Document:

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT (the “Agreement”)
is made and entered into as of September 30, 2010, by and between the members (the “Members”) of INVESTPROPERTY GROUP,
LLC, a Delaware limited liability company (“IPG”), and DIVERSIFIED PRIVATE EQUITY CORPORATION, a Delaware corporation
(“DPEC”).

 

WITNESSETH

 

WHEREAS, in connection
with a proposed business combination to create a streamlined holding company structure between the IPG and DPEC, the parties hereto
desire to exchange all of the issued and outstanding managing and non-managing membership interest units of IPG (the “Units”),
for voting shares of common stock of DPEC, valued at $3.50 per share for purposes of this transaction (the “Shares”),
subject to all of the terms and conditions set forth herein;

 

WHEREAS, The Wow Group,
LLC, a Delaware limited liability company and the managing member of IPG (the “Managing Member”), has provided the
non-managing Members of IPG with notice and an opportunity to object to the Agreement prior to the date hereof and having received
objections from less than a majority-in-interest of the non-managing Members, is authorized, as the Members’ attorney-in-fact
pursuant to Sections 2.05(b) and 2.05(d) of the Operating Agreement of InvestProperty Group, LLC, dated November 18, 2005, as amended
(the “IPG Operating Agreement”), to enter this Agreement and consent to the transfer by the Members of their Units
in exchange for the issuance of the Shares, subject to all the terms and conditions set forth herein; and

 

WHEREAS, the Board
of Directors of DPEC has consented to the issuance of the Shares in exchange for all the issued and outstanding IPG Units, subject
to all the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Agreement, and intending to be legally bound by the terms
and conditions of this Agreement, the parties hereto agree as follows:

 

1.           Exchange
Transaction. Subject to the terms and conditions of this Agreement, each Member hereby transfers his, her or its respective
Units as reflected in Schedule A attached hereto, to DPEC for cancellation, and DPEC hereby accepts and acknowledges such transfer
from the Members. In exchange therefore, DPEC hereby issues to each Member between 0.622 and 0.685 of one Share for each Unit owned
by such Member, as more fully explained in Paragraph 5 below, and the Members hereby accept and acknowledge such issuance.

 

2.          IPG
Stock Options and Warrants. Each stock option and warrant previously issued by IPG, as reflected in Schedule B attached hereto,
shall be assumed by DPEC and exchanged into DPEC stock options and warrants in accordance with the Exchange Ratio set forth in
Paragraph 5 below, so that each previously issued IPG stock option and warrant to purchase one Unit shall be converted in a stock
option or warrant to purchase between 0.622 and 0.685 of one Share, on a price adjusted basis. As converted, each stock option
and warrant may be issued pursuant to the Diversified Private Equity Corp. 2008 Equity Incentive Plan, which has similar terms
and conditions to those applicable to the IPG stock options and warrants under the IPG 2006 Equity Incentive Plan. Upon conversion,
all issued and outstanding IPG stock options and warrants shall be cancelled and the IPG 2006 Equity Incentive Plan shall be terminated.

 

    	 

    	 

    

 

3.          Closing
Date. The transfer of Units in exchange for Shares provided for in this Agreement shall be effective on the date hereof or
at such other time as the parties hereto may mutually agree (the “Closing Date”).

 

4.          Closing
Obligations. On the Closing Date:

 

(a)          DPEC
will be admitted to IPG as its sole Member and shall become its managing member, and the Members and the Managing Member will automatically
withdraw as members of IPG. Shortly thereafter, DPEC shall enter into a new, single member operating agreement, and after execution
thereof, shall be entitled to exercise or receive any of the rights, powers or benefits of a member and a managing member of IPG,
as provided in such operating agreement. 

 

(b)          DPEC
will cause its transfer agent, Continental Stock Transfer & Trust Company, to reflect on the books of DPEC the newly issued
Shares each Member is entitled to receive by virtue of the number of Units they held in IPG as of the Closing Date, multiplied
by the Exchange Ratio.

 

5.          Exchange
Ratio. DPEC, together with the Managing Member, has determined a fair and equitable exchange ratio (the “Exchange Ratio”)
pursuant to which Units would be exchanged for Shares. Based on facts available as of September 1, 2010, the Exchange Ratio will
provide that each Unit shall be exchanged for between 0.622 and 0.685 of one Share. The final Exchange Ratio is subject to the
number of IPG Noteholders who elect to convert their IPG Notes prior to the Closing Date (as defined and more fully explained in
the Information Statement in Connection with the Proposed Exchange Transaction Between InvestProperty Group, LLC and Diversified
Private Equity Corporation, dated as of September 1, 2010 (the “Information Statement”)), and shall be determined by
DPEC and the Managing Member immediately prior to the Closing Date.

 

6.          General
Representations and Warranties of the Holders. The Managing Member hereby represents and warrants to DPEC the following:

 

(a)          No
Member has transferred his, her or its Units and therefore, each Member is the sole record and beneficial owner of, and has good
legal title to, his, her or its Units, and has the full legal right, power and authority to assign and transfer complete ownership
of the Units to DPEC;

 

(b)          The
Units are free and clear of all liens, pledges, encumbrances, restrictions, voting agreements, options and claims of any kind and
the Members are transferring the Units to DPEC pursuant to the terms of this Agreement free and clear of any such encumbrances;

 

    	- 2 -

    	 

    

 

(c)          IPG
has obtained all company and other approvals necessary for the execution, delivery and performance of this Agreement and when executed
and delivered by the Managing Member on behalf of the Members, this Agreement shall constitute a valid and binding obligation of
the Members, enforceable against the Members in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance or other similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity);

 

(d)          Neither
the execution and delivery of this Agreement nor the consummation by the Members of the transactions contemplated hereby, will
require on the part of the Members any filing with, or permit, authorization, consent or approval of, any government or governmental
agency or instrumentality, whether federal, state or local, domestic or foreign;

 

(e)          To
the extent any Member is an organization, it represented and warranted in its original subscription for the Units that it was duly
formed and validly existing under the laws of the state of its formation and has full power and authority to own its property,
including its respective Units, and the Managing Member has not been notified or obtained any information indicating that such
representation and warranty is no longer accurate;

 

(f)          Each
Member made certain representations and warranties in connection with his, her or its original subscription for the Units, which
acknowledged that the Units were obtained for their own accounts, for investment only and not with a view to or for resale in connection
with any distribution of the Units, that each Member had sufficient knowledge and experience in business and financial matters
to understand and to evaluate the merits and risks of the investment, and that each Member was aware that the Units had not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities law, in reliance
upon an exemption of the Securities Act and similar exemptions under state securities law for private offerings, and that the continuing
availability of those exemptions depended in part upon the accuracy of certain representations and warranties which were made by
the Members and which were relied upon in determining the Members’ suitability to receive the Units, and the Managing Member
has not been notified or obtained any information indicating that such representations and warranties are no longer accurate;

 

(g)          Each
Member made certain representations and warranties in connection with his, her or its original subscription for the Units, which
acknowledged that the Units are restricted securities, they may not be sold or otherwise transferred unless they have been registered
under the Securities Act or unless the Member received an opinion of counsel, acceptable to IPG and its counsel, stating that the
proposed transfer was exempt from registration under the Securities Act, and the Managing Member has not been notified or obtained
any information indicating that such representations and warranties are no longer accurate;

 

(h)          Each
Member made certain representations and warranties in connection with his, her or its original subscription for the Units, which
acknowledged that any certificate representing the Units shall bear a legend setting forth restrictions on the transfer of such
securities, and the Managing Member has not been notified or obtained any information indicating that such representations and
warranties are no longer accurate;

 

    	- 3 -

    	 

    

 

(i)          Each
Member has received the Information Statement, and any and all information regarding DPEC, its business and this Agreement which
they have required in connection with the transaction contemplated hereby, and have had the opportunity to discuss any questions
they may have with the officers of DPEC and IPG;

 

(j)          Each
Member is an “accredited investor” as such term is defined in Regulation D promulgated under the Securities Act, or
has otherwise satisfied the Managing Member as to the suitability of an investment in the Shares and as to their knowledge and
experience in financial and business matters; and

 

(k)          This
Agreement, its exhibits and schedules attached hereto do not contain any untrue statement of material fact with respect to the
Members or omit to state any material fact necessary to make the statements herein or therein contained with respect to the Members
not misleading.

 

7.          Representations
and Warranties of DPEC. DPEC represents and warrants to the Managing Member and the Members as follows:

 

(a)          It
is duly organized, validly existing and in good standing under the laws of the State of Delaware;

 

(b)          It
has all requisite power and authority to execute, deliver and perform this Agreement and the transactions contemplated thereby,
and the execution, delivery and performance by the DPEC of this Agreement has been duly authorized by all requisite action by DPEC
and that this Agreement, when executed and delivered by DPEC, shall constitute a valid and binding obligation of DPEC, enforceable
against DPEC in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance
or other similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity);

 

(c)          Neither
the execution and delivery by DPEC of this Agreement nor the consummation by DPEC of the transactions contemplated hereby, will
require on the part of DPEC any filing with, or permit, authorization, consent or approval of, any government or governmental agency
or instrumentality, whether federal, state or local, domestic or foreign;

 

(d)          Upon
issuance of the Shares, they shall be duly authorized, validly issued and non-assessable Shares of DPEC;

 

    	- 4 -

    	 

    

 

(e)          It
(i) is obtaining the Units for DPEC’s own account, for investment only and not with a view to or for resale in connection
with any distribution of the Units, (ii) has sufficient knowledge and experience in business and financial matters to understand
and to evaluate the merits and risks of this investment, and (iii) is aware that the Units have not been registered under the Securities
Act, or any state securities laws, in reliance upon an exemption of the Securities Act and similar exemptions under state securities
laws for private offerings, and that the continuing availability of these exemptions depend in part upon the accuracy of certain
representations and warranties which are made by DPEC herein and which are being relied upon in determining DPEC’s suitability
to purchase the Units;

 

(f)          It
understands that as restricted securities, the Units may not be sold or otherwise transferred unless they have been registered
under the Securities Act or unless DPEC has received an opinion of counsel, acceptable to IPG and its counsel, stating that the
proposed transfer is exempt from registration under the Securities Act; and

 

(g)          This
Agreement, its exhibits and schedules attached hereto, and the Information Statement do not contain any untrue statement of material
fact with respect to DPEC or omits to state any material fact necessary to make the statements herein or therein contained with
respect to DPEC not misleading.

 

8.          Indemnification.

 

(a)          The
Members hereby jointly and severally agree to defend, indemnify and hold DPEC harmless from and against any and all losses, suits,
proceedings, demands, judgments, damages, expenses and costs, including reasonable attorneys’ fees and expenses (collectively,
“Indemnifiable Damages”), which DPEC may suffer or incur by reason of (i) the inaccuracy of any of the representations
and warranties of any the Members contained in this Agreement, (ii) the breach by any of the Members of any of the covenants or
agreements made in this Agreement, or (iii) any transfer of the Shares in violation of the Securities Act, or under any rule or
regulation promulgated thereunder.

 

(b)          DPEC
hereby agrees to defend, indemnify and hold the Members harmless from and against any and all Indemnifiable Damages which the Members
may suffer or incur by reason of (i) the inaccuracy of any of the representations and warranties of DPEC contained in this Agreement,
or (ii) the breach by DPEC of any of the covenants or agreements made by the DPEC in this Agreement, or (iii) any transfer of the
Units by DPEC in violation of the Securities Act, or under any rule or regulation promulgated thereunder.

 

9.          Miscellaneous.

 

(a)          Further
Assurances. Each party hereto agrees to perform any further acts and execute and deliver any documents that may be reasonably
necessary to carry out the intent of this Agreement.

 

(b)          Notices.
Except as otherwise provided herein, all notices, requests, demands and other communications under this Agreement shall be in writing,
and if by facsimile, shall be deemed to have been validly served, given or delivered when sent and receipt has been confirmed,
or if by personal delivery or messenger or courier service, or by registered or certified mail, shall be deemed to have been validly
served, given or delivered upon actual delivery, at the addresses and facsimile numbers (or such other addresses and facsimile
numbers a party may designate for itself by like notice) set forth on the signature page hereto.

    	- 5 -

    	 

    

 

 

(c)          Amendments.
This Agreement may be amended, changed or waived only by a written agreement executed by each of the parties hereto.

 

(d)          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, applicable to
contracts entered into and performed entirely within such state.

 

(e)          Disputes.
In the event of any dispute among the parties arising out of this Agreement, the prevailing party shall be entitled to recover
from the non-prevailing party the reasonable expenses of the prevailing party including, without limitation, reasonable attorneys’
fees.

 

(f)          Successors
and Assigns. The parties may assign with absolute discretion any or all of their rights or obligations or delegate any of their
duties under this Agreement to any of their affiliates, successors or assigns and this Agreement shall inure to the benefit of,
and be binding upon, such respective affiliates, successors or assigns of either or both of the parties in the same manner and
to the same extent as if such affiliates, successors or assigns were original parties hereto.

 

(g)          Entire
Agreement. This Agreement sets forth the entire understanding and agreement between the parties hereto with reference to the
subject matter hereof and supersedes all prior agreements and understandings among them as to the subject matter hereof.

 

(h)          Headings.
Introductory headings at the beginning of each Section and subsection of this Agreement are solely for the convenience of the parties
and shall not be deemed to be a limitation upon or description of the contents of any such Section and subsection of this Agreement.

 

(i)          Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and both of which, when taken together,
shall constitute one and the same agreement.

 

    	- 6 -

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
duly executed this Agreement as of the day and year first above written.

 

	 	DIVERSIFIED PRIVATE EQUITY CORPORATION:	 
	 	 	 
	 	By: 	/s/ Ronald Robbins	 
	 	 	Ronald Robbins, Executive Vice President	 
	 	 	 
	 	Address for notices:	 
	 	135 Fifth Avenue, 10th Floor	 
	 	New York, New York 10010	 
	 	f: (212) 655-0140	 
	 	 	 
	 	THE MEMBERS OF INVESTPROPERTY GROUP, LLC: 	 
	 	 	 
	 	By: 	The Wow Group, LLC, Managing Member and attorney-in-fact	 
	 	 	 
	 	 	By:	/s/ Scott Mathis	 
	 	 	 	Scott Mathis, Managing Member	 
	 	 	 
	 	Address for notices:	 
	 	135 Fifth Avenue, 10th Floor	 
	 	New York, New York 10010	 
	 	f: (212) 655-0140	 

  

    	- 7 -April 14, 2011

 

DIVERSIFIED
PRIVATE EQUITY CORP.

 

DEMAND PROMISSORY NOTE

 

ON DEMAND at any time
after April 13, 2012 (the “Maturity Date”), Diversified Private Equity Corp., a Delaware corporation (the “Corporation”),
for value received, promises to pay to the order of Scott L. Mathis (the “Holder”), the principal sum of four
hundred thousand Dollars ($400,000.00), together with interest thereon at the rate and on the terms set forth below.

 

The following is a
statement of the rights and obligations of the Holder and the Corporation under this Note, and the conditions to which this Note
is subject, to which the Corporation, by the execution and delivery hereof, and the Holder, by the acceptance of this Note, agree:

 

1.          Terms
of Note. This Note shall bear interest on the outstanding principal amount hereof until paid in full at the rate of six percent
(6%) per annum. Interest shall accrue from the date this Note is issued (as set forth above) until the repayment of the outstanding
principal sum hereunder in accordance with this Note. Upon payment in full of the principal amount of this Note, all accrued but
unpaid interest hereon shall become immediately due and payable. Additionally, the Corporation shall have the right, but not the
obligation, to pay all accrued but unpaid interest due hereunder at any time prior to the Maturity Date. Interest will be computed
on the basis of a year of 360 days for the number of days actually elapsed.

 

The principal amount
of this Note may be prepaid by the Corporation prior to the Maturity Date at its sole discretion.

  

If any payment on this
Note becomes due and payable on a Saturday, Sunday or legal holiday, the maturity thereof shall be extended to the next succeeding
business day.

 

The entire principal
balance of this Note, together with any unpaid interest thereon and any other sums due and payable hereunder shall become automatically
and immediately due and payable, notwithstanding anything to the contrary in this Note, without notice or demand upon the occurrence
of any of the following events: (i) the liquidation, termination or dissolution of the Corporation or its ceasing to carry on actively
its present business or the appointment of a receiver for its property; (ii) the dissolution, liquidation or termination of existence
of, the insolvency of, or the making of an assignment for the benefit of creditors by, the Corporation; or (iii) the institution
of bankruptcy, reorganization, arrangement, liquidation, receivership, moratorium or similar proceedings by or against the Corporation,
and, if so instituted against the Corporation, the pendency thereof for 60 days.

 

2.          Sale
of Corporation. Immediately prior to the closing of a sale by the Corporation, whether by means of a plan of recapitalization,
reorganization, merger, sale or acquisition of all or substantially all of the assets of the Corporation, sale or transfer of more
than fifty percent (50%) of the voting or pecuniary interest in the Corporation’s outstanding securities or otherwise (the
“Sale”), the Holder shall have the right, in the exercise of its discretion, to receive the entire unpaid principal
amount of this Note, together with accrued interest thereon, through the date of such precipitating event.

  

    	 

    	 

    

  

3.          Entire
Agreement; Changes; Waivers. This Note contains the entire agreement among the parties with respect to the subject matter
hereof and supersedes all prior and contemporaneous arrangements or understandings, whether written or oral, with respect thereto.
No terms or conditions of this Note may be changed or amended, without the consent of the Holder.

 

4.          Access
to Information; Disclosures.

 

4.1           By
agreeing to make the loan referenced herein, Holder confirms that (a) he has had the opportunity to ask questions of and receive
answers from representatives of the Corporation regarding it and its business, and to obtain any additional information or documents
relative thereto, which he deems necessary to make the loan described herein, (b) that he is capable of evaluating the merits and
risks of a loan to the Corporation, and (c) that he has the capacity to protect his interests in connection with the loan by reason
of his business and financial experience.

 

4.2           By
agreeing to make the loan referenced herein, Holder further confirms that he understands that there is a substantial risk regarding
the Corporation’s ability to repay the principal of such loan, and that the Corporation’s ability to do so may be dependent
upon its ability to raise additional equity capital from a future sale of its shares, and it is uncertain whether it will be able
to do so, and if it is can, whether such sales can be made on terms acceptable to the Corporation.

 

4.           Miscellaneous.

 

4.1           The
Corporation, regardless of the time, order or place of signing, waives presentment, demand, protest and notices of any kind in
connection with the enforcement of this Note. If the Corporation fails to comply with any of the provisions of this Note, the Corporation
will pay to the Holder of this Note, on demand, such further amounts as shall be sufficient to cover the costs and expenses, including
but not limited to reasonable attorneys’ fees and disbursements, incurred by the Holder of this Note in collecting upon this
Note or otherwise enforcing any of the Holder’s rights hereunder.

 

4.2           The
rights and remedies herein reserved to any party shall be cumulative and in addition to any other or further rights and remedies
available at law or in equity. No delay or omission on the part of the Holder in exercising any right hereunder shall operate as
a waiver of such right or of any other right of such Holder. The waiver by any party hereto of any breach of any provision of this
Note shall not be deemed to be a waiver of the breach of any other provision or any subsequent breach of the same provision.

 

4.3           This
Note shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to
be performed wholly therein. Any suit in connection with the loan referenced herein shall be brought only in federal or state court
located in the State of New York, County of New York, and all parties to this Note consent to jurisdiction of and venue in such
courts.

 

4.4           In
the event that any provision contained herein (or part thereof) shall for any reason be held to be invalid, illegal, or unenforceable
in any respect, such invalidity, illegality, or other unenforceability shall not affect any other provision (or the remaining part
of the affected provision) hereof, but this Note shall be construed as if such invalid, illegal, or unenforceable provision (or
part thereof) had never been contained herein, but only to the extent that such provision is invalid, illegal or unenforceable.

 

    	-2-

    	 

    

 

IN WITNESS WHEREOF,
the Corporation has caused this Note to be signed in its name and executed as a sealed instrument this 14th day of April
2011.

 

	 	 	DIVERSIFIED PRIVATE EQUITY CORP.
	 	 	 
	 	 	 	By:	/s/ Tim Holderbaum
	 	 	 	Name:	Tim Holderbaum
	 	 	 	 	Title:   CFO
	 	 	 
	ACKNOWLEDGED AND AGREED:	 	 
	 	 	 
	/s/ Scott L. Mathis	 	 
	SCOTT L. MATHIS	 	 

 

    	-3-

    	 

    

  

DIVERSIFIED
PRIVATE EQUITY CORP.

 

AMENDMENT NO. 1 TO CONVERTIBLE DEMAND

PROMISSORY NOTE DATED APRIL 14, 2011

 

The Convertible Promissory
Note in the face amount of $400,000 (the “Note”), dated April 14, 2011, issued by Diversified Private Equity Corp.
(the “Issuer”), in favor of Scott L. Mathis (the “Holder”), is hereby amended as of April 13, 2012, as
described below.

 

1.          Extension
of Maturity Date: Issuer and the Holder hereby agree to extend the Maturity Date of the Note to April 13, 2013.

 

2.          Change
of Face Amount: Issuer repaid a total of $200,000 ($100,000 on 3/22/12 and $100,000 on 3/31/12) to the Holder. Therefore, the
face amount of the Note is changed to the remaining $200,000.

 

3.          Other
Terms Unchanged: All other material terms of the Note remain unchanged. Capitalized terms used but not defined herein shall
have the meanings given to such terms in the Note.

 

	 	 	 	DIVERSIFIED PRIVATE EQUITY CORP.
	 	 	 	 
	 	 	 	By:	/s/ Tim Holderbaum
	 	 	 	 	Name: Tim Holderbaum
	 	 	 	 	Title: CFO
	 	 	 	 
	 	ACKNOWLEDGED AND AGREED:	 	 
	 	 	 	 
	 	/s/ Scott L. Mathis	 	 
	 	Scott L. Mathis	 	 

 

    	 

    	 

    

  

DIVERSIFIED
PRIVATE EQUITY CORP.

 

AMENDMENT NO. 2 TO CONVERTIBLE DEMAND

PROMISSORY NOTE DATED APRIL 14, 2011

 

The Convertible Promissory
Note in the face amount of $200,000 (the “Note”), dated April 14, 2011, issued by Diversified Private Equity Corp.
(the “Issuer”), in favor of Scott L. Mathis (the “Holder”), and as amended by Amendment No. 1 dated April
13, 2012, is hereby further amended as of August 20, 2012, as described below.

 

		1.	Change of Face Amount: Holder paid an additional
$179,729.56 ($60,000 on 8/1/12 and $119,729.56 on 8/20/12) to the Holder. Therefore, the face amount of the Note is changed to
$379,729.56.

 

2.     Other
Terms Unchanged: All other material terms of the Note remain unchanged. Capitalized terms used but not defined herein shall
have the meanings given to such terms in the Note.

 

	 	 	 	DIVERSIFIED PRIVATE EQUITY CORP.
	 	 	 	 
	 	 	 	By:	/s/ Tim Holderbaum
	 	 	 	 	Name: Tim Holderbaum
	 	 	 	 	Title: CFO
	 	 	 	 
	 	ACKNOWLEDGED AND AGREED:	 	 
	 	 	 	 
	 	/s/ Scott L. Mathis	 	 
	 	Scott L. Mathis

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