Exhibit A.  Thereafter, if requested by the Buyer at any time, the Company shall require its counsel to deliver to the Buyer a written confirmation whether or not the effectiveness of such registration statement has lapsed at any time for any reason (including, without limitation, the issuance of a stop order) and whether or not the registration statement is current and available to the Buyer for sale of all of the Registrable Securities.

 

  

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m.           The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to any registration statement.

4.             OBLIGATIONS OF THE INVESTOR.

a.           The Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in connection with any registration statement hereunder.  The Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

b.           The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of any registration statement hereunder.

c.           The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor's receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e).  Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver shares of Common Stock without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the happening of any event of the kind described in Section 3(f) or the first sentence of Section 3(e) and for which the Investor has not yet settled.

5.             EXPENSES OF REGISTRATION.

All reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

  

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6.             INDEMNIFICATION.

a.           To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each Person, if any, who controls the Investor, the members, the directors, officers, partners, employees, agents, representatives of the Investor and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the "Exchange Act") (each, an "Indemnified Person"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys' fees, amounts paid in settlement or expenses, joint or several, (collectively, "Claims") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto ("Indemnified Damages"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered ("Blue Sky Filing"), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration Statement or any New Registration Statement  or (iv) any material violation by the Company of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively, "Violations").  The Company shall reimburse each Indemnified Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superceded prospectus, shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of material fact contained in the superceded prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

b.            In connection with the Registration Statement or any New Registration Statement, the Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement or any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an "Indemnified Party"), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information about the Investor set forth on Exhibit B attached hereto and furnished to the Company by the Investor expressly for use in connection with such registration statement; and, subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such registration statement.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.

 

  

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c.           Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding  The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim.  The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto.  No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or litigation.  Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made.  The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

d.           The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

e.           The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

 

  

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7.           CONTRIBUTION.

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

8.           REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration ("Rule 144"), the Company agrees, at the Company’s sole expense, to:

a.           make and keep public information available, as those terms are understood and defined in Rule 144;

b.           file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144;

c.           furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration; and

d.           take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions to the Company’s Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

The Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunctions, without having to post any bond or other security, upon any breach or threatened breach of any such terms or provisions.

	
  

	
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ASSIGNMENT OF REGISTRATION RIGHTS.

The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.  The Investor may not assign its rights under this Agreement without the written consent of the Company, other than to a wholly-owned affiliate of the Investor controlled by Jonathan Cope or Josh Scheinfeld.

 

  

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10.           AMENDMENT OF REGISTRATION RIGHTS.

Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor.

11.           MISCELLANEOUS.

a.           A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities.  If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

b.           Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:  (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same.  The addresses and facsimile numbers for such communications shall be:

If to the Company:

                          JUHL WIND, INC.

1502 17th Street SE

Pipestone, MN 56164

Telephone:                    507-777-4310

Facsimile:

Attention:                      President and CEO

With a copy to:

Synergy Law Group, LLC

730 West Randolph, Suite 600

Chicago, IL 60661

Telephone:                    312-454-0015

Facsimile:                      312-454-0261

Attention:                     Bartly J. Loethen

If to the Investor:

Lincoln Park Capital Fund, LLC

440 N. Wells, Suite 410

Chicago, IL 60654

Telephone:                   312-822-9300

Facsimile:                      312-822-9301

Attention:                     Josh Scheinfeld/Jonathan Cope

or at such other address and/or facsimile number and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change.  Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender's facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

  

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c.           Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

d.           The corporate laws of the State of Delaware shall govern all issues concerning the relative rights of the Company and its stockholders.  All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Illinois.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting the City of Chicago, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

e.           This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.  This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof.

f.           Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

g.           The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

h.           This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement.  This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

  

  

  

 

i.           Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

j.           The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.

k.           This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

* * * * * *

  

  

  

IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be duly executed as of day and year first above written.

 

 

 

	 	
THE COMPANY:

	 
	 	 	 
	 	
JUHL WIND, INC.

	 
	 	 	 	 
	 	 	 	 
	
 

	
By: 

	/s/ John Mitola	 
	 	Name:	John Mitola	 
	 	Title:	President	 

	 	
BUYER:

	 
	 	 	 
	 	
LINCOLN PARK CAPITAL FUND, LLC

	 
	 	
BY: LINCOLN PARK CAPITAL, LLC

	 
	 	
BY: ROCKLEDGE CAPITAL CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	/s/ Josh Scheinfeld	 
	 	Name:	Josh Scheinfeld	 
	 	Title:	President	 

 

  

  

  

EXHIBIT A

TO REGISTRATION RIGHTS AGREEMENT

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

[Date]

[TRANSFER AGENT]

                                            

                                           

Re: [                          ]

Ladies and Gentlemen:

We are counsel to JUHL WIND, INC., a Delaware corporation (the “Company”), and have represented the Company in connection with that certain Purchase Agreement, dated as of ___  __, 2012 (the “Purchase Agreement”), entered into by and between the Company and Lincoln Park Capital Fund, LLC (the “Buyer”) pursuant to which the Company has agreed to issue to the Buyer shares of the Company's Common Stock, par value $0.0001 per share (the “Common Stock”), in an amount up to Ten Million Dollars ($10,000,000) (the “Purchase Shares”), in accordance with the terms of the Purchase Agreement.  In connection with the transactions contemplated by the Purchase Agreement, the Company has registered with the U.S. Securities & Exchange Commission the following shares of Common Stock:

	
  

	
(1)

	
[14,977,283] shares of Common Stock to be issued upon purchase from the Company by the Buyer from time to time (the “Purchase Shares,”).

	
  

	
(2)

	
407,332 shares of Common Stock which have been issued to the Buyer as a commitment fee (the “Commitment Shares”).

Pursuant to the Purchase Agreement, the Company also has entered into a Registration Rights Agreement, dated as of               , 2012, with the Buyer (the “Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the Purchase Shares and the Commitment Shares under the Securities Act of 1933, as amended (the “Securities Act”).  In connection with the Company's obligations under the Purchase Agreement and the Registration Rights Agreement, on                         , 2012, the Company filed a Registration Statement (File No. 333-                     ) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the sale of the Purchase Shares and the Commitment Shares.

In connection with the foregoing, we advise you that a member of the SEC's staff has advised us by telephone that the SEC has entered an order declaring the Registration Statement effective under the Securities Act at          P.M. on                          , 2012 and we have no knowledge, after telephonic inquiry of a member of the SEC's staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Purchase Shares and the Commitment Shares are available for sale under the Securities Act pursuant to the Registration Statement and may issued without any restrictive legend.

 

	 	
Very truly yours,

	 	
[Company Counsel]

	 	 
	 	
By:                                           

 

 

cc:             Lincoln Park Capital Fund, LLC

  

  

  

 

EXHIBIT B

TO REGISTRATION RIGHTS AGREEMENT

Information About The Investor Furnished To The Company By The Investor

Expressly For Use In Connection With The Registration Statement

As of the date of the Purchase Agreement, Lincoln Park Capital Fund, LLC, beneficially owned 407,332 shares of common stock of the Company.  Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln Park Capital, LLC, are deemed to be beneficial owners of all of the shares of common stock owned by Lincoln Park Capital Fund.  Messrs. Cope and Scheinfeld have shared voting and investment power over the shares being offered under the prospectus filed with the SEC in connection with the transactions contemplated under the Purchase Agreement.  Lincoln Park Capital is not a licensed broker dealer or an affiliate of a licensed broker dealer.EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”),
dated as of September 14, 2012, but effective as of September 15, 2012, by and between Bizzingo, Inc., a Nevada corporation (the
“Company”),
and Roger Wood (“Executive”).

 

WITNESSETH:

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the Company and Executive hereby agree as follows:

 

1.
Employment. Upon the terms and subject to the conditions of this Agreement, the Company hereby employs Executive and Executive
hereby accepts employment by the Company for the period commencing on the date hereof and ending on the last day of the fiscal
year of the Company ending on May 31, 2015 (or such earlier date as shall be determined pursuant
to Paragraph 6). The period during which Executive is employed pursuant to this Agreement shall be referred to as the “Employment
Period”.

 

2.
Position and Duties. (a) During the Employment Period, Executive shall serve as President &
Chief Operating Officer of the Company and in such other position
or positions with the Company and its subsidiaries, consistent with his positions as Chief Operating
Officer of the Company, as the Board of Directors of the Company (the “Board”)
shall reasonably assign Executive from time to time. Specifically, those assignments will include Engineering, Product Management
and Revenue Generation. Executive shall be a senior officer of the Company and report directly to the Chief Executive Officer
and to the Board. During the Employment Period, unless and until the Board exercises any authority reserved to it under the Company’s
By-Laws, Executive shall have the duties, responsibilities and obligations customarily exercised by individuals serving as the
chief operating officer in a company of the size and nature of the Company.

 

(b)
Upon the Company’s obtaining an officer and director insurance policy including Executive as an insured party in his respective
capacities, the Company also shall nominate Executive for election as a member of the Board, and
Executive shall serve as a member of the Board for each period for which he is so elected.

 

(c)
During the Employment Period, Executive shall perform such services in a manner consistant with the
duties of his position. Executive shall be subject to the terms and conditions of any applicable policy of the Company regarding
service (including as a director) on behalf of any other organization, provided that, subject to the provisions of Paragraph 10(a),
nothing herein shall preclude Executive from (i) engaging in charitable activities and community affairs, and (ii)
managing his personal investments and affairs, so long as the activities listed in subclauses (i)-(ii) do not materially interfere,
individually or in the aggregate, with the proper performance of his duties and responsibilities as the Company’s President
& Chief Operating Officer.

 

(d)
The Company will endeavor to obtain an officer and director insurance policy and such policy will include the Executive as an
insured party in his respective capacities.

 

    	 

    	 

    

 

3. Compensation. 

 

(a)
Base Salary. During the Employment Period, the Company shall pay Executive a base salary at the annual rate of no less
than $220,000, which shall be adjusted pro-rata for any period less than full year. Executive’s annual base salary payable
hereunder is referred to herein as the “Base Salary”.
The Company shall pay Executive the portion of his Base Salary not deferred at the election of Executive in accordance with its
generally applicable policies for senior executives, but not less frequently than in equal monthly installments. Base Salary
will be payable in accordance with Employer’s normal payroll practices with such payroll deductions and withholdings as
required by law. Notwithstanding anything to the contrary herein, the Base Salary shall be accrued until such time as the Company
receives private placement funding of at least $2,000,000.

 

(b)
Incentive Compensation. Executive shall be given the opportunity to earn an annual incentive bonus in accordance with the
annual bonus plan generally applicable to the Company’s executive officers to the extent established by the Company, as
the same may be in effect from time to time (the “Annual
Plan”). The actual amount payable to Executive as
an annual bonus under the Annual Plan shall be dependent upon the achievement of performance objectives established in accordance
with the Annual Plan by the Board or the committee of the Board responsible for administering such Annual Plan (the “Compensation
Committee”), which shall be substantially the same
as the objectives established under the Annual Plan for other senior executive officers of the Company. Any bonus payable pursuant
to this Paragraph 3(b) shall be paid at the same time as annual bonuses are payable to other officers of the Company in accordance
with the provisions of the Annual Plan, subject to Executive’s continued employment with the Company through the date on
which such bonuses are paid.

 

(c)
Eligibility for Equity Awards. Executive shall be entitled to receive a stock award of 2,000,000 shares of common stock
(“Stock Grant”) which will shall vest as follows; for each day that Executive remains an employee of the Company,
he shall vest as to 1/107th of the Stock Grant. It is understood the Executive will fully vest as to the entire Stock
Grant on January 1, 2013 (provided that Employee remains an employee of the Company on such date). Fractional amounts of shares,
if any, will be rounded up.

 

4. Stock Option Grant.

 

(a)
Grant of Stock Options. The Company shall grant Executive options to purchase 5,000,000 shares of the Company’s Common
Stock as provided herein. Such options shall be granted under the terms of the Company’s 2012 Stock Option Plan, as amended
(“Plan”)
and a non-qualified stock option agreement between the parties (“Stock
Option Agreement”), and except as otherwise expressly
provided herein, shall be subject to the terms and conditions of the Plan. The per share exercise price of the stock options shall
be equal to the closing price of the Company’s common stock as traded on the OTC-QB market on the date this Agreement is
executed by the parties. The Stock Option Grant shall become vested and exercisable as follows; 50%
of the option grant (2,500,000 shares) shall vest pro-rata on a monthly basis during the period from September 2012 through August
2013, and the remaining 50% of the stock options shall vest and be exercisable as provided in the following sentence. Subject
to the accelerated vesting as provided in Paragraphs 4(b) and in 6(b)(i), the remaining 50% of the stock options (2,500,000) shall
vest pro-rata on a monthly basis during the period from September 2013 through August 2014 on the first day of each months (such
that on August 1, 2014, all of the Executive stock options provided herein will have vested). Notwithstanding the foregoing
vesting schedule, Employee must remain an employee of the Company on each vesting date. All vested options shall have an exercise
period as stated in the Stock Option Agreement.

 

(b)
Accelerated Vesting. Any unvested stock options will automatically vest in full upon the occurrence of a Change in Control.

 

    	 

    	 

    

 

5. Benefits, Perquisites and Expenses.

 

(a)
Benefits. During the Employment Period, Executive shall be eligible to participate in, to the extent established by the
Company; (i) each welfare benefit plan sponsored or maintained by the Company and made available generally to its senior
officers, including, without limitation, each group life, hospitalization, medical, dental, health, accident or disability insurance
or similar plan or program of the Company, and (ii) each pension, profit sharing, retirement, deferred compensation or
savings plan sponsored or maintained by the Company for its senior officers, in each case, whether now existing or established
hereafter, in accordance with the generally applicable provisions thereof.

 

(b)
Vacation. During the Employment Period, Executive shall receive four (4) weeks of paid vacation per annum, pro-rated for
a lesser period. Vacation not taken in any year can be carried over to subsequent years.

 

(c)
Perquisites. During the Employment Period, Executive shall be entitled to receive such perquisites as are generally provided
to other senior officers of the Company in accordance with the then current policies and practices of the Company.

 

(d)
Business Expenses. The Company shall pay or reimburse Executive for all reasonable expenses incurred or paid by Executive
during the Employment Period in the performance of Executive’s duties hereunder, and upon presentation of expense statements
or vouchers and such other information as the Company may require and in accordance with the generally
applicable policies and procedures of the Company. The Company shall pay for mobile phone services and all Internet access, both
wireless and wireline, as such services are required for performance of the aforementioned duties in Section 1.

 

(e)          
Travel Expenses. Executive may be asked to travel for the Company domestically and
internationally. The Company will pay for airfare and hotels directly. Airfare and Hotel selection will be subject to written
guidelines. Travel expenses will be reviewed on a quarterly basis.

 

6. Termination of Employment.

 

(a)
Early Termination of the Employment Period. Notwithstanding Paragraph 1, the Employment Period shall end upon the earliest
to occur of (i) Executive’s death, (ii) a Termination due to Disability, (iii) a Termination for Cause,
or (iv) a Termination for Good Reason. If the Employment Period terminates as of a date specified under this Paragraph
6 for reasons other than Termination for Good Reason, Executive agrees that, upon written request from the Company, he shall resign
from the Board, if any, and each other position he holds with the Company and any of its subsidiaries or affiliates, effective
immediately following receipt of such request from the Company (or at such later date as the Company may specify). If the Employment
Period terminates as of a date specified in this Paragraph 6 due to a Termination for Good Reason, Executive agrees that, upon
written request from the Company, he shall resign from each other position held with the Company, except that he will remain a
member of the Board until he is otherwise removed from the Board in accordance with the Bylaws of the Company..

 

(b)
Benefits Payable Upon Termination. Notwithstanding anything contained herein to the contrary:

 

(i)
In the event of Executive’s death during the Employment Period or a Termination due to Disability, Executive or his beneficiaries
or legal representatives shall be provided the Unconditional Entitlements, including, but not limited to, any such Unconditional
Entitlements that are or become payable under any Company plan, policy, practice or program or any contract or agreement with
the Company by reason of Executive’s death or Termination due to Disability. In the event of the Executive’s death
during the Employment Period or a Termination due to Disability, all stock grants or stock options described herein shall become
fully vested and payable to Executive or his beneficiaries or legal representatives.

 

(ii)
In the event of Executive’s Termination for Cause, Executive shall be provided the Unconditional Entitlements, except that
all unvested stock options shall automatically expire.

 

    	 

    	 

    

 

(iii)
In the event of a Termination for Good Reason, Executive shall be provided the Unconditional Entitlements; and in addition, the
Company shall provide the Conditional Benefits to Executive subject to (A) Executive’s execution of the Release and
(B) Executive having not revoked such Release within the seven-day revocation period permitted following delivery of such
Release. For Executive to become entitled to the Contingent Benefits, Executive must deliver both the executed Release to the
Company by no later than thirty (30) days following the Termination Date.

 

(c)
Unconditional Entitlements. For purposes of this Agreement, the “Unconditional
Entitlements” to which Executive may become entitled
under Paragraph 6(b) are as follows:

 

(i)
Earned Amounts. The Earned Compensation shall be paid within thirty (30) days following the termination of Executive’s
employment hereunder, or if any part thereof constitutes a bonus which is subject to or conditioned upon any performance conditions,
within thirty (30) days following the determination that such conditions have been met, provided that in no event shall
the bonus be paid later than ninety (90) days following his termination of employment.

 

(ii)
Benefits. All benefits payable to Executive under any employee benefit plans (including, without limitation any pension
plans or 401(k) plans) of the Company or any of its affiliates, to the extent established, applicable to Executive at the time
of termination of Executive’s employment with the Company and all amounts and benefits (other than the Contingent Benefits)
which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy,
practice or program of, or any contract or agreement with, the Company, at or subsequent to the date of his termination without
regard to the performance by Executive of further services or the resolution of a contingency, shall be paid or provided in accordance
with and subject to the terms and provisions of such plans, it being understood that all such benefits shall be determined on
the basis of the actual date of termination of Executive’s employment with the Company. Notwithstanding the immediately
preceding sentence, Executive shall not be entitled to any benefits under any severance plan or policy of the Company or any of
its subsidiaries.

 

(iii)
Indemnities. Any right which Executive may have to claim a defense and/or indemnity for liabilities to or claims asserted
by third parties in connection with Executive’s activities as an officer, director or employee of the Company or any of
its affiliates pursuant to the terms of the Indemnification Agreement referenced in Paragraph 5(d) shall be unaffected by Executive’s
termination of employment and shall remain in effect in accordance with its terms.

 

(iv)
Medical Coverage. Executive shall be entitled to such continuation of health care coverage as is required under, and in
accordance with, applicable law or otherwise provided in accordance with the Company’s policies. Executive shall be notified
in writing of his rights to continue such coverage after the termination of his employment pursuant to this Paragraph 6(c)(iv),
provided that Executive timely complies with the conditions to continue such coverage. Executive understands and acknowledges
that Executive is responsible to make for all payments required for any such continued health care coverage that Executive may
choose to receive.

 

(v)
Business Expenses. Executive shall be entitled to reimbursement, in accordance with the Company’s policies regarding
expense reimbursement as in effect from time to time, for all business expenses incurred by him prior to the termination of his
employment.

 

(vi)
Stock Options/Awards. Except to the extent additional rights are provided upon Executive’s qualifying to receive
the Conditional Benefits, Executive’s rights with respect to any stock options and/or restricted stock units granted to
him by the Company shall be governed by the terms and provisions herein, and to the extent not in conflict with the terms and
provisions herein, the terms and provisions of the Plan (including plan rules) and award agreements pursuant to which such stock
options and restricted stock units were awarded, as in effect at the date Executive’s employment terminates.

 

    	 

    	 

    

 

(d)
Conditional Benefits. For purposes of this Agreement, the “Conditional
Benefits” to which Executive may become entitled
under Paragraph 6(b)(iii), provided he complies with the terms and conditions thereof, are as follows:

 

(i)
Remaining Salary. The Company shall pay Executive a lump sum amount equal to the remaining salary under this Agreement
within thirty (30) days from the Termination Date.

 

(ii)
Pro-Rated Current Year Bonus. A pro rata annual bonus, to the extent established, for the year in which the Termination
Date occurs, determined on the basis of an assumed full-year target bonus determined pursuant to Section 3(b) and the number of
days in the applicable fiscal year occurring on or before the Termination Date. Such pro-rata current year bonus shall be paid
no later than the later of (i) two and a half months after the end of Executive’s tax year in which the Termination
Date occurs and (ii) two and a half months after the end of the Company’s tax year in which the Termination Date
occurs.

 

(e)
Definitions. For purposes of this Paragraph 6 and, to the extent applicable, Paragraph 7, the following terms shall have
the meanings ascribed to them below:

 

“Earned
Compensation” means the sum of (a) any Base
Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment Period ends pursuant
to Paragraph 6(a) (but excluding any salary and interest accrued thereon payment of which has been deferred), (b) vacation earned,
including accrued, but not taken prior to such termination, and (c) if Executive’s employment terminates due to Executive’s
death or in a Termination due to Disability or a Termination for Good Reason, in any case, after the end of a fiscal year, but
before the annual incentive compensation payable for services rendered in that fiscal year has been paid, the annual incentive
compensation that would have been payable to Executive for such completed fiscal year in accordance with Paragraph 3(b).

 

“Change
of Control” means the occurrence of any of the following
events; (i) a person acquires more than fifty percent (50%) control over its voting securities; (ii) the individuals who,
as of execution date of this Agreement are members of the Company’s board of directors (the “Incumbent Board”),
cease to constitute at least two-thirds of the Incumbent Board; however, a newly-elected board member that was elected or nominated
by two-thirds of the Incumbent Board shall be considered a member of the Incumbent Board; (iii) the Company’s stockholders
approve a merger, consolidation or reorganization with an unrelated entity, unless the Company’s stockholders would own
at least fifty-one percent (51%) of the voting power of the surviving entity; the individuals who were members of the Incumbent
Board constitute at least a majority of the members of the board of directors of the surviving entity; and no person (other than
one of the Company’s affiliates) has beneficial ownership of fifty percent (50%) or more of the combined voting power of
the surviving entity’s then outstanding voting securities; (iv) the Company’s stockholders approve a plan of complete
liquidation or dissolution of the Company; or (v) the Company’s stockholders (or Directors in the case of a sale of
substantially all of the assets) approve the sale or disposition of all or substantially all of the Company’s assets.

 

“Release”
means the General Release in the form set forth in Exhibit A attached
hereto.

 

    	 

    	 

    

 

“Scheduled
Expiration Date” means May 31, 2015.

 

“Termination
for Cause” means a termination of Executive’s
employment by the Company due to (i) Executive’s conviction of a felony or the entering by Executive of a plea of
nolo contendere to a felony charge; (ii) Executive’s gross neglect, willful malfeasance or willful gross misconduct
in connection with his employment hereunder which has had a material adverse effect on the business of the Company and its subsidiaries,
unless Executive reasonably believed in good faith that such act or non-act was in or not opposed to the best interests of the
Company; (iii) a substantial and continual refusal by Executive in breach of this Agreement to perform Executive’s
duties, responsibilities or obligations assigned to Executive in accordance with the terms hereof (provided that such duties,
responsibilities or obligations are not inconsistent with his positions as Chief Operating Officer and are otherwise lawful) that
continues after receipt by Executive of written notice from the Company identifying the duties, responsibilities or obligations
not being performed; (iv) a violation by Executive of any policy of the Company that is generally applicable to all employees
or all officers of the Companies including, but not limited to, policies concerning insider trading or sexual harassment, or the
Company’s code of conduct, that Executive knows or reasonably should know could reasonably be expected to result in a material
adverse effect on the Company; (v) Executive’s failure to cooperate, if requested by the Board, with any investigation
or inquiry into his or the Company’s business practices, whether internal or external, including, but not limited to Executive’s
refusal to be deposed or to provide testimony at any trial or inquiry; or (vi) any material breach by Executive of the
provisions of Paragraph 9; provided, however, that in the case of subclauses (iv), (v) and (vi), Cause shall not exist
if, such violation, failure to cooperate or breach, if capable of being cured, shall have been cured by Executive within 30 days
after receipt of notice thereof from the Company. Any Termination for Cause shall be effected by a resolution of the majority
of the members of the Board, excluding Executive. Prior to the effectiveness of any such termination, Executive shall be afforded
an opportunity to meet with the Board, upon reasonable notice under the circumstances, and explain and defend any action or omission
alleged to constitute grounds for a Termination for Cause; provided that, the Board may suspend Executive from his duties
hereunder prior to such opportunity and such suspension shall not constitute a breach of this Agreement by the Company or otherwise
form the basis for a Termination for Good Reason. If Executive has, and utilizes, such opportunity to be heard, the Board shall
promptly reaffirm that grounds for a Termination for Cause exist or reinstate Executive to his position hereunder.

 

“Termination
Date” means the date Executive specifies in writing
to the Company in connection with any notice to effect a Termination for Good Reason.

 

“Termination
due to Disability” means a termination of Executive’s
employment by the Company because Executive has been incapable, after reasonable accommodation, of substantially fulfilling the
positions, duties, responsibilities and obligations set forth in this Agreement because of physical, mental or emotional incapacity
resulting from injury, sickness or disease for a period of (i) six consecutive months or (ii) an aggregate of nine
months (whether or not consecutive) in any twelve month period. Any question as to the existence, extent or potentiality of Executive’s
disability shall be determined by a qualified physician selected by the Company with the consent of Executive, which consent shall
not be unreasonably withheld. Executive or his legal representatives or any adult member of his immediate family shall have the
right to present to such physician such information and arguments as to Executive’s disability as he, she or they deem appropriate,
including the opinion of Executive’s personal physician.

 

    	 

    	 

    

 

“Termination
for Good Reason” means a termination of Executive’s
employment by Executive within thirty (30) days of the Company’s failure to cure, in accordance with the procedures set
forth below, any of the following events: (i) a reduction in any of Executive’s compensation rights hereunder (that
is, Base Salary, target bonus opportunity specified in Paragraph 3(b) or annual target incentive awards specified in Paragraph
3(c)), it being understood that the failure of Executive to receive an actual bonus for any fiscal year equal to or greater than
the bonus opportunity, or to receive in respect of any equity award granted an amount that is equal to or greater than the annual
target incentive value ascribed to such award is not a reduction in such compensation rights; (ii) the removal of him by
the Company from the position of Chief Operating Officer for reasons other than Termination for Cause; (iii) a material
reduction in Executive’s duties and responsibilities as in effect immediately prior to such reduction (other than in connection
with the appointment of a person other than Executive to serve as President of the Company); (iv) the assignment to Executive
of duties that are materially inconsistent with his position or duties or that materially impair Executive’s ability to
function as Chief Operating Officer of the Company and any other position in which he is then serving; (v) a material breach
of any material provision of this Agreement by the Company; or (vi) a Change of Control occurs with respect to the Company. Notwithstanding
the foregoing, a termination shall not be treated as a Termination for Good Reason (A) if Executive shall have consented
in writing to the occurrence of the event giving rise to the claim of Termination for Good Reason, (B) if the Board removes
Executive from the position of Chief Operating Officer to appoint a person who Executive recommends or otherwise agrees to be
acceptable, or (C) unless Executive shall have delivered a written notice to the Board within three months of his having
actual knowledge of the occurrence of one of such events stating that he intends to terminate his employment for Good Reason and
specifying the factual basis for such termination, and such event, if capable of being cured, shall not have been cured within
30 days of the receipt of such notice.

 

(f)
Conflict With Plans. As permitted, the Company and Executive agree that the definitions of Termination for Cause or Termination
for Good Reason set forth in this Paragraph 6 shall apply in place of any similar definition or comparable concept applicable
under any other documents (or any similar definition in any successor documents).

 

7. Non-competition
and Confidentiality.

 

(a)
Non-competition. During the Employment Period, Executive shall not become associated with any entity, whether as a principal,
partner, employee, consultant or shareholder (other than as a holder of not in excess of 1% of the outstanding voting shares of
any publicly traded company), that is actively engaged in any geographic area in any business which is in competition with a business
conducted by the Company at the time of the alleged competition.

 

(b)
Confidentiality. Without the prior written consent of the Company, except (i) as reasonably necessary in the course
of carrying out his duties hereunder or (ii) to the extent required by an order of a court having competent jurisdiction
or under subpoena from an appropriate government agency, Executive shall not disclose any trade secrets, customer lists, drawings,
designs, information regarding product development, existing theatrical projects, marketing plans, sales plans, manufacturing
plans, management organization information (including data and other information relating to members of the Board and management),
operating policies or manuals, business plans, financial records or other financial, commercial, business or technical information
relating to the Company or any of its subsidiaries or information designated as confidential or proprietary that the Company or
any of its subsidiaries may receive belonging to suppliers, customers or others who do business with the Company or any of its
subsidiaries (collectively, “Confidential Information”)
unless such Confidential Information has been previously disclosed to the public by the Company or has otherwise become available
to the public (other than by reason of Executive’s breach of this Paragraph 7(b)).

 

    	 

    	 

    

 

(c)
Company Property. Promptly following Executive’s termination of employment, Executive shall return to the Company
all property of the Company, and all copies thereof in Executive’s possession or under his control, except that Executive
may retain his personal notes, diaries, Rolodexes, calendars and correspondence of a personal nature.

 

(d)
Non-Solicitation of Employees. During the Employment Period and, subject to the provisions of applicable law, during the
one-year period following any termination of Executive’s employment, Executive shall not, except in the course of carrying
out his duties hereunder, directly or indirectly induce any employee of the Company or any of its subsidiaries to terminate employment
with such entity, and shall not directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise,
knowingly employ or offer employment to any person who is or was employed by the Company or a subsidiary thereof unless such person
shall have ceased to be employed by such entity for a period of at least six (6) months.

 

(e)
Injunctive Relief with Respect to Covenants. Executive acknowledges and agrees that the covenants and obligations of Executive
with respect to noncompetition, non-solicitation, confidentiality and the Company property relate to special, unique and extraordinary
matters and that a violation of any of the terms of such covenants and obligations may cause the Company irreparable injury for
which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to obtain an
injunction, restraining order or such other equitable relief restraining Executive from committing any violation of the covenants
and obligations contained in this Paragraph 10. These injunctive remedies are cumulative and are in addition to any other rights
and remedies the Company may have at law or in equity.

 

8. Miscellaneous.

 

(a)
Survival. Paragraphs 7 (relating to nondisclosure and non-solicitation of employees) and 8(o) (relating to governing law)
shall survive the termination hereof, whether such termination shall be by expiration of the Employment Period in accordance with
Paragraph 1 or an early termination of the Employment Period pursuant to Paragraph 6 hereof.

 

(b)
Binding Effect. This Agreement shall be binding on, and shall inure to the benefit of, the Company and any person or entity
that succeeds to the interest of the Company (regardless of whether such succession does or does not occur by operation of law)
by reason of a merger, consolidation or reorganization involving the Company or a sale of all or substantially all of the assets
of the Company. The Company further agrees that, in the event of a sale of assets as described in the preceding sentence, it shall
use its reasonable best efforts to cause such assignee or transferee to expressly assume the liabilities, obligations and duties
of the Company hereunder. This Agreement shall also inure to the benefit of Executive’s heirs, executors, administrators
and legal representatives and beneficiaries as provided in Paragraph 8(d).

 

(c)
Assignment. Except as provided under Paragraph 8(b), neither this Agreement nor any of the rights or obligations hereunder
shall be assigned or delegated by any party hereto without the prior written consent of the other party.

 

(d)
Beneficiaries/References. Executive shall be entitled, to the extent permitted under any applicable law and the terms of
any applicable plan, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder
following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial
determination of his incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to his
beneficiary, estate or other legal representative.

 

    	 

    	 

    

 

(e)
Entire Agreement. This Agreement and each of the agreements evidencing the terms herein shall constitute the entire agreement
between the parties hereto with respect to the matters referred to herein (and supersedes in its entirety the prior Consulting
Agreement entered into by the parties as referenced in the recitals herein) except to the extent covered by the Plan, and in which
case, subject to the terms and conditions of the last sentence of this sub-paragraph (e). There are no promises, representations,
inducements or statements between the parties other than those that are expressly contained herein. Notwithstanding anything to
the contrary contained herein, in the event of conflict between the terms and conditions herein and the terms and conditions of
the Plan, the terms and conditions herein shall prevail at the point of conflict.

 

(f)
Representations. Executive represents that his employment hereunder and compliance by him with the terms and conditions
of this Agreement will not conflict with or result in the breach of any agreement to which he is a party or by which he may be
bound. The Company represents that (i) it is a corporation duly organized, validly existing and in good standing under
the laws of the State of Nevada, (ii) it has the full corporate power and authority to execute and deliver this Agreement,
and (iii) the execution, delivery and performance of this Agreement has been duly and validly authorized.

 

(g)
Authority of the Board. For the avoidance of doubt, nothing is this Agreement shall preclude the Board from its ability
to exercise any power or authority to take such actions as it is required or permitted to take as a matter of law or pursuant
to the terms of the Company’s governing documents. Nothing in this Paragraph 8(g) shall be construed to modify, amend, limit
or otherwise impair the rights and entitlements of Executive set forth in the other Paragraphs of this Agreement (including, without
limitation, the rights and entitlements specified in Paragraph 6).

 

(h)
Severability. In the event that one or more of the provisions of this Agreement shall become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby..

 

(i)
Waiver. Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement shall
not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No
waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure
by either party hereto to assert its or his rights hereunder on any occasion or series of occasions.

 

(j)
Notices. Any notice required or desired to be delivered under this Agreement shall be in writing and shall be delivered
personally, by courier service, by registered mail, return receipt requested, or by telecopy and shall be effective upon actual
receipt when delivered or sent by telecopy and upon mailing when sent by registered mail, and shall be addressed as follows (or
to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

If
to the Company:

 

Bizzingo,
Inc.

63 Main Street, Suite 202

Flemington, New Jersey 08822

Telecopy No.: (908) 968-0838

 

with
a copy to:

 

Daniel H. Luciano, Esq.

242A West Valley Brook Rd.

Califon, New Jersey 07830

 

    	 

    	 

    

 

Telecopy No.: (908) 832 - 5546

 

If
to Executive:

 

Roger Wood

731 Market Street #600

San Francisco, CA 94103

 

(k)
Amendments. No amendment to this Agreement shall be binding between the parties unless it is in writing and signed by the
party against whom enforcement is sought.

 

(l)
Headings. Headings to paragraphs in this Agreement are for the convenience of the parties only and are not intended to
be part of or to affect the meaning or interpretation hereof.

 

(m)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

 

(n)
Withholding. Any payments provided for herein shall be reduced by any amounts required to be withheld by the Company from
time to time under applicable federal, state or local income or employment tax laws or similar statutes or other provisions of
law then in effect.

 

(o)
Governing Law. This Agreement shall be governed by the laws of the State of Nevada, without reference to principles of
conflicts or choice of law under which the law of any other jurisdiction would apply.

 

IN WITNESS WHEREOF, the
Company has caused this Agreement to be executed by its duly authorized officer and Executive has hereunto set his hand as of the
day and year first above written.

 

	“Company”:	 	Bizzingo, Inc.
	 	 	a Nevada Company
	 	 	 	 
	 	 	By: 	/s/ Douglas Toth
	 	 	Print Name: Douglas Toth
	 	 	 	 
	“Executive”:	 	 	 
	 	 	 	 
	 	 	By:	/s/ Roger Wood
	 	 	Print Name: Roger Wood

 

    	 

    	 

    

 

EXHIBIT A

 

GENERAL RELEASE

 

WHEREAS, Roger Wood (hereinafter
referred to as “Executive”) and Bizzingo, Inc. (hereinafter referred to as the “Company”) are parties to
a Employment Agreement, dated September__, 2012 but effective September 15, 2012, (the “Employment Agreement”), which
provided for Executive’s employment with the Company on the terms and conditions specified therein; and

 

WHEREAS, pursuant to the
Employment Agreement, Executive and the Company have agreed to execute mutual releases of the type and nature set forth in this
Agreement;

 

NOW, THEREFORE, in consideration
of the premises and mutual promises herein contained and for other good and valuable consideration received in accordance with
the terms of the Employment Agreement, it is agreed as follows:

 

1. (a) Upon the later
of (i) the execution hereof by the Company and Executive, (ii) the passage of seven (7) days following execution hereof by Executive
without Executive’s having exercised the revocation rights referred to in paragraph 11 hereof and (iii) the time specified
in the Employment Agreement for payment of a particular item of compensation, the Company shall provide Executive the amounts and
benefits described in Paragraphs 6 and 7 of the Employment Agreement and make full payment for vacation and floating holidays accrued
but unused as of the date hereof, less amounts required to be withheld by law or authorized by Executive to be withheld (it being
understood that from and after the date hereof no further rights to vacation or floating holidays or compensation therefor shall
accrue or be payable to Executive). Such payment shall be made by check payable to Executive.

 

(b) The covenants and
commitments of Employer referred to herein (including, specifically, but without limitation, any and all benefits conferred upon
Executive pursuant to Paragraphs 6 and 7 of the Employment Agreement) shall be in lieu of and in full and final discharge of any
and all obligations to Executive for compensation, severance payments, or any other expectations of payment, remuneration, continued
coverage of any nature or benefit on the part of Executive arising out of or in connection with Executive’s employment with
the Company, or under any agreement, arrangement, commitment, plan, program, practice or policy of the Company, or otherwise, other
than as expressly provided in the Employment Agreement.

 

(c) Notwithstanding the
foregoing or any other term or provision hereof, Executive shall be entitled to such rights as are vested in Executive as of the
Termination Date, or as are expressly provided in the Employment Agreement, under and subject to the terms of (i) the Employment
Agreement, (ii) any applicable retirement plan(s) to which Executive may be subject, (iii) any applicable stock option plan or
other incentive compensation plan of the Company to which Executive may be subject, (iv) any right which Executive now has or may
hereafter have to claim a defense and/or indemnity for liabilities to third parties in connection with his activities as an employee
of the Company or any of its affiliates pursuant to the terms of any applicable statute, under any insurance policy, pursuant to
the certificate of incorporation or bylaws or established policies of the Company or any affiliate thereof or pursuant to written
agreement (including, without limitation, the Indemnification Agreement dated as of October 15, 2010 expressly providing for such
indemnity between Executive and the Company or any affiliate thereof, and (v) any other applicable employee welfare benefit plans
to which Executive may be subject. Further, Executive shall be entitled to such continuation of health care coverage as is required
under, and subject to, applicable law, of which Executive shall be notified in writing after the Termination Date, provided Executive
timely exercises Executive’s rights in accordance therewith. Executive understands and acknowledges that all payments for
any such continued health care coverage he may elect will be paid by him, except to the extent the Employment Agreement provides
that such payments shall be made by the Company.

 

    	 

    	 

    

 

2. Executive confirms that, on or prior to
seven (7) days from the date hereof, Executive shall turn over to the Company all files, memoranda, records, credit cards and other
documents and physical or personal property that Executive received from the Company or that Executive generated in connection
with his employment by the Company or that are the property of the Company.

 

3. It is the desire and intent of the parties
hereto that the provisions of this Agreement be enforced to the fullest extent permissible under law. Should there be any conflict
between any provision hereof and any present or future law, such law will prevail, but the provisions affected thereby will be
curtailed and limited only to the extent necessary to bring them within the requirements of law, and the remaining provisions of
this Agreement will remain in full force and effect and be fully valid and enforceable.

 

4. Executive represents and agrees (a) that
Executive has to the extent he desires discussed all aspects of this Agreement with his attorney, (b) that Executive has carefully
read and fully understands all of the provisions of this Agreement, and (c) that Executive is voluntarily entering into this Agreement.

 

5. Excluding enforcement of the covenants,
promises and/or rights reserved herein (including all rights and claims that Executive may have under the Employment Agreement),
Executive hereby irrevocably and unconditionally releases, acquits and forever discharges the Company and each of the Company’s
owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, divisions,
subsidiaries, affiliates (and agents, directors, officers, employees, representatives and attorneys of such companies, divisions,
subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively “Company
Releasees”), or any of them, from any and all charges, complaints, claims, liabilities, obligations, promises, agreements,
controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’
fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited
to, rights arising out of alleged violations of any contracts, express or implied, any covenant of good faith and fair dealing,
express or implied, or any tort or any legal restrictions on the Company’s right to terminate employees, or any Federal,
state or other governmental statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act
of 1964, as amended, the Federal Age Discrimination In Employment Act of 1967, as amended, and the California Fair Employment and
Housing Act that Executive now has, or has ever had, or ever will have, against each or any of the Company Releasees, by reason
of any and all acts omissions, events, circumstances or facts existing or occurring up through the date of Executive’s execution
hereof that directly or indirectly arise out of, relate to, or are connected with, Executive’s services to, or employment
by the Company (any of the foregoing being an “Executive Claim” or, collectively, the “Executive Claims”).

 

6. Executive expressly waives and relinquishes
all rights and benefits and does so understanding and acknowledging the significance of such specific waiver, except as to:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

Thus, and for the purpose of implementing a
full and complete release and discharge of the Company Releasees, Executive expressly acknowledges that this Agreement is intended
to include in its effect, without limitation, all Executive Claims that Executive does not know or suspect to exist in Executive’s
favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Executive Claim or Executive
Claims.

 

    	 

    	 

    

 

7. Excluding enforcement of the covenants,
promises and/or rights reserved herein or in the Employment Agreement, and except as otherwise provided in the proviso at
the end of this sentence, the Company, hereby irrevocably and unconditionally releases, acquits and discharges Executive, and Executive’s
heirs, assigns and successors in interest (“Executive Releasees”) from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts
and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever, known or unknown, suspected
or unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any
covenant of good faith and fair dealing, express or implied, or any tort, that the Company now has, or has ever had, or ever will
have, against Executive and/or the Executive Releasees, by reason of any and all acts, omissions, events, circumstances or facts
existing or occurring up through the date of the Company’s execution hereof, that directly or indirectly arise out of, relate
to, or are connected with, Executive’s services to, or employment by the Company (hereinafter referred to as a “Claim”
or collectively, the “Claims”); provided, however, that, notwithstanding any other term or provision
hereof, any Claim or Claims rising out of, under, or resulting from, in part or whole, (i) any illegal or fraudulent act(s) or
illegal or fraudulent omission(s) to act of Executive, (ii) any action(s) or omission(s) to act which would constitute self-dealing
or a breach of Executive’s confidentiality obligations to the Company or any affiliate thereof, or a breach of Employment
Agreement executed by Executive, or (iii) the Board’s policy, as the same may be in effect from time to time, regarding the
ability of the Company to recoup bonus or incentive payments as a result of the Company being required to restate its financial
results due to material noncompliance with financial reporting requirements under the securities laws, are hereby expressly excluded
in their entirety from the foregoing release, acquittal and discharge and are unaffected thereby (any Claim or Claims not so excluded
pursuant to this proviso being hereinafter referred to as a the “Company Claim” or, collectively, as the “Company
Claims”).

 

8. Except as expressly reserved herein, the
Company expressly waives and relinquishes all rights and benefits and does so understanding and acknowledging the significance
of such specific waiver, except as to:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

Thus, for the purpose of implementing a full
and complete release, acquittal and discharge of the Executive Releasees with respect to the Company Claims only, the Company expressly
acknowledges that this Agreement is intended to include in its effect, without limitation, all the Company Claims that the Company
does not know or suspect to exist in the Company’s favor at the time of execution hereof, and that this Agreement contemplates
the extinguishment of any such Company Claims.

 

9. Executive understands that Executive has
been given a period of 21 days to review and consider this Agreement before signing it pursuant to the Age Discrimination In Employment
Act of 1967, as amended. Executive further understands that Executive may use as much of this 21-day period as Executive wishes
prior to signing.

 

10. Executive acknowledges and represents that
he understands that he may revoke the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended,
effectuated in this Agreement within seven (7) days of signing this Agreement. Revocation can be made by delivering a written notice
of revocation to General Counsel or any other officer of, Bizzingo, Inc., 63 Main Street, Suite 202, Flemington New Jersey. For
this revocation to be effective, written notice must be received by the Company no later than the close of business on the seventh
day after Executive signs this Agreement. If Executive revokes the waiver of his rights under the Age Discrimination In Employment
Act of 1967, as amended, the Company shall have no obligations to Executive hereunder, and this Agreement and the Employment Agreement
shall have no further force and effect.

 

    	 

    	 

    

 

11. Executive and the Company respectively
represent and acknowledge that in executing this Agreement neither of them is relying upon, and has not relied upon, any representation
or statement not set forth herein made by any of the agents, representatives or attorneys of the Company Releasees or of the Executive
Releasees with regard to the subject matter, basis or effect of this Agreement or otherwise.

 

12. This Agreement shall not in any way be
construed as an admission by any of the Company Releasees or Executive Releasees, respectively, that any Company Releasee or Executive
Releasee has acted wrongfully or that the Company or Executive has any rights whatsoever against any of the Company Releasees or
Executive Releasees except as specifically set forth herein, and each of the Company Releasees and Executive Releasees specifically
disclaims any liability to any party for any wrongful acts.

 

13. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New Jersey. This Agreement is binding on the successors and assigns of,
and sets forth the entire agreement between, the parties hereto; fully supersedes any and all prior agreements or understandings
between the parties hereto pertaining to the subject matter hereof; and may not be changed except by explicit written agreement
to that effect subscribed by the parties hereto.

 

PLEASE
READ CAREFULLY. THIS SETTLEMENT AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Agreement to be executed by its duly authorized officer and Executive has hereunto set his hand as of the
day and year first above written.

 

	“Company”:
    	 	Bizzingo, Inc.
	 	 	a Nevada Company
	 	 	 	 
	 	 	By:	 
	 	 	Print Name: Douglas Toth
	 	 	 	 
	 	 	Address: 	63 Main Street, Suite 202
	 	 		Flemington, NJ 08822 
	 	 	 	 
	“Executive”:	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	Print Name: Roger Wood
	 	 	 	 
	 	 	Address:	 

 

[Signature Page to General
Release Agreement]

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