Document:

tyme-ex102_11.htm

 

EXHIBIT 10.2

Ben Taylor

_________________ 

_________________

 

September 20, 2020

 

Dear Mr. Taylor,

 

This letter agreement (this “Agreement”) sets forth the terms and conditions whereby you (“Consultant” or “you”), agrees to provide certain services to Tyme Technologies, Inc., a Delaware corporation, and its affiliates (collectively, the “Company”).

 

1.  SERVICES.

 

	
 
	
1.1
	
Following your resignation from the Company as President and Chief Financial Officer effective September 30, 2020, the Company wishes to engage you to provide transition services relating to your resignation as well as financing and strategic consultation services (collectively, the “Services”), during and throughout the Term.  Such Services shall be rendered upon the reasonable request of Company.

 

   1.2  The Company engages you, and you hereby accept such engagement, as an independent contractor to provide Services to the Company on the terms and conditions set forth in this Agreement.

 

    1.3  You have the right to make non-binding recommendations to the Company regarding the scope of the Services, but the Company shall have no obligation to follow or implement in whole or part such recommendations. The Company shall not control the manner or means by which you perform the Services, including but not limited to the time and place you perform the Services.

 

    1.4  You shall furnish, at your own expense, all supplies and documentation necessary to perform the Services. 

 

    1.5  To the extent you perform any Services on the Company’s premises or using the Company’s resources, you shall comply with all applicable policies of the Company relating to business and office conduct, health and safety.

 

2.  TERM. The term of this Agreement shall commence as of October 1, 2020 for a period of two (2) months unless earlier terminated in accordance with Section 8 (the “Term”). 

 

3.  FEES AND EXPENSES.

 

    3.1  As full compensation for the Services and in consideration of the Release granted to the Company in this Agreement, the Company shall pay you $30,000 per month (or such portion thereof if this Agreement is terminated prior to the end of the Term).

 

    3.2  You are solely responsible for any travel or other costs or expenses incurred by you in connection with the performance of the Services, and in no event shall the Company reimburse you for any such costs or expenses, unless pre-approved by Company.

  

 

 

4.  RELATIONSHIP OF THE PARTIES.

 

    4.1  You are an independent contractor of the Company, and this Agreement shall not be construed to create any association, partnership, joint venture, employee, or agency relationship between you and the Company for any purpose. You have no authority (and shall not hold yourself out as having authority) to bind the Company and you shall not make any agreements or representations on the Company’s behalf without the Company’s prior written consent.

 

    4.2  Without limiting Section 4.1, you will not be eligible to participate in any vacation, group medical or life insurance, disability, profit sharing or retirement benefits, or any other fringe benefits or benefit plans offered by the Company to its employees, and the Company will not be responsible for withholding or paying any income, payroll, Social Security, or other federal, state, or local taxes, making any insurance contributions, including for unemployment or disability, or obtaining workers’ compensation insurance on your behalf. You shall be responsible for, and shall indemnify the Company against, all such taxes or contributions, including penalties and interest. Any persons employed or engaged by you in connection with the performance of the Services shall be your employees or contractors and you shall be fully responsible for them and indemnify the Company against any claims made by or on behalf of any such employee or contractor.

 

5.  CONFIDENTIALITY.

 

    5.1  You acknowledge that you will have access to information that is treated as confidential and proprietary by the Company including without limitation the existence and terms of this Agreement, trade secrets, technology, and information pertaining to business operations and strategies, customers, pricing, marketing, finances, sourcing, personnel, or operations of the Company, its affiliates, or their suppliers, in each case whether spoken, written, printed, electronic, or in any other form or medium (collectively, the “Confidential Information”). Any Confidential Information that you develop in connection with the Services, shall be subject to the terms and conditions of this clause. You agree to treat all Confidential Information as strictly confidential, not to disclose Confidential Information or permit it to be disclosed, in whole or part, to any third party without the prior written consent of the Company in each instance, and not to use any Confidential Information for any purpose except as required in the performance of the Services. You shall notify the Company immediately in the event you become aware of any loss or disclosure of any Confidential Information.

 

    5.2  Confidential Information shall not include information that:

 

(a)  is or becomes generally available to the public other than through your breach of this Agreement; or

 

(b)  is communicated to you by a third party that had no confidentiality obligations with respect to such information.

 

    5.3  Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order. You agree to promptly provide written notice of any such order to an authorized officer of the Company after receiving such order, but in any event sufficiently in advance of making any disclosure to permit the Company to contest the order or seek confidentiality protections, as determined in the Company’s sole discretion.

 

6.  REPRESENTATIONS AND WARRANTIES.

 

    6.1  You represent and warrant to the Company that:

 

(a)  you have the right to enter into this Agreement, to grant the rights granted herein (on behalf of yourself and all Affiliates, Associates and immediate family members, as such terms are defined in Section 7 below) and to perform fully all of your obligations in this Agreement, including all obligations in Section 7 hereto;

 

 

 

(b)  by entering into this Agreement with the Company and your performance of the Services do not and will not conflict with or result in any breach or default under any other agreement or arrangement to which you are subject;

 

(c)  you have the required skill, experience, and qualifications to perform the Services, you shall perform the Services in a professional and workmanlike manner and you shall devote sufficient resources to ensure that the Services are performed in a timely and reliable manner;

 

(d)  you shall perform the Services in compliance with all applicable federal, state, and local laws and regulations;

 

     6.2  The Company hereby represents and warrants to you that:

 

(a)  it has the full right, power, and authority to enter into this Agreement and to perform its obligations hereunder; and

 

(b)  the execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary corporate action.

 

7.  RELEASE. In exchange for the consideration provided in this Agreement, you, on behalf of yourself and your Affiliates, Associates (each as defined in Section 405 of the Securities Act of 1933) and their immediate family members (as defined in the instructions to Item 404(a) under Regulation S-K) irrevocably and unconditionally fully and forever waive, release, and discharge the Company and its officers, directors and agents from any and all claims, demands, actions, causes of actions, obligations, judgments, rights, fees, damages, debts, obligations, liabilities, and expenses (inclusive of attorneys' fees) of any kind whatsoever (collectively, "Claims"), whether known or unknown, from the beginning of time to the date of this Agreement (the "Release"). For the avoidance of doubt, the parties confirm that nothing in this Section 7 shall be construed to prevent you from defending any Claims that may be brought against you in the future.

 

8.  TERMINATION.

 

    8.1   The Company may terminate this Agreement effective immediately at any time for any or no reason. You may terminate this Agreement, effective immediately upon written notice to the Company, if the Company materially breaches this Agreement, and such breach is incapable of cure, or with respect to a material breach capable of cure, the Company does not cure such breach within 10 calendar days after receipt of written notice of such breach.

 

    8.2 Upon expiration or termination of this Agreement for any reason, or at any other time upon the Company’s written request, you shall promptly after such expiration or termination:

 

(a)  deliver to the Company all tangible documents and materials (and any copies) containing, reflecting, incorporating, or based on the Confidential Information;

 

(b)  permanently erase all of the Confidential Information from your computer systems; and

 

(c)  certify in writing to the Company that you have complied with the requirements of this clause.

 

   8.3 The terms and conditions of this clause and Section 4, Section 5, Section 6, Section 7, Section 8, Section 9 and Section 10 shall survive the expiration or termination of this Agreement.

 

 

9.  ASSIGNMENT. You shall not assign any rights, or delegate or subcontract any obligations, under this Agreement without the Company’s prior written consent. Any assignment in violation of the foregoing shall be deemed null and void. The Company may freely assign its rights and obligations under this Agreement at any time. Subject to the limits on assignment 

 

 

stated above, this Agreement will inure to the benefit of, be binding on, and be enforceable against each of the parties hereto and their respective successors and assigns.

 

10.  MISCELLANEOUS.

 

   10.1  You shall not export, directly or indirectly, any technical data acquired from the Company, or any products utilizing any such data, to any country in violation of any applicable export laws or regulations.

 

   10.2  All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”) shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address that may be designated by the receiving party from time to time in accordance with this Section). All Notices shall be delivered by personal delivery, nationally recognized overnight courier (with all fees prepaid), facsimile or email, or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only if (a) the receiving party has received the Notice and (b) the party giving the Notice has complied with the requirements of this Section.

 

   10.3  This Agreement, together with any related exhibits and schedules, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. For the avoidance of doubt, the post-employment provisions of the Amended Letter Agreement, dated July 30, 2018, between the Consultant and the Company, as well as any equity compensation award agreements applicable to outstanding stock option awards shall remain in effect as provided for therein.

 

    10.4  This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each party hereto, and any of the terms thereof may be waived, only by a written document signed by each party to this Agreement or, in the case of waiver, by the party or parties waiving compliance.

 

    10.5  This Agreement and all related documents and all matters arising out of or relating to this Agreement, whether sounding in contract, tort, or statute are governed by, and construed in accordance with, the laws of the State of New Jersey, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of New Jersey.

 

    10.6  If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

 

    10.7   This Agreement may be executed in multiple counterparts and by facsimile signature, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

 

[Signature page follows]

 

 

 

 

If this letter accurately sets forth our understanding, kindly execute the enclosed copy of this letter and return it to the undersigned.

 

Very truly yours,

 

TYME TECHNOLOGIES, INC.

 

By: ​​/s/ James Biehl     

Name:​​James Biehl     

Title:​​Chief Legal Officer     

 

 

ACCEPTED AND AGREED:

 

BEN TAYLOR

 

​/s/ Ben TaylorExhibit 10.1

 

EXECUTION VERSION

 

STOCK PURCHASE AGREEMENT

 

by and among

 

IDEANOMICS, INC.,

 

TIMIOS HOLDINGS CORP.,

 

ALL OF THE STOCKHOLDERS OF TIMIOS HOLDINGS
CORP.,

 

and

 

RAYMOND DAVISON, as the Stockholders’
Representative

 

Dated: November 10, 2020

 

    

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I
    Definitions and Rules of Construction	1
	1.1.	Definitions.	1
	1.2.	Rules of Construction.	14
	ARTICLE II
    Purchase and Sale	14
	2.1.	Closing.	14
	2.2. 	Purchase and Sale.	15
	2.3.	Closing Consideration.	15
	2.4. 	Post-Closing Consideration Adjustment.	16
	2.5. 	Withholding.	17
	ARTICLE III	17
	3.1.	Organization and Power.	18
	3.2.	Authorization and Enforceability.	18
	3.3. 	Purchased Shares.	18
	3.4. 	No Violation.	18
	3.5.	Governmental Authorizations and Consents.	19
	3.6. 	No Liens.	19
	3.7. 	Disclosure.	19
	ARTICLE IV
    Representations and Warranties of the Company	19
	4.1. 	Organization and Power.	20
	4.2. 	Authorization and Enforceability.	20
	4.3.	Capitalization.	21
	4.4.	No Violation.	22
	4.5.	Governmental Authorizations and Consents.	22
	4.6.	Financial Statements.	22
	4.7. 	Absence of Certain Changes.	23
	4.8. 	Relationships with Affiliates.	25
	4.9. 	Indebtedness to and from Officers and Directors
    of the Group Companies.	25
	4.10.	Assets.	25
	4.11.	Real Property.	26
	4.12.	Intellectual Property.	26
	4.13. 	Contracts.	29
	4.14. 	Compliance with Laws.	31
	4.15. 	Environmental Matters.	31
	4.16.	Litigation.	31
	4.17. 	Personnel Matters.	31
	4.18. 	Labor Matters.	32
	4.19. 	Employee Benefits.	33
	4.20.	Tax Matters.	36
	4.21.	Insurance.	38
	4.22.	Customers and Suppliers.	38
	4.23. 	Accounts Receivable.	38
	4.24. 	Books and Records.	39
	4.25. 	No Brokers.	39
	4.26. 	Disclosure.	39

 

    

     

    

 

	ARTICLE V
    Representations and Warranties of Buyer	39
	5.1. 	Organization and Power.	39
	5.2.	Authorization and Enforceability.	40
	5.3.	No Violation.	40
	5.4. 	Governmental Authorizations and Consents.	40
	5.5. 	No Brokers.	40
	5.6. 	Investment Intent.	41
	5.7. 	No Reliance.	41
	ARTICLE VI
    Covenants	41
	6.1. 	Conduct of the Company.	41
	6.2. 	Access to Information.	44
	6.3. 	Consents and Approvals.	44
	6.4. 	Tax Matters.	45
	6.5.	Confidentiality.	46
	6.6. 	Indebtedness; Transaction Expenses.	47
	6.7.	Exclusivity.	47
	6.8.	Public Announcements.	48
	6.9. 	Notice of Developments.	48
	6.10. 	Termination of Affiliated Loans.	48
	6.11. 	Releases.	48
	6.12. 	Non-Competition and Non-Solicitation.	50
	6.13. 	Financing.	51
	6.14. 	Disclosure Schedules.	51
	6.15. 	D&O Insurance.	51
	ARTICLE VII
    Conditions to Closing	52
	7.1.	Conditions to the Obligations of the Stockholders
    and the Company.	52
	7.2.	Conditions to the Obligations of Buyer.	52
	ARTICLE VIII
    Deliveries at Closing	54
	8.1.	Deliveries by the Company and the Stockholders
    at Closing.	54
	8.2.	Deliveries by Buyer at Closing.	55
	ARTICLE IX
    Indemnification; Survival	56
	9.1. 	Expiration of Representations and Warranties.	56
	9.2. 	Indemnification.	56
	9.3. 	Recourse; Escrow Release; Set-Off.	61
	9.4.	Exclusive Remedy.	62
	ARTICLE X
    Termination	62
	10.1. 	Termination Events.	62
	10.2. 	Procedure and Effect of Termination.	63
	ARTICLE XI
    Miscellaneous	63
	11.1.	Stockholders’ Representative.	63
	11.2.	Expenses.	65
	11.3. 	Notices.	65
	11.4. 	Governing Law.	66
	11.5. 	Entire Agreement.	66
	11.6. 	Severability.	66
	11.7. 	Amendment.	67
	11.8.	Effect of Waiver or Consent.	67
	11.9.	Parties in Interest; Limitation on Rights
    of Others.	67
	11.10. 	Assignability.	67
	11.11.	Jurisdiction; Court Proceedings; Waiver of
    Jury Trial.	68
	11.12. 	No Other Duties.	68
	11.13.	Reliance on Counsel and Other Advisors.	68
	11.14. 	Remedies.	68
	11.15. 	Specific Performance.	68
	11.16. 	Counterparts.	69
	11.17.	Further Assurances.	69

 

    ii

     

    

 

STOCK
PURCHASE AGREEMENT

 

STOCK
PURCHASE AGREEMENT, dated as of November 10, 2020, by and among Ideanomics, Inc., a Nevada corporation (“Buyer”),
Timios Holding Corp., a Delaware corporation (the “Company”), Mark Angelo Family, LP, a Delaware limited partnership
(“MAF”), Matthew Beckman Family, LP, a Delaware limited partnership (“MBF”), Gerald Eicke
Family, LP, a Delaware limited partnership (“GEF”), David Gonzalez Family, LP, a Delaware limited partnership
(“DGF”), Michael Rosselli (“Rosselli”), Maureen Angelo (“Angelo”), 2019
Stoffer Family Trust (“Stoffer”), Raymond Davison (“Davison”), Leonard Splane (“L.
Splane”), Yutuka Sarumaru (“Sarumaru”), Ross English (“English”), Timothy Splane
(“T. Splane”), Joseph Montag (“Montag”), Matthew Hall (“Hall”), Jordan
Tomenga (“Tomenga”), Richard and Deannah Thomas Revocable Trust (“RDTRT”), Dominic Janero
(“Janero”), SKS Consulting of South Florida Corp., a Florida corporation (“SKS”), Apollo
Group Holdings, LLC, a Delaware limited liability company (“Apollo,” and together with MAF, MBF, GEF, DGF, Rosselli,
Angelo, Stoffer, Davison, L. Splane, Sarumaru, English, T. Splane, Montag, Hall, Tomenga, RDTRT, Janero, and SKS, each a “Stockholder”
and, collectively, the “Stockholders”), and Ray Davison, in his capacity as Stockholders’ Representative
hereunder.

 

RECITALS

 

WHEREAS, Buyer
desires to purchase from each Stockholder, and each Stockholder desires to sell to Buyer, all of the Stockholder’s right,
title and interest in and to the shares of common stock of the Company, par value $0.00001 per share (the “Common Stock”),
and preferred stock of the Company, par value $0.00001 per share (the “Preferred Stock”), held by the such Stockholder
as specified herein, upon the terms and subject to the conditions hereinafter set forth.

 

NOW THEREFORE,
in consideration of the premises and the representations, warranties, covenants and agreements contained in this Agreement, and
intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE I

Definitions and Rules of Construction

 

1.1.          Definitions.

 

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

 

“ACA”
has the meaning set forth in Section 4.19(e).

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under common
control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly,
either to (a) vote 10% or more of the securities having ordinary voting power for the election of directors (or equivalent)
of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or
otherwise. The Group Companies shall be deemed for purposes of this Agreement an Affiliate of the Stockholders prior to the Closing
and of Buyer from and after the Closing.

 

    

     

    

 

“Affiliated
Loans” means loans made by a Group Company to a Stockholder that are set forth (or required to be set forth) on Section 4.9
of the Company Disclosure Schedule, together with any loans made by the Company to a Stockholder between the date hereof
and Closing that, if in place on the date hereof, would have been required to have been included on Section 3.9 of the Company
Disclosure Schedule.

 

“Agreement”
means this Stock Purchase Agreement, as it may be amended from time to time in accordance with the terms hereof.

 

“Ancillary Documents”
means the documents being executed and delivered in connection with this Agreement and the Contemplated Transactions.

 

“Angelo”
has the meaning set forth in the Preamble.

 

“Apollo”
has the meaning set forth in the Preamble.

 

“Auditor”
has the meaning set forth in Section 2.4(b).

 

“Base Consideration”
has the meaning set forth in Section 2.3(a).

 

“Business Day”
means any day other than a Saturday, Sunday or day on which banks are closed in New York, New York. If any period expires on a
day which is not a Business Day or any event or condition is required by the terms of this Agreement to occur or be fulfilled on
a day which is not a Business Day, such period shall expire or such event or condition shall occur or be fulfilled, as the case
may be, on the next succeeding Business Day.

 

“Buyer”
has the meaning set forth in the Preamble.

 

“Buyer Disclosure
Schedule” means the disclosure schedule of even date herewith delivered by Buyer to the Company in connection with the
execution and delivery of this Agreement.

 

“Buyer Indemnitees”
has the meaning set forth in Section 9.2(a).

 

“Buyer Liability
Cap” has the meaning set forth in Section 9.2(c)(ii).

 

“Buyer Releasee”
has the meaning set forth in Section 6.11(a).

 

“Buyer Releasor”
has the meaning set forth in Section 6.11(a).

 

“Capital Stock”
means, collectively, the Common Stock and the Preferred Stock.

 

“Cash”
means cash (including, without limitation, restricted cash), cash equivalents, and marketable securities.

 

“Claims”
has the meaning set forth in Section 6.11(a).

 

    - 2 -

     

    

 

“Closing”
has the meaning set forth in Section 2.1.

 

“Closing Cash”
means all Cash held by the Group Companies as of immediately prior to the Closing, determined on a consolidated basis in accordance
with GAAP; provided that “Closing Cash” shall be (a) increased by the amount of deposits or other payments
received by the Group Companies but not yet credited to the bank accounts of the Group Companies as of such time, (b) reduced
by the amount of any outstanding checks or other payments issued by the Group Companies but not yet deducted from the bank accounts
of the Group Companies as of such time, and (c) calculated net of any amounts overdrawn from the bank accounts of the Group
Companies as of such time.

 

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

 

“Closing Date”
has the meaning set forth in Section 2.1.

 

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

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, or corresponding provisions of subsequent superseding federal
revenue Laws.

 

“Commercial
Software” means non-customized, off-the-shelf, commercially-available Software licensed pursuant to a standard form license
agreement, used internally (and not licensed or sublicensed to third parties) by the Group Companies in connection with the business
of the Group Companies as currently conducted, and with annual royalty, license, maintenance, support and other fees of $100,000
or less.

 

“Common Stock”
means the common stock of the Company, par value $0.00001 per share.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company Data”
has the meaning set forth in Section 4.12(k).

 

“Company Disclosure
Schedule” means the disclosure schedule of even date herewith delivered by the Company to Buyer in connection with the
execution and delivery of this Agreement.

 

“Company Employment
Contracts” has the meaning set forth in Section 4.17(d).

 

“Company Intellectual
Property” means all Intellectual Property that is owned or purported to be owned by the Group Companies.

 

“Company IT
Systems” means all Software, computer hardware, servers, networks, platforms, peripherals, and similar or related items
of automated, computerized, or other information technology (IT) networks and systems (including, without limitation, telecommunications
networks and systems for voice, data, and video) owned, leased, licensed, or used (including, without limitation, through cloud-based
or other third-party service providers) by or for the Group Companies.

 

    - 3 -

     

    

 

“Company Products”
means all Software products and related services of the Group Companies that are currently or at any time in the past have been
offered, licensed, sold, distributed, hosted, maintained or supported, or otherwise provided or made available by or on behalf
of the Group Companies or otherwise used in the operation of the business of the Group Companies, or are currently under development
by or for the Group Companies.

 

“Company Sites”
has the meaning set forth in Section 4.12(j).

 

“Consideration”
means the Closing Consideration plus the Escrow Amount, minus any portion of the Escrow Amount which the Stockholders
are not entitled to pursuant to Section 2.4 and Section 9.3.

 

“Consultant”
means all Persons who are or have been engaged as consultants by the Group Companies or who otherwise provide services to the Group
Companies under a contractual arrangement.

 

“Contemplated
Transactions” means the transactions contemplated by this Agreement and the Ancillary Documents.

 

“Contract”
means any agreement, contract, arrangement, understanding, obligation or commitment to which a party is bound or to which its assets
or properties are subject, whether oral or written, and any amendments and supplements thereto.

 

“Copyrights”
means copyrights and works of authorship, whether or not copyrightable, and all registrations, applications for registration, and
renewals of any of the foregoing.

 

“COVID-19”
means coronavirus disease or any mutation, derivation, or evolution thereof.

 

“Closing Current
Liabilities” means all current liabilities of the Group Companies as of immediately prior to the Closing, as determined
on a consolidated basis in accordance with GAAP.

 

“Customer Data”
means all data, meta data, information or other content (a) transmitted to the Group Companies by users or customers of the
Company Products or Company Sites or collected in the course of business of the Group Companies or (b) otherwise stored, transmitted,
used or hosted by or on behalf of the Group Companies or the Company Products.

 

“DGF”
has the meaning set forth in the Preamble.

 

“Disputed Line
Item” has the meaning set forth in Section 2.4(b).

 

“Dispute Resolution
Submission” has the meaning set forth in Section 2.4(b).

 

“Dividend”
means one or more dividends (if any) declared by the board of directors of, and/or paid by, the Company in respect of any period
ending on or prior to the Closing Date.

 

    - 4 -

     

    

 

 

“English”
has the meaning set forth in the Preamble.

 

“Environmental
Laws” means any foreign, federal, state or local law, statute, ordinance, rule or regulation governing Environmental
Matters, as the same have been or may be amended from time to time, including, without limitation, any common law cause of action
providing any right or remedy relating to Environmental Matters, all indemnity agreements and other contractual obligations (including,
without limitation, leases, asset purchase and merger agreements) relating to Environmental Matters, and all applicable judicial
and administrative decisions, orders and decrees relating to Environmental Matters.

 

“Environmental
Matter” means any matter arising out of, relating to, or resulting from pollution, contamination, protection of the environment,
human health or safety, health or safety of employees, sanitation, and any matters relating to emissions, discharges, disseminations,
releases or threatened releases, of Hazardous Materials into the air (indoor and outdoor), surface water, groundwater, soil, land
surface or subsurface, buildings, facilities, real or personal property or fixtures or otherwise arising out of, relating to, or
resulting from the manufacture, processing, distribution, use, treatment, storage, disposal, transport, handling, release or threatened
release of Hazardous Materials.

 

“Equity Securities”
of any Person means any and all shares of capital stock, rights to purchase shares of capital stock, warrants or options (whether
or not currently exercisable), participations or other equivalents of or interests in (however designated) the equity (including,
without limitation, common stock, preferred stock and limited liability company, partnership and joint venture interests) of such
Person, and all securities exchangeable for or convertible or exercisable into, any of the foregoing.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time, as well as any rules and
regulations promulgated thereunder and any corresponding provisions of subsequent superseding federal Laws relating to retirement
matters, as from time to time in effect.

 

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

 

“Escrow Account”
has the meaning set forth in Section 2.3(b)(ii).

 

“Escrow Agreement”
has the meaning set forth in Section 8.1(i).

 

“Escrow Agent”
means a provider of escrow services, the identity of which shall be mutually agreed upon by Buyer and the Stockholders’ Representative
prior to the Closing.

 

“Escrow Amount”
means the sum of (a) the Base Consideration multiplied by ten percent (10%) plus (b) $600,000. The Escrow Amount shall
be apportioned to each Stockholder based on such Stockholder’s Share.

 

    - 5 -

     

    

 

“Estimated Closing
Cash” has the meaning set forth in Section 2.3(b).

 

“Estimated Closing
Current Liabilities” has the meaning set forth in Section 2.3(b).

 

“Event”
means any event, change, development, effect, condition, circumstance, matter, occurrence or state of facts.

 

“Excess Amount”
has the meaning set forth in Section 2.4(d).

 

“Excluded Claims”
has the meaning set forth in Section 6.11(a).

 

“Expiration
Date” has the meaning set forth in Section 9.1.

 

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

 

“Fraud”
means common law fraud under the Laws of the State of Delaware.

 

“GAAP”
means generally accepted accounting principles as set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other Person as may be approved by a significant segment of the accounting profession
in the United States.

 

“Governmental
Authority” means any nation or government, any foreign or domestic federal, state, county, municipal or other political
instrumentality or subdivision thereof and any foreign or domestic entity or body exercising executive, legislative, judicial,
regulatory, administrative or taxing functions of or pertaining to government, including, without limitation, any court.

 

“Governmental
Consents” has the meaning set forth in Section 4.5.

 

“Group Companies”
means, collectively, (a) the Company, (b) Fiducia Real Estate Solutions, Inc., a Delaware corporation, (c) Timios, Inc.,
a Delaware corporation, (d) Timios Title, a California Corporation, a California corporation, (e) Timios Agency of Nevada, Inc.,
a Nevada corporation, (f) Timios Title Agency of Utah, Inc., a Utah corporation, (g) Timios Agency of Alabama, Inc.,
an Alabama corporation, and (h) Timios Appraisal Management, Inc., a Delaware corporation.

 

“Hall”
has the meaning set forth in the Preamble.

 

“Hazardous Materials”
means any pollutants, contaminants, toxic or hazardous or extremely hazardous substances, materials, wastes, constituents, compounds,
chemicals, natural or man-made elements or forces (including, without limitation, petroleum or any by-products or fractions thereof,
any form of natural gas, lead, asbestos and asbestos-containing materials, building construction materials and debris, polychlorinated
biphenyls (“PCBs”) and PCB-containing equipment, radon and other radioactive elements, ionizing radiation, electromagnetic
field radiation and other non-ionizing radiation, sonic forces and other natural forces, infectious, carcinogenic, mutagenic or
etiologic agents, pesticides, defoliants, explosives, flammables, corrosives and urea formaldehyde foam insulation) that are regulated
by, or may form the basis of liability under, any Environmental Laws.

 

    - 6 -

     

    

 

“Income Tax
Return” means a Tax Return in connection with Income Taxes.

 

“Income Taxes”
means all federal, state, local and foreign (a) Taxes that are based on or measured by income or gross receipts (or that include
as one of their alternative bases a Tax based on or measured by income or gross receipts), (b) franchise Taxes, and (c) Taxes
that are based on or measured by any insurance premiums received (or that include as one of their alternative bases a Tax based
on or measured by insurance premiums received).

 

“Indebtedness”
means, without duplication, all obligations and indebtedness of the Group Companies (a) for borrowed money (other than trade
debt and other similar liabilities incurred in the ordinary course of business), (b) evidenced by a note, bond, debenture
or similar instrument (including, without limitation, any interest rate swaps, collars, caps and similar hedging obligations),
(c) created or arising under any capital lease, conditional sale, earn out or other arrangement for the deferral of purchase
price of any property, (d) under letters of credit, banker’s acceptances, performance bonds, surety bonds or similar
credit transactions, (e) for any other Person’s obligation or indebtedness of the same type as any of the foregoing,
whether as obligor, guarantor or otherwise, (f) for interest on any of the foregoing and/or (g) for any premiums, prepayment
or termination fees, expenses or breakage costs due upon prepayment of any of the foregoing; provided that “Indebtedness”
shall exclude (a) accounts payable to trade creditors, accrued expenses, and deferred revenues, in each case to the extent
arising in the ordinary course of business consistent with past practice, and (b) Indebtedness owing from the Company to any
other Group Companies or from any other Group Companies to the Company.

 

“Indemnifying
Stockholder” has the meaning set forth in Section 9.2(a).

 

“Indemnitee”
has the meaning set forth in Section 9.2(d)(i).

 

“Indemnitor”
has the meaning set forth in Section 9.2(d)(i).

 

“Initial Outside
Date” has the meaning set forth in Section 10.1(d).

 

“Insurance Policies”
has the meaning set forth in Section 4.21.

 

“Intellectual
Property” means any and all rights in, arising out of, or associated with any of the following in any jurisdiction throughout
the world: Copyrights; Patents; Trademarks; Trade Secrets; internet domain names and social media accounts or user names (including,
without limitation, “handles”, whether or not Trademarks, all associated web addresses, URLs, websites and web pages,
social media sites and pages, and all content and data thereon or relating thereto, whether or not Copyrights; Software; rights
of publicity; and all other intellectual or industrial property and proprietary rights.

 

“Intellectual
Property Registrations” has the meaning set forth in Section 4.12(a).

 

“Janero”
has the meaning set forth in the Preamble.

 

    - 7 -

     

    

 

“Knowledge of
the Company” means, collectively, (a) the actual knowledge of Trevor Stoffer, Mark Angelo, and Rosselli, and (b) the
actual knowledge, after reasonable inquiry, of Davison and T. Splane.

 

“Laws”
means all laws, Orders, statutes, codes, regulations, ordinances, decrees, rules, or other requirements with similar effect of
any Governmental Authority.

 

“Leased Real
Property” has the meaning set forth in Section 4.11.

 

“Liability”
means, with respect to any Person, any liability or obligation of such Person of any kind, character or description, whether known
or unknown, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, secured or unsecured, joint or several, due
or to become due, vested or unvested, executory, determined, determinable or otherwise and whether or not the same is required
to be accrued on the financial statements of such Person.

 

“Licensed Intellectual
Property” means all Intellectual Property in which the Group Companies hold any rights or interests granted by any other
Person.

 

“Lien”
means any lien, statutory or otherwise, security interest, mortgage, deed of trust, priority, pledge, charge, right of first refusal
or other encumbrance or similar right of others, or any agreement to give any of the foregoing.

 

“Litigation”
has the meaning set forth in Section 4.16.

 

“Loss”
or “Losses” has the meaning set forth in Section 9.2(a).

 

“L. Splane”
has the meaning set forth in the Preamble.

 

“MAF”
has the meaning set forth in the Preamble.

 

“Material Adverse
Effect” means, with respect to a given Person, (a) a material adverse effect on the business, condition (financial
or otherwise), assets, liabilities, results of operation or prospects of such Person and its Subsidiaries taken as a whole; provided,
that any effect resulting from any of the following shall not be considered when determining whether a Material Adverse Effect
shall have occurred: (i) any change resulting from conditions affecting the industry in which the Company operates or from
changes in general business or economic conditions; (ii) any change resulting from compliance by Seller with the terms of,
or the taking of any action contemplated by, this Agreement; (iii) conditions affecting generally the United States economy,
including, without limitation, the interest rate, financial, credit, or securities markets, (iv) acts of terrorism, armed
hostilities or war, (v) any change in Law or GAAP, or the interpretation thereof, (vi) the public announcement or pendency
of this Agreement and the Contemplated Transactions, (vii) any failure by such Person or any of its Subsidiaries to meet any
internal or published projections, forecasts, or revenue or earnings predictions (it being understood and agreed that the circumstances
underlying any such failure may, unless otherwise excluded by another clause in this definition, be taken into account in determining
whether a Material Adverse Effect has occurred), or (viii) natural disasters or acts of God, except, in the case of clauses
(i), (iii), (iv), and (viii), to the extent (and only to the extent) that such Person and its Subsidiaries are materially disproportionately
impacted, or would reasonably be expected to be materially disproportionately impacted, by such events in comparison to others
in the industry in which such Person and its Subsidiaries operate or (b) an Event that prevents or materially delays, or would
reasonably be expected to prevent or materially delay, consummation of the Contemplated Transactions or the performance by such
Person, its Subsidiaries, or its equityholders (including, without limitation,, in the case of the Group Companies or the Stockholders)
of any of their material obligations under this Agreement or the Ancillary Documents.

 

    - 8 -

     

    

 

“Material Contracts”
has the meaning in Section 4.13(a).

 

“MBF”
has the meaning set forth in the Preamble.

 

“Montag”
has the meaning set forth in the Preamble.

 

“Most Recent
Audited Financial Statements” has the meaning set forth in Section 3.6(a).

 

“Most Recent
Unaudited Balance Sheet” has the meaning set forth in Section 4.23.

 

“Most Recent
Unaudited Financial Statements” has the meaning set forth in Section 4.6(a).

 

“NDA”
has the meaning set forth in Section 6.5(a).

 

“Objections
Statement” has the meaning set forth in Section 2.4(b).

 

“Open Source
Software” means any Software that is distributed as “free software,” “open source software,”
or pursuant to any license identified as an “open source license” by the Open Source Initiative (www.opensource.org/licenses)
or other license that substantially conforms to the Open Source Definition (opensource.org/osd) (including, without limitation,
the GNU General Public License (GPL), GNU Lesser General Public License (LGPL), GNU Affero General Public License (AGPL), MIT License
(MIT), Apache License, Artistic License, and BSD Licenses).

 

“Orders”
means all judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Authority.

 

“Patents”
means United States and foreign issued patents and patent applications (whether provisional or non-provisional), including, without
limitation, divisionals, continuations, continuations-in-part, substitutions, reissues, reexaminations or otherwise resulting from
any post grant review, extensions, or restorations of any of the foregoing, and other Governmental Authority-issued indicia of
invention ownership (including, without limitation, certificates of invention, petty patents, and patent utility models).

 

“PCBs”
has the meaning set forth in the definition of “Hazardous Materials.”

 

“Pending Claim”
has the meaning set forth in Section 9.3(b).

 

    - 9 -

     

    

 

“Permitted Lien”
shall mean any (i) Lien in respect of current Taxes not yet due and owing and for which adequate reserves have been established,
(ii) mechanics’, carriers’, workmen’s, repairmen’s or other like Liens arising or incurred in the
ordinary course of business, and (iii) with respect to leasehold interests, mortgages and other Liens incurred, created, assumed
or permitted to exist and arising by, through or under a landlord or owner of the leased real property.

 

“Person”
means any individual, person, entity, general partnership, limited partnership, limited liability partnership, limited liability
company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust or foreign business organization
and the heirs, executors, administrators, legal representatives, successors and assigns of the “Person” when the context
so permits.

 

“Personally
Identifiable Information” means any information that alone or in combination with other information held by or on behalf
of the Group Companies can be used to specifically identify a Person, including, without limitation, a natural person’s name,
street address, telephone number, e-mail address, photograph, social security number, driver’s license number, passport number,
credit or debt card number or customer or financial account number or any similar information that is treated as personally identifiable
information under applicable Laws.

 

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

 

“Plan”
or “Plans” has the meaning set forth in Section 4.19(a).

 

“Preferred Stock”
means the preferred stock of the Company, par value $0.00001 per share.

 

“Pre-Closing
Date Share” means (a) with respect to any Income Tax liability for a Straddle Period, the amount that would be due
for the portion of the tax period beginning on the first day of the Straddle Period and ending on the Closing Date, based on an
interim closing of the books as of the close of business on the Closing Date, and (b) with respect to any other Tax liability
for a Straddle Period, the total amount due for the entire Straddle Period, multiplied by (x) the number of days in the Straddle
Period on or before the Closing Date divided by (y) the total number of days in the Straddle Period.

 

    - 10 -

     

    

 

“Pre-Closing
Taxes” means (a) all Taxes of Group Companies with respect to Pre-Closing Tax Periods, (b) any and all Taxes
of an “affiliated group” (as defined in Section 1504 of the Code) (or affiliated, consolidated, unitary, combined
or similar group under applicable state, local or foreign law) of which a Group Company (or any predecessor of the Group Companies)
is or was a member on or prior to the Closing Date, including, without limitation, pursuant to Treasury Regulations Section 1.1502-6
(or any predecessor or successor thereof or any analogous or similar state, local or foreign law); (c) half of all Transfer
Taxes; (d) any and all Taxes arising in connection with the Contemplated Transactions; (e) any payments required to be
made after the Closing Date under any Tax Sharing Agreement to which a Group Company was obligated, or was a party, on or prior
to the Closing Date, and which arises from a transaction occurring on or prior to the Closing Date; and (f) any and all Taxes
(including, without limitation, Taxes arising in a taxable period (or portion thereof) beginning after the Closing) attributable
to the denial, reversal or similar treatment of any deductions claimed in a Pre-Closing Tax Period that were funded using proceeds
of a Paycheck Protection Program loan that subsequently was forgiven, discharged or cancelled; provided, that Pre-Closing Taxes
shall not include any Taxes resulting from events or transactions occurring after the Closing or on the Closing Date, other than
events or transactions in the ordinary course of business occurring on the Closing Date or the Contemplated Transactions. Except
as otherwise set forth herein, Pre-Closing Taxes means the amount of Taxes which would have been payable or paid without taking
into account any carryback of any Tax attribute (including, without limitation, any net operating loss carryback) arising in any
Tax period ending after the Closing.

 

“Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and the pre-Closing portion of any Straddle
Period.

 

“Preliminary
Statement” has the meaning set forth in Section 2.4(a).

 

“Privacy and
Security Requirements” has the meaning set forth in Section 4.12(j).

 

“Privacy Policy”
means any external or internal past or present published privacy policy of the Group Companies, including, without limitation,
any policy relating to (a) the privacy of users of any Company Product or of any Company Site, (b) the collection, storage,
disclosure, and transfer of any Customer Data or Personally Identifiable Information, or (c) any employee information.

 

“Purchased Shares”
has the meaning set forth in Section 2.2.

 

“RDTRT”
has the meaning set forth in the Preamble.

 

“Real Property
Leases” has the meaning set forth in Section 4.11.

 

“Regulatory
Approvals” has the meaning set forth in Section 6.3.

 

“Releasee”
has the meaning set forth in Section 6.11(a).

 

“Releasor”
has the meaning set forth in Section 6.11(a).

 

“Representatives”
means, with respect to any Person, such Person’s directors, officers, Affiliates, employees and agents.

 

“Required Closing
Cash” has the meaning set forth in Section 7.2(j).

 

“ROFR Agreement”
has the meaning set forth in Section 8.1(j).

 

“Rosselli”
has the meaning set forth in the Preamble.

 

“Sarumaru”
has the meaning set forth in the Preamble.

 

“Shortfall Amount”
has the meaning set forth in Section 2.4(c).

 

    - 11 -

     

    

 

“SKS”
has the meaning set forth in the Preamble.

 

“Software”
means computer programs, operating systems, applications, firmware, and other code, including, without limitation, all source code,
object code, application programming interfaces, data files, databases, protocols, specifications, and other documentation thereof.

 

“Stockholder”
and “Stockholders” have the meaning set forth in the Preamble.

 

“Stockholder
Disclosure Schedule” means the disclosure schedule of even date herewith delivered by the Stockholders to Buyer in connection
with the execution and delivery of this Agreement.

 

“Stockholder
Indemnitees” has the meaning set forth in Section 9.2(b).

 

“Stockholder’s
Liability Cap” has the meaning set forth in Section 9.2(c)(ii).

 

“Stockholders’
Representative” has the meaning set forth in Section 11.1(a).

 

“Stockholder’s
Share” means an amount, expressed as a percentage, equal to (a) the aggregate number of shares of Common Stock held
by a Stockholder as of immediately prior to the Closing that constitute Purchased Shares, after giving effect to the conversion
of all then-outstanding shares of Preferred Stock, divided by (ii) the aggregate number of shares of Common Stock issued and
outstanding as of immediately prior to the Closing that constitute Purchased Shares, after giving effect to the conversion of all
then-outstanding shares of Preferred Stock.

 

“Stoffer”
has the meaning set forth in the Preamble.

 

“Straddle Period”
means any taxable period beginning on or before the Closing Date and ending after the Closing Date.

 

“Subsidiary”
means, with respect to any Person, any corporation or other organization, whether incorporated or unincorporated, (a) of which
such Person or any other Subsidiary of such Person is a general partner (excluding partnerships, the general partnership interests
of which held by such Person or any Subsidiary of such Person do not have a majority of the voting interests in such partnership),
or (b) at least a majority of the securities or other interests of which having by their terms ordinary voting power to elect
a majority of the board of directors or others performing similar functions with respect to such corporation or other organization
is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one
or more of its Subsidiaries.

 

“Surviving Representations”
has the meaning set forth in Section 9.1.

 

“Tax”
or “Taxes” means all federal, state, local and foreign income, profits, franchise, gross receipts, alternative
minimum add-on minimum, environmental, customs duty, capital stock, severances, stamp, payroll, sales, employment, unemployment,
disability, use, real property, personal property, unclaimed property, escheat, social security, unemployment, payroll, license,
employee, withholding, excise production, value added, occupancy, transfer, real property gains, value added, excise, occupation,
customs, duties, documentary, registration and other taxes, duties or assessments of any nature whatsoever imposed by a Governmental
Authority, together with all interest, penalties or additions to tax attributable to such taxes and any Liability for Taxes of
another Person by Contract (including, without limitation, any Tax Sharing Agreement), as a transferee or successor, or under § 1.1502-6
of the Treasury Regulations or analogous state, local or foreign Law, or otherwise, whether disputed or not.

 

    - 12 -

     

    

 

“Tax Contest”
shall mean any audit, hearing, examination, proposed adjustment, arbitration, deficiency, assessment, suit, dispute, claim, proceeding
or other Litigation commenced, filed or otherwise initiated or convened to investigate or resolve the existence and extent of a
Liability for Taxes.

 

“Tax Return”
means any report, return, statement, form or other written information (including, without limitation, elections, declarations,
disclosures, schedules, estimates and information returns) filed or required to be filed by the Group Companies with a Taxing Authority
in connection with any Taxes and any amendment thereto.

 

“Tax Sharing
Agreement” means any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar Contract or
arrangement (including, without limitation, any such agreement, contract or arrangement included in any purchase or sale agreement,
merger agreement, joint venture agreement or other document).

 

“Taxing Authority”
shall mean any government or any subdivision, agency, commission or authority thereof, or any quasi-governmental or private body,
having jurisdiction over the assessment, determination, collection or other imposition of Taxes.

 

“Third Party
Approvals” has the meaning set forth in Section 6.3.

 

“Tomenga”
has the meaning set forth in the Preamble.

 

“Top Customers”
has the meaning set forth in Section 4.22(a).

 

“Top Suppliers”
has the meaning set forth in Section 4.22(b).

 

“Trade Secrets”
means trade secrets, know-how, inventions (whether or not patentable), discoveries, improvements, technology, business and technical
information, databases, data compilations and collections, tools, methods, processes, techniques, and other confidential and proprietary
information and all rights therein.

 

“Trademarks”
means trademarks, service marks, brands, certification marks, logos, trade dress, trade names, and other similar indicia of source
or origin, together with the goodwill connected with the use of and symbolized by, and all registrations, applications for registration,
and renewals of, any of the foregoing.

 

    - 13 -

     

    

 

“Transaction
Expenses” means all fees, costs and expenses incurred or to be paid, whether prior to or after the Closing, by the Group
Companies in connection with, arising from or relating to the Contemplated Transactions or any transaction or series of transactions
similar to the Contemplated Transactions, including, without limitation, (a) fees and disbursements of counsel, financial
advisors, Consultants and accountants, (b) filing fees and expenses incurred by the Group Companies in connection with any
filing by the Group Companies with a Governmental Authority, and (c) any severance, change-in-control, termination, retention,
sale bonus, incentive or similar amounts or benefits payable or due to any current or former employee, director or independent
consultant of the Group Companies as a result of or in connection with the Contemplated Transactions, together with the employer
portion of any applicable payroll Taxes owed with respect to the foregoing.

 

“Transfer Taxes”
means all transfer, documentary, sales, use, stamp, registration and other such Taxes and fees (including, without limitation,
any penalties and interest) incurred in connection with the Contemplated Transactions.

 

“Treasury Regulations”
means the regulations promulgated under the Code, as amended from time to time (including, without limitation, any successor regulations).

 

“T. Splane”
has the meaning set forth in the Preamble.

 

1.2.          Rules of
Construction.

 

Unless the context otherwise
requires (a) a capitalized term has the meaning assigned to it, (b) references in the singular or to “him,”
 “her,” “it,” “itself,” or other like references, and references in the plural or the feminine
or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular,
or the masculine or feminine reference, as the case may be, (c) references to Articles, Sections and Exhibits shall refer
to articles, sections and exhibits of this Agreement, unless otherwise specified, (d) the headings in this Agreement are for
convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent or intent of
this Agreement or any provision thereof, (e) this Agreement shall be construed without regard to any presumption or other
rule requiring construction against the party that drafted and caused this Agreement to be drafted, (f) all monetary
figures shall be in United States dollars unless otherwise specified, and (g) the word “extent” in the phrase
 “to the extent” shall mean the degree to which a subject or other theory extends and such phrase shall not mean “if.”

 

ARTICLE II

Purchase and Sale

 

2.1.          Closing.

 

The closing of the Contemplated
Transactions (the “Closing”) will take place remotely via the electronic exchange of signature pages and
closing deliverables at 10:00 A.M. New York time on the third (3rd) Business Day immediately following the day
on which the last of the conditions set forth in Article VII (other than those conditions that by their nature are to be satisfied
at the Closing, but subject to the satisfaction or waiver of those conditions) are satisfied or waived in accordance with this
Agreement, or on such other date or at such other time as Buyer and the Stockholders’ Representative may otherwise agree.
The day on which the Closing actually occurs is referred to herein as the “Closing Date”.

 

    - 14 -

     

    

 

2.2.          Purchase
and Sale.

 

Subject to the terms
and conditions set forth in this Agreement, at the Closing, Buyer shall purchase from each Stockholder, and each Stockholder shall
sell, transfer and assign to Buyer all of the shares of Common Stock and Preferred Stock, as applicable, held by such Stockholder
(all such shares purchased by Buyer, the “Purchased Shares”) as specified in Schedule 2.2 hereto,
in consideration for the Consideration.

 

2.3.          Closing
Consideration.

 

(a)            The
portion of the Consideration to be received by the Stockholders in exchange for the Purchased Shares at the Closing (the “Closing
Consideration”) shall be equal to (i) Forty Five Million Dollars ($45,000,000) (the “Base Consideration”),
plus (ii) the excess (if any) of Closing Cash over the Required Closing Cash, less (iii) the Escrow Amount.

 

(b)            At
least three (3) Business Days prior to the Closing, the Company shall deliver to Buyer a statement setting forth (i) its
good faith estimate of Closing Current Liabilities (the “Estimated Closing Current Liabilities”) and of Closing
Cash (“Estimated Closing Cash”), together with reasonable supporting documentation, and (ii) a calculation
of the Closing Consideration based upon such estimate. Buyer shall have the opportunity to review all materials and information
used by the Group Companies and their respective Representatives in preparing such estimate, and the Company shall make, and cause
the other Group Companies to make, available such personnel as are reasonably necessary to assist Buyer in its review of the Closing
Date Statement. Such statement, as and to the extent accepted by Buyer in its good faith reasonable discretion, is referred to
herein as the “Closing Date Statement”.

 

(i)            At
the Closing, Buyer shall deliver, or cause to be delivered, to the Stockholders’ Representative, by wire transfer of immediately
available funds, for further distribution to the Stockholders, the Closing Consideration. The Stockholders’ Representative
shall disburse, or cause to be disbursed, the Stockholder’s Share to each Stockholder. Schedule 2.2 sets forth each Stockholder’s
Share of the Closing Consideration.

 

(ii)           At
the Closing, Buyer shall deliver, or cause to be delivered, to the Escrow Agent, by wire transfer of immediately available funds,
the Escrow Amount, which shall be held in two segregated accounts administered by the Escrow Agent in accordance with this Agreement
and the Escrow Agreement (the “Escrow Account”) in order to secure the obligations of the Stockholders pursuant
to Section 2.4 and Article IX.

 

(c)            The
parties hereto acknowledge and agree that (i) the delivery to the Stockholders of the Consideration pursuant to this Agreement
shall be administered by, and shall be the sole responsibility of, the Stockholders’ Representative upon delivery by Buyer
to the Stockholders’ Representative of the Consideration in accordance with the terms of this Agreement, and (ii) after
delivering, or causing to be delivered, the Consideration to the Stockholders’ Representative, neither Buyer nor any of its
Affiliates (including, without limitation, the Company) shall have any liability to any Person for the allocation or distribution
of the Consideration among the Stockholders.

 

    - 15 -

     

    

 

2.4.          Post-Closing
Consideration Adjustment.

 

(a)            As
promptly as possible, but in any event within thirty (30) days after the Closing Date, Buyer shall deliver to the Stockholders’
Representative a statement (the “Preliminary Statement”) showing the calculation of (i) Closing Cash and
(ii) the Closing Consideration substituting the Closing Cash as set forth in the Preliminary Statement for the Estimated Closing
Cash as set forth in the Closing Date Statement. Each of Buyer and the Stockholders’ Representative shall provide the other
party and its Representatives with reasonable access (including, without limitation, on-site and electronic access) to the books
and records of the Group Companies and relevant personnel and properties during the preparation of the Preliminary Statement and
the resolution of any disputes that may arise under this Section 2.4.

 

(b)            If
the Stockholders’ Representative has any objections to the Preliminary Statement, the Stockholders’ Representative
shall deliver to Buyer a statement setting forth its objections thereto and reasonable detail regarding the particulars thereof
(an “Objections Statement”). If an Objections Statement is not delivered to Buyer within thirty (30) days after
delivery of the Preliminary Statement, the Preliminary Statement shall be final, binding and non-appealable by the parties hereto.
Any item or amount as to which no dispute is raised in the Objections Statement shall be final, binding and non-appealable on the
parties hereto, unless such item or amount is by its nature adjusted in connection with the matters raised in the Objections Statement.
The Stockholders’ Representative and Buyer shall negotiate in good faith to resolve any objections set forth in an Objections
Statement, and any resolution agreed to in writing by the Stockholders’ Representative and Buyer shall be final and binding
upon the parties. If the Stockholders’ Representative and Buyer are unable to reach a resolution of all such objections within
fifteen (15) days after the delivery of the Objections Statement, the Stockholders’ Representative and Buyer shall submit
such dispute to a jointly selected arbiter from a nationally recognized independent public accounting firm (the “Auditor”),
who shall be appointed as an expert and not as an arbitrator. If the Stockholders’ Representative and Buyer are unable to
agree upon an Auditor, each party shall select a nationally recognized independent public accounting firm and such chosen firms
shall mutually agree upon a nationally recognized independent public accounting firm that shall serve as the Auditor; provided,
that such firm shall not be the independent auditor of (or otherwise serve as a Consultant to) Buyer, the Group Companies, or any
of their respective Affiliates. Each of the Stockholders’ Representative and Buyer shall furnish to the Auditor a statement
setting forth its position with respect to each item or amount set forth in the Objections Statement that remains unresolved following
such fifteen (15)-day period (each, a “Disputed Line Item”), together with such other information and documents
as it deems relevant (each such party’s “Dispute Resolution Submission”), with copies of such submission
and all such documents and information being concurrently given to the other party. The Auditor shall consider only the Disputed
Line Items identified in the Dispute Resolution Submission. The Auditor’s determination shall be based solely on (i) the
definition of Closing Cash contained herein and (ii) the Dispute Resolution Submissions provided by the Stockholders’
Representative and Buyer which are in accordance with the terms and procedures set forth in this Agreement (i.e., not on the basis
of an independent review). The Stockholders’ Representative and Buyer shall use their commercially reasonable efforts to
cause the Auditor to resolve all disagreements as soon as practicable. The Auditor shall select as a resolution of all such disagreements,
in the aggregate, either the positions of Buyer or the positions of the Stockholders’ Representative as set forth in their
respective Dispute Resolution Submissions based upon which party’s positions are closest to the determinations of the Auditor.
The resolution of all Disputed Line Items by the Auditor shall be final, binding and non-appealable on the parties hereto. The
costs and expenses of the Auditor shall be borne by Buyer and by the Stockholders based on the relative success of their positions
as compared to the final determination of the Auditor.

 

    - 16 -

     

    

 

(c)            If
the Closing Consideration as set forth in the Closing Date Statement is less than the Closing Consideration as set forth in the
Final Statement (such shortfall, the “Shortfall Amount”), then within two (2) Business Days following the
Final Determination Date, Buyer shall deliver or cause to be delivered to the Stockholders’ Representative, by wire transfer
of immediately available funds, for further distribution to the Stockholders in accordance with their respective Stockholder’s
Share, an aggregate amount equal to the sum of the Shortfall Amount.

 

(d)            If
the Closing Consideration as set forth in the Closing Date Statement is greater than the Closing Consideration as set forth in
the Final Statement (such excess, the “Excess Amount”), then within two (2) Business Days following the
Final Determination Date, the Stockholders’ Representative and Buyer shall execute and deliver to the Escrow Agent joint
written instructions directing the Escrow Agent to pay to Buyer such difference out of the Escrow Account by wire transfer of immediately
available funds to an account designated by Buyer.

 

(e)           On
or prior to the third Business Day after the Final Determination Date, the parties shall cause the release to the Stockholders’
Representative from the Escrow Account of an amount equal to $600,000, less any amounts paid out of the Escrow Account pursuant
to Section 2.4(d) above.

 

(f)            Notwithstanding
anything herein to the contrary, the authority of the Auditor under this Section 2.4 shall be limited solely to the resolution
of the calculation of the Disputed Line Items, and all other disputes between the parties (including, without limitation, with
respect to the contractual interpretation of this Section 2.4) shall be resolved in accordance with Section 11.11.

 

2.5.          Withholding.

 

Notwithstanding anything
in this Agreement to the contrary, Buyer and its Affiliates are entitled to deduct and withhold or cause to be deducted and withheld
from any amounts payable pursuant to this Agreement, such amounts as Buyer or any of its Affiliates determine is required to be
deducted and withheld with respect to the making of any such payment under any applicable provision of Tax law, including, without
limitation, as a result of any compensatory payment. Except with respect to withholding on a compensatory payment, Buyer shall
provide notice to the Stockholders’ Representative at least three (3) Business Days in advance of any such withholding
and shall reasonably cooperate (at the Stockholders’ Representative’s sole cost and expense) with the efforts of the
Stockholders’ Representative to minimize or eliminate any such withholding. To the extent that amounts are so deducted and
withheld, such deducted and withheld amounts are to be treated for all purposes of this Agreement as having been paid to the Person
in respect of which such deduction and withholding was made.

 

    - 17 -

     

    

 

ARTICLE III

 

Representations and Warranties of each Stockholder

 

Except as set forth
in the Stockholder Disclosure Schedule (it being agreed that any matter disclosed in the Stockholder Disclosure Schedule with respect
to any section of this Agreement shall be deemed to have been disclosed with respect to any other section to which such matter
relates so long as the relation of such matter to such other section is readily apparent from the description of such matter),
each Stockholder represents and warrants, as of the date hereof and on and as of the Closing Date with respect to such Stockholder
and not any other Stockholder, as follows:

 

3.1.            Organization
and Power. If Stockholder is not a natural person, it is duly organized, validly existing and in good standing under the Laws
of its jurisdiction of organization. Such Stockholder has full power and authority or legal capacity, as applicable, to execute,
deliver and perform this Agreement and the Ancillary Documents to which he, she or it is a party and to consummate the Contemplated
Transactions. If Stockholder is not a natural person, it has all power and authority necessary to enable it to carry on its business
as currently conducted, except where the failure to possess such power and authority would not reasonably be expected to interfere
with, prevent, or materially delay such Stockholder’s ability to enter into and perform its obligations under this Agreement
and the other Ancillary Documents to which it is a party or to consummate the Contemplated Transactions.

 

3.2.            Authorization
and Enforceability. The execution and delivery of this Agreement and the Ancillary Documents to which such Stockholder is a
party and the performance by such Stockholder of the Contemplated Transactions that are required to be performed by such Stockholder
have been duly authorized by the board of directors or other governing body (if applicable) of such Stockholder (if applicable),
in accordance with applicable Law and the certificate of incorporation and bylaws or other similar organizational documents, as
applicable, of such Stockholder and no other organizational proceedings, as applicable, on the part of such Stockholder are necessary
to authorize the execution, delivery and performance of this Agreement and the Ancillary Documents to which such Stockholder is
a party or the consummation of the Contemplated Transactions that are required to be performed by such Stockholder. This Agreement
and each of the Ancillary Documents to be executed and delivered at or prior to the Closing by such Stockholder will be, at the
Closing, duly authorized, executed and delivered by such Stockholder and constitutes, or as of the Closing Date will constitute,
valid and legally binding agreements of such Stockholder enforceable against such Stockholder in accordance with their terms, subject
to bankruptcy, insolvency, reorganization and other Laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.

 

3.3.            Purchased
Shares. All of the Purchased Shares held by such Stockholder are owned beneficially and of record by the Stockholder, free
and clear of any Lien (other than those arising from applicable securities Laws).

 

3.4.            No
Violation.

 

    - 18 -

     

    

 

The execution and delivery
by such Stockholder of this Agreement and the Ancillary Documents to which such Stockholder is a party, consummation of the Contemplated
Transactions that are required to be performed by such Stockholder, and compliance with the terms of this Agreement (as applicable)
and the Ancillary Documents to which such Stockholder is a party will not (a) conflict with or violate any provision of the
certificate of incorporation, bylaws or similar organizational documents of such Stockholder (if applicable), (b) result in
any violation of or default, give rise to a right of termination, cause the forfeiture of any right, or require any notice or consent,
under (with or without notice or lapse of time or both) any provision of any Contract to which such Stockholder is a party or by
which such Stockholder or its properties are bound or affected, (c) assuming that all consents, approvals and authorizations
contemplated by Section 3.5 have been obtained and all filings described therein have been made, conflict with or violate
any Law applicable to such Stockholder or by which any of its properties are bound or affected, or (d) result in the creation
of, or require the creation of, any Lien upon any shares of capital stock or any property of such Stockholder, except, with respect
to clauses (b)-(d), as would not reasonably be expected to interfere with, prevent, or materially delay such Stockholder’s
ability to enter into and perform its obligations under this Agreement and the other Ancillary Documents to which it is a party
or to consummate the Contemplated Transactions.

 

3.5.            Governmental
Authorizations and Consents. To the actual knowledge of such Stockholder, no Governmental Consents are required to be obtained
or made by such Stockholder in connection with the execution, delivery, performance, validity and enforceability of this Agreement
or any Ancillary Documents to which such Stockholder is a party or the consummation by such Stockholder of the Contemplated Transactions.

 

3.6.            No
Liens. There are no Liens with respect to Taxes on any of the Purchased Shares held by such Stockholder.

 

3.7.            Disclosure.
Except for the representations and warranties made by such Stockholder contained in this Article 3, neither the Stockholder
nor any other Person acting on its behalf makes or has made any verbal or written representation or warranty, expressed or implied,
relating or with respect to this Agreement or the transactions contemplated hereby to Buyer or any other Person, or as to the accuracy
or completeness of any information regarding any Group Company or any Stockholder furnished or made available to the Buyer and
its representatives, and no Group Company or Stockholder shall have or be subject to any liability to the Buyer or any other Person
resulting from the furnishing to the Buyer, or the Buyer’s use of or reliance on, any such information or any information,
documents or material made available to the Buyer in any form in expectation of, or in connection with, the Contemplated Transactions.

 

ARTICLE IV

 

Representations and Warranties of the
Company

 

Except as set forth
in the Company Disclosure Schedule (it being agreed that any matter disclosed in the Company Disclosure Schedule with respect to
any section of this Agreement shall be deemed to have been disclosed with respect to any other section to which such matter relates
so long as the relation of such matter to such other section is readily apparent from the description of such matter), the Company
represents and warrants, as of the date hereof and on and as of the Closing Date, as follows:

 

    - 19 -

     

    

 

4.1.          Organization
and Power.

 

(a)            Each
Group Company is a corporation duly incorporated, validly existing and in good standing under the Laws of its jurisdiction of incorporation.
Each Group Company has full power and authority to execute, deliver and perform this Agreement (as applicable) and the Ancillary
Documents to which it is a party and to consummate the Contemplated Transactions. Each Group Company has all power (corporate or
otherwise) and authority, and possesses all governmental licenses, permits, authorizations and approvals, necessary to enable it
to own or lease and to operate its properties and assets and carry on its business as currently and historically conducted, except
where the failure to possess such power, authority, licenses, permits, authorizations and approvals would not reasonably be expected
to result in material Liability or otherwise materially interfere with the conduct of the business of the Group Companies in the
manner currently conducted. Each Group Company is qualified or licensed to conduct its business in the jurisdiction(s) listed
on Section 4.1 of the Company Disclosure Schedule.

 

4.2.          Authorization
and Enforceability.

 

The execution and delivery
of this Agreement (as applicable) and the Ancillary Documents to which each Group Company is a party and the performance by such
Group Company as the case may be, of the Contemplated Transactions that are required to be performed by such Group Company, as
the case may be, have been duly authorized by the board of directors or other governing body (if applicable) of such Group Company,
as the case may be, in accordance with applicable Law and the certificate of incorporation and bylaws or other similar organizational
documents, as applicable, of such Group Company, as the case may be, and no other organizational proceedings, as applicable, on
the part of such Group Company, as the case may be, are necessary to authorize the execution, delivery and performance of this
Agreement (as applicable) and the Ancillary Documents to which such Group Company, as the case may be, is a party or the consummation
of the Contemplated Transactions that are required to be performed by such Group Company, as the case may be. This Agreement (as
applicable) and each of the Ancillary Documents to be executed and delivered at or prior to the Closing by such Group Company,
as the case may be, will be, at the Closing, duly authorized, executed and delivered by such Group Company, as the case may be,
and constitutes, or as of the Closing Date will constitute, valid and legally binding agreements of such Group Company, as the
case may be, enforceable against such Group Company, as the case may be, in accordance with their terms, subject to bankruptcy,
insolvency, reorganization and other Laws of general applicability relating to or affecting creditors’ rights and to general
equity principles.

 

    - 20 -

     

    

 

4.3.          Capitalization.

 

(a)            The
authorized capital stock of the Company consists solely of (i) 10,000,000 shares of Common Stock, of which 9,543,157 are issued
and outstanding, and (ii) 5,000,000 shares of Preferred Stock, of which none are issued and outstanding. The record owners
of all of the issued and outstanding shares of Capital Stock (together with the number of shares of Capital Stock owned by each)
are as set forth on Section 4.3(a) of the Company Disclosure Schedule. The Purchased Shares constitute
all of the Capital Stock and Equity Securities of the Company. All of the Purchased Shares are duly authorized, have been validly
issued and are fully paid and non-assessable, are owned beneficially and of record by the Stockholder, and were issued in compliance
with applicable securities Laws or exemptions therefrom. Except as set forth on Section 4.3(a) of the Company Disclosure
Schedule, no shares of Capital Stock or other Equity Securities of the Company are issued, reserved for issuance or outstanding.
No Person has preemptive rights with respect to the Purchased Shares, and there are no agreements providing for the issuance (contingent
or otherwise) of, or any calls against, commitments by, or claims against the Company relating to, any of the Purchased Shares.
The Company is not a party to and there is not, and immediately after the Closing there will not be, any Contract, right of first
refusal, right of first offer, proxy, voting agreement, voting trust, registration rights agreement or stockholders agreement,
whether or not the Company is a party thereto, with respect to the purchase, sale or voting of any Purchased Shares.

 

(b)            Section 4.3(b) of
the Company Disclosure Schedule sets forth a true and correct list of each Group Company (other than the Company), listing
for each such Group Company its name, its jurisdiction of incorporation, its authorized capital stock or other Equity Securities,
the number and type of its issued and outstanding shares of capital stock or other Equity Securities and the current record and
beneficial ownership of such shares and/or other Equity Securities. Other than the Persons listed on Section 4.3(b) of
the Company Disclosure Schedule, there are no other corporations, partnerships, joint ventures, associations or other similar
entities in which any Group Company owns, of record or beneficially, any direct or indirect equity or other similar interest or
any right (contingent or otherwise) to acquire the same. All issued and outstanding shares of the capital stock of each Group Company
(other than the Company) are duly authorized, have been validly issued and are fully paid and non-assessable, are owned beneficially
and of record by the Persons indicated as the beneficial owners thereof on Section 4.3(b) of the Company Disclosure
Schedule, free and clear of any Lien (other than those arising from applicable securities Laws), and were issued in compliance
with applicable securities Laws or exemptions therefrom. No Person has preemptive rights with respect to any capital stock or other
Equity Securities of any Group Company, and there are no agreements providing for the issuance (contingent or otherwise) of, or
any calls against, commitments by, or claims against any Group Company relating to, any shares of capital stock of such Group Company.
No Group Company is a party to, and there is not, and immediately after the Closing there will not be, any Contract, right of first
refusal, right of first offer, proxy, voting agreement, voting trust, registration rights agreement or stockholders agreement,
whether or not a Group Company is a party thereto, with respect to the purchase, sale or voting of any shares of capital stock
or any other Equity Securities of such Group Company.

 

    - 21 -

     

    

 

4.4.          No
Violation.

 

The execution and delivery
by each Group Company of this Agreement (as applicable) and the Ancillary Documents to which such Group Company is a party, consummation
of the Contemplated Transactions that are required to be performed by such Group Company, and compliance with the terms of this
Agreement (as applicable) and the Ancillary Documents to which such Group Company is a party will not (a) conflict with or
violate any provision of the certificate of incorporation, bylaws or similar organizational documents of such Group Company, (b) result
in any violation of or default, give rise to a right of termination, cause the forfeiture of any right, or require any notice or
consent, under (with or without notice or lapse of time or both) any provision of any Material Contract to which such Group Company
is a party or by which such Group Company or their respective properties are bound or affected, (c) assuming that all consents,
approvals and authorizations contemplated by Section 4.5 have been obtained and all filings described therein have been made,
conflict with or violate any Law applicable to such Group Company or by which any of their respective properties are bound or affected,
or (d) result in the creation of, or require the creation of, any Lien upon any shares of capital stock or any property of
such Group Company, except, with respect to clauses (b)-(d), as would not reasonably be expected to result in material Liability
or otherwise materially interfere with the conduct of the business of such Group Company in the manner currently conducted.

 

4.5.          Governmental
Authorizations and Consents.

 

Except as set forth on
Section 4.5 of the Company Disclosure Schedule, no consents, licenses, approvals or authorizations of, or registrations,
declarations or filings with, any Governmental Authority (“Governmental Consents”) are required to be obtained
or made by any Group Company in connection with the execution, delivery, performance, validity and enforceability of this Agreement
or any Ancillary Documents to which such Group Company is a party or the consummation by such Group Company of the Contemplated
Transactions.

 

4.6.          Financial
Statements.

 

(a)            Section 4.6(a) of
the Company Disclosure Schedule sets forth the following financial statements (the “Financial Statements”):
(i) the audited consolidated balance sheet of the Group Companies as of December 31, 2019, and the related statements
of income, stockholders’ equity and cash flows for the year ending December 31, 2019 (the “Most Recent Audited
Financial Statements”), (ii) the audited consolidated balance sheet of the Group Companies as of December 31,
2018, and the related statements of income, stockholders’ equity and cash flows for the year ending December 31, 2018,
and (iii) the unaudited consolidated balance sheet of the Group Companies as of July 31, 2020, and the related unaudited
statements of income, stockholders’ equity and cash flows, respectively, for the seven (7)-month period ended on such date
(the “Most Recent Unaudited Financial Statements”). Each of the Financial Statements has been prepared in accordance
with GAAP consistently applied throughout the periods indicated and consistent with each other (except (i) as may be otherwise
indicated in such Financial Statements or the notes thereto, (ii) in the case of unaudited interim statements, to the extent
they may exclude footnotes or may be condensed or summary statements and (iii) that the Most Recent Unaudited Financial Statements
need not contain footnotes and other presentation items that may be required by GAAP) and fairly presents in all material respects
the consolidated financial condition of the Group Companies as of its respective date and the consolidated results of operations
and stockholders’ equity, or cash flows, as the case may be, of the Group Companies for the period covered thereby, except
that the Most Recent Unaudited Financial Statements need not contain footnotes and other presentation items that may be required
by GAAP).

 

    - 22 -

     

    

 

(b)            The
financial books and records of the Group Companies have been maintained in accordance with customary business practices and fairly
and accurately reflect, in all material respects, on a basis consistent with past periods and throughout the periods involved,
(i) the consolidated financial position of the Group Companies and (ii) all transactions of the Group Companies. No Group
Company has received any advice or notification from its independent accountants that it has used any improper accounting practice
that would have the effect of not reflecting or incorrectly reflecting in the books and records of such Group Company any properties,
assets, liabilities, revenues, expenses, equity accounts or other accounts.

 

(c)            The
Group Companies do not have any material Liabilities (whether or not the subject of any other representation or warranty hereunder),
except for Liabilities (i) reflected in the Most Recent Unaudited Financial Statements, (ii) incurred in the ordinary
course of business consistent with past practice since the date of the Most Recent Unaudited Financial Statements, or (iii) incurred
under this Agreement and the Ancillary Documents or in connection with the Contemplated Transactions.

 

4.7.          Absence
of Certain Changes.

 

(a)            Since
the date of the Most Recent Unaudited Financial Statements, the Group Companies have conducted their respective businesses in the
ordinary course and in a manner consistent with past practice, and there has not been any Event that has had, or would be reasonably
expected to have, either individually or in the aggregate, a Material Adverse Effect on the Group Companies. Without limiting the
generality of the foregoing, except as expressly contemplated by this Agreement, since the date of the Most Recent Unaudited Financial
Statements, the Group Companies have not:

 

(i)            acquired,
sold, leased, abandoned, allowed to lapse, licensed, transferred, mortgaged or assigned any material assets, tangible or intangible,
other than sales of goods or services in the ordinary course of business consistent with past practice;

 

(ii)            incurred,
assumed, guaranteed or discharged any Liability, including, without limitation, any Indebtedness or mortgages, or otherwise created
or permitted to exist any Lien (other than Permitted Liens) on any of their respective assets, other than (except in the case of
Indebtedness) in the ordinary course of business consistent with past practice;

 

(iii)           canceled,
compromised, knowingly waived or released any right or claim (or series of related rights and claims) under Material Contracts
or Intellectual Property;

 

(iv)          canceled,
compromised, knowingly waived or released any right, claim or account receivable involving amounts that exceed $50,000 in the aggregate;

 

(v)           committed
to make any capital expenditure (or series of related capital expenditures) involving amounts that exceed $50,000 in the aggregate;

 

(vi)          suffered
any damages to or destruction of any tangible assets (whether or not covered by insurance), involving amounts that exceed $50,000
in the aggregate;

 

(vii)         modified
any of their respective certificates of incorporation, bylaws or similar organizational documents;

 

    - 23 -

     

    

 

(viii)        issued,
sold or otherwise permitted to become outstanding any shares of their respective capital stock, or split, combined, reclassified,
repurchased or redeemed any such shares;

 

(ix)           made
any capital investment in, any loan to, or any acquisition of the securities or assets of any other Person other than acquisitions
of inventory and supplies in the ordinary course of business consistent with past practice;

 

(x)            failed
to maintain in full force and effect insurance policies on their respective properties providing coverage and amounts of coverage
comparable to the coverage and amounts of coverage provided under their policies of insurance in effect on the date of the Most
Recent Audited Financial Statements;

 

(xi)           made
any change in the rate of compensation, commission, bonus or other direct or indirect remuneration payable, or agreed to pay, conditionally
or otherwise, any bonus, incentive, retention or other compensation, any change in control payment, retirement, welfare, fringe
or severance benefit or vacation pay, to or in respect of any employee, other than increases and payments in the ordinary course
of business and in a manner consistent with past practice in the compensation payable to employees (none of whom is a director
or officer of the Group Companies);

 

(xii)          materially
modified or changed any of their respective business organizations or materially and adversely modified or changed their respective
relationships with its suppliers, customers and others having business relations with them;

 

(xiii)         except
as otherwise required by Law, entered into, amended, modified, varied, altered or otherwise changed any of the Plans;

 

(xiv)         entered
into, modified, terminated, waived, amended or otherwise altered the terms or provisions of any Material Contract outside the ordinary
course of business;

 

(xv)          abandoned,
permitted to lapse or failed to maintain in full force and effect any Company Intellectual Property, or failed to take or maintain
reasonable measures to protect the confidentiality of any Intellectual Property used by or for the Group Companies in conducting
their respective businesses;

 

(xvi)         made,
revoked or changed any Tax election, changed any annual Tax accounting period, changed any method of Tax accounting, entered into
any closing agreement with respect to any Tax, settlement, concession, compromise or abandonment of any Tax claim or assessment
or surrendered any right to claim a Tax refund, filed any amended Tax Return, or consented to any extension or waiver of the limitation
period applicable to any Tax claim or assessment;

 

(xvii)        adopted
a plan or agreement of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization, or
other material reorganization; or

 

(xviii)       authorized,
agreed, resolved or committed to any of the foregoing.

 

    - 24 -

     

    

 

 

(b)          Since
the Most Recent Unaudited Financial Statements, there has been no Material Adverse Effect on the Group Companies. Despite
COVID-19, the Group Companies have been able to continue normal operations, including, without limitation, interacting with clients
(both current and prospective), through, in part, instituting remote work and travel policies. There has been no material negative
impact on the operations, financial results, or, to the Knowledge of the Company, relationships of the Group Companies with their
respective customers, suppliers, landlords or Governmental Authorities having jurisdiction over them as a result of COVID-19.

 

4.8.        Relationships
with Affiliates.

 

No officer, director,
Stockholder, or any Affiliate of any of the foregoing (a) has any interest in any property (real, personal, or mixed and whether
tangible or intangible), used in or pertaining to the businesses of the Group Companies as currently conducted or contemplated
to be conducted, (b) except for the ownership of less than two percent (2%) of the outstanding common stock of a publicly-held
corporation, owns of record or as a beneficial owner, has any equity interest or any other financial or profit interest in a Person
that has had business dealings or a material financial interest in any transaction with the Group Companies or (c) is a party
to any material Contract (except for employment agreements) with the Group Companies, including, without limitation, with respect
to compensation or remuneration to be paid to such officer, director, Stockholder, or Affiliate in connection with this Agreement
or the Contemplated Transactions.

 

4.9.        Indebtedness
to and from Officers and Directors of the Group Companies.

 

No Group Company is indebted,
directly or indirectly, to any Person who is a Stockholder, officer or director of a Group Company, or any Affiliate thereof (other
than another Group Company) in any amount whatsoever, other than for salaries for services rendered or reimbursable business expenses.
No Stockholder, officer, director, or Affiliate is indebted to the Group Companies, except for advances made to employees of the
Group Companies in the ordinary course of business consistent with past practice to meet reimbursable business expenses reasonably
anticipated to be incurred by such obligor.

 

4.10.      Assets.

 

(a)          The
assets and rights of the Group Companies include all of the assets and rights of the Group Companies which were used in the conduct
of its business as conducted as of the date of the Most Recent Unaudited Financial Statements, subject to such changes as have
occurred in the ordinary course of business consistent with past practice or that are otherwise permitted by this Agreement since
such date. All of such assets necessary for the conduct of the business of the Group Companies are in normal operating condition
and repair, ordinary wear and tear excepted.

 

(b)          The
Group Companies collectively have good and marketable title to, or valid leasehold interests in, all of the tangible and intangible
assets and personal property shown to be owned or leased by them on the Most Recent Unaudited Financial Statements or acquired
thereafter, free and clear of any Lien, except for (i) assets disposed of since such date in the ordinary course of business
consistent with past practice or otherwise permitted by this Agreement, (ii) Liens reflected in the Financial Statements or
the notes thereto, (iii) assets validly leased from third parties, and (iv) Permitted Liens. Such assets and personal
property constitute all of the assets and properties necessary to conduct the business of the Group Companies immediately following
the Closing in substantially the manner conducted immediately prior to the Closing.

 

    		- 25 -	 

     

    

 

4.11.      Real
Property.

 

Section 4.11
of the Company Disclosure Schedule includes a true and complete list of all real property leases, subleases, or other occupancies
used by the Group Companies or to which a Group Company is a party as a lessee or lesser (the “Real Property Leases,”
and the properties leased thereunder, the “Leased Real Property”). No Person other than the Group Companies
has any right to use, occupy or lease any of the Leased Real Property. The leasehold interests relating to the Real Property Leases
are free and clear of all Liens, other than Permitted Liens. No Group Company has received any written notice from the other party
to any Real Property Lease of the termination or proposed termination thereof. No Group Company is, and, to the Knowledge of the
Company, no other Person is, in violation of a condition or agreement contained in any easement, restrictive covenant or any similar
instrument or agreement affecting the Leased Real Property in any material respect. The Group Companies do not own any real property.

 

4.12.      Intellectual
Property.

 

(a)          Section 4.12(a) of
the Company Disclosure Schedule includes a true and complete list of: (i) all Company Intellectual Property that is
subject to any issuance, registration, or application by or with any Governmental Authority or authorized private registrar in
any jurisdiction (collectively, “Intellectual Property Registrations”), including, without limitation, issued
Patents, registered Trademarks, domain names, and Copyrights, and pending applications for any of the foregoing, and specifying
as to each, as applicable, the title, mark, design; the record owner and inventor(s), if any; the jurisdiction by or in which it
has been issued, registered, or filed; the patent, registration, or application serial number; the issue, registration, or filing
date; and the current status; (ii) all unregistered Trademarks included in the Company Intellectual Property; and (iii) all
Company Products or other Software of the Group Companies. No Company Intellectual Property has been opposed, cancelled, held unenforceable
or otherwise challenged, and no Litigation is pending or, to the Knowledge of the Company, threatened in relation to any Company
Intellectual Property. All Company Intellectual Property is valid, subsisting and enforceable and in full force and effect. Each
of the Intellectual Property Registrations is duly registered or filed in the name of a Group Company. All assignments and other
instruments necessary to establish, record, and perfect the Group Companies’ ownership interest in the Intellectual Property
Registrations have been validly executed, delivered, and filed with the relevant Governmental Authorities and authorized registrars.
All required filings and fees related to the Intellectual Property Registrations have been timely submitted with and paid to the
relevant Governmental Authorities and authorized registrars. The Company has provided Buyer with true and complete copies of all
file histories, documents, certificates, correspondence, assignments, and other instruments relating to the Intellectual Property
Registrations.

 

    		- 26 -	 

     

    

 

(b)          The
Group Companies collectively are the sole and exclusive legal and beneficial, and with respect to the Intellectual Property Registrations,
record, owner of all right, title, and interest in and to the Company Intellectual Property, and has the valid and enforceable
right to use all other Intellectual Property used or held for use in or necessary for the conduct of the business of the Group
Companies as currently conducted, in each case, free and clear of all Liens other than Permitted Liens. There is no Litigation
(including, without limitation, any opposition, cancellation, revocation, review, post grant reviews or other proceeding) pending
or, to the Knowledge of the Company, threatened challenging the validity, enforceability, registrability, patentability, or ownership
of any Company Intellectual Property or the Group Companies’ right, title, or interest in or to any Company Intellectual
Property. No Group Company is subject to any outstanding or prospective Order (including, without limitation, any motion or petition
therefor) that does or would reasonably be expected to restrict or impair the ownership or use of any Company Intellectual Property
or Licensed Intellectual Property, and no Group Company is aware of any facts or circumstances that could reasonably be expected
to give rise to any such Litigation.

 

(c)          Section 4.12(c) of
the Company Disclosure Schedule is a true and complete list of all licenses, sublicenses and other agreements as to which
the Group Companies are a party and pursuant to which the Group Companies have acquired or are authorized to use any Intellectual
Property (other than those comprising or reflected in Commercial Software). The Group Companies are not obligated to make any payment
or grant any rights to any third party in respect of Intellectual Property used by the Group Companies or in connection with the
business of the Group Companies as currently conducted (other than those comprising or reflected in Commercial Software).

 

(d)          Except
pursuant to a license agreement entered into with a Group Company in the ordinary course of business, no Person (other than the
Group Companies) has an interest in or any right to use any of the Company Intellectual Property. To the Knowledge of the Company,
there has not been, and there is not now, any unauthorized use, infringement or misappropriation by any third party, including,
without limitation, by any employee or former employee of the Group Companies, of any of the Company Intellectual Property. No
stockholder, director, officer or employee of, or Consultant to, the Group Companies has any right to use, other than in connection
with the business activities of the Group Companies as presently conducted, any of the Company Intellectual Property.

 

(e)          The
operation of the business of the Group Companies as currently and formerly conducted, including, without limitation, the use of
the Company Intellectual Property and Licensed Intellectual Property in connection therewith, does not misappropriate, infringe
or otherwise violate in any respect the Intellectual Property or other rights of any Person. There is no Litigation (including,
without limitation, any opposition, cancellation, revocation, review, post grant review or other proceeding) pending or, to the
Knowledge of the Company, threatened alleging any misappropriation, infringement, or other violation by the Group Companies of
the Intellectual Property of any Person, and no Group Company is aware of any facts or circumstances that could reasonably be expected
to give rise to any such Litigation.

 

(f)           The
Group Companies have taken reasonable precautions to protect the secrecy, confidentiality and value of all Trade Secrets included
in the Company Intellectual Property and Licensed Intellectual Property, including, without limitation, by requiring all Persons
having access thereto to execute binding, written non-disclosure agreements. Such Trade Secrets are not part of the public knowledge
or literature, and have not been used, divulged or appropriated either for the benefit of any Person (other than the Group Companies)
or to the detriment of the Group Companies.

 

    		- 27 -	 

     

    

 

(g)          The
Group Companies have entered into binding, valid and enforceable, written Contracts with each current and former Personnel and
independent contractor who is or was involved in or has contributed to the invention, creation, or development of any Intellectual
Property during the course of employment or engagement with the Group Companies whereby such Personnel or independent contractor
(i) acknowledges the applicable Group Company’s exclusive ownership of all Intellectual Property invented, created,
or developed by such employee or independent contractor within the scope of his or her employment or engagement with the Group
Companies; (ii) grants to the applicable Group Company a present, irrevocable assignment of any ownership interest such employee
or independent contractor may have in or to such Intellectual Property; and (iii) irrevocably waives any right or interest,
including, without limitation, any moral rights, regarding any such Intellectual Property, to the extent permitted by applicable
Law. The Company has provided Buyer with true and complete copies of all such Contracts.

 

(h)          Neither
the execution, delivery, or performance of this Agreement, nor the consummation of the Contemplated Transactions, will result in
the loss or impairment of, or require the consent of any other Person in respect of, the Group Companies’ right to own or
use any Company Intellectual Property or Licensed Intellectual Property.

 

(i)           All
Company IT Systems are in good working condition and are sufficient for the operation of the Group Companies’ business as
currently conducted. There have been no unauthorized intrusions or breaches of security, malfunctions, failures, breakdowns, continued
substandard performance, denials-of-service, or other cyber incidents, including, without limitation, any cyberattacks, or other
similar adverse events affecting the Company IT Systems. The Group Companies have implemented and maintained appropriate backup,
disaster recovery, and Software and hardware support arrangements for the Company IT systems.

 

(j)           Section 4.12(j) of
the Company Disclosure Schedule accurately described the type of Personally Identifiable Information and Customer Data
collected (and the process by which such information is collected) by the Group Companies through internet websites, mobile applications
and online services owned, maintained or operated by or on behalf of the Group Companies (collectively, the “Company Sites”),
and through any Company Products or any other method, including, without limitation, the types of Personally Identifiable Information
and Customer Data, and the method of collection for each. The Group Companies have at all times complied in all material respects
with all applicable Laws, contractual obligations, requirements of self-regulatory organizations binding upon the Group Companies,
consumer-facing statements of the Group Companies in any marketing or promotional materials and each Privacy Policy relating to
(i) the privacy of users of Company Sites or Company Products, (ii) the past and present collection, use, storage, transfer,
retention, dissemination, disposal and any other processing of any Personally Identifiable Information and Customer Data collected
or used by the Group Companies in any manner or maintained by third Persons having authorized access to such information, or (3) the
transmission of unsolicited communications (collectively, the “Privacy and Security Requirements”). No Group
Company has received any written notice from any Governmental Authority that it is under investigation by any Governmental Authority
for a violation of any Privacy and Security Requirements or applicable Laws. The Company has made available to Buyer complete and
accurate copies of all written complaints or notices delivered to the Group Companies during the past twelve (12) months alleging
or providing notice of a violation of any Privacy and Security Requirement. All electronic addresses acquired, maintained, updated
(including, without limitation, operationalizing opt-out requests) and stored by or on behalf of the Group Companies, and all electronic
messages sent and/or delivered by or on behalf of the Group Companies have been acquired, maintained, updated, stored, sent and/or
delivered, as may be required by and in accordance in all material respects with all applicable Laws, including but not limited
to all Laws relating to the delivering, sending, sharing or transmitting of electronic or telephonic messages, and/or using electronic
addresses. Prior to the installation of any computer program (including without limitation computer programs that have been caused
to be installed by the Group Companies) on a third party’s computer system or device, and prior to any electronic message
being sent from such computer system or device, requisite consent to the installation of such computer program and all transmissions
of electronic messages has been obtained from the owner or authorized user of such computer system or device.

 

    		- 28 -	 

     

    

 

(k)          The
Group Companies have at all times taken commercially reasonable steps (including, without limitation, implementing and monitoring
compliance with reasonable measures with respect to technical and physical security) consistent in all material respects with requirements
of applicable Laws or contractual obligations to protect the confidentiality, availability, security and integrity of the Group
Companies’ data, information technology assets and all Personally Identifiable Information and Customer Data within the control
of the Group Companies (collectively, the “Company Data”). Such steps and procedures comply in all material
respects with all Privacy and Security Requirements and all applicable Laws relating to the security of the Company Data. This
includes, but is not limited to, the Group Companies having implemented, maintained, and monitored reasonable measures with respect
to technical, administrative, and physical security designed to preserve and protect the confidentiality, availability, security,
and integrity of all Company Data. There is no, nor has there ever been, any complaint to, or to the Knowledge of the Company,
any audit, proceeding or investigation (formal or information), or any claim against, any Group Company or any of its end-users
or customers, initiated by a private Person or any Governmental Authority with respect to the security, confidentiality, transmission,
availability, or integrity of any Company Data. To the Knowledge of the Company, there has been no material unauthorized access
to or acquisition of the Company Data or Company Intellectual Property.

 

4.13.      Contracts.

 

(a)          Section 4.13(a) of
the Company Disclosure Schedule is a true and complete list, as of the date hereof, of all of the following Contracts to
which a Group Company is a party or by which it or its assets or properties are bound (the “Material Contracts”):

 

(i)            Contracts
evidencing or relating to Indebtedness;

 

(ii)           Contracts
evidencing or relating to any obligations of a Group Company with respect to the issuance, sale, repurchase or redemption of any
Equity Securities of such Group Company;

 

    		- 29 -	 

     

    

 

(iii)          Contracts
with any customers of, or suppliers to, the Group Companies which involved aggregate payments to or from the Group Companies in
the most recent twelve (12)-month period of in excess of $100,000;

 

(iv)          all
Real Property Leases;

 

(v)           all
Company Employment Contracts;

 

(vi)          Contracts
evidencing partnerships or joint ventures in which any Group Company has an interest;

 

(vii)         Contracts
that obligate a Group Company with respect to contingent payments or any type;

 

(viii)        Contracts
relating to Intellectual Property listed in Sections 4.12(c) and 4.12(d) of the Company Disclosure Schedule;

 

(ix)          Contracts
by and between a Group Company, on the one hand, and any Affiliate of a Group Company, other Persons with whom a Group Company
is not dealing at arm’s-length, employee, officer or director of a Group Company, or entity controlled by any employees,
officers or directors of a Group Company, on the other hand;

 

(x)           leases
of personal property under which a Group Company is the lessee and is obligated to make payments more than $100,000 per annum;

 

(xi)          Contracts
relating to any Litigation involving a Group Company and pursuant to which such Group Company has any ongoing obligations;

 

(xii)         Contracts
relating to the acquisition or disposition of any capital stock, business or product line of any other Person entered into at any
time during the last three (3) years;

 

(xiii)        Contracts
limiting the freedom of a Group Company or any Affiliate to engage in any line of business, acquire any entity or compete with
any Person or in any market or geographical area, or to solicit any individual or class of individuals for employment; and

 

(xiv)        any
Contract not otherwise listed above that is, individually or in the aggregate, material to the Group Companies.

 

(b)          A
true and complete copy of each Material Contract has been made available to Buyer. All Material Contracts are valid, binding and
in full force and effect and enforceable by the Group Company party thereto in accordance with their respective terms, subject
to bankruptcy, insolvency, reorganization and other Laws of general applicability relating to or affecting creditors’ rights
and to general equity principles. As to each Material Contract, there does not exist thereunder any material breach, violation
or default on the part of the Group Company party thereto or, to the Knowledge of the Company, any other party to such Material
Contract, and there does not exist any event, occurrence or condition, including, without limitation, the consummation of the Contemplated
Transactions, which (with or without notice, passage of time, or both) would constitute a material breach, violation or default
thereunder on the part of the Group Company party thereto. No material waiver has been granted by any Group Company or any of the
other parties thereto under any of the Material Contracts.

 

    		- 30 -	 

     

    

 

4.14.      Compliance
with Laws.

 

No Group Company is,
and during the past three (3) years no Group Company has been, in violation of in any material respect, and, to the Knowledge
of the Company, no event has occurred or circumstance exists that (with or without notice or lapse of time) would constitute or
result in a violation in any material respect by a Group Company of, or failure on the part of a Group Company to comply with in
any material respect, any Law that is or was applicable to it or the conduct or operation of its business or the ownership or use
of any of its assets.

 

4.15.      Environmental
Matters.

 

Each Group Company (i) is,
and at all times has been, in compliance in all material respects with all applicable Environmental Laws, and (ii) has obtained,
and is in compliance in all material respects with, all permits, licenses, authorizations, registrations and other governmental
consents required by applicable Environmental Laws, and has made all appropriate filings for issuance or renewal of such permits,
licenses, authorizations, registrations and consents. There is no contamination of, and there have been no releases or, to the
Knowledge of the Company, threatened releases of Hazardous Materials at the Leased Real Property or any real property formerly
owned, leased or operated by the Group Companies (or any predecessor of a Group Company), in each case, that would require notification
to governmental entities, investigation and/or remediation pursuant to any Environmental Laws. There are no past or present conditions,
events, circumstances, facts, activities, practices, incidents, actions, omissions or plans that would reasonably be expected to
give rise to any material liability or other obligation under any Environmental Laws. There are no claims, notices, civil, criminal
or administrative actions, suits, hearings, investigations, inquiries or proceedings pending or, to the Knowledge of the Company,
threatened that are based on or related to any Environmental Matters relating to the business of the Group Companies.

 

4.16.      Litigation.

 

There are no claims,
actions, suits, audits, inquiries, proceedings or governmental investigations (“Litigation”) pending or, to
the Knowledge of the Company, threatened involving a Group Company or its properties or business, at Law or in equity or before
any Governmental Authority, or that have been settled, dismissed or resolved in the preceding three (3) years. No Group Company
is subject to any Order arising from any Litigation and, to the Knowledge of the Company, no such Order is threatened to be imposed
by any Governmental Authority.

 

4.17.      Personnel
Matters.

 

(a)          True,
accurate, and complete lists of all of the directors, officers, and employees of the Group Companies (individually and collectively,
 “Personnel”) as of the date hereof and their positions are included in Section 4.17(a) of the
Company Disclosure Schedule together with the following as to each: (i) name, (ii) job title or description,
(iii) principal place of employment, (iv) base salary or wage level (including, without limitation, any bonus opportunities
or deferred compensation arrangements) and also showing any bonus or other remuneration other than salary paid during the Company’s
fiscal year ending December 31, 2019, (v) date of hire, (vi) leave of absence status (including, without limitation,
expected return to work date if known), (vii) whether exempt or non-exempt under the Fair Labor Standards Act and (viii) visa
status (if any). True and complete information concerning the respective salaries, wages, bonuses and other compensation paid or
payable by the Group Companies during 2019 and 2018, as well as dates of employment and date and amount of last salary increase,
of such Personnel has been made available to Buyer.

 

    		- 31 -	 

     

    

 

(b)          There
are no complaints, lawsuits, claims (other than ordinary claims under Plans), disputes, actions, grievances or disciplinary actions
pending or, to the Knowledge of the Company, threatened, by or between a Group Company and any Personnel, former employee, job
applicants or other current or former service providers.

 

(c)          The
most recent written personnel policies and manuals of the Group Companies are listed in Section 4.17(c) of the
Company Disclosure Schedule, and true, accurate, and complete copies of all such written personnel policies and manuals
have been made available to Buyer.

 

(d)          The
employment of all Personnel is terminable at-will, and the Group Companies have not made any written or oral commitment to any
employee with respect to such employee’s compensation, promotion, retention, termination, severance or related matters, whether
in connection with the Contemplated Transactions or otherwise. To the Knowledge of the Company, no executive officer or management
level employees have any plans to terminate his, her or their employment with the Group Companies. Section 4.17(d) of
the Company Disclosure Schedule is a true and complete list of all employment Contracts to which a Group Company is a party
(the “Company Employment Contracts”), and except as otherwise disclosed in Section 4.17(d) of
the Company Disclosure Schedule, no Group Company is a party to any (i) management, employment, consulting or other
agreements with any Personnel or other Person providing for employment over a period of time or for termination or severance benefits,
whether written or unwritten, and whether or not conditioned upon a change in control of any Group Company, (ii) bonus pay,
incentive compensation, deferred compensation, profit-sharing, stock purchase, stock option or similar plans, agreements or arrangements,
whether written or unwritten, or (iii) collective bargaining agreements or other agreements with any labor organization or
union or other Personnel organization (and no such agreement is currently being requested by, or is under discussion by management
with, any Personnel or others). During the last three years there has not been and there is not presently pending, existing, or
threatened, any organized strike, slowdown, picketing, or work stoppage by any Personnel.

 

4.18.      Labor
Matters.

 

No Group Company is obligated
by, or subject to, any order of the National Labor Relations Board or other labor board or administration, or any unfair labor
practice decision. No Group Company is a party or subject to any pending or, to the Knowledge of the Company, threatened labor
or civil rights dispute, controversy or grievance or any unfair labor practice proceeding with respect to claims of, or obligations
of, any employee or group of employees. No Group Company has received any notice that any labor representation request is pending
or is threatened with respect to any employees of a Group Company. The Group Companies are in compliance in all material respects
with all applicable Laws respecting employment and employment practices, hiring, termination of employment, terms and conditions
of employment, wages and hours, employment standards, human rights, discrimination, harassment, occupational safety, workers’
compensation, classification of employees, and plant closings and mass layoffs. The Group Companies are not liable for the payment
of any compensation, damages, taxes, fines, penalties or other amounts, however designated, for failure to comply with any employment
related laws. The Group Companies have paid in full to all Personnel all wages, salaries, commission, bonuses and other compensation
due and payable to such Personnel, including, without limitation, overtime compensation and severance payments, but excluding arrearages
in accordance with the Group Companies’ customary payroll practices, and there are no severance payments due or that could
become due in the future pursuant to applicable Law, Contract or policy other than payment in lieu of an advance notice of termination
of services. All Personnel classified by the Group Companies as independent contractors at any time during the past three (3) years
have satisfied the requirements of applicable Law to be so classified, and the Group Companies have fully and accurately reported
each such Person’s compensation on IRS Forms 1099 during such period if and when required to do so. All Personnel classified
as exempt from overtime pay requirements at any time during the past three (3) years have satisfied the requirements of the
federal Fair Labor Standards Act and all analogous and applicable state and local laws to be so classified.

 

    		- 32 -	 

     

    

 

4.19.      Employee
Benefits.

 

(a)          Section 4.19(a) of
the Company Disclosure Schedule lists all employee benefit plans (as defined in Section 3(3) of ERISA) and all
bonus, stock option, stock purchase, phantom stock, stock appreciation rights, other equity-based profit sharing, savings, disability,
incentive, deferred compensation, retirement, simplified employee pension, severance, retention, change in control or other employee
benefit plans or programs and all employment or compensation agreements, for the benefit of, or relating to, current employees
and former employees of the Group Companies or any ERISA Affiliate, or with respect to which the Group Companies could have any
Liability (individually, a “Plan,” collectively, the “Plans”), except that Section 4.19(a) of
the Company Disclosure Schedule does not list any employment agreement or offer letter providing for at will employment
and annual base salary of less than $150,000.

 

(b)          With
respect to each Plan, the Company has provided to Buyer true and complete copies of: (i) all material Plan documents, (ii) all
funding and administrative arrangement documents, including, but not limited to, trust agreements, insurance contracts, custodial
agreements, investment manager agreements and service agreements, (iii) the latest favorable determination letter (or as to
a prototype or volume submitter plan, opinion letter) received from the Internal Revenue Service regarding the qualification of
each Plan covered by Section 401(a) of the Code, (iv) the three most recently filed Forms 5500 for each Plan that
is an employee pension benefit plan (as defined in Section 3(2) of ERISA) and for each Plan that is an employee welfare
benefit plan (as defined in Section 3(1) of ERISA), (v) each summary plan description and each summary of material
modification regarding the terms and provisions thereof, (vi) the most recent actuarial report, if applicable, (vii) any
nondiscrimination or other testing under each Plan for the last three years, (viii) the three most recent Forms 1094-C, with
attachments, filed for any group health plan and (ix) any material communication with any Governmental Authority, including
without limitation correspondence to or from the government in connection with any audit or investigation of or correction filing
for any Plan.

 

    		- 33 -	 

     

    

 

(c)          Each
Plan (i) is in compliance in all material respects with all applicable governmental Laws, statutes and regulations issued
by a Governmental Authority and with any agreement entered into with a union or labor organization and (ii) has been operated
in compliance in all materials respects with all applicable Laws and its terms.

 

(d)          No
current or former employees of the Group Companies or an ERISA Affiliate currently participate or ever have participated in any
multiemployer plan, as defined in Section 3(37) of ERISA or a voluntary employees beneficiary association, as defined in Section 501(c)(9) of
the Code. No Group Company or ERISA Affiliate has ever had an obligation to contribute to a multiemployer plan, as defined in Section 3(37)
of ERISA.

 

(e)          Each
Group Company and ERISA Affiliate, and each Plan that is a group health plan as defined in Section 733(a)(1) of ERISA,
are in compliance with the Patient Protection and Affordable Care Act (“ACA”). No penalties under Section 4980H
of the Code and the regulations thereunder are assessable on any Group Company or ERISA Affiliate with respect to any employee.
Further, if required by the Code, each Group Company and each ERISA Affiliate has timely filed, or is prepared to timely file by
any applicable extended deadline, its IRS Forms 1094-C and Forms 1095-C for each calendar year.

 

(f)           No
Plan provides retiree medical, dental, vision, disability or life insurance benefits, except as required by the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”) or state law. Any Plan designed to satisfy the requirements of Section 125,
401(k), and/or 4980B of the Code satisfies such section in all material respects.

 

(g)          Each
Plan intended to qualify under Section 401(a) of the Code is so qualified, each trust maintained in conjunction with
a Plan intended to qualify under Section 401(a) of the Code is exempt from taxation pursuant to Section 501(a),
and none of such Plans or related trusts, or any administrator or trustee thereof, or party-in-interest or disqualified person
thereto has engaged in a transaction that could cause any of them or the Group Companies, whether directly or through an indemnification
requirement, to be liable for a civil penalty under Section 409 or 502(i) or any other section of ERISA or result in
a tax under Section 4975 or 4976 or any other section of Chapter 43 of Subtitle D of the Code.

 

(h)          Each
Plan that is required to be registered or approved by a Governmental Authority has been registered with, or approved by, and has
been maintained in good standing with such Governmental Authority. No Plan is subject to the laws or regulations of any foreign
jurisdiction.

 

(i)           All
payments and contributions, including but not limited to, payments to remediate any nondiscrimination or operational errors, required
to be made with respect to any Plan by applicable Law, any Order or any Plan document or other contractual undertaking, and all
premiums due or payable with respect to any insurance policy funding any Plan have been timely paid in full or, to the extent not
required to be made or paid on or before the date hereof, have been accrued in accordance with normal accounting practices and
are fully reflected on the Most Recent Unaudited Financial Statements.

 

    		- 34 -	 

     

    

 

(j)           All
amounts required to be reserved under each unfunded Plan have been so reserved in accordance with reasonable accounting practices
prevailing in the country where such Plan is maintained, and such reserves are sufficient to satisfy the liability for accrued
benefits with respect to current and former employees of the Group Companies participating in each such Plan based on reasonable
actuarial or other applicable assumptions and valuations.

 

(k)          [intentionally
omitted]

 

(l)           No
Liability under Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code has been or is reasonably expected
to be incurred by the Group Companies or ERISA Affiliates. Neither the Group Companies nor any ERISA Affiliate has ever maintained
a multiemployer plan or single employer plan within the meaning of Section 4001(a) of ERISA, a multiple employer plan
within the meaning of Section 413 of the Code or a pension plan subject to Section 412, 430 or 431 of the Code.

 

(m)         The
execution of this Agreement or any of the Ancillary Documents, and performance of the Contemplated Transactions, will not (either
alone or upon the occurrence of any additional or subsequent events) (i) constitute an event under any Plan or related agreement,
trust or loan that will or may result in any payment (whether of severance pay or otherwise), acceleration, forgiveness of indebtedness,
vesting, distribution, increase in benefits or obligation to fund benefits with respect to any current or former Personnel, (ii) result
in the triggering or imposition or any restrictions or limitations on the right of the Group Companies to amend or terminate any
Plan (or result in any adverse consequence for so doing) or (iii) result in any payment or benefit that will or may be made
by the Group Companies that may be characterized as “excess parachute payment,” within the meaning of Section 280G(b)(1) of
the Code. The Group Companies do not have any obligation or requirement to indemnify or make any Person whole with respect to taxes
under Section 4999 of the Code.

 

(n)          There
are no pending or, to the Knowledge of the Company, threatened claims, actions, proceedings or litigations by or on behalf of any
Plan, any employee or beneficiary covered under any Plan, any Governmental Authority, or otherwise involving any Plan (other than
routine claims for benefits). There are no pending or, to the Knowledge of the Company, threatened claims, actions, proceedings
or litigation by any current or former employee or applicant for employment against any Group Company. No Plan is under audit or
investigation by any Governmental Authority and, to the Knowledge of the Company, no such audit or investigation is threatened.

 

(o)          None
of the Plans, if administered in accordance with their terms, could result in the imposition of interest or an additional tax on
any participant thereunder pursuant to Section 409A of the Code. The Group Companies do not have any obligation or requirement
to indemnify or make any Person whole with respect to taxes under Section 409A of the Code. Any Plan that is subject to Section 409A
has been administered in accordance with Section 409A.

 

    		- 35 -	 

     

    

 

4.20.      Tax
Matters.

 

(a)          The
Group Companies have duly and timely filed all Tax Returns required to be filed by them, and all such Tax Returns are true, complete
and correct in all respects. The Group Companies have timely paid all Taxes due and owing (whether or not shown due on any Tax
Return). No Group Company is currently the beneficiary of any extension of time within which to file any Tax Return, other than
automatic extensions of time not requiring the consent of any Governmental Authority.

 

(b)          The
Group Companies have complied in all respects with all applicable Laws relating to the payment and withholding of Taxes and have,
within the time and in the manner prescribed by applicable Laws, withheld and paid over to the proper Governmental Authority all
amounts required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor,
creditor, member, stockholder or other third party.

 

(c)          No
Group Company is, or has ever been, a party to or bound by any Tax Sharing Agreement. There are no Liens on any of the assets of
the Group Companies with respect to Taxes, other than Permitted Liens.

 

(d)          No
Governmental Authority is conducting or proposing or has threatened to conduct an audit or administrative or judicial proceeding
with respect to Taxes or any Tax Returns of the Group Companies. No extension or waiver of the statute of limitations with respect
to Taxes or any Tax Return has been granted by any Group Company which remains in effect. All Tax deficiencies which have been
proposed, asserted or assessed against the Group Companies have been fully paid or finally settled. No Group Company has received
a written notice of a claim by any Governmental Authority in any jurisdiction where such Group Company does not file Tax Returns
that such Group Company is or may be subject to taxation by that jurisdiction.

 

(e)          The
Group Companies have not received or requested any ruling, closing agreement, transfer pricing
agreement or similar agreement from any Governmental Authority with respect to any Tax which will have any effect after
the Closing.

 

(f)           No
Group Company has ever been included in an affiliated group (as defined in Section 1504 of the Code or any similar group defined
under a similar provision of state, local, or foreign Law) other than a group the parent of which was the Company.

 

(g)          The
Group Companies have no liability for the Taxes of any Person (other than other Group Companies) under Treasury Regulations Section 1.1502-6
(or any similar provision of state, local or foreign Law), as a transferee, successor or as a result of similar liability, operation
of Law, by Contract (including, without limitation, any Tax Sharing Agreement) or otherwise.

 

(h)          The
Group Companies have not participated in a listed transaction or a reportable transaction within
the meaning of § 1.6011-4 or § 1.6011-4T of the Treasury Regulations.

 

    		- 36 -	 

     

    

 

(i)           No
Group Company has agreed, nor is it required, to make any adjustment to taxable income in any period (or portion thereof) ending
after the Closing Date by reason of (i) a change in method of accounting for any period (or portion thereof) ending on or
before the Closing Date, (ii) “closing agreement” as described in Section 7121 of the Code (or any corresponding
or similar provision of state, local or foreign income Tax Law) executed on or prior to the Closing Date, (iii) installment
sale or open transaction disposition made on or prior to the Closing Date, (iv) prepaid amount or deferred revenue received
or accrued on or prior to the Closing Date, (v) use of an improper method of accounting for a taxable period (or portion thereof)
ending on or prior to the Closing Date, (vi) intercompany transaction or excess loss account described in the regulations
promulgated under Section 1502 of the Code (or any corresponding or similar provision of state, local or foreign income Tax
law); or (vii) election under Section 108(i) of the Code. The Group Companies will not be required to include any
item of income in taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of Section 965
of the Code.

 

(j)           The
Company has delivered or otherwise made available to Buyer true, correct and complete copies of all Tax Returns of the Group Companies
for all Tax periods beginning on or after January 1, 2015. The Company has delivered or otherwise made available to Buyer
true, correct and complete copies of any examination reports received by the Group Companies, and statements of deficiencies assessed
against or agreed to by the Group Companies.

 

(k)          The
Group Companies have not in the past five years, been a “distributing corporation” or a “controlled corporation”
in a transaction that qualifies under Section 355 of the Code.

 

(l)           At
all times since its date of formation, each of the Group Companies have been classified as a C corporation for federal and, where
applicable, state and local income Tax purposes.

 

(m)         The
unpaid Taxes of the Group Companies (A) did not, as of the Most Recent Unaudited Balance Sheet Date, materially exceed the
reserve for Tax liability (rather than any reserve for deferred Taxes established to reflect timing differences between book and
Tax income) set forth on the face of the Most Recent Unaudited Balance Sheet (rather than in any notes thereto) and (B) do
not exceed that reserve as adjusted for the passage of time through the Closing Date in accordance with the past custom and practice
of the Group Companies in filing their Tax Returns.

 

(n)          Each
Group Company is a “United States person” (within the meaning of Section 7701(a)(30) of the Code).

 

(o)          None
of the Group Companies has any obligation to make a payment that is not fully deductible under Section 162(m) or Section 280G
of the Code or that is under a plan or agreement that is in violation of Section 409A of the Code.

 

(p)          None
of any Group Company’s losses or other Tax attributes are subject to an existing limitation under Code Section 382 (or
any other similar provision of state, local or foreign law).

 

(q)          None
of the Group Companies has deferred the payment of any Taxes under Section 2302 of the Coronavirus Aid, Relief, and Economic
Security Act.

 

    		- 37 -	 

     

    

 

4.21.      Insurance.

 

The Group Companies maintain
general liability, professional liability, product liability, fire, casualty, motor vehicle, workers’ compensation, and other
types of insurance shown in Section 4.21 of the Company Disclosure Schedule (the “Insurance Policies”),
which insurance is in full force and effect and, to the Knowledge of the Company, comprised of the types and in the amounts of
insurance customarily carried by businesses of similar size in the same industry. The Group Companies have not received any written
notice of increase in premiums with respect to, or cancellation or non-renewal of, any of the Insurance Policies, except for general
increases in rates to which similarly situated companies are subject. The Group Companies have timely filed all claims for which
they are seeking payment or other coverage under any of the Insurance Policies. The Group Companies have not made any claim against
an Insurance Policy as to which the insurer is denying coverage or defending the claim under a reservation of rights. No Group
Company is in default in any material respect under any Insurance Policy.

 

4.22.      Customers
and Suppliers.

 

(a)          Section 4.22(a) of
the Company Disclosure Schedule sets forth a true and complete list of the then (10) largest customers of the Group
Companies, determined on a consolidated basis by dollar volume of sales, for the fiscal year ended December 31, 2019 and the
fiscal year ended December 31, 2018 (collectively, the “Top Customers”). The Company has no Knowledge of
any termination, cancellation or threatened termination or cancellation of or limitation of, or any material modification or change
in, or material dissatisfaction with, the business relationship between the applicable Group Company and any of the Top Customers.
The Company has no Knowledge that any Top Customer intends to, as a result of the Contemplated Transactions, cease to contract
with the Group Companies or substantially reduce its business with the Group Companies.

 

(b)          Section 4.22(b) of
the Company Disclosure Schedule sets forth a true and complete list of the ten (10) largest suppliers of the Group
Companies, determined on a consolidated basis by dollar volume of expenditures, for the fiscal year ended December 31, 2019
and the fiscal year ended December 31, 2018 (collectively, the “Top Suppliers”). The Company has no Knowledge
of any termination, cancellation or threatened termination or cancellation of or limitation of, or any material modification or
change in, or material dissatisfaction with the business relationship between the applicable Group Company and any of the Top Suppliers.
The Company has no Knowledge that any Top Supplier intends to, as a result of the Contemplated Transactions, cease to contract
with or supply to the Group Companies or substantially reduce its business with the Group Companies.

 

4.23.      Accounts
Receivable.

 

All accounts receivable
reflected on the balance sheet set forth in the Most Recent Unaudited Financial Statements (“Most Recent Unaudited Balance
Sheet”) represent, and the accounts receivable arising from the date hereof through the Closing Date will represent,
bona fide, current and valid obligations arising from sales actually made or services actually performed in the ordinary course
of business. The reserve for doubtful accounts reflected on the Most Recent Unaudited Balance Sheet was established in the ordinary
course of business consistent with past practice. The Group Companies have not received written notice from any obligor of any
accounts receivable that such obligor is refusing to pay or contesting payment of amounts, other than with respect to returns in
the ordinary course of business.

 

    		- 38 -	 

     

    

 

4.24.      Books
and Records.

 

The books and records
of the Group Companies have been maintained in accordance with good business practices and all applicable Laws. The minute books
of director (including, without limitation, committees thereof) and stockholder meetings of the Group Companies, as previously
made available to Buyer, contain accurate records of all such meetings and accurately reflect all other material corporate action
of such Stockholders and directors of the Group Companies.

 

4.25.      No
Brokers.

 

Neither the Group Companies
nor any of their respective directors, officers, employees or agents has employed or incurred any Liability to any broker, finder
or agent for any brokerage fees, finder’s fees, commissions or other amounts with respect to this Agreement, the Ancillary
Documents or the Contemplated Transactions.

 

4.26.      Disclosure.
Except for the representations and warranties made by the Company contained in this Article 4, neither the Company nor any
other Person acting on its behalf makes or has made any verbal or written representation or warranty, expressed or implied, relating
or with respect to this Agreement or the transactions contemplated hereby to Buyer or any other Person, or as to the accuracy or
completeness of any information regarding any Group Company or any Stockholder furnished or made available to the Buyer and its
representatives, and no Group Company or Stockholder shall have or be subject to any liability to the Buyer or any other Person
resulting from the furnishing to the Buyer, or the Buyer’s use of or reliance on, any such information or any information,
documents or material made available to the Buyer in any form in expectation of, or in connection with, the Contemplated Transactions.

 

ARTICLE V

Representations and Warranties of Buyer

 

Except as set forth
in the Buyer Disclosure Schedule (it being agreed that any matter disclosed in the Buyer Disclosure Schedule
with respect to any section of this Agreement shall be deemed to have been disclosed with respect to any other section to which
such matter relates so long as the relation of such matter to such other section is readily apparent from the description of such
matter), Buyer represents and warrants to the Stockholders as of the date hereof and on and as of the Closing Date as follows:

 

5.1.        Organization
and Power.

 

Buyer is duly formed,
validly existing and in good standing under the Laws of the jurisdictions in which it was formed. Buyer has full power and authority
to execute, deliver and perform this Agreement and the Ancillary Documents to which it is a party and to consummate the Contemplated
Transactions.

 

    		- 39 -	 

     

    

 

5.2.        Authorization
and Enforceability.

 

The execution and delivery
of this Agreement and the Ancillary Documents to which Buyer is a party and the performance by Buyer of the Contemplated Transactions
that are required to be performed by Buyer have been duly authorized by the board of directors of Buyer in accordance with applicable
Law and its Articles of Incorporation and Bylaws or other similar organizational documents of Buyer, and no other corporate proceedings
on the part of Buyer are necessary to authorize the execution, delivery and performance of this Agreement and the Ancillary Documents
to which Buyer is a party or the consummation of the Contemplated Transactions that are required to be performed by Buyer. This
Agreement and each of the Ancillary Documents to be executed and delivered at the Closing by Buyer will be, at the Closing, duly
authorized, executed and delivered by Buyer and constitutes, or as of the Closing Date will constitute, valid and legally binding
agreements of Buyer enforceable against Buyer in accordance with their terms, subject to bankruptcy, insolvency, reorganization
and other Laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

5.3.        No
Violation.

 

The execution, delivery
and performance of this Agreement and the Ancillary Documents by Buyer and the consummation by Buyer of the transactions contemplated
hereby and thereby will not (i) result in a violation of the Articles of Incorporation, Bylaws, certificate of formation,
memorandum of association, articles of association, bylaws or other organizational documents of Buyer, or any capital stock or
other securities of Buyer, (ii) conflict with, or constitute a default under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture or instrument to which Buyer is a party, or (iii) result
in a violation of any Law applicable to Buyer or by which any property or asset of Buyer is bound or affected, except as would
not reasonably be expected to prevent or materially delay consummation of the Contemplated Transactions or the performance by Buyer
of any of its obligations under this Agreement or the Ancillary Documents.

 

5.4.        Governmental
Authorizations and Consents.

 

Except as set forth on
Section 5.4 of the Buyer Disclosure Schedule, Buyer is not required to obtain any material Governmental Consents
in order for it to execute, deliver or perform any of its obligations under or contemplated by this Agreement and the Ancillary
Documents, in each case, in accordance with the terms hereof or thereof.

 

5.5.        No
Brokers.

 

No agent, broker, Person
or firm acting on behalf of Buyer or its Affiliates is, or will be, entitled to any commission or broker’s or finder’s
fees from any of the parties hereto, or from any Affiliate of any of the parties hereto, in connection with any of the Contemplated
Transactions.

 

    		- 40 -	 

     

    

 

5.6.        Investment
Intent.

 

Buyer is acquiring the
Purchased Shares for its own account for investment, without a view to resale or distribution thereof in violation of federal or
state securities Laws and with no present intention of distributing or reselling any part thereof.

 

5.7.        No
Reliance.

 

Except for the representations
and warranties expressly and specifically made by (i) the Group Companies in Article 4 and (ii) each Stockholder
in Article 3 of this Agreement, (1) the Buyer acknowledges and agrees that, in making its determination to proceed hereunder,
that (a) neither the Group Companies nor any Stockholder is making or has made, and specifically disclaims, any representation
or warranty, expressed or implied, at law or in equity, in respect of any Stockholder or any Group Company or its businesses, assets,
liabilities, operations, results of operations, prospects, or future or historical condition (financial or otherwise), including,
without limitation with respect to merchantability or fitness for any particular purpose of any assets, the nature or extent of
any liabilities, the prospects of its business, the effectiveness or the success of any operations, or the accuracy or completeness
of any confidential information memoranda, documents, projections, material or other information (financial or otherwise) regarding
the Group Companies furnished to Buyer or its representatives or made available to Buyer and its representatives in any “data
rooms,” “virtual data rooms,” management presentations or in any other form in expectation of, or in connection
with, the Contemplated Transactions, or in respect of any other matter or thing whatsoever, and (b) no officer, agent, representative
or employee of any Stockholder or any Group Company has any authority, express or implied, to make any representations, warranties
or agreements not specifically set forth in this Agreement and subject to the limited remedies herein provided; (2) Buyer
specifically disclaims that it is relying upon or has relied upon any such other representations or warranties that may have been
made by any Person, and acknowledges and agrees that each Stockholder and Group Company has specifically disclaimed and do hereby
specifically disclaim any such other representation or warranty made by any Person; (3) Buyer specifically disclaims any obligation
or duty by any Stockholder or any Group Company to make any disclosures of fact not required to be disclosed pursuant to the specific
representations and warranties set forth in Articles III and IV of this Agreement; (4) Buyer is acquiring the Company subject
only to the specific representations and warranties set forth in Articles III and IV of this Agreement as further limited by the
specifically bargained-for exclusive remedies as set forth in Article 9 hereof; and (5) Buyer has conducted to its satisfaction
an independent investigation of the financial condition, operations, assets, liabilities and properties of the Group Companies.

 

ARTICLE VI

Covenants

 

6.1.        Conduct
of the Company.

 

(a)          Except
as otherwise expressly contemplated by this Agreement or as consented to in writing by Buyer (such consent not be unreasonably
withheld, conditioned, or delayed), during the period from the date hereof to the Closing Date, the Company shall, and shall cause
each of the other Group Companies to, conduct its business and operations in the ordinary course, consistent with past practice,
and to the extent consistent therewith (i) use commercially reasonable efforts to maintain its assets and properties and to
preserve its current relationships with customers, employees, suppliers and others having business dealings with it, (ii) use
commercially reasonable efforts to perform and comply with its Material Contracts and to comply with applicable Laws, (iii) maintain
its books and records in the usual, regular and ordinary manner, on a basis consistent with past practice, and (iv) use commercially
reasonable efforts to preserve the goodwill and ongoing operations of its business.

 

    		- 41 -	 

     

    

 

(b)          Without
limiting the generality of the foregoing, except as otherwise expressly contemplated by this Agreement or as consented to in writing
by Buyer (such consent shall not be unreasonably withheld, conditioned, or delayed), during the period from the date hereof until
the earlier to occur of the Closing Date and the termination of this Agreement, the Company shall not, and shall cause each of
the other Group Companies not to:

 

(i)            modify
or amend any of the organizational documents of the Group Companies;

 

(ii)           issue,
authorize the issuance of, split, redeem, combine, reclassify, repurchase, or otherwise acquire any Equity Securities of the Group
Companies;

 

(iii)          declare
or pay any non-cash dividend or make any non-cash distribution in respect of any Equity Securities of the Group Companies;

 

(iv)          incur
or suffer to exist any Indebtedness, except for (A) working capital borrowings incurred in the ordinary course of business
consistent with past practice and (B) intercompany loans and balances between various Group Companies;

 

(v)           amend,
renew (other than in the ordinary course of business), terminate or waive any Material Contract or any provision thereof;

 

(vi)          enter
into any Contract that purports to limit, curtail or restrict (A) the kinds of businesses in which a Group Company or its
existing or future Affiliates may conduct their respective businesses, (B) the Persons with whom it or its existing or future
Affiliates can compete or to whom it or its existing or future Affiliates can sell products or deliver services, or (C) the
acquisition of any business;

 

(vii)         acquire
by merging or consolidating with, or by purchasing a substantial equity interest in or substantial portion of the assets of, or
by any other means, any corporation, limited liability company, partnership, joint venture, association or other business organization
or division thereof;

 

(viii)        divest,
sell, transfer, lease, license, mortgage, pledge or otherwise dispose of, or encumber any asset of the Group Companies, other than
the sales of products or services in the ordinary course of business consistent with past practice;

 

(ix)          adopt
a plan or agreement of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or
other material reorganization of a Group Company;

 

    		- 42 -	 

     

    

 

(x)           enter
into or adopt any employee benefit plan or employment or severance agreement, or amend or terminate any Plan, except in the ordinary
course of business, to the extent required by Law or as expressly contemplated by this Agreement;

 

(xi)          increase
the amount of any employer discretionary contribution to any Plan;

 

(xii)         hire
any new officers or terminate the services of any existing officers, make any change in the rate of compensation, commission, bonus,
or other direct or indirect remuneration payable, or agreed to pay, conditionally or otherwise, any bonus, incentive, retention,
change in control payment or other compensation, retirement, welfare, fringe or severance benefit or vacation pay, to or in respect
of any employee, officer or director of the Group Companies, except (A) in connection with promotions or periodic reviews
of employees (but not directors or officers) in the ordinary course of business, or (B) to the extent required by any Plan
or applicable Law;

 

(xiii)        file
or cause to be filed any Tax Return with respect to any Group Company other than in accordance with past practice, amend any Tax
Return, enter into any closing agreement, make or change any Tax election, change any Tax method of accounting, or agree to extend
the statute of limitations in respect of any Taxes;

 

(xiv)        change
accounting policies or procedures of a Group Company except to the extent required to conform with GAAP;

 

(xv)         change
the fiscal year of a Group Company;

 

(xvi)        settle
or compromise any pending or threatened Litigation in such a manner as to create any material obligations on the Group Companies
that would not be fully performed prior to the Closing;

 

(xvii)       fail
to pay or delay the payment of Taxes, accounts payable, and other Liabilities when due, or fail to pay or perform, or delay the
payment or performance of, other material obligations when due, in each case other than in the ordinary course of business and
in a manner consistent with past practice;

 

(xviii)      cancel
or terminate any of the Insurance Policies or permit any of the coverage thereunder to lapse, unless simultaneously with such termination,
cancellation or lapse, replacement policies providing coverage equal to or greater than the coverage under such cancelled, terminated
or lapsed Insurance Policies are in full force and effect; or

 

(xix)         authorize,
agree, resolve, or consent to any of the foregoing.

 

(c)          Notwithstanding
the foregoing, prior to the Closing, the Company shall be permitted on one or more occasions to dividend, distribute, or otherwise
pay to the holders of Capital Stock any Cash of the Group Companies in excess of the Required Closing Cash; provided that
the Company shall not, and shall cause the other Group Companies not to, dividend, distribute, or otherwise pay or remove any restricted
Cash from the Group Companies.

 

    		- 43 -	 

     

    

 

6.2.        Access
to Information.

 

During the period from
the date hereof through the earlier to occur of the Closing Date and the termination of this Agreement, the Company shall, and
shall cause the other Group Companies to, provide Buyer and its authorized representatives reasonable access during regular business
hours to all offices, facilities, books and records of the Group Companies as Buyer may reasonably request; provided, that
(a) Buyer and its representatives shall take such action as is deemed necessary in the reasonable judgment of the Company
to schedule such access and visits through a designated officer of the Company and in such a way as to avoid disrupting in any
material respect the normal business of the Group Companies, (b) the Group Companies shall not be required to take any action
which would constitute a waiver of the attorney-client or other privilege and (c) no Group Company will be required to supply
Buyer with any information that, in the reasonable judgment of such Group Company after consulting with outside counsel, such Group
Company is under a contractual or legal obligation not to supply; provided that the Company shall cause such Group Company
to use its commercially reasonable efforts to obtain a waiver of such obligation or otherwise take such action as is needed to
enable Buyer to have access to such information.

 

6.3.        Consents
and Approvals.

 

Subject to the terms
and conditions of this Agreement, each of the Company, the Stockholders’ Representative, and Buyer shall use its commercially
reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable
under applicable Law to consummate the Contemplated Transactions, including, without limitation, (a) preparing and filing
as promptly as practicable with any Governmental Authority all documentation necessary to effect all filings, notices, petitions,
statements, registrations, submissions of information, applications and other documents, (b) obtaining and maintaining all
approvals, consents, registrations, permits, authorizations, waivers and other confirmations, in each case, required to be made
with or obtained from any Governmental Authority that are necessary, proper or advisable to consummate the Contemplated Transactions
(collectively, the “Regulatory Approvals”); provided that neither Buyer nor its Affiliates shall have
any obligation to make payments to any third party in connection with obtaining any Regulatory Approvals, (c) obtaining the
consents, waivers, approvals, orders and authorizations (the “Third Party Approvals”) under Contracts that are
material to the operation of the business of the Group Companies and that require any such consent, waiver, approval, order or
authorization in connection with the Contemplated Transactions, and (d) fulfilling all conditions to this Agreement (provided
that the foregoing shall in no event be interpreted to require any party to waive any condition precedent to its obligations to
close the Contemplated Transactions). Each party shall use its commercially reasonable efforts to furnish to the other parties
all information required for any application or other filing to be made pursuant to any applicable Law in connection with the Contemplated
Transactions (including, without limitation, Buyer furnishing to the Company all information in the possession of or reasonably
obtainable by Buyer that is required in connection with submissions made to the California Department of Insurance in order to
satisfy the condition set forth in Section 7.2(e)).

 

    		- 44 -	 

     

    

 

6.4.        Tax
Matters.

 

(a)          Buyer
shall prepare, or cause to be prepared, and file, or cause to be filed, on a timely basis all Tax Returns of the Group Companies
that are due (taking into account permitted extensions that have been granted) after the Closing Date and that reflect any liability
for Pre-Closing Taxes. All such Tax Returns (other than those with respect to Straddle Periods) shall be prepared in a manner consistent
with past practice of the Group Companies; provided, that Buyer determines, with the advice of counsel or a tax attorney,
that there is at least “substantial authority,” within the meaning of Section 6662(d)(2)(B)(i) of the Code,
for taking such a position. Buyer shall provide the Stockholders’ Representative with a draft copy of each such Tax Return
which is an Income Tax Return at least ten (10) days prior to the filing of such Tax Return (taking into account permitted
extensions that have been granted) for its review and comment and, with respect to each such Income Tax Return, shall consider
in good faith any reasonable changes requested by the Stockholders’ Representative; provided, that (i) such changes
are not inconsistent with prior practice, (ii) Buyer determines, with the advice or counsel of a tax attorney, that there
is at least “substantial authority,” within the meaning of Section 6662(d)(2)(B)(i) of the Code, for taking
such a position, and (iii) such changes will not have any adverse effect on the Group Companies after the Closing Date. Buyer
shall timely pay all Taxes shown due with respect to Tax Returns filed pursuant to this Section 6.4(a). Buyer shall be entitled
to be promptly reimbursed by the Stockholders for all Tax liabilities with respect to such Tax Returns that are Pre-Closing Taxes
and that were unpaid as of the Closing Date.

 

(b)          Buyer
and the Stockholders shall cooperate fully, as and to the extent reasonably requested by any party, in connection (x) the
filing of Tax Returns pursuant to this Section 6.4, (y) any other Tax Returns required
to be filed in connection with the Contemplated Transactions (including, without limitation, required filings under Section 6043
or Section 6043A of the Code or the Treasury Regulations thereunder), and (z) any Tax Contest. Such cooperation
shall include the retention and (upon the other party’s request) the provision of records and information which are reasonably
relevant to any such Tax Return or Tax Contest and making employees available on a mutually convenient basis to provide additional
information and explanation of any material provided hereunder. Buyer and the Stockholders agree (x) to retain all books and
records with respect to Tax matters pertinent to the Group Companies relating to any taxable period beginning before the Closing
Date until the expiration of the statute of limitations (and, to the extent notified by Buyer or the Stockholders’ Representative,
any extensions thereof) of the respective taxable periods, and to abide by all record retention agreements entered into with any
Taxing Authority, and (y) to give the other party reasonable written notice prior to transferring, destroying or discarding
any such books and records and, if the other party so requests, Buyer or the Stockholders, as the case may be, shall allow the
other party to take possession of such books and records.

 

(c)          Half
of all Transfer Taxes shall be borne by the Stockholders. The Stockholders’ Representative shall timely prepare all necessary
Tax Returns with respect to all such Transfer Taxes and shall provide a draft copy of such
Tax Returns and other documentation to Buyer at least ten (10) days prior to the due date for such Tax Returns for its review
and comment and shall incorporate all comments made by Buyer. The Stockholders’ Representative shall timely file or cause
to be filed all such Tax Returns and timely remit any Taxes shown as due thereon, and Buyer shall reasonably cooperate with the
Stockholders’ Representative as may be necessary to effectuate such filings.

 

    		- 45 -	 

     

    

 

 

(d)           All
Tax Sharing Agreements with respect to or involving a Group Company shall have been terminated no later than the Closing Date and,
after the Closing Date, no Group Company shall be bound thereby or have any liability thereunder. The Stockholders and the Group
Companies shall take all actions necessary to terminate such Contracts.

 

(e)           Without
the written consent of Stockholders’ Representative, the Buyer shall not (i) make any election pursuant to Section 336
or 338 of the Code, (ii) file (other than in accordance with Section 6.4(a)) any Tax Return for any Pre-Closing Tax Period,
amend any Tax Return for any Pre-Closing Tax Period, or approach any Taxing Authority regarding Pre-Closing Taxes, in each case,
if such action would increase the liability of the Stockholders for Pre-Closing Taxes (each a “Prohibited Tax Action”).

 

(f)           Straddle
Period. To the extent it is necessary for purposes of this Agreement to allocate or apportion Taxes in respect of a Straddle
Period, the amount of Taxes payable by or with respect to ‎the Group Companies in respect of the portion of the Straddle Period
shall be apportioned between ‎the portion of the Straddle Period that begins on or before the Closing Date and ends on the
Closing ‎Date (the “Pre-Closing Straddle Period”) and the portion of such Straddle Period that begins after
 ‎the Closing Date (the “Post-Closing Straddle Period”) as follows: (i) any property or ad valorem ‎Taxes
shall be allocated between the Pre-Closing Straddle Period and the Post-Closing Straddle Tax ‎Period on a per diem basis, and
(ii) in respect to all other Taxes (including, without limitation, income Taxes, and all ‎sales, use, value added, goods
and service and other similar Taxes, and all employment, payroll, ‎withholding, and other similar Taxes) as if the Straddle
Period ended on (and included) the Closing ‎Date, with such Taxes attributable to the Pre-Closing Straddle Period and the Post-Closing
Straddle ‎Tax Period determined based on an interim closing of the books of the relevant Target Company as of the ‎end
of the Closing Date, provided that exemptions, allowances or deductions that are calculated on ‎an annual basis (or on a monthly
basis, where required) shall be allocated between the Pre-Closing Straddle Period and the Post-Closing ‎Straddle Period in
proportion to the number of days in each period‎.

 

6.5.         Confidentiality.

 

(a)           Buyer
acknowledges and agrees that the Non-Disclosure Agreement, dated June 22, 2020 (the “NDA”), between Buyer
and the Company, shall remain in full force and effect until the Closing and that any books and records, data and other information
provided to Buyer between the date hereof and the Closing shall be considered Confidential Material (as such term is defined in
the NDA) and afforded all protections provided therein.

 

    		- 46 -	 

     

    

 

(b)           Following
the Closing, each Stockholder shall not, and shall cause its Affiliates and its and their respective Representatives not to, directly
or indirectly, for a period of two (2) years after the Closing Date, without the prior written consent of Buyer, disclose
to any third party any information, whether written or oral, related to the Group Companies or their respective businesses; provided,
that the foregoing restriction shall not (i) apply to any information (A)  generally available to, or known by, the public
(other than through fault of the Stockholders or any of the Stockholders’ Affiliates or its and their respective Representatives)
or (B) lawfully acquired by such Stockholder after Closing from sources not prohibited from disclosing such information by
a legal, contractual or fiduciary obligation, or (ii) prohibit any disclosure (A) required by Law, (B) made in connection
with the enforcement of any right or remedy relating to this Agreement, the other Ancillary Documents or the Contemplated Transactions,
(C) if such Stockholder is an employee of the Group Companies following the Closing, by such Stockholder to the extent necessary
to fulfill such Stockholder’s duties as such an employee, or (D) if such Stockholder is a limited liability company
or limited partnership, by such Stockholder to its members or limited partners to the extent such disclosure is included in non-public
communications to such members or limited partners and such members or limited partners are contractually bound to maintain the
confidentiality of such information pursuant to their investment agreements. If a Stockholder or any of its Affiliates or its and
their respective Representatives are compelled to disclose any information by judicial or administrative process or by other requirements
of Law, such Stockholder promptly will notify Buyer in writing, cooperate with Buyer and the Group Companies in their efforts to
obtain an appropriate protective order or other reasonable assurance that confidential treatment will be accorded such information,
and disclose only that portion of such information such Stockholder is advised by counsel is legally required to be disclosed.

 

6.6.         Indebtedness;
Transaction Expenses.

 

The Company shall, and
shall cause the other Group Companies to, pay, satisfy, and discharge prior to or at the Closing from the Cash balances of the
Group Companies (i) any and all Indebtedness of the Group Companies so that immediately after the Closing none of the Group
Companies shall have any liability or responsibility with regard to any such Indebtedness, and (ii) any and all Transaction
Expenses owed to Persons by the Group Companies so that immediately after the Closing none of the Group Companies shall have any
liability or responsibility with regard to such Transaction Expenses.

 

6.7.         Exclusivity.

 

From the date hereof
until the earlier to occur of the Closing Date and the termination of this Agreement, neither the Company, the Stockholders nor
the Stockholders’ Representative shall solicit, encourage, or facilitate (including, without limitation, by way of providing
information regarding the Group Companies or their businesses to any Person or providing access to any Person) any inquiries, discussions
or proposals regarding, continue or enter into discussions or negotiations with respect to, or enter into or consummate any agreement
or understanding in connection with any proposal regarding, any purchase or other acquisition of all or any portion of the assets
or properties of Group Companies (other than the sale of products or services in the ordinary course of business consistent with
past practices) or any Equity Securities of any Group Company, any merger, business combination or recapitalization involving a
Group Company, the liquidation, dissolution or reorganization of a Group Company, or any similar transaction, and the Company shall
cause the other Group Companies and its and their respective Representatives to refrain from any of the foregoing. The Stockholders’
Representative shall promptly notify Buyer if any such inquiries or proposals are received by, any such information is requested
from, or any such negotiations or discussions are sought to be initiated or continued with, any of the Stockholders’ Representative,
the Group Companies, the Stockholders or their respective Representatives.

 

    		- 47 -	 

     

    

 

6.8.         Public
Announcements.

 

The timing and content
of all press releases or public announcements regarding any aspect of this Agreement, any Ancillary Document, or the Contemplated
Transaction to the financial community, government agencies or the general public shall be mutually agreed upon in advance by Buyer
and the Stockholders’ Representative. Notwithstanding the foregoing, each such party may make any such announcement which
it in good faith believes, based on advice of counsel, is required by Law or any listing agreement with any national securities
exchange to which such party is subject; provided, that such party shall consult with the other party prior to any such
announcement to the extent practicable, and shall in any event promptly provide the other party with copies of any such announcement.

 

6.9.         Notice
of Developments.

 

From and after the Closing
Date, the Stockholders’ Representative shall promptly notify Buyer of (a) any notice or other communication from any
Person challenging the Contemplated Transactions, (b) any notice or other oral or written communication from any Governmental
Authority in connection with or relating to the Contemplated Transactions, and (c) any Event that constitutes, or would reasonably
be expected to constitute as of the Closing Date, a breach or violation of any representation, warranty, covenant or agreement
of the Company or a Stockholder under this Agreement; provided that no disclosure by the Stockholders’ Representative
pursuant to this Section 6.9, or any other communication from the Stockholders’ Representative after the date hereof,
shall be deemed (i) to amend or supplement the Company Disclosure Schedule or exhibits attached hereto or the representations
and warranties contained in this Agreement, (ii) to prevent or cure any misrepresentation or breach of warranty, (iii) to
affect in any way the indemnification provided under Section 9.2(a), or (iv) to otherwise prejudice any right or remedies
of the Buyer Indemnitees.

 

6.10.       Termination
of Affiliated Loans.

 

The Company shall cause
all Affiliated Loans to be repaid, satisfied, discharged, and terminated at or prior to the Closing (including, without limitation,
as necessary, offsetting amounts owed to the Group Companies against amounts to be paid to a Stockholder pursuant to this Agreement).

 

6.11.       Releases.

 

(a)           Effective
as of the Closing, each Stockholder (on behalf of itself and each of its Affiliates, agents, trustees, beneficiaries, estate, heirs,
successors and assigns (other than the Group Companies)) (each a “Releasor”) hereby: (a) represents and
warrants that the Releasors have no Claims, other than Excluded Claims, against the Group Companies, Buyer, or any of their respective
Affiliates, partners, stockholders, representatives, predecessors, successors, related entities or assigns in their respective
capacities as such (collectively, the “Releasees”), with respect to the Group Companies or their respective
businesses; (b) irrevocably and unconditionally releases the Releasees from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages or causes of action, choses in action, suits, rights, demands, costs,
Losses, debts and expenses (including, without limitation, all attorneys’ fees and costs incurred) of any kind or nature
whatsoever, known or unknown, suspected or unsuspected, existing or prospective, relating to the Group Companies, their respective
businesses, or the Contemplated Transactions (collectively, “Claims”); provided, that the foregoing release
does not include Claims arising from or related to any rights of such Releasor (i) under this Agreement or any other Ancillary
Document to which such Releasor is a party, (ii) if Releasor is an employee of a Group Company, to any employment compensation,
benefits or expense reimbursements accrued in the normal course for employment services rendered that are due and owing to Releasor
but unpaid as of the Closing, (iii) any Claims by an officer or director for indemnification for being an officer or director
of the Company or (iv) with respect to claims that cannot be released as a matter of law (collectively, “Excluded
Claims”); provided further, that such Releasor expressly acknowledges that the release contained in this Section 6.11(a) applies
to all Claims as defined above, whether such Claims are known or unknown, and includes Claims which if known by the releasing party
might materially affect its decision to grant the release contained in this paragraph, and that such Releasor has considered and
taken into account the possible existence of such Claims in determining to execute and deliver this Agreement, and Releasor expressly
waives any rights or benefits under §1542 of the California Civil Code, or comparable laws as may apply, which provides: “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”;
(c) irrevocably and unconditionally covenants and agrees not to assert any suit, demand, litigation, lawsuit, action or claim
against any Releasee regarding any Claim released under this Section 6.11(a); and (d) represents, warrants, covenants
and agrees that no Claim or possible Claim against any Releasee has been or will be assigned or transferred, and agrees to indemnify
and hold the Releasees harmless from any liability or damages arising as a result of any such assignment or transfer.

 

    		- 48 -	 

     

    

 

(b)           Effective
as of the Closing, Buyer (on behalf of itself and each of its Affiliates, agents, trustees, beneficiaries, estate, heirs, successors
and assigns (other than the Group Companies)) (each a “Buyer Releasor”) hereby: (a) represents and warrants
that the Buyer Releasors have no Claims, other than the Claims set forth in clauses (i)-(iii) below, against the Stockholders
or any of their respective Affiliates, partners, stockholders, representatives, predecessors, successors, related entities or assigns
in their respective capacities as such (collectively, the “Buyer Releasees”), with respect to the Group Companies
or their respective businesses; (b) irrevocably and unconditionally releases the Buyer Releasees from any and all Claims;
provided, that the foregoing release does not include Claims arising from or related to any rights of such Buyer Releasor
(i) under this Agreement or any other Ancillary Document to which such Buyer Releasor is a party, (ii) if a Buyer Releasee
is an employee of a Group Company, to any Claims solely to the extent arising from employment of such Buyer Releasee with Buyer,
or (iii) with respect to claims that cannot be released as a matter of law; provided further, that such Buyer Releasor
expressly acknowledges that the release contained in this Section 6.11(b) applies to all Claims as defined above, whether
such Claims are known or unknown, and includes Claims which if known by the releasing party might materially affect its decision
to grant the release contained in this paragraph, and that such Buyer Releasor has considered and taken into account the possible
existence of such Claims in determining to execute and deliver this Agreement, and Buyer Releasor expressly waives any rights or
benefits under §1542 of the California Civil Code, or comparable laws as may apply, which provides: “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”; (c) irrevocably
and unconditionally covenants and agrees not to assert any suit, demand, litigation, lawsuit, action or claim against any Buyer
Releasee regarding any Claim released under this Section 6.11(b); and (d) represents, warrants, covenants and agrees
that no Claim or possible Claim against any Buyer Releasee has been or will be assigned or transferred, and agrees to indemnify
and hold the Buyer Releasees harmless from any liability or damages arising as a result of any such assignment or transfer.

 

    		- 49 -	 

     

    

 

6.12.       Non-Competition
and Non-Solicitation.

 

(a)           Each
of Davison, L. Splane, Sarumaru, English, Montag, T. Splane, and Hall, for and on behalf of himself or herself and each of his
or her Affiliates, covenants and agrees not to, for a period of two (2) years after the Closing Date, engage in any activity
which is competitive with the businesses of the Group Companies, directly or indirectly, as a shareholder, member, partner, owner,
joint venture, investor, lender or in any other capacity whatsoever (other than as an employee or service provider of a Group Company,
Buyer or an Affiliate of Buyer). Notwithstanding the foregoing, each such Stockholder may own, directly or indirectly, solely as
an investment, securities of any Person traded on any national securities exchange if such Stockholder is not a controlling Person
of, or a member of a group which controls, such Person and does not, directly or indirectly, own 2% or more of any class of securities
of such Person.

 

(b)           Each
Stockholder, for and on behalf of himself, herself, or itself and each of his, her, or its Affiliates, hereby covenants and agrees
not to, for a period of two (2) years after the Closing Date, (i) directly or indirectly solicit or knowingly induce,
or attempt to induce, for employment by such Stockholder or any Affiliate of such Stockholder, any Person who is an employee of
a Group Company, or (ii) solicit, knowingly induce, or attempt to induce any customer of any Group Company or its business,
or any customer, client, consultant, independent contractor, vendor, supplier, or partner of any Group Company or its business,
to terminate, diminish, or materially alter in a manner harmful to Buyer, any of Buyer’s Affiliates or any Group Company,
its relationship or their relationships with Buyer, any of Buyer’s Affiliates, or any Group Company (including, without limitation,
by making any negative or disparaging statements or communications regarding Buyer, its Affiliates, or the Group Companies); provided
that the foregoing restrictions shall not apply to general solicitations that are not specifically directed to customers, clients,
consultants, independent contractors, vendors, suppliers or partners of Buyer, the Group Companies or their Affiliates; provided
further, that such Stockholder and each of his, her, or its Affiliates shall not be prevented from soliciting or inducing (x) any
employee whose employment has been terminated by a Group Company, and who is not employed by Buyer or any of its Affiliates, prior
to any solicitation, inducement or attempted inducement by such Stockholder or (y) after 180 days from the date of termination
of employment, any employee whose employment was voluntarily terminated by the employee.

 

(c)           Each
Stockholder hereby acknowledges and confirms that (i) the provisions of this Section 6.12 are reasonable and necessary
to protect the interests of Buyer and the Group Companies, (ii) any violation of this Section 6.12 will result in an
immediate, irreparable injury to Buyer and the Group Companies, (iii) damages at law would not be reasonable or adequate compensation
to Buyer and the Group Companies for violation of this Section 6.12, and (iv) in addition to any other available remedies,
Buyer and the Group Companies shall be entitled to have the provisions of this Section 6.12 specifically enforced by preliminary
and permanent injunctive relief without the necessity of proving actual damages or posting a bond or other security. In the event
that the provisions of this Section 6.12 shall ever be deemed to exceed the time, geographic scope or other limitations permitted
by applicable Law, then the provisions shall be deemed reformed to the maximum extent permitted by applicable Law.

 

    		- 50 -	 

     

    

 

6.13.       Financing.

 

Buyer shall use its reasonable
best efforts to take, or cause to be taken, all actions and do, or cause to be done, all things necessary or advisable to obtain
cash financing in an amount that is sufficient to pay all amounts required to be paid by Buyer pursuant to this Agreement or any
Ancillary Documents and to carry out and complete the Contemplated Transactions. The Company, the Stockholders and the Stockholders’
Representative shall each use their respective commercially reasonable efforts to provide such cooperation in connection with the
arrangement of such financing as is reasonably requested by Buyer; provided that nothing in this Agreement shall obligate
any Stockholder or any Affiliate of any Stockholder to provide any financing to the Buyer. Buyer shall consult with and keep the
Stockholders’ Representative informed in reasonable detail of the status of its efforts to arrange such financing.

 

6.14.       Disclosure
Schedules.

 

The parties hereto acknowledge
that, in the interest of time, this Agreement has been executed and delivered by such parties on the date hereof prior to completion
of the Company Disclosure Schedule and the Stockholder Disclosure Schedule. Following the date hereof, the parties hereto shall
negotiate in good faith and use best efforts to mutually agree upon a final version of the Company Disclosure Schedule and the
Stockholder Disclosure Schedule as promptly as practicable, and in any event within the fifteen (15)-day period immediately following
the date hereof. Upon reaching mutual agreement on the Company Disclosure Schedule and the Stockholder Disclosure Schedule, such
schedules shall be attached to this Agreement and treated for all purposes hereunder as if such schedules had been attached to
this Agreement and delivered on the date hereof. For the avoidance of doubt, neither the Company nor any Stockholder shall be deemed
to be in breach of its representations and warranties set forth herein from the date hereof until mutual agreement is reached on
the Company Disclosure Schedule and the Stockholder Disclosure Schedule. In the event that the parties hereto are unable to agree
upon the Company Disclosure Schedule and the Stockholder Disclosure Schedule prior to the expiration of such fifteen (15)-day period,
Buyer shall have the right, exercisable in its sole discretion by providing written notice to the Stockholders’ Representative
at any time prior to reaching mutual agreement on the Company Disclosure Schedule and the Stockholder Disclosure Schedule, to terminate
this Agreement.

 

6.15.       D&O
Insurance.

 

For six (6) years
after the Closing Date, Buyer shall maintain in effect the current level and scope of directors’ and officers’ liability
insurance or a tail insurance policy of the same level or scope, in each case covering those persons who are covered by the Company’s
directors’ and officers’ liability insurance policy as of the date hereof; provided that in no event shall Buyer
be required to expend in any one year an amount in excess of 100% of the annual premium currently paid by the Company for such
insurance, and if the annual premiums of such insurance coverage exceed such amount Buyer shall be obligated to obtain a policy
with the greatest coverage available for a cost not exceeding such amount.

 

    		- 51 -	 

     

    

 

ARTICLE VII

Conditions to Closing

 

7.1.         Conditions
to the Obligations of the Stockholders and the Company.

 

The obligations of the
Stockholders and the Company to consummate the Contemplated Transactions are subject to the fulfillment at or prior to the Closing
of each of the following conditions (any or all of which may be waived in whole or in part by the Stockholders’ Representative
and the Company):

 

(a)           Representations
and Warranties. (i) The Surviving Representations of Buyer shall be true and correct in all respects as of the date when
made and as of the Closing Date, except for those Surviving Representations made as of a specified date, which shall be measured
only as of such specified date, and (ii) the representations and warranties of Buyer in this Agreement (other than the Surviving
Representations of Buyer) and in the Ancillary Documents shall be true and correct (without giving effect to any “materiality”
or “Material Adverse Effect” qualifications) in all material respects as of the date when made and as of the Closing
Date, except for such representations and warranties made as of a specified date, which shall be measured only as of such specified
date.

 

(b)           Performance.
Buyer shall have performed and complied in all material respects with all agreements and covenants required by this Agreement and
the Ancillary Documents to be so performed or complied with by Buyer at or prior to the Closing.

 

(c)           Deliveries.
The Stockholders’ Representative shall have received the deliveries contemplated by Section 8.2.

 

(d)           No
Injunction. No Governmental Authority or federal or state court of competent jurisdiction shall have enacted, issued, promulgated,
enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order or notice (whether
temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of the Contemplated
Transactions.

 

(e)           Use
of Proceeds. In the event that investment proceeds received or to be received by Buyer from YA II PN, Ltd. will be used
for the payment of all or any portion of the Consideration to the Stockholders, YA II PN, Ltd. shall have received the consent
of its investors to the Buyer so using such investment proceeds for such payment.

 

(f)           Employment
Agreements. With respect to each of Davison, L. Splane, Sarumaru, English, Montag, T. Splane, and Hall, Buyer and such individual
shall have executed and delivered an amendment to such individual’s employment agreement that extends the term of such agreement
to December 31, 2022.

 

7.2.         Conditions
to the Obligations of Buyer.

 

The obligations of Buyer
to consummate the Contemplated Transactions are subject to the fulfillment at or prior to the Closing of each of the following
conditions (any or all of which may be waived in whole or in part by Buyer):

 

    		- 52 -	 

     

    

 

(a)           Representations
and Warranties. (i) The Surviving Representations of the Stockholders and the Company shall be true and correct in all
respects as of the date when made and as of the Closing Date, except for those Surviving Representations made as of a specified
date, which shall be measured only as of such specified date, and (ii) the representations and warranties of the Stockholders
and the Company in this Agreement (other than the Surviving Representations of the Stockholders and the Company) and in the Ancillary
Documents shall be true and correct (without giving effect to any “materiality” or “Material Adverse Effect”
qualifications) in all material respects as of the date when made and as of the Closing Date, except for such representations and
warranties made as of a specified date, which shall be measured only as of such specified date.

 

(b)           Performance.
The Company and the Stockholders shall have performed and complied in all material respects with all agreements and covenants required
by this Agreement to be so performed or complied with by the Company and the Stockholders at or prior to the Closing.

 

(c)           Deliveries.
Buyer shall have received the deliveries contemplated by Section 8.1.

 

(d)           No
Material Adverse Effect. Since the date hereof, there shall have been no Event that has had, or would reasonably be expected
to have, either individually or in the aggregate, a Material Adverse Effect on the Group Companies.

 

(e)           California
DOI Approval. The Company shall have obtained and/or completed, as applicable, either (i) all notification procedures,
applications, and approvals from the California Department of Insurance as are required to consummate the Contemplated Transactions
or (ii) an acknowledgment from the California Department of Insurance that no such formal notification procedure, separate
application, or formal approval is required to consummate the Contemplated Transactions.

 

(f)           Regulatory
Approvals. All of the Regulatory Approvals set forth in Section 7.2(f) of the Company Disclosure Schedule
shall have been obtained or made at or prior to the Closing, in each case in form and substance reasonably satisfactory to Buyer.

 

(g)           Third
Party Approvals. All of the Third Party Approvals set forth in Section 7.2(g) of the Company Disclosure Schedule
shall have been obtained or made at or prior to the Closing, in each case in form and substance reasonably satisfactory to Buyer.

 

(h)           Indebtedness.
None of the Group Companies shall have any Indebtedness.

 

(i)           Transaction
Expenses. There shall be no accrued but unpaid Transaction Expenses.

 

(j)            Cash.
Estimated Closing Cash as set forth in the Closing Date Statement shall be no less than $5,000,000 (the “Required Closing
Cash”).

 

(k)           Current
Liabilities. Estimated Closing Current Liabilities as set forth in the Closing Date Statement shall be no greater than $5,000,000.

 

    		- 53 -	 

     

    

 

(l)            No
Injunction. No Governmental Authority or federal or state court of competent jurisdiction shall have enacted, issued, promulgated,
enforced or entered any statute, rule, regulation, executive order, decree, judgment, injunction or other order or notice (whether
temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of the Contemplated
Transactions.

 

(m)          Financial
Capacity. Buyer shall have obtained and be in possession of cash in an amount that is sufficient to pay all amounts required
to be paid by Buyer pursuant to this Agreement or any Ancillary Documents and to carry out and complete the Contemplated Transactions.

 

ARTICLE VIII

Deliveries at Closing

 

8.1.         Deliveries
by the Company and the Stockholders at Closing.

 

On the Closing Date,
the Company and the Stockholders shall deliver or cause to be delivered to Buyer:

 

(a)           Written
resignations, dated as of the Closing Date, of each of the directors of each of the Group Companies appointed at the sole direction
of the Stockholders.

 

(b)           Documentation
evidencing the repayment or satisfaction in full, and discharge and termination, of all Indebtedness, including, without limitation,
payoff letters, UCC termination statements and documentation evidencing the release of Liens relating thereto, as applicable, in
form and substance reasonably satisfactory to Buyer.

 

(c)           An
affidavit issued pursuant to and in compliance with Section 1445 of the Code (and the Treasury Regulations thereunder) and
dated as of the Closing Date, in a form reasonably satisfactory to Buyer, certifying that the Company is not, and has not been,
a “United States real property holding corporation” as defined in Section 897(c)(2) of the Code during the
applicable period described in Section 897(c)(1)(A)(ii) of the Code, in compliance with Treasury Regulations Sections
1.897-2(h) and 1.1445-2(c)(3).

 

(d)           An
officer’s certificate signed by the chief executive officer of the Company and the Stockholders’ Representative to
the effect set forth in Section 7.2(a), 7.2(b), 7.2(d), 7.2(h), 7.2(i), 7.2(j), and 7.2(k).

 

(e)           A
certificate, signed by the secretary of the Company and dated as of the Closing Date, certifying that (a) attached thereto
is a true, correct and complete copy of the certificate of incorporation and bylaws of each Group Company as in effect on the date
of such certification, and (b) attached thereto is a true, correct and complete copy of the resolutions adopted by the board
of directors of the Company authorizing the execution, delivery and performance of this Agreement and the Ancillary Documents to
which the Company is a party, and that such resolutions are in full force and effect.

 

    		- 54 -	 

     

    

 

(f)           Certificates
of the Secretary of State of the applicable states of incorporation, which certificates shall be of a reasonably recent date, as
to the due incorporation and good standing (or equivalent) of each Group Company.

 

(g)           Certificates
representing all of the Purchased Shares, endorsed in blank or accompanied by duly executed stock powers, free and clear of all
Liens.

 

(h)           If
requested by Buyer with reasonable advance notice, an amendment to the Adoption and Election Agreement between the Company and
TriNet or other evidence reflecting changes to the employer-level elections made by the Company thereunder, in form and substance
reasonably satisfactory to Buyer, duly executed by the Company and TriNet.

 

(i)            An
escrow agreement, in form and substance reasonably satisfactory to Buyer and the Stockholders’ Representative (the “Escrow
Agreement”), duly executed by each of the Stockholders’ Representative and the Escrow Agent.

 

(j)            A
right of first refusal agreement, in such form as may be mutually agreed between Buyer and Mark Angelo (the “ROFR Agreement”),
duly executed by Mark Angelo.

 

(k)           Such
documents of further assurance reasonably necessary and typical for transactions similar to the Contemplated Transactions in order
to complete the Contemplated Transactions.

 

8.2.         Deliveries
by Buyer at Closing.

 

On the Closing Date,
Buyer shall deliver or cause to be delivered to the Stockholders’ Representative:

 

(a)           An
officer’s certificate signed by the chief executive officer of Buyer to the effect set forth in Section 7.1(a) and
7.1(b).

 

(b)           A
certificate, signed by the secretary of Buyer and dated as of the Closing Date, certifying that (a) attached thereto is a
true, correct and complete copy of the certificate of incorporation and bylaws of Buyer as in effect on the date of such certification,
and (b) attached thereto is a true, correct and complete copy of the resolutions adopted by the board of directors of Buyer
authorizing the execution, delivery and performance of this Agreement and the Ancillary Documents to which Buyer is a party, and
that such resolutions are in full force and effect.

 

(c)           Certificate
of the Secretary of State of Nevada, which certificates shall be of a reasonably recent date, as to the due incorporation and good
standing of Buyer.

 

(d)           The
ROFR Agreement, duly executed by Buyer.

 

(e)           Such
documents of further assurance reasonably necessary and typical for transactions similar to the Contemplated Transactions in order
to complete the Contemplated Transactions.

 

    		- 55 -	 

     

    

 

ARTICLE IX

Indemnification; Survival

 

9.1.         Expiration
of Representations and Warranties.

 

All of the representations
and warranties of the parties set forth in this Agreement shall terminate and expire, and shall cease to be of any force or effect,
at 5:00 P.M. (Eastern time) on the date that is the twelve (12)-month anniversary of the Closing Date (the “Expiration
Date”), and all liability with respect to such representations and warranties shall thereupon be extinguished; provided,
that the representations and warranties of (a) each Stockholder in Section 3.1 (Organization and Power), Section 3.2
(Authorization and Enforceability), and Section 3.3 (Purchased Shares), (b) the Company set forth in Section 4.20
(Tax Matters), Section 4.1 (Organization and Power), Section 4.2 (Authorization and Enforceability), Section 4.3
(Capitalization), and Section 4.25 (No Brokers) and (c) Buyer set forth in Section 5.1 (Organization and Power),
Section 5.2 (Authorization and Enforceability), and Section 5.5 (No Brokers), shall continue in full force and effect
until thirty (30) days after all applicable statutes of limitations, including, without limitation, waivers and extensions, have
expired with respect to the matters addressed therein (the representations and warranties referred to in clauses (a) - (c) are
collectively referred to as the “Surviving Representations”). All of the covenants contained in this Agreement
that by their nature are required to be performed after the Closing shall survive the Closing. Notwithstanding the foregoing, in
the event a valid claim for indemnification has been asserted in good faith in accordance with Section 9.2(d) and such
claim remains unresolved as of the expiration of the applicable survival period as set forth in this Section 9.1, then the
covenant, agreement, representation or warranty (as applicable) that is the subject of such claim shall survive solely with respect
to such claim until such claim is finally resolved.

 

9.2.         Indemnification.

 

(a)           By
a Stockholder. Subject to the provisions of Section 9.1 relating to the survival of representations and warranties, from
and after the Closing, each Stockholder (an “Indemnifying Stockholder”) shall severally and not jointly (pro
rata based on the Purchased Shares being sold by the Stockholders hereunder) indemnify, defend and hold harmless Buyer, its Affiliates,
officers, directors, employees, stockholders, members, partners, agents, representatives, permitted successors and permitted assigns
(collectively, “Buyer Indemnitees”) from and against all claims, losses, Liabilities, damages, deficiencies,
interest and penalties, costs and expenses, including, without limitation, losses resulting from the defense, settlement and/or
compromise of a claim and/or demand and/or assessment, reasonable attorneys’, accountants’ and expert witnesses’
fees, costs and expenses of investigation, and the costs and expenses of enforcing the indemnification provided hereunder (hereafter
individually a “Loss” and collectively “Losses”) incurred by any Buyer Indemnitees arising
out of or relating to: (i) any breach of any representation or warranty made by (A) the Company in Article IV or
any Ancillary Document or (B) made by a Stockholder against whom indemnification is being sought in Article III in this
Agreement or any Ancillary Document (for purposes of this clause (i) and solely for the purpose of determining the amount
of Losses incurred by the Buyer Indemnitees (and not for purposes of determining whether a breach has occurred), determined without
regard to any qualifications as to materiality or material adverse effect (or any correlative terms), other than with respect to
the first sentence of Section 4.7 and where “material” is used for the purpose of listing and referring to Material
Contracts); (ii) any breach of any covenant or agreement (A) of the Stockholders’ Representative, or of the Group
Companies to the extent required to be performed or complied with by the Group Companies prior to the Closing, contained in this
Agreement or any Ancillary Document, or (B) of the Stockholders contained in this Agreement or any Ancillary Document; (iii) any
Transaction Expenses or Indebtedness of the Group Companies to the extent not paid, satisfied, and discharged prior to the Closing;
(iv) any Pre-Closing Taxes not reimbursed by the Stockholders pursuant to Section 6.4(a) or arising from a Prohibited
Tax Action to which the Stockholders’ Representative has not given written consent; (v) any claim by any Person with
respect to acts, actions or activities of the Group Companies or their respective officers or directors prior to the Closing in
connection with the Contemplated Transactions; and/or (vi) any amount payable in connection with any claim of the Stockholder
against whom indemnification is being sought involving or related to his, her or its rights or status as a holder or former holder
of any Capital Stock or other Equity Securities or ownership rights in the Group Companies during the period prior to the Closing.

 

    		- 56 -	 

     

    

 

(b)          By
Buyer. Subject to the provisions of Section 9.1 relating to the survival of representations and warranties, from and after
the Closing, Buyer shall indemnify, defend and hold harmless the Stockholders and their respective Affiliates, trustees, beneficiaries,
estates, heirs, spouses, other family members, officers, directors, employees, stockholders, members, partners, agents, representatives,
permitted successors and permitted assigns (collectively, “Stockholder Indemnitees”) from and against all Losses
incurred by any Stockholder Indemnitees arising out of or relating to: (i) any breach of any representation or warranty made
by Buyer in Article V or any Ancillary Document (for purposes of this clause (i) and solely for the purpose of determining
the amount of Losses incurred by the Stockholder Indemnitees (and not for purposes of determining whether a breach has occurred),
determined without regard to any qualifications as to materiality or material adverse effect (or any correlative terms)), (ii) any
breach of any covenant or agreement of Buyer, or of the Group Companies to the extent required to be performed or complied with
by the Group Companies after the Closing, contained in this Agreement or any Ancillary Document.

 

(c)          Limitations
on Rights of Indemnitees. Notwithstanding anything herein to the contrary:

 

(i)            neither
Buyer nor any Stockholder, as applicable, shall be required to indemnify an Indemnitee with respect to any claim for indemnification
arising out of or relating to matters described in Section 9.2(a)(i) or Section 9.2(b)(i), as applicable, unless
and until the aggregate amount of all such claims for such matters exceeds an amount equal to $200,000, in which event the Indemnitee
shall be entitled to recover Losses only in excess thereof; provided, that the foregoing limitation shall not apply to a
claim for indemnification to the extent such claim is based upon Fraud or a breach of any of the Surviving Representations;

 

(ii)           in
no event shall (1) the aggregate Liability of any Stockholder arising out of or relating to Section 9.2(a)(i) exceed
the Stockholder’s Share of the Escrow Amount (which, with respect to each Stockholder, shall be deemed to be the product
of (i) 10.0%, multiplied by the (ii) Consideration, multiplied by (iii) such Stockholder’s Share (with respect
to each Stockholder, the “Stockholder’s Liability Cap”)); provided, however, that (A) the
Stockholder’s Liability Cap for a claim for breach of any of the Surviving Representations of the Company or a Stockholder
shall be increased to an amount inclusive of the Stockholder’s Liability Cap not to exceed the product of (x) fifty
percent (50%) of the Consideration, multiplied by (y) such Stockholder’s Share, and (B) the Stockholder’s
Liability Cap for a claim for indemnification for Losses for Fraud against a Stockholder shall be increased to an amount inclusive
of the Stockholder’s Liability Cap not to exceed the product of (x) Consideration, multiplied by (y) such Stockholder’s
Share.

 

    		- 57 -	 

     

    

 

(iii)          to
the extent required by applicable Law, each Indemnitee shall use commercially reasonable efforts to mitigate any Losses arising
out of or relating to this Agreement or the Contemplated Transactions upon becoming aware of any Event that would be reasonably
expected to give rise to Losses;

 

(iv)          the
amount of any Losses for which an Indemnitee claims indemnification under this Agreement shall be reduced by the amount of any
insurance proceeds and any indemnification, contribution, offset or reimbursement payments actually received from a third party
with respect to such Losses (net of (x) documented out-of-pocket expenses incurred in connection with such recovery, (y) deductibles,
premiums and retentions paid pursuant to the insurance policies under which such recovery is made to the extent arising out of
or in connection with such claims and (z) the net present value of any increase in premiums paid and retentions for such policies
to the extent arising out of or in connection with such claim); provided that if an Indemnitee actually receives insurance
proceeds or indemnification, contribution, offset or reimbursement payments from third party insurers with respect to such Losses,
in each case, at any time subsequent to any indemnification payment pursuant to this Article IX, then such Indemnitee shall
promptly reimburse the applicable Indemnitor for the lesser of (A) the amount of such proceeds and/or payments actually received
by such Indemnitee in respect of such Losses (net of (x) documented out-of-pocket expenses incurred in connection with such
recovery, (y) deductibles, premiums and retentions paid pursuant to the insurance policies under which such recovery is made
to the extent arising out of or in connection with such claims, and (z) the net present value of any increase in premiums
paid and retentions for such policies to the extent arising out of or in connection with such claim) and (B) the aggregate
amount of the payment made by such Indemnitor in respect of such Losses; provided further that, with respect to any Losses
incurred by the Group Companies, all such amounts, proceeds, and payments which are the subject of this Section 9.2(c)(iv) shall
be calculated in accordance with the proportionality principle set forth in Section 9.2(c)(v);

 

(v)           [reserved];

 

(vi)          any
indemnification provided hereunder shall be so applied as to avoid any double counting and no Indemnitee shall be entitled to obtain
indemnification more than once for the same matter or Losses;

 

(vii)         notwithstanding
anything to the contrary herein, claims for breach of Sections 9.2(a)(i)(B), 9.2(a)(ii)(B), or 9.2(a)(vi) shall only be made
against that Stockholder who has breached or failed to perform and no other Stockholder will be liable therefor; and

 

(viii)        notwithstanding
any other provision of this Agreement, no party hereto shall have liability for any consequential, exemplary or punitive damages,
in each case, except to the extent any such damages are awarded and paid with respect to a claim asserted by a third party.

 

    		- 58 -	 

     

    

 

(d)          Procedure.

 

(i)           Direct
Claims. If either a Buyer Indemnitee, on the one hand, or a Stockholder Indemnitee, on the other hand, shall have a claim for
indemnification hereunder (the “Indemnitee”) for any claim other than a claim asserted by a third party, the
Indemnitee shall, as promptly as is practicable, give written notice to the party from whom indemnification is sought (the “Indemnitor”)
of the nature and, to the extent practicable, a good faith estimate of the amount, of the claim. The failure to make timely delivery
of such written notice by the Indemnitee to the Indemnitor shall not relieve the Indemnitor from any liability under this Article IX
with respect to such matter, except to the extent the Indemnitor is actually materially prejudiced by failure to give such notice.
The Indemnitor shall be deemed to deny the claim unless the Indemnitor acknowledges and agrees to such claim in writing signed
by such Indemnitor. No acknowledgment or agreement by one Indemnitor shall be deemed an acknowledgement or agreement to such claim
by any other Indemnitor; provided that any acknowledgement or agreement of the Stockholders’ Representative shall
constitute the acknowledgement or agreement of all Indemnitors that are Stockholders in accordance with Section 9.2(d)(iv).
If the Indemnitee and Indemnitor are unable to agree on the amount of any claim within fifteen (15) days after the Indemnitor’s
receipt of the written notice set forth herein, either party shall be permitted to pursue resolution of such dispute in accordance
with Section 11.11.

 

(ii)          Third-Party
Actions (Other than Tax Contests).

 

(A)         If
an Indemnitee receives notice or otherwise obtains knowledge of any matter or any threatened matter that may give rise to an indemnification
claim against the Indemnitor with respect to a claim asserted by a third party, then the Indemnitee shall promptly deliver to the
Indemnitor a written notice describing, to the extent practicable, such matter in reasonable detail. The failure to make timely
delivery of such written notice by the Indemnitee to the Indemnitor shall not relieve the Indemnitor from any liability under this
Section 9.2 with respect to such matter, except to the extent the Indemnitor is actually materially prejudiced by failure
to give such notice. The Indemnitor shall have the right, at its option, exercisable within fifteen (15) Business Days after the
date of such notice to assume the defense of any such matter with its own counsel and at its sole cost and expense; provided
that (x) such counsel shall be reasonably satisfactory to the Indemnitee, (y) the Indemnitor shall have such right to
assume the defense of any such matter only if the Indemnitor irrevocably relinquishes its right to contest whether such claim is
indemnifiable hereunder and (z) the Indemnitor shall not have any right to assume the defense of any such matter if (1) the
Indemnitee is a Buyer Indemnitee and the applicable third party claimant is a then-current customer of the Indemnitee or its Affiliates,
(2) the Indemnitee is a Buyer Indemnitee and reasonably believes an adverse determination with respect to such matter would
be materially detrimental to or materially injure the reputation and future business prospects of the Indemnitee or its Affiliates,
(3) such matter is criminal in nature, (4) such matter seeks injunctive relief or other equitable remedies against the
Indemnitee, (5) such matter seeks damages in excess of the amount for which the Indemnitee could obtain indemnification from
the Indemnitor pursuant to this Article IX or (6) the Indemnitor fails to provide the Indemnitee with evidence reasonably
acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend such matter and fulfill its indemnification
obligations under this Article IX.

 

    		- 59 -	 

     

    

 

(B)         If
the Indemnitor elects to assume the defense of and indemnification for any such matter in accordance with this Section 9.2(d),
then:

 

(1)            notwithstanding
anything to the contrary contained in this Agreement, the Indemnitor shall not be required to pay or otherwise indemnify the Indemnitee
against any attorneys’ fees or other expenses incurred on behalf of the Indemnitee in connection with such matter following
the Indemnitor’s election to assume the defense of such matter, unless (x) the Indemnitor fails to defend diligently
the action or proceeding within ten (10) days after receiving notice of such failure from the Indemnitee, (y) the Indemnitee
reasonably shall have concluded (upon advice of its counsel) that there may be one or more legal defenses available to such Indemnitee
or other Indemnitees that are not available to the Indemnitor, or (z) the Indemnitee reasonably shall have concluded (upon
advice of its counsel) that, with respect to such claims, the Indemnitee and the Indemnitor may have different, conflicting, or
adverse legal positions or interests;

 

(2)            except
in connection with any Litigation where any Indemnitee is adverse to any Indemnitor, the Indemnitee shall, at its own expense,
make available to the Indemnitor all books, records and other documents and materials that are under the direct or indirect control
of the Indemnitee or any of the Indemnitee’s agents and that the Indemnitor considers necessary or desirable for the defense
of such matter, and reasonably cooperate with, and make its employees and advisors available or otherwise render reasonable assistance
to, the Indemnitor and its agents; and

 

(3)            the
Indemnitor shall not settle or compromise any pending or threatened Litigation in respect of which indemnification may be sought
hereunder (whether or not the Indemnitee is an actual or potential party to such Litigation) or consent to the entry of any judgment,
in each case without the written consent of the Indemnitee, which shall not be unreasonably withheld or delayed.

 

(C)         If
(x) the Indemnitor elects not to assume the defense of and indemnification for such matter (or fails to notify the Indemnitee
of such election within the period set forth in Section 9.2(d)(ii)(A)), (y) elects to assume the defense of and indemnification
for such matter but then fails to diligently conduct such defense, or (z) is not entitled to assume the defense of such matter
pursuant to Section 9.2(d)(ii)(A), then the Indemnitee shall proceed diligently to defend such matter with the assistance
of counsel reasonably satisfactory to the Indemnitor; provided, that the Indemnitee shall not settle, adjust or compromise
such matter, or admit any liability with respect to such matter, without the prior written consent of the Indemnitor, such consent
not to be unreasonably withheld or delayed.

 

(D)         The
procedures in this Section 9.2(d)(ii) shall not apply to matters subject to Section 9.2(d)(iii) (Tax Contests)
or to direct claims of an Indemnitee which are addressed in Section 9.2(d)(i).

 

(iii)         Tax
Contests.

 

(A)         If,
following the Closing Date, Buyer or any of the Group Companies receives from any Taxing Authority written notice of any Tax Contest
with respect to which Buyer or the other Group Companies may reasonably have any liability for Pre-Closing Taxes, Buyer shall promptly
provide a copy of such notice to the Stockholders’ Representative; provided, that Buyer’s failure to promptly
provide a copy of such notice to the Stockholders’ Representative shall not affect the Buyer Indemnitee’s right to
receive indemnification under Section 9.2(a) unless the Stockholders’ Representative is materially prejudiced thereby.

 

    		- 60 -	 

     

    

 

(B)          The
Stockholders’ Representative shall have the right, at its expense, to control, manage and be responsible for any Tax Contest
to the extent that such Tax Contest relates to Pre-Closing Taxes, other than Tax Contests with respect to a Straddle Period. Buyer
may participate in such Tax Contest and the Stockholders’ Representative shall not settle, compromise or otherwise resolve
such Tax Contest without the consent of Buyer, which consent will not be unreasonably withheld or delayed. The Stockholders’
Representative shall keep Buyer informed of the progress of all such Tax Contests and shall provide copies of all written communications
with any Taxing Authority related to such Tax Contests. With respect to a Tax Contest controlled by the Buyer that relates to Pre-Closing
Taxes, Buyer shall not settle, compromise or otherwise resolve such Tax Contest without the consent of the Stockholders’
Representative, which consent will not be unreasonably withheld or delayed.

 

(iv)         Stockholders’
Representative. All notices to be provided to the Stockholders as an Indemnitee or Indemnitor pursuant to this Section 9.2(d) shall
be provided to the Stockholders’ Representative and the Stockholders’ Representative shall act on behalf of the Stockholder
Indemnitees and any Stockholders that are Indemnitors under this Section 9.2(d).

 

(e)          Tax
Treatment. The parties hereto agree to treat any indemnity payment made pursuant to this Article IX as an adjustment to
the purchase price for federal, state, local and foreign income Tax purposes.

 

9.3.         Recourse;
Escrow Release; Set-Off.

 

(a)          In
the event that any Buyer Indemnitee is entitled to indemnification for Losses pursuant to this Article IX, then, subject to
the applicable limitations set forth in this Article IX, such Buyer Indemnitee shall satisfy the amount of such Losses (i) from
amounts then remaining in the Escrow Account and (ii) thereafter, directly from each Indemnifying Stockholder on a several
but not joint basis. Upon a Buyer Indemnitee becoming entitled to receive any sums from the Escrow Account pursuant to this Article IX
or Section 6.4(a), Buyer and the Stockholders’ Representative shall deliver joint written instructions to the Escrow
Agent instructing the Escrow Agent to disburse to such Buyer Indemnitee from the Escrow Account the amount to which such Buyer
Indemnitee is so entitled (or the entire then-remaining balance of the Escrow Account, if less than such amount).

 

(b)          Upon
the Expiration Date, Buyer and the Stockholders’ Representative shall deliver joint written instructions to the Escrow Agent
to disburse from the Escrow Account to the Stockholders’ Representative (on behalf of and for further distribution to the
Stockholders on a pro rata basis in accordance with their respective Stockholder’s Share) an amount equal to (i) the
balance then remaining in the Escrow Account less (ii) the Stockholders’ collective Stockholders’ Share of the
aggregate amount (as estimated by Buyer in good faith) of any claims of the Buyer Indemnitees for indemnification properly notified
in accordance with this Article IX and that remain unresolved as of the Expiration Date (each, a “Pending Claim”).

 

    		- 61 -	 

     

    

 

(c)          Upon
the full and final resolution of a Pending Claim, if the amount retained in the Escrow Account with respect to such Pending Claim
pursuant to Section 9.3(b) exceeds the amount that the Buyer Indemnitees are entitled to receive from the Escrow Account
pursuant to this Article IX in respect of such Pending Claim, then Buyer and the Stockholders’ Representative shall
deliver joint written instructions to the Escrow Agent to disburse from the Escrow Account to the Stockholders’ Representative
(on behalf of and for further distribution to the Stockholders on a pro rata basis in accordance with their respective Stockholder’s
Share) the amount of such excess.

 

9.4.         Exclusive
Remedy.

 

Following the Closing,
the sole and exclusive remedy for any and all claims arising under, out of, or related to this Agreement, or the Contemplated Transactions,
shall be the rights of indemnification set forth in this Article IX only, and no person will have any other entitlement, remedy
or recourse, whether in contract, tort or otherwise, it being agreed that all of such other remedies, entitlements and recourse
are expressly waived and released by the parties hereto to the fullest extent permitted by law, except for (a) the remedies
arising from claims based on Fraud in connection with the Contemplated Transactions, (b) the equitable and other remedies
available to the parties pursuant to Section 11.15, and (c) the dispute resolution mechanisms set forth in Section 2.4.

 

ARTICLE X

Termination

 

10.1.       Termination
Events.

 

This Agreement may be
terminated and the transactions contemplated hereby may be abandoned:

 

(a)           at
any time, by mutual written agreement of the Stockholders’ Representative and Buyer; or

 

(b)           by
Buyer, at any time prior to the Closing, if (i) the Company, any Stockholder, or the Stockholders’ Representative is
in breach, in any material respect, of the representations, warranties or covenants made by it in this Agreement, (ii) such
breach is not cured within ten (10) days of written notice of such breach from Buyer (to the extent such breach is curable)
and (iii) such breach, if not cured, would render the conditions set forth in Section 7.2 incapable of being satisfied;
or

 

(c)           by
the Stockholders’ Representative, at any time prior to the Closing, if (i) Buyer is in breach, in any material respect,
of the representations, warranties or covenants made by it in this Agreement, (ii) such breach is not cured within ten (10) days
of written notice of such breach from the Stockholders’ Representative (to the extent such breach is curable) and (iii) such
breach, if not cured, would render the conditions set forth in Section 7.1 incapable of being satisfied;

 

    		- 62 -	 

     

    

 

(d)           by
written notice by either the Stockholders’ Representative or Buyer to the other, at any time after the date that is the four
(4)-month anniversary of the date hereof (the “Initial Outside Date”) if the Closing shall not have occurred
on or prior to such date; provided, that (i) if, on the Initial Outside Closing Date, all of the conditions set forth
in Article VII have been satisfied or waived, other than the condition set forth in Section 7.2(e) and those conditions
that by their nature are to be satisfied by actions to be taken at the Closing, then Buyer shall be permitted, in its sole discretion,
to elect to extend the Initial Outside Date for up to two (2) successive thirty (30)-day periods by providing written notice
of such election to the Stockholders’ Representative on or prior to the Initial Outside Date, and (ii) the right to
terminate this Agreement under this Section 10.1(d) shall not be available to such party if the action or inaction of
such party (or in the case of the Stockholders’ Representative, the Company or the Stockholders) or any of its Affiliates
has been a principal cause of or resulted in the failure of the Closing to occur on or before such date and such action or failure
to act constitutes a breach of this Agreement;

 

(e)           by
either Buyer or the Stockholders’ Representative if any Governmental Authority having competent jurisdiction has issued a
final, non-appealable Order or taken any other action the effect of which is to permanently restrain, enjoin or otherwise prohibit
the Contemplated Transactions; provided that the right to terminate this Agreement under this Section 10.1(e) shall
not be available to such party if the action or inaction of such party (or in the case of the Stockholders’ Representative,
the Company or the Stockholders) or any of its Affiliates has been a principal cause of or resulted in such Order or action and
such action or inaction constitutes a breach of this Agreement; or

 

(f)            by
the Buyer pursuant to Section 6.14.

 

10.2.       Procedure
and Effect of Termination.

 

In the event of the termination
of this Agreement and the abandonment of the Contemplated Transactions, written notice thereof shall be given by a terminating
party to the other parties (or to the Stockholders’ Representative, if Buyer is the terminating party), and this Agreement
shall terminate and the Contemplated Transactions shall be abandoned without further action by any of the parties. If this Agreement
is terminated pursuant to Section 10.1, no party hereto shall have any obligation or liability to the other parties hereto,
except that the parties hereto shall remain bound by the provisions of this Section 10.2, Section 6.8, Article XI
and by the provisions of the NDA; provided, that nothing herein shall relieve a defaulting or breaching party from any liability
or damages arising out of its breach of any provision of this Agreement.

 

ARTICLE XI

Miscellaneous

 

11.1.       Stockholders’
Representative.

 

(a)            Appointment
of Stockholders’ Representative. Raymond Davison shall be the agent and attorney-in-fact for each of the Stockholders
to act as Stockholders’ Representative under this Agreement and the Ancillary Documents in accordance with the terms of this
Section 11.1 and the Ancillary Documents (the “Stockholders’ Representative”). In the event of the
resignation, death or incapacity of the Stockholders’ Representative, a successor Stockholders’ Representative reasonably
satisfactory to Buyer shall thereafter be appointed by an instrument in writing signed by Buyer and such successor Stockholders’
Representative.

 

    		- 63 -	 

     

    

 

(b)           Authority.
The Stockholders’ Representative is hereby authorized and empowered to act for, and on behalf of, any or all of the Stockholders
(with full power of substitution in the premises) in connection with (i) the indemnity provisions of Article IX as they
relate to the Stockholders generally and (ii) such other matters as are reasonably necessary for the consummation of the Contemplated
Transactions including, without limitation, (A) to receive all cash sums owing to the Stockholders under this Agreement, (B) to
terminate, amend, waive any provision of, or abandon, this Agreement or any of the Ancillary Documents, (C) to act as the
representative of the Stockholders to review and authorize all claims and disputes or question the accuracy thereof, (D) to
negotiate and compromise on their behalf with Buyer any claims asserted thereunder and to authorize payments to be made with respect
thereto, (E) to take such further actions as are authorized in this Agreement or the Ancillary Documents, and (F) in
general, do all things and perform all acts, including, without limitation, executing and delivering all agreements (including,
without limitation, the Ancillary Documents), certificates, receipts, consents, elections, instructions and other documents contemplated
by or deemed by the Stockholders’ Representative to be necessary or desirable in connection with this Agreement, the Ancillary
Documents and the Contemplated Transactions. Buyer shall be entitled to rely on such appointment and to treat the Stockholders’
Representative as the duly appointed attorney-in-fact of each Stockholder. Notices given to the Stockholders’ Representative
in accordance with the provisions of this Agreement shall constitute notice to the Stockholders for all purposes under this Agreement.

 

(c)           Extent
and Survival of Authority. The appointment of the Stockholders’ Representative is an agency coupled with an interest
and is irrevocable and any action taken by the Stockholders’ Representative pursuant to the authority granted in this Section 11.1
shall be effective and absolutely binding on each Stockholder notwithstanding any contrary action of or direction from such Stockholder,
except for actions or omissions of the Stockholders’ Representative constituting willful misconduct or gross negligence.
The death or incapacity, or dissolution or other termination of existence, of any Stockholder shall not terminate the authority
and agency of the Stockholders’ Representative. Buyer and any other party to an Ancillary Document in dealing with the Stockholders’
Representative may conclusively and absolutely rely, without inquiry, upon any act of the Stockholders’ Representative as
the act of the Stockholder.

 

(d)           Release
from Liability; Indemnification. The Stockholders’ Representative shall not be liable to any Stockholder or to any other
Person (other than Buyer), with respect to any action taken or omitted to be taken by the Stockholders’ Representative in
his role as Stockholders’ Representative under or in connection with this Agreement, unless such action or omission results
from or arises out of willful misconduct or gross negligence on the part of the Stockholders’ Representative, and the Stockholders’
Representative shall not be liable to any Stockholder in the event that, in the exercise of his reasonable judgment, the Stockholders’
Representative believes there will not be adequate resources available to cover potential costs and expenses to contest a claim
made by Buyer against the Stockholders.

 

(e)           Reimbursement
of Expenses. The Stockholders’ Representative shall receive no compensation for service as such, but shall receive reimbursement
from, and be indemnified by, the Stockholders, pro rata in accordance with their respective Stockholder’s Share, for any
and all expenses, charges and liabilities, including, but not limited to, reasonable attorneys’ fees, incurred by the Stockholders’
Representative in the performance or discharge of his duties pursuant to this Section 11.1.

 

    		- 64 -	 

     

    

 

11.2.      Expenses.

 

All fees and expenses
incurred in connection with the Contemplated Transactions shall be paid by the party incurring such expenses, whether or not the
Contemplated Transactions are consummated.

 

11.3.      Notices.

 

All notices and other
communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given or made (a) as
of the date delivered, if delivered personally, (b) on the date the delivering party receives confirmation, if delivered by
email, (c) three (3) Business Days after being mailed by registered or certified mail (postage prepaid, return receipt
requested) or (d) one (1) Business Day after being sent by overnight courier (providing proof of delivery), to the parties
at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 11.3):

 

If to the Group Companies (prior
to the Closing), the Stockholders or the Stockholders’ Representative:

 

Raymond Davison

5716 Corsa Ave, Suite 102

Westlake Village, California
91362

Email: rdavison@timios.com

 

With a copy (which shall
not constitute notice) to:

 

Timothy Splane,
General Counsel of the Company

5716 Corsa Ave, Suite 102

Westlake Village, California
91362

Email: tsplane@timios.com

 

and

 

Troy J. Rillo, Esq.

931 Dolphin
Drive

Jupiter, Florida
33458

Email: t.rillo@me.com

 

If to Buyer or the Group Companies
(after the Closing):

 

Ideanomics, Inc.

1441 Broadway,
Suite 5116

New York, NY
10018

Attn: Alf Poor, Chief
Executive Officer

Email: apoor@ideanomics.com

 

With a copy (which shall
not constitute notice) to:

 

Venable LLP

1270 Avenue of the Americas

24th Floor

New York, NY 10020

Attn: William N. Haddad

Email: WNHaddad@Venable.com

 

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11.4.       Governing
Law.

 

This Agreement, and all
claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the
negotiation, execution or performance of this Agreement (including, without limitation, any claim or cause of action based upon,
arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to
enter into this Agreement), shall be governed by the internal laws of Delaware (excluding conflict of laws rules and principles).

 

11.5.       Entire
Agreement.

 

This Agreement, together
with the Exhibits hereto, the Company Disclosure Schedule, the Stockholder Disclosure Schedule, the Buyer Disclosure Schedule,
and the Ancillary Documents, contains the entire agreement of the parties respecting the Contemplated Transactions and supersedes
all prior agreements among the parties respecting the Contemplated Transactions. The parties hereto have voluntarily agreed to
define their rights, liabilities and obligations respecting the Contemplated Transactions exclusively in contract pursuant to the
express terms and provisions of this Agreement; and the parties hereto expressly disclaim that they are owed any duties or are
entitled to any remedies not expressly set forth in this Agreement. Furthermore, the parties each hereby acknowledge that this
Agreement embodies the justifiable expectations of sophisticated parties derived from arm’s-length negotiations.

 

11.6.       Severability.

 

Should any provision
of this Agreement or the application thereof to any Person or circumstance be held invalid or unenforceable to any extent: (a) such
provision shall be ineffective to the extent, and only to the extent, of such unenforceability or prohibition and shall be enforced
to the greatest extent permitted by Law, (b) such unenforceability or prohibition in any jurisdiction shall not invalidate
or render unenforceable such provision as applied (i) to other Persons or circumstances or (ii) in any other jurisdiction,
and (c) such unenforceability or prohibition shall not affect or invalidate any other provision of this Agreement.

 

    - 66 -

    

    

 

 

11.7.       Amendment.

 

Neither this Agreement
nor any of the terms hereof may be terminated, amended, supplemented or modified orally, but only by an instrument in writing signed
by the parties hereto; provided, that the observance of any provision of this Agreement may be waived in writing by the
party that will lose the benefit of such provision as a result of such waiver.

 

11.8.       Effect
of Waiver or Consent.

 

No waiver or consent,
express or implied, by any party to or of any breach or default by any party in the performance by such party of its obligations
hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such
party of the same or any other obligations of such party hereunder. No single or partial exercise of any right or power, or any
abandonment or discontinuance of steps to enforce any right or power, shall preclude any other or further exercise thereof or the
exercise of any other right or power. Failure on the part of a party to complain of any act of any party or to declare any party
in default, irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder
until the applicable statute of limitation period has run.

 

11.9.       Parties
in Interest; Limitation on Rights of Others.

 

The terms of this Agreement
shall be binding upon, and inure to the benefit of, the parties hereto and their respective legal representatives, successors and
assigns. Nothing in this Agreement, whether express or implied, shall be construed to give any Person (other than the parties hereto
and their respective legal representatives, successors and assigns and as expressly provided herein) any legal or equitable right,
remedy or claim under or in respect of this Agreement or any covenants, conditions or provisions contained herein, as a third party
beneficiary or otherwise; provided that Buyer Indemnitees or Stockholder Indemnitees who are not otherwise a party to this
Agreement shall be third party beneficiaries of this Agreement.

 

11.10.     Assignability.

 

This Agreement shall
not be assigned by the Company without the prior written consent of Buyer. Prior to Closing, this Agreement shall not be assigned
by Buyer without the prior written consent of the Company; provided, that Buyer may assign their rights and obligations
under this Agreement without such required consent to an Affiliate, which assignment shall not relieve Buyer of its obligations
hereunder.

 

    - 67 -

     

    

 

11.11.     Jurisdiction;
Court Proceedings; Waiver of Jury Trial.

 

Any Litigation against
any party to this Agreement arising out of or in any way relating to this Agreement (other than those disputes to be resolved by
the Auditor in accordance with Section 2.4) shall be brought in any federal or state court located in the State of Delaware
in New Castle County and each of the parties hereby submits to the exclusive jurisdiction of such courts for the purpose of any
such Litigation; provided that a final judgment in any such Litigation shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. Each party irrevocably and unconditionally agrees
not to assert (a) any objection which it may ever have to the laying of venue of any such Litigation in any federal or state
court located in the State of Delaware in New Castle County, (b) any claim that any such Litigation brought in any such court
has been brought in an inconvenient forum or (c) any claim that such court does not have jurisdiction with respect to such
Litigation. To the extent that service of process by mail is permitted by applicable Law, each party irrevocably consents to the
service of process in any such Litigation in such courts by the mailing of such process by registered or certified mail, postage
prepaid, at its address for notices provided for herein. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO A TRIAL
BY JURY AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY
AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY LITIGATION.

 

11.12.     No
Other Duties.

 

The only duties and obligations
of the parties under this Agreement are as specifically set forth in this Agreement, and no other duties or obligations shall be
implied in fact, Law or equity, or under any principle of fiduciary obligation.

 

11.13.     Reliance
on Counsel and Other Advisors.

 

Each party has consulted
such legal, financial, technical or other expert as it deems necessary or desirable before entering into this Agreement. Each party
represents and warrants that it has read, knows, understands and agrees with the terms and conditions of this Agreement.

 

11.14.     Remedies.

 

All remedies, either
under this Agreement or by Law or otherwise afforded to the parties hereunder, shall be cumulative and not alternative, and any
Person having any rights under any provision of this Agreement will be entitled to enforce such rights specifically, to recover
damages by reason of any breach of this Agreement and to exercise all other rights granted by Law, equity or otherwise.

 

11.15.     Specific
Performance.

 

The parties agree that
irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with
their specific terms or were otherwise breached. Accordingly, the parties agree that, in addition to any other remedies, each party
shall be entitled to enforce the terms of this Agreement by a decree of specific performance without the necessity of proving the
inadequacy of money damages as a remedy. Each party hereby waives any requirement for the securing or posting of any bond in connection
with such remedy. Each party further agrees that the only permitted objection that it may raise in response to any action for equitable
relief is that it contests the existence of a breach or threatened breach of this Agreement.

 

    - 68 -

     

    

 

11.16.     Counterparts.

 

This Agreement may be
executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including, without limitation,
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

11.17.     Further
Assurances.

 

If at any time after
the Closing any further action is necessary or desirable to fully effect the Contemplated Transactions or any other of the Ancillary
Documents, each of the parties shall take such further action (including, without limitation, the execution and delivery of such
further instruments and documents) as any other party reasonably may request.

 

(signature pages follow)

 

    - 69 -

     

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed and delivered in its name and on its behalf, all as of
the day and year first above written.

 

	 	IDEANOMICS, INC.
	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature page to Stock Purchase
Agreement]

 

     

     

    

 

	 	TIMIOS HOLDINGS CORP.	 
	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Signature page to Stock Purchase
Agreement]

 

     

     

    

 

	 	MARK ANGELO FAMILY, LP	 
	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	MATTHEW BECKMAN FAMILY, LP	 
	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	GERALD EICKE FAMILY, LP	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	DAVID GONZALEZ FAMILY, LP	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	MICHAEL ROSSELLI	 
	 	 	 	 
	 		 	 
	 	 	 
	 	MAUREEN ANGELO	 

 

[Signature page to Stock Purchase
Agreement]

 

     

     

    

 

	 	2019 STOFFER FAMILY TRUST	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	RAYMOND DAVISON, Individually and as Stockholders’ Representative
	 	 	 	 
	 		 	 
	 	 	 
	 	LEONARD SPLANE	 
	 	 	 	 
	 		 	 
	 	 	 
	 	YUTAKA SARUMARU	 
	 	 	 	 
	 		 	 
	 	 	 
	 	ROSS ENGLISH	 
	 	 	 	 
	 	 	 	 
	 	SKS CONSULTING OF SOUTH FLORIDA CORP.
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 		 	 
	 	 	 
	 	JOSEPH MONTAG	 	 

 

[Signature page to Stock Purchase
Agreement]

 

     

     

    

 

	 	 	 
	 	MATTHEW HALL	 
	 	 	 	 
	 	 	 
	 	APOLLO GROUP HOLDINGS, LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	JORDAN TOMENGA	 
	 	 	 	 
	 	 	 	 
	 	RICHARD AND DEANNAH THOMAS REVOCABLE TRUST
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 		 	 
	 	 	 
	 	DOMINIC JANERO
	 	 	 	 
	 	 	 	 
	 	 	 
	 	TIMOTHY SPLANE

 

[Signature page to Stock Purchase
Agreement]

 

     

     

    

 

Schedule 2.2

(Purchased Shares)

 

	Name	 	Pre-Transaction

Shares*	 	 	Base

Consideration	 	 	Shares to be

Purchased by

Buyer	 
	Mark Angelo Family, LP	 	 	2,296,358	 	 	 	10,828,294	 	 	 	2,296,358	 
	Matthew Beckman Family, LP	 	 	818,111	 	 	 	3,857,738	 	 	 	818,111	 
	Gerald Eicke Family, LP	 	 	818,111	 	 	 	3,857,738	 	 	 	818,111	 
	David Gonzalez Family, LP	 	 	818,111	 	 	 	3,857,738	 	 	 	818,111	 
	Michael Rosselli	 	 	287,056	 	 	 	1,353,590	 	 	 	287,056	 
	Trevor G. Stoffer and Monica Stoffer, Trustees of the 2019 Stoffer Family Trust	 	 	1,485,530	 	 	 	7,004,899	 	 	 	1,485,530	 
	Maureen Angelo	 	 	703,381	 	 	 	3,316,737	 	 	 	703,381	 
	Raymond Davison	 	 	580,995	 	 	 	2,739,636	 	 	 	580,995	 
	Leonard Splane	 	 	399,431	 	 	 	1,883,485	 	 	 	399,431	 
	Yutaka Sarumaru	 	 	275,538	 	 	 	1,299,278	 	 	 	275,538	 
	Ross English	 	 	230,538	 	 	 	1,087,084	 	 	 	230,538	 
	Timothy Splane	 	 	260,538	 	 	 	1,228,546	 	 	 	260,538	 
	SKS Consulting	 	 	104,543	 	 	 	492,964	 	 	 	104,543	 
	Joseph Montag	 	 	151,166	 	 	 	712,811	 	 	 	151,166	 
	Matthew Hall	 	 	145,000	 	 	 	683,736	 	 	 	145,000	 
	Apollo Group Holdings, LLC	 	 	100,000	 	 	 	471,542	 	 	 	100,000	 
	Jordan Tomenga	 	 	25,000	 	 	 	117,886	 	 	 	25,000	 
	Richard and Deannah Thomas Revocable Trust	 	 	25,000	 	 	 	117,886	 	 	 	25,000	 
	Dominic Janero	 	 	18,750	 	 	 	88,414	 	 	 	18,750	 
	 	 	 	9,543,157	 	 	 	45,000,000	 	 	 	9,543,157	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Percentage Ownership of Company	 	 	 	 	 	 	 	 	 	 	100.00	%

 

	* Represents the Common Stock beneficially owned by the named Stockholder immediately prior to the Contemplated Transactions.

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