Document:

Exhibit 10.43

      

      

      MEMBERSHIP INTEREST PURCHASE AGREEMENT

      

      

      THIS MEMBERSHIP PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of the 21st day of
        September, 2021 by and between JANEL GROUP, INC., a New York corporation (“Janel”), EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC, a Texas limited liability company (“ELFS”), DAVID W. FLAKE, RANDALL L. COCKRELL, STEVEN R. LALUMANDIER,
        and FREDERICK J. LALUMANDIER (each a “Seller” and, collectively, “Sellers”).

      

      

      EXPLANATORY STATEMENT

      

      

      Janel and ELFS are each engaged in the [non-asset-based transportation logistics industry].  Seller owns and desires to sell, and Janel desires to purchase, 100% of the issued and outstanding
        membership interests of ELFS and ELFS Brokerage LLC, a Texas limited liability company (collectively, the “Interests”) on the terms and conditions hereinafter set forth.

      

      

      AGREEMENT

      

      

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

      

      

      1.            Definitions; Rules of Construction.

      

      

      1.1.          For purposes of this Agreement, the terms set forth below shall have the following meanings:

      

      

      Affiliate – As used in this Agreement, an “affiliate” of a person or
          entity is a person or entity controlling, controlled by or under common control with such person or entity.

      

      

      Assumed Obligations – As defined in Section 2.3.

      

      

      Authorizations – As defined in Section 6.18.

      

      

      Base Balance Sheet – The balance sheet of ELFS as of May 31, 2021
          attached hereto as Exhibit A.

      

      

      Business Day – Any day other than a Saturday, a Sunday or a day on
          which banks in Houston, Texas are authorized or obligated by law or executive order to close.

      

      

      Cash and Cash Equivalents – means the cash and cash equivalents
          (including marketable securities, short-term investments, refunds or rebates related to insurance policy terminations or audits, and uncollected checks issued to ELFS and funds in transit to ELFS as of the Closing Date, but excluding any
          uncollected checks issued by ELFS and funds in transit from ELFS) of either of ELFS.

       

        

      
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      Cash Cushion – As defined in Section 3.4.1(b).

      

      

      Company Business –  The business heretofore operated by ELFS and/or
          ELFS Brokerage.

      

      

      Closing  –  The closing of the transactions contemplated by this
          Agreement.

      

      

      Closing Cash Deposit – As defined in Section 3.4.1.

      

      

      Closing Cash Payment – As defined in Section 3.1.2.

      

      

      Closing Date  – The date on which the Closing takes place, in
          accordance with Section 4.1.

      

      

      Closing Working Capital –  An amount equal to the accounts
          receivable of ELFS minus the accounts payable of ELFS (excluding any Retained Obligations), in each case as of the Closing Date, as finally determined in accordance with Section 3.3.

      

      

      Closing Working Capital Statement –  As defined in Section 3.3.2.

      

      

      Code – The Internal Revenue Code of 1986, as amended, and
          regulations promulgated thereunder.

      

      

      Company Assets – All of the assets of ELFS and/or ELFS Brokerage
          (whether real estate interests or personal property), with the exception of the Excluded Assets, ELFS’s customer lists and information for the past five years and related current and historical business records created or maintained by ELFS
          relating to active and inactive customers and businesses for the preceding five years and any prospective customers (including, in all instances, pricing information charged by ELFS and internal costing and vendor information as to transportation
          services); all of ELFS’s accounts receivable; all of ELFS’s security deposits; all equipment, vehicles, parts, tools, computers, computer equipment and computer software, and other assets; all associated computerized information relating to such
          business and customers; all information relating to current, historical, and planned marketing and sales of services; all interest in any names used by ELFS or its predecessors in the past five years, and all Intellectual Property utilized in
          connection therewith; all Intellectual Property owned or licensed by ELFS and used in the Company Business; all local, 800 and international telephone and telefax numbers utilized by ELFS in connection with its businesses; all goodwill; all
          prepaid rents, utility bills, license fees and other pre-paid expenses; the leasehold interests in the Facilities covered by the Facility Leases; all furniture, fixtures and equipment used in or held for use in the Facilities covered by the
          Facility Leases or in connection therewith (subject to dispositions or replacements prior to Closing in the ordinary course of business); all rights of ELFS from and after the Closing Date under vendor, customer and sales representative contracts
          of ELFS in connection with its business; all transferable governmental licenses or authorizations with respect to the conduct of the Company Business; all other transferable licenses pursuant to which any assets used in the Company Business are
          used; all prepaid rents, utility bills, license fees and other prepaid expenses of ELFS; and all other tangible and intangible assets of ELFS.

       

        

      
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      Company Business –  The non-asset-based transportation logistics business operated by
          ELFS as of the date hereof.

      

      

      Contracts – As defined in Section 6.18.

      

      

      Data Room – means the Firmex electronic documentation site
          established by ELFS counsel on behalf of ELFS.

      

      

      Employment Agreement – The Employment Agreement in substantially the
          form attached hereto as Exhibit D to be executed by each Key Employee.

      

      

      ERISA – The Employee Retirement Income Security Act of 1974, as
          amended, and the regulations issued thereunder.

      

      

      Estimated Closing Working Capital – As defined in Section 3.2.1.

      

      

      Estimated Closing Working Capital Statement –  As defined in Section
          3.3.1.

      

      

      Estimated Purchase Price Adjustment – As defined in Section 3.3.1.

      

      

      Excluded Assets – The items listed on Schedule 1.1(b),
          including all Cash and Cash Equivalents, the security deposit for ELFS current leased premises in Houston, Texas (the “Houston Security Deposit”) and any equity interests, assets or liabilities relating to, arising from, or in connection
          with ELFS Management, Inc., a Texas corporation.

      

      

      Facilities – The leased office, warehouse, and terminal space and
          other real property occupied by ELFS as part of the Company Business, as more specifically set forth on Schedule 6.14.

      

      

      Facility Leases – The current leases entered into by ELFS with
          respect to the Facilities.

      

      

      Financial Statements – As defined in Section 6.11.

      

      

      Forgiveness Period – means the period from the Closing through
          [April 16, 2022].

      

      

      Fraud – means fraud, gross negligence or willful misconduct of any
          of Sellers or or any other act or omission of Sellers with the intent to deceive and mislead, or of inducing reliance on behalf of Janel in connection with this Agreement.

      

      

      Fundamental Representations – The representations and warranties set
          forth in Sections 6.1, 6.2, 6.3, 6.6, 6.7, 6.9(a), 6.17, 6.24, 6.25 and 6.26.

       

        

      
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      Funds Flow Statement – A statement detailing the flow of funds to be
          paid by Janel in accordance with Section 3.1 specifying the name of each payee, the amount to be received by such payee, and the wire or other payment instructions for each payee, such statement to be executed by Sellers and delivered to Janel at
          least two (2) days prior to the Closing.

      

      

      GAAP – means United States generally accepted accounting principles
          in effect from time to time, as modified by the Financial Reporting Framework for Small and Medium Entities.

      

      

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

      

      

      Indebtedness – all (a)
            indebtedness for borrowed money; (b) obligations for the deferred purchase price of property or services (other than trade payables and other current liabilities incurred in the ordinary course of business), (c) long or short-term obligations
            evidenced by notes, bonds, debentures or other similar instruments; (d) obligations under any interest rate, currency swap or other hedging agreement or arrangement; (e) reimbursement obligations under any letter of credit, banker’s acceptance
            or similar credit transactions to the extent drawn or funded; (f) guarantees made by the Company on behalf of any third party in respect to obligations of the kind referred to in the foregoing clauses (a) through (e); and (g) any unpaid
            interest, prepayment penalties, premiums, costs and fees that would arise or become due as a result of the prepayment of any of the obligations referred to in the foregoing clauses (a) through (f), provided the Insurance Premiums Notes shall
            not be deemed Indebtedness.

      

      

      Indebtedness Amount – As defined in Section
          3.1.1.

      

      

      Indemnified Party – means a Party making a claim for indemnification under Section 12 below.

      

      

      Independent Accountant – Shall mean Moss
          Adams LLP1

      

      

      Insurance Premium Notes –
          shall mean the notes set forth on Schedule 6.13, items 7 and 8 and any money due thereunder.

      

      

      Insurance Refunds – As defined in Section 3.4.2.

      

      

      

      1 Note to Seller: Does ELFS have a specific independent accountant in mind? This remains subject to Janel approval.

      

      

      
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      Intellectual Property – All (i) patents and patent applications,
          (ii) registered trade names, trade dress, logos, slogans, Internet domain names, Controlled Pages (e.g. social media accounts), registered and unregistered trademarks and service marks and related registrations and applications for registration,
          and all goodwill symbolized thereby, (iii) registered copyrights in both published and unpublished works, including without limitation all compilations, databases and computer programs, manuals and other documentation and all copyright
          registrations and applications, (iv) rights under applicable United States state trade secret laws as are applicable to know-how and confidential information, and (v) computer software (including, without limitation, source code, executable code,
          data, databases, and documentation).

      

      

      Interests – As defined in the Explanatory Statement.

      

      

      Janel – As defined in the introductory paragraph of this Agreement.

      

      

      Key Employees – Shall mean Frederick J. Lalumandier, David W. Flake
          and Randall L. Cockrell.

      

      

      Knowledge – including the phrase “knowledge of ELFS”, “knowledge of
          Seller” or anything similar, means the actual knowledge of David W. Flake, Randall L. Cockrell and Frederick J. Lalumandier, or the knowledge that such individual would have obtained if he would have conducted reasonable inquiry of the employees
          that report directly to such individual.

      

      

      LC Deposits – As defined in Section 3.4.1(a).

      

      

      Material Adverse Effect – A material adverse effect on the business,
          assets, liabilities, condition (financial or otherwise) or results of operations, taken as a whole, of ELFS or the Company Business; provided, however, that “Material Adverse Effect” shall not include any event, occurrence, fact, condition or
          change, directly or indirectly, arising out of or attributable to: (A) general economic or political conditions; (B) conditions generally affecting the industries in which the Company operates; (C) any changes in financial, banking or securities
          markets in general, including any disruption thereof and any decline in the price of any security or any market index or any change in prevailing interest rates; (D) acts of war (whether or not declared), armed hostilities or terrorism, or the
          escalation or worsening thereof; (E) any action required or permitted by this Agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of Janel; (F) any changes in applicable laws or accounting
          rules or the enforcement, implementation or interpretation thereof; (G) the announcement, pendency or completion of the transactions contemplated by this Agreement; (H) any natural or man-made disaster or acts of God, acts of war, sabotage,
          terrorism, national emergency, cyberattacks or escalation thereof; or (I) any failure by ELFS to meet any internal projections, forecasts or revenue or earnings predictions; or (J) any COVID-19 related measures, including any quarantine, “shelter
          in place,” “stay at home,” workforce reduction, social distancing, shut down, closure, sequester, safety or similar Law, directive or guidelines, in each case promulgated by any Governmental Authority, including the CDC and the WHO, in each case,
          in connection with or in response to COVID-19, including the CARES Act and the Families First Corona Virus Response Act.

      

      

      Notes – As defined in Section 3.1.3.

      

      

      
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      Objection Statement – As defined in Section 3.2.2.

      

      

      Operating Profit – means the Income from Operations for the relevant
          period calculated in the same manner as the Income from Operations reported on the audited Combined Statements of Income and Changes in Members’ Equity for the year ended December 31, 2020 is calculated, subject to adjustments as set forth in
          Section 3.2.2(b).

      

      

      Pass-Through Tax Return – Any income tax return filed by, or with
          respect to, the Company on which the Company is treated as a partnership within the meaning of Subchapter K of the Code (or any corresponding provisions of state or local tax law) and with respect to which any taxable income or loss shown on a
          tax return is required to be reflected in the income tax return of its members.

      

      

      Permitted Liens – (a) liens for Taxes, assessments or other
          governmental charges or levies that are not yet due or payable or that are being contested in good faith; (b) statutory liens of landlords and for which appropriate reserves have been established; (c) liens of carriers, warehousemen, mechanics,
          materialmen, repairmen and other liens imposed by law for amounts not yet due or that are being contested in good faith; (d) liens incurred or deposits in connection with workers’ compensation, unemployment insurance or other types of social
          security and similar legislation; (e) liens resulting from any facts or circumstances relating to Janel or its Affiliates; (f) minor defects, irregularities in title, easements, rights of way, zoning, building, development and land use
          restrictions to the extent that such matters described in this clause (g) do not materially interfere with the present use or occupancy of the relevant Facility; and (h)  (i) purchase money liens and liens securing rental payments under capital
          lease arrangements; (j) liens of lessors and licensors arising under lease agreements or license arrangements; (k) other liens arising in the ordinary course of business and not incurred in connection with the borrowing of money; (l) prior to the
          Closing, liens securing Indebtedness to be paid off at the Closing; and (m)  other liens that either individually or in the aggregate do not have a Material Adverse Effect.

      

      

      Post-Closing Adjustment – As defined in Section 3.3.2.

      

      

      PPP – means the Paycheck
            Protection Program, authorized by Section 1106 of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and administered by the Small Business Administration

      

      

      PPP Loan – The loan, evidenced by that certain promissory note dated
          April 16, 2020, in the principal amount of $2,011,300 from the PPP Lender to ELFS which was issued under the PPP.

      

      

      Purchase Price – As defined in Section 3.1.

      

      

      Restricted Period – As defined in Section 11.1.

      

      

      Retained Obligations – As defined in Section 2.2.

       

        

      
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      Securities Act – The Securities Act of 1933, as amended.

      

      

      Withheld Amounts – As defined in Section
          12.5.

      

      

      1.2          The Explanatory Statement is hereby incorporated into this Agreement and made a part hereof.

      

      

      1.3.          The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of
        this Agreement.

      

      

      1.4.       Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, to the singular include the plural, to the part include the whole, and to
        the male gender shall also pertain to the female and neuter genders and vice versa.  The term “including” is not limiting, and the term “or” has the inclusive meaning represented by the phrase “and/or”.  The words “hereof,” “herein,” “hereby,”,
        “hereto”, “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.  Section, Schedule, Exhibit and clause references are to this Agreement unless otherwise specified.

      

      

      2.            Purchase of Interests; Retention of Liabilities.

      

      

      2.1.        On the terms and subject to the conditions set forth in this Agreement, each Seller hereby agrees to sell, transfer and assign to Janel, and Janel hereby agrees to purchase from
        Sellers, on the Closing Date, all of the right, title and interest of Sellers in and to the Interests, as more particularly set forth on Schedule 2.1.  Janel, at its option, may designate one or more direct or indirect subsidiaries or
        Affiliates of Janel to purchase the Interests, provided that such subsidiaries or Affiliates also execute this Agreement.

      

      

      2.2.       Prior to the Closing, ELFS shall assign and Sellers or their designees, other than ELFS, will assume the obligations of ELFS listed on Schedule 2.2 (the “Retained Obligations”).

      

      

      2.3.       Subject in all respects to Section 2.2 above, at the Closing, Janel will assume (a) liabilities for trade payables and accrued expenses incurred by ELFS in the ordinary course of
        business, (b) liabilities pursuant to the Facility Leases, in either case as of and after the Closing Date, and (c) any other liabilities other than Indebtedness of ELFS as of the Closing Date or Retained Obligations (collectively, the “Assumed
          Obligations”).

      

      

      3.            Consideration.

      

      

      3.1.        The consideration (the “Purchase Price”) for all of the Interests shall be Nineteen Million and No/100 Dollars ($19,000,000), plus the Earn-Out in accordance with Section 3.2,
        and subject to adjustment pursuant to Section 3.3, which shall be paid by Janel at the Closing in accordance with the Funds Flow Statement, as follows:

       

      

      
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      3.1.1.     An amount sufficient to repay all Indebtedness of ELFS (but expressly excluding the Insurance Premium Notes) as of the Closing Date (the “Indebtedness

          Amount”) to the holders of such Indebtedness on behalf of ELFS.

      

      

      3.1.2.       An amount (the “Closing Cash Payment”) to Sellers in the aggregate equal to (i) Thirteen Million and No/100 Dollars ($13,000,000), minus,
        (ii) the Indebtedness Amount.

      

      

      3.1.3.       Delivery of a promissory note to each Seller, each substantially in the form attached hereto as Exhibit B, in (i) the respective
        principal amounts set forth on Schedule 2.1, which in the aggregate shall equal Six Million and No/100 Dollars ($6,000,000), and, (ii) plus or minus (as applicable) the Estimated Purchase Price Adjustment (the “Notes”).

      

      

      3.2.        Earn-Out.

      

      

      3.2.1.     Subordination of Earn-Out.   The obligations of Janel to pay any Earn-Out are subject to the Subordination Agreement dated as of the date hereof by and among the Sellers and
        Santander Bank, N.A. (“Santander Bank”).

      

      

      3.2.1.        Following the Closing, each of the Sellers shall be entitled to receive their pro-rata share of an earn-out payment in accordance with this
        Section 3.2.  The amount of the earn-out payments (each an  “Earn-Out Payment” and collectively the “Earn-Out Payments”) shall be equal one third (1/3) of all Operating Profit earned by ELFS after the Closing with respect to the four
        (4) twelve (12) month periods following the Closing Date, meaning the respective periods commencing on October 1, 2021 – September 30, 2022; September 1, 2022 – August 31, 2023; October 1, 2023 – September 30, 2024; and October 1, 2024 – September
        30, 2025 (each an “Earn-Out Year” and collectively the “Earn-Out Years”).

      

      

      3.2.2.      During the duration of the Earn-Out Years, Janel shall cause distinct accounting records to be maintained for the business of ELFS regardless of
        whether such business continues to operate as a subsidiary of Janel or is liquidated and thereafter operates as a division of Janel. The business of ELFS existing on the Closing Date shall thereafter be deemed to include any property added thereto
        in the normal course of business, in substitution for assets of ELFS which are disposed of, and additional or new products developed by ELFS in connection with its business as in existence on the Closing Date. Except as hereinafter provided, Janel
        hereby covenants and agrees that during the period of time when Sellers are eligible to earn the Earn-Out Payments:

       

      (a)          At the Closing, Seller Representative shall be entitled to serve as a member of the Board of Managers of ELFS to the extent Janel elects to
        continue the limited liability company existence of ELFS, subject to the terms and conditions of the operating agreement of ELFS, as the same may be amended from time to time.

      

      

      (b)          For purposes of calculating the Earn-Out Payments, no general overhead allocation shall be made to ELFS, but Janel shall be entitled to charge
        ELFS for direct services performed for ELFS or purchased for it in the following areas:

       

      

      
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      (1)        Advertising.  ELFS will be charged for all direct costs associated with advertising directly related to the business of ELFS, such as the actual cost of advertising space in
        publications and third party agency charges directly relating to such advertisements. ELFS will not be charged for (i) general Janel corporate advertising, (ii) any time devoted by Janel employees to advertising activities on behalf of ELFS or
        (iii) any indirect costs associated with such advertising.

      

      

      (2)        Audit Fees.  Direct charges for the work performed by Janel’s independent public accountants in preparing the audit of ELFS will be passed on to ELFS on an annual basis. ELFS
        will not be charged for any other portion of Janel’s annual audit, or for any time devoted by Janel employees in preparing ELFS’s audit. The audit plan and related fees shall be reviewed with Sellers prior to the commencement of the audit.

      

      

      (3)         Benefit Plans.  In the event Janel makes any changes to the current ELFS employee benefit plans, including moving employees to Janel benefit plans, the cost of such plans for
        purposes of the definition of Operating Profit shall be equal to the amount paid for such benefits plans by ELFS as of the Closing, plus a reasonable increase as agreed to by Janel and the Seller’s Representative.

      

      

      (4)         Corporate Services.  Services involving facilities, contract administration, print shop, travel agencies and volume purchase agreements will be available to ELFS in accordance
        with Janel policy and will be charged only to the extent of direct costs incurred. There will be no charge for the time of Janel employees in providing such services.

      

      

      (5)       Corporate Participation.  ELFS shall bear all costs incurred directly by its managers in connection with compliance by ELFS with all reasonable reporting requirements and
        attendance by its management at management meetings.

      

      

      (6)        Legal Services.  ELFS will be required to utilize legal services in accordance with Janel policy and will be charged for such services on an hourly basis.

      

      

      (7)         Management Bonuses. ELFS will be charged for all bonuses paid to ELFS employees.

      

      

      (8)        Tag and Consulting Fees.  All fees charged to Janel by its outside auditors relating consulting fees incurred on ELFS’s behalf and at their request will be charged to ELFS.

      

      

      (9)        Insurance.  ELFS will be charged for direct costs associated with including ELFS as an additional insured on Janel’s property and casualty insurance policies.

      

      

      (10)       ELFS CFO.  ELFS will be charged for the compensation and payroll costs for a chief financial officer for ELFS, other than $50,000 of such costs which shall not be charged to
        ELFS.

       

      

      
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      (11)       Reference herein to the providing of time of Janel employees to ELFS without charge shall be interpreted to mean reasonable amounts of time at reasonable points in time consistent with
        the other duties of such employees and shall in no case involve the full time permanent services of any employee.

      

      

      (c)         Except in connection with a merger with or into, or acquisition by, Janel or an Affiliate of Janel, Janel will not, without the consent of Sellers, sell, abandon or terminate the
        business of ELFS.

      

      

      (d)         All transactions between ELFS and other divisions or subsidiaries of Janel involving custom work or personal services provided by either party to the other shall be provided by such
        party on a basis no less favorable than such party charges to its most favored customers.

      

      

      (e)          Janel shall provide ELFS working capital to be used by ELFS to develop or continue its business as conducted immediately prior to the Closing.

      

      

      (f)          Within the constraints imposed by Janel company policy, Sellers shall be entitled to make all day to day decisions including, but not limited to, those relating to (i) the hiring,
        termination and  compensation of employees, (ii) product development, (iii) markets to be served, (iv) price adjustments and (v) facility requirements. It is understood and agreed, however, that all such decisions are subject to review by the Janel
        manager to whom Sellers report, and that after consultation with Sellers, if such Janel manager disagrees with such decisions, the decision of such Janel manager shall be final with respect to all such areas.

      

      

      Subject only to the foregoing, Janel may maintain and manage the business, personnel and operations of ELFS as it would any other division or subsidiary. Janel will consult with Sellers on all matters which could
        have a material adverse effect on Sellers’ ability to earn the Earn-Out Payments, and shall not implement or make any decision on any matter which could have such a material adverse effect on Sellers’ ability to earn the Earn-Out Payments, and
        shall not implement or make any decision on any matter which could have such a material adverse effect on Sellers’ ability to earn the Earn-Out Payments, in either case without making appropriate adjustments to the calculation of Operating Profit.

      

      

      3.2.3.       Not later than 120 days following the end of each Earn-Out Year, Janel shall cause to be prepared and delivered to Seller Representative a calculation of the Earn-Out for such
        Earn-Out Year, together with documentation supporting such calculation (the “Earn-Out Statement”), and shall pay the Sellers the Earn-Out due (if any) for such Earn-Out Year within three (3) Business Days of delivery of such Earn-Out
        Statement.

      

      

      3.2.4.        Review and Dispute Procedures.

       

      

      3.2.4.1.    Janel shall give Seller and other appropriate representatives of Seller such access during normal business hours to the books, records and personnel of Janel relating to ELFS Business
        as Seller shall reasonably request in order to evaluate the Earn-Out Statements. 

       

      

      
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      3.2.4.2.    If Seller Representative objects to any of the Earn-Out Statements, Seller Representative must deliver to Janel a notice of objection (an “Objection Notice”) with respect to
        such within thirty (30) Business Days following Janel’s delivery of the Earn-Out Statements (the “Objection Period”).

      

      

      3.2.4.3.    If no Objection Notice is delivered to Janel within such Objection Period or if Seller Representative delivers to Janel a notice of acceptance of such calculations, the Earn-Out
        Statements shall be final and binding, and any Earn-Out Payment shall be paid by Janel to Seller in accordance with Section 3.2.3.

      

      

      3.2.4.4.    If an Objection Notice is timely given, Janel and Seller Representative shall attempt in good faith to resolve the objection which must include an in-person meeting with Seller
        Representative and Janel representatives on hand to resolve the objection. If Janel and Seller Representative are unable to reach agreement within twenty (20) Business Days after an Objection Notice has been given, the parties shall submit their
        final calculations of the items in dispute to an Independent Accountant as soon as practical following the end of such twenty (20) Business Days period, but in any event within forty-five (45) Business Days after the applicable Objection Notice has
        been received by Janel (which time period may be extended for an additional period by the Independent Accountant not to exceed an additional forty-five (45) Business Days at the request only of Seller Representative).  The Independent Accountant
        will be directed to review such final calculations and, within fifteen (15) days thereafter, make a selection as to which of the final calculations presented to it is, in the aggregate, more accurate and to provide a written report that sets forth
        the Independent Accountant’s determination of the Earn-Out Statements. The resolution of the dispute by the Independent Accountant will be final and binding on the parties hereto and any Earn-Out Payments shall be paid by Janel to Seller in
        accordance with Section 3.2.3. The fees and expenses of the Independent Accountant shall be paid by the party whose proposed calculation is not selected by the Independent Accountant.

      

      

      3.2.5.       Tax Treatment.  Any payment of the Earn-Out Payments shall be treated as an adjustment to the Purchase Price under this Agreement for tax purposes.

      

      

      3.3.          Purchase Price Adjustment for Closing Working Capital.

      

      

      3.3.1.      At least three Business Days before the Closing Date, ELFS shall prepare and deliver to Janel a
          statement setting forth its good faith estimate of Closing Working Capital (the “Estimated Closing Working Capital”), which statement shall contain: (1) an estimated balance sheet of ELFS as of
          the Closing Date (without giving effect to the transactions contemplated herein) prepared using the same accounting methods, practices, principles, policies and procedures that were used in the preparation of the Financial Statements, and (2) a
          calculation of Estimated Closing Working Capital (the “Estimated Closing Working Capital Statement”). The parties agree that the target Closing Working Capital is $9,000,000 and that the Purchase Price will be adjusted based on the
          Estimated Closing Working Capital and Post-Closing Adjustment, as follows.  To the extent that the Estimated Closing Working Capital is lower than $8,000,000 or greater than $10,000,000 (the “Working Capital Range”), the Purchase Price
          shall be decreased or increased, respectively, by the amount of such deficiency or excess, as the case may be (the “Estimated Purchase Price Adjustment”).  An adjustment to the Purchase Price will only be made to the extent that the
          Estimated Closing Working Capital is an amount that is lower than $8,000,000 or greater than $10,000,000.

       

        

      
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      3.3.2.      Within 60 days after the Closing Date, Janel shall prepare and deliver to Sellers a statement
          setting forth its calculation of Closing Working Capital, (the “Closing Working Capital Statement”). The difference between the Closing Working Capital and the Estimated Closing Working Capital shall be the “Post-Closing Adjustment”;

          provided, however, if the Closing Working Capital is within the Working Capital Range no adjustment to the Purchase Price shall be made hereunder. After receipt of the Closing Working Capital Statement,
          Seller shall have 30 days to review the Closing Working Capital Statement. On or prior to the last day of such review period, Seller may object to the Closing Working Capital Statement by delivering to Janel a single written statement signed by
          Seller setting forth in reasonable detail each disputed item or amount and the basis for Seller’s disagreement therewith (the “Objection Statement”). If Seller fails to deliver the Objection Statement before the expiration of the review
          period, the Closing Working Capital Statement shall be deemed to have been accepted by Seller. If Seller delivers the Objection Statement before the expiration of the review period, Janel and Seller shall negotiate in good faith to resolve such
          objections within 30 days after the delivery of the Objection Statement.

      

      

      3.3.3.      Resolution of Disputes.  If Sellers and Janel fail to reach an agreement with respect to the
          Objection Statement within the time set forth above, then any amounts remaining in dispute shall be submitted for resolution to an Independent Accountant who, acting as experts and not arbitrators, shall resolve the disputed amounts only and make
          any adjustments to the Post-Closing Adjustment, as the case may be, and the Closing Working Capital Statement. The Independent Accountant shall only decide the specific items under dispute by the parties and their decision must be within the
          range of values assigned to each such item in the Closing Working Capital Statement and the Objection Statement, respectively.  The Independent Accountant shall make a determination within 30 days (or such other time as the parties hereto shall
          agree in writing) after their engagement, and this determination shall be conclusive and binding upon the parties hereto. The fees and expenses of the Independent Accountant shall be paid by Sellers and Janel, based upon the percentage that the
          amount actually contested but not awarded to Sellers or Janel, respectively, bears to the aggregate amount actually contested by Sellers and Janel.

      
        

        

      

      3.3.4.      Payments of Post-Closing Adjustment. To the extent the Estimated Closing Working Capital is
          greater than the Working Capital Range, then the Purchase Price shall be decreased by the Post-Closing Adjustment and vice versa. Such reduction or increase in the Purchase Price, as the case may be, shall be proportionately deducted from or
          added to, as the case may be, the first principal payment due under the Notes.  The final Closing Working Capital Statement and the Post-Closing Adjustment shall supersede and override the Estimated Closing Working Capital Statement and the Estimated Purchase Price Adjustment.

       

        

      
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      3.4.        Post-Closing Cash.

      

      

      3.4.1.      Comerica Bank.  The Sellers agree that as of the Closing, the aggregate amount of $1,500,000 (the “Closing Cash Deposit”) will remain on deposit in one or more of ELFS’s
        Comerica Bank accounts.  The Closing Cash Deposit will remain an Excluded Asset for all purposes of this Agreement, but Sellers hereby grant to Janel the right to use the Closing Cash Deposit following the Closing, as follows:

      

      

      	

            	(a)	
              $842,800 (the “LC Deposits”) as cash securing the letters of credit issued by Comerica Bank described in Section 6.13 of the Disclosure Schedule (the “Existing Letters of Credit”); and

            

      

      

      	

            	(b)	
              $657,200 (the “Cash Cushion”) to be used by ELFS following the Closing as needed for operations.

            

      

      

      The LC Deposits shall be remitted and paid to the Seller Representative on behalf of the Sellers when and as replacement letters of credit are issued by Santander Bank for the credit of Janel to replace the Comerica
        Bank letters of credit, but, in any event, no later than 90 days following the Closing Date and shall not be subject to any subordination by Sellers to Santander Bank.  The Cash Cushion shall be remitted and paid to the Seller Representative on
        behalf of the Sellers within 30 days following the Closing Date, subject to the subordination by Sellers to Santander Bank of Janel’s obligations to Sellers.

      

      

      3.4.2.      Insurance Premium Refunds.  The parties acknowledge that portions of certain insurance premiums paid by ELFS prior to the Closing and certain insurance rebates related to
        audits will be refunded to ELFS following the Closing (the “Insurance Refunds”).  The parties agree that the Insurance Refunds are Excluded Assets for all purposes of this Agreement, shall be remitted to the Seller Representative on behalf
        of the Sellers within two business days following availability of the funds to ELFS and shall not be subject to any subordination by Sellers to Santander Bank.

      

      

      
        4.            Closing.

      

      

      

      4.1.        The Closing shall take place on the date of this Agreement (the “Closing Date”) at such place as shall be agreed upon by the parties hereto, time being of the essence.

      

      

      4.2.         At the Closing (i) each Seller will assign and transfer to Janel all of such Seller’s right, title and interest in and to the Interests free and clear of all liens, security interests,
        claims or encumbrances, by delivery of a duly executed Assignment of Interests in the form of Exhibit C hereto, and (ii) the parties shall deliver the certificates (if any) and other contracts, documents and instruments required to be
        delivered by them, respectively, as set forth in Sections 9 and 10.

       

      

      
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        5.            Representations and Warranties of Janel.

      

      

      

      Janel represents and warrants to ELFS and Sellers as follows:

      

      

      5.1.        Janel Existence and Good Standing.  Janel: (i) is a corporation duly organized, validly existing, and in good standing under the laws of New York; (ii) has the corporate power
        and authority to own, lease, and operate its properties and carry on its business as now being conducted by it; and (iii) is, or has filed for qualification to be, duly licensed, qualified and authorized to do business as a foreign corporation in,
        and in good standing in, each jurisdiction in which failure to be so licensed, qualified, authorized, or in good standing will have a material adverse effect on the business or properties (owned, leased, or operated) of such entity, and is not
        aware of any reason for which any such filing for qualification will not be effective without cost above customary filing fees and expenses.

      

      

      5.2.       Power and Authority; Authorization. Janel has full power and authority to enter into, execute and deliver this Agreement, and to perform its obligations hereunder. The execution,
        delivery, and performance of this Agreement by Janel have been duly authorized and approved by the Board of Directors of Janel, subject to all contingencies set forth herein. This Agreement has been, and each of the Exhibits hereto and other
        documents required hereunder (if applicable) will be, on the Closing Date, duly executed and delivered by or on behalf of Janel and are the legal, valid, and binding obligations of Janel in accordance with their respective terms, subject (as to the
        enforcement of remedies) to laws of general application relating to bankruptcy, insolvency and the relief of debtors and (as to the availability of equitable remedies) to the discretion of the equity tribunal having jurisdiction.

      

      

      5.3.         No Violations. The execution, delivery, and performance of this Agreement by Janel will not violate (with or without the giving of notice or the lapse of time, or both) any
        organizational document of Janel, or require any registration, qualification, consent, approval, or filing under (except as set forth on Schedule 5.4), any law, ordinance or regulation binding on Janel and will not conflict with, require
        any consent or approval under, result in the breach of any provision of, constitute a default under, result in the acceleration of the performance of its obligations under, cause or allow for the termination of the certificate of incorporation,
        bylaws, any stockholder agreements, any debt instrument, mortgage, deed of trust, license, permit, franchise, lease, contract, or other instrument or agreement to which Janel is a party, or any judgment, order, writ or decree of any court,
        arbitrator or governmental agency by which Janel or any of its assets or properties is bound except as would not have a Material Adverse Effect on the transactions contemplated herein.  Neither Janel nor any of its assets or properties is subject
        to or bound or affected by any constituent instrument provision, debt instrument, mortgage, deed of trust, license, permit, franchise, lease, contract, other instrument or agreement, judgment, order, writ, decree, injunction, law, statute,
        ordinance or regulation, or any other restriction of any kind or character, which would prevent Janel from entering into, or performing its obligations under, this Agreement, except for such instruments the violation(s) of which can be cured at an
        aggregate immaterial cost or expense to Janel and, with or without being cured, will not prevent Janel from consummating the transaction contemplated herein.

      

      

      5.4.        Approvals Required.  Except as set forth on Schedule 5.4, no approval, authorization, consent, clearance, order or other action of, or filing with, any person, firm or
        corporation, or any court, administrative agency or other governmental authority, or any governmental or non-governmental trade group, is required by Janel in connection with the execution and delivery by Janel of this Agreement, the Notes or the
        performance by Janel of the transactions described herein.

       

      

      
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      5.5.        Investment Intent.  The Interests are being acquired solely for the account of Janel and not with a view to, or for resale in connection with, a distribution of all or any part
        thereof.  Janel has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Interests.  Neither Janel nor any Affiliate of Janel has made any commitment to sell,
        transfer or assign, and each such person has no presently arranged plan or intention to sell, transfer, or assign any of the Interests.  Janel acknowledges that the Interests are not registered pursuant to the Securities Act or any state securities
        laws.

      

      

      5.6.        Litigation. There is no pending action, or order or proceeding with any governmental entity or agency or to the actual knowledge of Janel, threatened against Janel (or any of
        its governing Persons or Affiliates) that could prevent, cause any material delay, or materially impair Janel’s ability to perform its obligations under this Agreement.

      

      

      5.7.       Janel’s Reliance. Janel acknowledges that it has had and its representatives have been permitted access to the books and records, facilities, equipment, tax returns, contracts,
        insurance policies (or summaries thereof) and other properties and assets of ELFS that Janel and its representatives have desired or requested to see or review, and that Janel and its representatives have had a full opportunity to meet with the
        officers, management and employees of ELFS to discuss ELFS, its business, and its collective operations. In connection with Janel’s investigation, Janel acknowledges, represents and warrants that it may have received from the Sellers or ELFS
        certain projections, forward-looking statements and other forecasts and certain business plan information. Janel acknowledges that there are uncertainties inherent in attempting to make such estimates, projections, and other forecasts and plans,
        that Janel is familiar with such uncertainties, that Janel is taking full responsibility for making its own evaluation of the adequacy and accuracy of all estimates, projections and other forecasts and plans so furnished to it (including the
        reasonableness of the assumptions underlying such estimates, projections, forecasts or plans), and that Janel shall not have or make any claim against any Person with respect thereto.  Janel acknowledges that, except for the representations and
        warranties contained in this Agreement and the Ancillary Transaction Documents, none of ELFS, or any Seller hereby makes any other express or implied representation or warranty hereunder with respect to ELFS or the transaction.  Janel acknowledges
        that none of the Sellers or any other person has made any representation or warranty, expressed or implied, as to the accuracy or completeness of any information regarding ELFS and the Company Business, in each case except as expressly set forth in
        this Agreement and the Ancillary Transaction Documents, and all other representations and warranties are expressly disclaimed by Sellers. Notwithstanding anything to the contrary in this Agreement, nothing in this Section 5.7 shall limit, or shall be construed or deemed to limit in any way whatsoever, any right or remedy of any person against any other person in the event of Fraud.

       

      

      
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      5.8.       Financial Ability; Solvency. Janel has sufficient immediately available funds to pay the amount of the Closing Cash Payment and all other amounts payable pursuant to this
        Agreement and the Notes, to consummate all of the transactions contemplated hereby, and to satisfy all other costs and expenses arising in connection herewith. Immediately prior to and immediately after the consummation of the transactions
        contemplated by this Agreement, the assets of Janel (including following the Closing, ELFS) will exceed the liabilities of Janel.

      

      

      
        6.            Representations and Warranties of ELFS and Sellers.

      

      

      

      ELFS and the Sellers jointly and severally, except with respect to Sections 6.3 and 6.6 and any other subsection where the context is clear that such representation is only as to a particular
        Seller (in which case solely, just the applicable Seller(s)) represent and warrant to Janel as follows:

      

      

      6.1.       Existence and Good Standing.  Each of ELFS and ELFS Brokerage: (i) is a limited liability company duly organized, validly existing, and in good standing under the laws of Texas;
        (ii) has the power and authority to own, lease, and operate its properties and carry on its business as now being conducted by it; and (iii) is duly licensed, qualified and authorized to do business as a foreign entity in, and in good standing in,
        each jurisdiction in which failure to be so licensed, qualified, authorized, or in good standing will have a Material Adverse Effect on the business or properties (owned, leased, or operated) of ELFS or ELFS Brokerage.

       

      

      
        6.2.        Capitalization.  The membership interests of ELFS and ELFS Brokerage consist only of the Interests as more particularly set forth on Schedule 2.1. All of the Interests
          have been duly authorized, are validly issued, fully paid and non-assessable, and are owned of record and beneficially by Sellers as shown on Schedule 2.1, free and clear of all liens and encumbrances  except as set forth on Schedule
            6.3. All of the Interests were issued in material compliance with applicable laws. None of the Interests were issued in violation of any agreement, arrangement or commitment to which Seller or ELFS is a party or is subject to or in
          violation of any preemptive or similar rights of any Person.

      

      
        

        

      

      6.3.        Title to Interests; Options.  Sellers each have lawful, record and beneficial ownership to the Interests, free and clear of any lien, claim or encumbrance  except as set forth
        on Schedule 6.3.  Except as set forth on Schedule 6.3, there are no outstanding or authorized options, warrants, calls, subscriptions, rights, convertible securities, commitments, agreements, or understandings of any character
        obligating ELFS, ELFS Brokerage or any member or other equity owner of ELFS or ELFS Brokerage to issue any Interests, or any other interest in, ELFS or ELFS Brokerage. Without limiting the foregoing, ELFS and/or ELFS Brokerage does not have
        outstanding or authorized any interest appreciation, phantom stock, profit participation or similar rights and there are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting or
        transfer of any of the Interests, except as set forth on Schedule 6.3 and except for rights granted to Janel under this Agreement.

      

      

      6.4.        Subsidiaries; ELFS Brokerage.  Other than as set forth on Schedule 2.1, ELFS and ELFS Brokerage do not have any subsidiaries and neither ELFS nor ELFS Brokerage owns,
        directly or indirectly, any interest in, or control any, corporation, partnership, joint venture or other business association. Notwithstanding anything in this Agreement to the contrary, the representations and warranties set forth in this
        Agreement with respect to ELFS shall be deemed to apply mutatis mutandis to ELFS Brokerage and all subsidiaries of ELFS or ELFS Brokerage.

       

      

      
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      6.5.        No Restrictions.  Without limiting the generality of other representations and warranties contained herein, ELFS has maintained its own records with respect to its customers
        containing the name, address, contact information, customer requirements, and shipping rates with respect to each of ELFS’s customers over the past five years, except as set forth on Schedule 6.5.  Neither ELFS nor any Seller has any
        Knowledge of any restrictive covenants or non-solicit restrictions applicable to ELFS with respect to any current customers of ELFS.

      

      

      6.6.         Power and Authority; Authorization.  Each Seller and ELFS has full power and authority to enter into, execute and deliver this Agreement, and to perform each of its obligations
        hereunder. The execution, delivery, and performance of this Agreement by ELFS have been duly authorized and approved by the Managers of ELFS. This Agreement has been, and each of the Exhibits hereto and other documents required hereunder (if
        applicable) will be, on the Closing Date, duly executed and delivered by or on behalf of ELFS and Seller, and are the legal, valid, and binding obligations of ELFS and Seller in accordance with their respective terms, subject (as to the enforcement
        of remedies) to laws of general application relating to bankruptcy, insolvency and the relief of debtors and (as to the availability of equitable remedies) to the discretion of the equity tribunal having jurisdiction.

      

      

      6.7.        No Violations.  Except as set forth on Schedule 6.7, and except where no Material Adverse Effect would occur, the execution, delivery, and performance of this Agreement
        by ELFS and Sellers (i) will not violate (with or without the giving of notice or the lapse of time, or both) any organizational document of ELFS, or require any registration, qualification, consent, approval, or filing under any law, ordinance or
        regulation binding on ELFS or any Seller, and (ii) will not:

      

      

      (a)          conflict with, require any consent or approval under, result in the breach of any provision of, constitute a default under, result in the acceleration of the performance of its
        obligations under, cause or allow for the termination of, or

      

      

      (b)          result in the creation of any claim, lien, charge, or encumbrance (except for Permitted Liens) upon, any Interests or other equity interests in ELFS or any of its properties, assets,
        or businesses, pursuant to the certificate of incorporation, bylaws, any stockholder agreements, any debt instrument, mortgage, deed of trust, trust agreement, license, permit, franchise, lease, contract, or other instrument or agreement to which
        ELFS or any Seller is a party, or any judgment, order, writ or decree of any court, arbitrator or governmental agency by which ELFS or any Seller or any of their respective assets or properties is bound. Except as set forth on Schedule 6.7,
        neither ELFS nor any Seller nor any of their respective assets or properties is subject to or bound or affected by any constituent instrument provision, debt instrument, mortgage, deed of trust, trust agreement, license, permit, franchise, lease,
        contract, other instrument or agreement, judgment, order, writ, decree, injunction, law, statute, ordinance or regulation, or any other restriction of any kind or character, which would prevent ELFS or any Seller from entering into, or performing
        its obligations under, this Agreement, except for such instruments the violation(s) of which can be cured at an aggregate immaterial cost or expense to ELFS or Seller (as the case may be) and, with or without being cured, will not prevent ELFS or
        any Seller (as the case may be) from continuing its business in the ordinary course.  Without limiting the generality of the foregoing, ELFS and Sellers represent and warrant to Janel that neither ELFS nor any Seller is bound by any
        non-competition, franchise, service, or other agreement which would prohibit or restrict ELFS or any Seller from entering into this Agreement or performing any of their respective obligations under this Agreement, any Employment Agreement or any
        other instrument contemplated by this Agreement, except as set forth on Schedule 6.7.

       

      

      
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      6.8.       Approvals Required.  Except as set forth on Schedule 6.8, no approval, authorization, consent, order or other action of, or filing with, any person, firm or corporation,
        any court, administrative agency or other governmental regulatory authority, or any governmental or non-governmental trade group, is required by ELFS or any Seller in connection with the execution and delivery by ELFS or Sellers of this Agreement
        or any Employment Agreement, or the performance by ELFS or Sellers of the transactions described herein or therein and for the operation of the Company Business by Janel following the Closing.

      

      

      6.9.        Title to Assets and Related Matters.

      

      

      (a) Except for the liens listed on Schedule 6.9, on the date hereof, ELFS has, and on the Closing Date will have, good title to all assets used in the Company Business of any kind or
        character, free and clear of any material liens or encumbrances (except for Permitted Encumbrances), and all such assets are reflected on the Base Balance Sheet (subject to dispositions or replacements prior to Closing in the ordinary course of
        business).

      

      

      (b) Except for matters that may arise in the ordinary course of business, ELFS’s material assets are in good operating condition and repair, reasonable wear and tear and normal obsolescence
        excepted.  With the exception of the Excluded Assets, the Company Assets constitute all of the assets used in the Company Business of any kind or character as heretofore conducted. To the knowledge of ELFS, there does not exist any condition or
        agreement that materially interferes with the use of the Company Assets in the conduct of the Company Business in the ordinary course.  ELFS has no interest in real property other than as lessee pursuant to the Facility Leases.

      

      

      6.10.      Intellectual Property.  Schedule 6.10 contains a true and complete list and brief description of all Intellectual Property required or used in the Company Business, other
        than licenses to use “off-the-shelf” commercial software included with the equipment that constitute part of the Company Assets (none of which licenses are material).  Except as listed on such Schedule and such licenses to use “off-the-shelf”
        commercial software, no license, trademark, trade name, service mark, or copyright is required to conduct the Company Business.  There are no pending or, to the knowledge of ELFS, threatened proceedings asserting that the use of any licensed
        Intellectual Property by ELFS infringes upon or misappropriates any Intellectual Property rights of any person, except as set forth on such Schedule.  Neither ELFS nor the Seller has received any written notice or allegation of invalidity,
        infringement, or misappropriation from any person or governmental authority with respect to any Intellectual Property rights, except as set forth on such Schedule.  The Company Business, as currently conducted, does not infringe the Intellectual
        Property rights of a third party, except as set forth on such Schedule.

       

      

      
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      6.11.       Financial Statements.  The combined balance sheets, combined statements of operations and changes to Members’ equity and combined statements of cash flows of ELFS for the
        12-month periods ending December 31, 2018, 2019 and 2020 (collectively the “Financial Statements”); the Base Balance Sheet and income statement for the three month period ended May 31, 2021 (collectively, the “Interim Financial Statements”)

        are attached as Schedule 6.11. The Financial Statements and Interim Financial Statements are prepared from the books and records of ELFS and fairly and accurately in all material respects present ELFS’s financial position as at the dates
        set forth therein and the results of its operations for the periods reflected therein, except that the Interim Financial Statements are subject to normal year-end adjustments, lack footnotes and other presentation items. All Financial Statements
        are audited and have been prepared in accordance with GAAP other than as expressly detailed on Schedule 6.11 and on a basis consistent with that of prior periods; unaudited Interim Financial Statements do not contain all footnotes and
        schedules required in audited financial statements.  ELFS has always used the fiscal year ending December 31 as its fiscal year.

      

      

      6.12.        Accounts Receivable.  Except as set forth on Schedule 6.12, the accounts receivable reflected on the Base Balance Sheet and the accounts receivable arising after the
        date thereof (a) have arisen from bona fide transactions entered into by ELFS involving the sale of goods or the rendering of services in the ordinary course of business consistent with past practice; (b) constitute only valid, undisputed claims of
        ELFS not subject to claims of set-off or other defenses or counterclaims other than normal cash discounts accrued in the ordinary course of business consistent with past practice. The reserve for bad debts shown on the Base Balance Sheet or, with
        respect to accounts receivable arising after the date thereof, on the accounting records of ELFS have been determined in accordance with GAAP, subject to normal year-end adjustments and the absence of disclosures normally made in footnotes.

      

      

      6.13.       Undisclosed Liabilities.  Except (a) as disclosed in the Financial Statements as of the dates referred to in such Financial Statements, (b) liabilities arising under this
        Agreement, (c) the Assumed Obligations, (d) the Retained Obligations, (e) as set forth on Schedule 6.13 and (g) liabilities or obligations incurred since May 31, 2021 in the ordinary course which, individually or in the aggregate, are not
        material to ELFS, ELFS has no liabilities or obligations of any kind, whether accrued, absolute, contingent or otherwise, and since the date of the last such financial statement, ELFS has incurred no such liability or obligation other than in the
        ordinary course of business and in amounts consistent with historic business operations.

      

      

      6.14.      Facilities.

      

      

      (i)          Facilities.  ELFS does not own (nor, at any time in the three (3) years prior to the Closing, did own) any real property. Schedule 6.14 contains a complete and
        accurate list and description of real property leased by ELFS (the “Facilities”).

       

      

      
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      (ii)          Facility Leases.  All Facility Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect.  Except as set forth in Schedule
          6.14, no event exists which (whether with or without notice, lapse of time or both) would constitute a default thereunder on the part of ELFS which would terminate or cause a material liability under any Facility Leases; and, to ELFS’
        knowledge, there exists no occurrence of any event which (whether with or without notice or lapse of time or both) would constitute a default thereunder by any other party.  ELFS has delivered true and correct copies of the Facility Leases to Janel
        prior to the date hereof.

      

      

      (iii)       Actions; Proceedings.  To the knowledge of ELFS, there are no pending condemnation proceedings, administrative proceedings or other actions against ELFS with respect to any of
        the Facilities or Facility Leases, or any pending or threatened condemnation proceedings, administrative proceedings or other actions with respect to any of the Facilities or Facility Leases.

      

      

      (iv)        Leases or Other Agreements.  Except as set forth on Schedule 6.14, ELFS has not entered into any subleases, licenses, occupancy agreements, options, rights, concessions
        or other agreements or arrangements written or oral, with respect to the areas of Facilities leased by ELFS, except as set forth on Schedule 6.14.

      

      

      (v)          Use of Facility Leases.  With respect to each Facility Lease, ELFS enjoys peaceful and undisturbed possession of all leased Facilities, subject to the rights of the fee owners
        and the terms of the Facility Leases, and ELFS has performed all material obligations required to be performed by it under the Facility Leases though the date hereof.

      

      

      (vi)        Certificate of Occupancy.  ELFS has received all required approvals of governmental authorities (including permits and a certificate of occupancy or other similar certificates
        permitting lawful occupancy by ELFS of the Facilities) required in connection with ELFS’s use of the Facilities, except as set forth on Schedule 6.14

      

      

      (vii)        Utilities.  All of the Facilities are supplied with utilities and other services necessary for the operation of the Facilities as currently operated, and, to the knowledge of
        ELFS, there is no condition which would result in the termination of any such utility services.

      

      

      (viii) Improvements, Fixtures and Equipment.  None of the leasehold improvements is subject to any commitment or other arrangement for their sale or use by an affiliate of ELFS, or any third party
        that would materially interfere with the use thereof.

      

      

      6.15.       Customer Accounts.  All business of ELFS has been and continues to be conducted through ELFS.  The top fifty (50) customer accounts are set forth on Schedule 6.15 (the “Key

          Customer Accounts”).  Except as set forth on Schedule 6.15, ELFS has not received any oral or written notice that any customer has ceased or intends to cease after the Closing to use its services or to otherwise terminate or
        materially reduce its relationship with ELFS.

       

      

      
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      6.16.      Material Adverse Change.  Except as set forth in Schedule 6.16 or as otherwise reflected herein, since May 31, 2021 through the Closing Date, the business of ELFS has
        been operated in the ordinary course and there has not been:

      

      

      (i)          Any   actual or, to the knowledge of ELFS, threatened Material Adverse Effect in the business, condition (financial or otherwise), results of operations, prospects, properties,
        assets, liabilities, earnings, net worth, or prospects thereof, except for the general effects of present economic conditions or conditions affecting the freight forwarding industry generally;

      

      

      (ii)          Any material damage, destruction or casualty loss (whether or not covered by insurance) affecting ELFS, the Company Assets, or its properties or business;

      

      

      (iii)         Any increase in, or commitment to increase, the wage, salary, commissions, bonus, employee benefit rate or other compensation payable or to become payable to any of ELFS’s employees
        other than in the usual course of business consistent with past practices, provided, however, that this paragraph shall not restrict or limit ELFS in any way from hiring additional personnel who are
        required for its operations in the usual course of business consistent with past practices;

      

      

      (iv)          Any material lien or encumbrance placed on any of the Company Assets, other than  Permitted Liens;

      

      

      (v)          Any sale, assignment, transfer, lease, disposition of, or agreement to sell, assign, transfer, lease, or dispose of, any of the Company Assets, except as may be disclosed in the
        Disclosure Schedules and for dispositions of personal property in the ordinary course of business and excepting such rights as are granted to Janel under this Agreement;

      

      

      (vi)         Any acquisition or lease by ELFS of any assets or property of any other party, except as may be disclosed in the Disclosure Schedules, for supplies in the ordinary course of business
        and acquisitions of personal property in the ordinary course of business;

      

      

      (vii)       Any collective bargaining agreement or commitment by ELFS or any liability incurred by ELFS to any labor organization or other material change in employee relations;

      

      

      (viii)        Any capital expenditure by ELFS in excess of $100,000 or outside the ordinary course of business;

      

      

      (ix)          Any change by ELFS in the nature of its business or its methods, principles or practices of accounting;

      

      

      (x)          Any Indebtedness incurred by ELFS in an aggregate principal amount exceeding $100,000 (net of any amounts discharged during such period), or (b) any voluntary purchase, cancellation,
        prepayment or complete or partial discharge in advance of a scheduled payment date with respect to, or waiver of any right of ELFS under, any Indebtedness of or owing to ELFS with respect to the conduct of the Company Business;

       

      

      
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      (xi)         Any declaration or payment of any distribution in respect of the equity interests in ELFS, or other payment to the equity owners of ELFS in their capacity as such;

      

      

      (xii)         Any entering into, any material amendment, modification, termination (partial or complete) or granting of a waiver under or giving any consent with respect to (a) any Contract which
        is required (or had it been in effect on the date hereof would have been required) to be disclosed pursuant to Section 6.18, or (b) any Authorization included on Schedule 6.18;

      

      

      (xiii)        To ELFS’s knowledge, any other events or conditions of any character specifically related to the business or operations of ELFS that may reasonably be expected to have a Material
        Adverse Effect on ELFS or its business or financial condition, except for the general effects of present economic conditions; or

      

      

      (xiv)        Any agreements or commitments to do any of the foregoing.

      

      

      6.17.      Tax Matters.

      

      

      (i)           ELFS and Sellers have filed (or caused to be filed) all federal, state, local and foreign tax or related returns and reports due or required to be filed with respect to ELFS’s
        business and earnings, which such reports accurately reflect in all material respects the amount of taxes due.

      

      

      (ii)          ELFS and Sellers have paid all taxes or assessments that have become due with respect to ELFS’s business and earnings, other than taxes or charges being contested in good faith or
        not yet finally determined.

      

      

      (iii)         Complete and correct copies of the income tax returns of ELFS, together with attached schedules, for the three taxable years ended 2018 through 2020, as filed with all federal and
        state taxing authorities, signed by an officer of ELFS, were supplied to Janel prior to the date hereof. All information reported on such returns is true, accurate, and complete in all material respects.

      

      

      (iv)          There are no tax liens or governmental claims with respect to any properties owned by ELFS.

      

      

      (v)           No Seller is a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2.

      

      

      (vi)          No Seller is a party to a Contract, arrangement or plan that has resulted or could result in its making of a payment that: (i) is not deductible under, or would otherwise constitute
        a “parachute payment” within the meaning of, Section 280G of the Code (or any similar provision of state, local or foreign Law); or (ii) is or may be subject to the imposition of an excise Tax under Section 4999 of the Code.

       

      

      
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      6.1       Contracts and Authorizations.  Schedule 6.18 contains a true and complete list of all written or oral contracts, agreements, mortgages, obligations, understandings,
        arrangements, restrictions, and other instruments (collectively, the “Contracts”), with a brief description of any oral Contracts, to which ELFS is a party or by which ELFS or its assets may be bound involving (a) annualized costs to ELFS of
        $50,000 or more, (b) aggregate payments by or to ELFS of $50,000 over the term of any such agreement or arrangement (without regard to the amount of annualized payments or costs), or (c) material restrictions or limitations of any kind whatsoever
        on ELFS’s current or future business or operations, including without limitation non-compete restrictions, non-solicitation restrictions, geographical restrictions or most favored nation pricing.  Schedule 6.18 also contains a true and
        complete list of all material governmental licenses, permits, authorizations and material non-governmental licenses, franchises and agency arrangements necessary to operate the Company Business as heretofore operated (collectively, the “Authorizations”). 

        True and correct copies of all Contracts have been made available to Janel. Except as disclosed on such Schedule, each such Contract and Authorization is valid, binding in full force and effect, subject (as to the enforcement of remedies) to laws
        of general application relating to bankruptcy, insolvency and the relief of debtors and (as to the availability of equitable remedies) to the discretion of the equity tribunal having jurisdiction.  ELFS has not received any written claim of a
        material default by ELFS under any of the Contracts or Authorizations set forth in such Schedule.  To ELFS knowledge, (A) no event has occurred which would constitute (whether with or without notice, lapse of time or both) a material default by
        ELFS under any Contracts or Authorizations and (B) to the actual knowledge of Sellers’, there is no material default by the other parties to such Contracts.

      

      

      6.19.       Compliance; Governmental Authorizations.  Except as set forth in Schedule 6.19, ELFS has, during the last three (3) years, been in material compliance with (i) all U.S.
        and foreign federal, state, local or foreign laws, ordinances, regulations and orders applicable to its business, including without limitation, federal and state aviation, shipping, and trucking laws; (ii) ELFS has all federal, state, local and
        foreign governmental licenses and permits necessary for the conduct of its business; and (iii) such licenses and permits are in full force and effect.  ELFS has no knowledge of any violations of any such licenses or permits.  No proceedings are
        pending or, to ELFS knowledge, threatened to revoke or limit the use of such licenses or permits.

      

      

      6.20.        Litigation.  Except as set forth in Schedule 6.20, and except for claims of vendors the accounts of which are included in the payables included in the Base Balance
        Sheet latest dated Financial Statements, there are no actions, suits, claims, investigations or legal, administrative or arbitration proceedings pending against ELFS or any of its assets or business, whether at law or in equity, or before or by any
        federal, state, municipal, local, foreign or other governmental department, commission, board, bureau, agency or instrumentality, nor does ELFS know of a threat of any such action, suit, claim, investigation or proceeding.

       

      

      
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      6.21.       Insurance.  Attached hereto as Schedule 6.21 is a list of all insurance policies of ELFS, and the Sellers have made available to Janel accurate and complete copies of
        all such insurance policies.  Except as set forth on Schedule 6.21, all of ELFS’s insurable properties and assets are insured, and have been consistently insured for the prior five years, for ELFS’s benefit, and the benefit of ELFS’s
        customers, where applicable under such policies of fire, casualty, and other insurance as are customarily obtained to cover comparable properties and assets by businesses in the region in which such properties and assets are located, in amounts,
        scope and coverage which are adequate and reasonable in light of existing conditions.  Each insurance policy relating to the insurance referred to in this Section is valid and enforceable.  ELFS has not failed to give any notice or to present any
        material claim under any insurance policy in a due and timely fashion, nor has it permitted a lapse in any of its insurance policies at any time during the prior five years.  Schedule 6.21 also contains a list of all claims filed by ELFS
        within the five years preceding the date hereof.

      

      

      6.22.       Bankruptcy.  Neither ELFS nor any Seller has any knowledge or expectation that any petition for relief will be filed by ELFS or any Seller, or any case commenced against ELFS or
        any Seller under the Bankruptcy Code or any similar federal or state statute. Neither ELFS nor any Seller has applied for or consented to the appointment of, or taking of possession by, a receiver, custodian, trustee or liquidator of itself or any
        of their respective properties or made a general assignment for the benefit of creditors.

      

      

      6.23.        Employees.  Neither ELFS nor any of its employees is subject to any collective bargaining agreement, no petition for certification or union election is pending with respect to
        the employees of ELFS, and no union or collective bargaining representative has sought, to the knowledge of ELFS, such certification or recognition with respect to the employees of ELFS at any time during the past three years.  Except as set forth
        on Schedule 6.23, ELFS has not entered into any written or oral employment agreement or become obligated under any other document, policy or practice that currently gives to any person a right to employment or compensation.  All of ELFS’s
        employees can be terminated at will.  ELFS is neither in breach of, nor has taken any action which would constitute a breach of, any oral or written agreements or understandings respecting its current employees.  All obligations of ELFS, whether
        arising by operation of law, by contract, by past custom or practice or otherwise, for salaries, vacation, holiday pay, bonuses and other forms of compensation that are due and payable to its officers, directors or employees as of the date hereof
        (including all required taxes, insurance and withholding thereon) have been paid as of the date hereof, except such accrued paid time off as set forth on Schedule 6.23.

       

      

      
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      6.24.      Employee Benefit Plans.  Schedule 6.24 sets forth a list of (i) any employee benefit plan (as defined in Section 3(3) of ERISA) and (ii) any employment contract, written
        or unwritten, for which ELFS is a party, contributor or sponsor.  All such employee benefit plans and employment contracts are hereinafter collectively referred to as “Employee Benefit Plans”.  Each Employee Benefit Plan is, and has at all
        times been, administered and operated in material compliance with its terms, the Code, ERISA, and all other federal, state and local laws (and all rules and regulations thereunder) (if applicable).  ELFS has performed, in all material respects, all
        obligations required to be performed by it under any law or by the terms of each Employee Benefit Plan, and all contributions or payments deducted by ELFS for tax purposes were properly deductible in the year for which such deductions were
        claimed.  The assets of ELFS are not subject to any liens under ERISA or the Code, and no event has occurred, and no condition exists, which could subject ELFS or its assets to a future liability or lien on account of any Controlled Group Benefit
        Plan.  A Controlled Group Benefit Plan means any Employee Benefit Plan which ELFS or any affiliated entity, within the meaning of Section 414(b), (c), (m) or (o) of the Code (an “ERISA Affiliate”), now maintains, or within the last six (6)
        years maintained or to which any ERISA Affiliate contributed within the last six (6) years.  There are no actions, investigations or claims of any kind (other than routine benefit claims made in the ordinary course), pending or, to ELFS’ knowledge,
        threatened, with respect to any Employee Benefit Plan.  There have been no audits or investigations of any Employee Benefit Plan by any governmental agency except as set forth on Schedule 6.24. Except as set forth on Schedule 6.24,
        ELFS and all ERISA Affiliates have complied with, in all material respects, any applicable continuation of coverage requirements including as required under ERISA Sections 601-608 and the regulations thereunder and under applicable state law.

      

      

      6.25.       Severance Obligations.  ELFS does not have any obligation to past employees for any severance payments or benefits, and except as set forth on Schedule 6.25, ELFS does
        not have any obligation for any severance payments or benefits to any person presently employed by ELFS whose employment is terminated after the date hereof, except such accrued paid time off as set forth on Section 6.25.  Except as set forth on Schedule

          6.25, the closing of the transactions contemplated by this Agreement will not (i) entitle any current or former employee of ELFS or of any affiliate to severance pay, unemployment compensation or any other payment, except as expressly
        provided in this Agreement, or (ii) accelerate the time of payment or vesting or increase the amount of compensation due any such employee.

      

      

      6.26.      Environmental.  Except as set forth on Schedule 6.26, ELFS is currently and has, been in material compliance with all applicable
          environmental laws and has not, and Sellers have not, received from any person, entity or governmental agency any: (i) notice or claim relating to breach or noncompliance with any environmental law; or (ii) written request for information
          pursuant to environmental law, which, in each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements.

      

      

      6.27.     Business Relationships.  Except as disclosed in Schedule 6.16, neither ELFS nor any Seller has received oral or written notice that any supplier, vendor or customer has
        ceased, or intends to cease, or materially reduce its relationship with ELFS.  To the knowledge of ELFS, there is no occurrence which, with or without the giving of notice or the lapse of time or both, would constitute a default under any agreement
        or arrangement with any such party or would adversely affect ELFS’s relationship with any such party so as to have a Material Adverse Effect on the business, operations, or condition (financial or otherwise) of ELFS.

      

      

      6.28.      Books and Records.  ELFS has made available to Janel and its representatives all of ELFS’s tax, accounting, corporate and financial books and records, whether in written,
        electronic or other form.  All such books and records are substantially complete and correct, have been maintained on a current basis, and materially reflect ELFS’s financial condition and results of operations. Without limiting the foregoing, ELFS
        has provided to Janel copies of all auditors’ reports, letters to management regarding accounting practices and systems of internal controls, and all responses to such letters from management.

       

      

      
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      6.29.        Information Technology.  All computer and other information technology systems of ELFS are in good working condition and are sufficient for the operation of the Company
        Business as currently conducted and as proposed to be conducted. To the knowledge of ELFS, in the past three (3) years, there has been no malfunction, failure, continued substandard performance, denial-of-service, or other cyber incident, including
        any cyberattack, that has resulted or is reasonably likely to result in disruption or damage to ELFS or the Company Business. ELFS has taken all commercially reasonable steps to safeguard the confidentiality, availability, security, and integrity
        of its computer and other information technology systems, including implementing and maintaining appropriate backup, disaster recovery, and software and hardware support arrangements.

      

      

      6.30.        Pandemic-Relief Debt.  Neither Sellers, nor ELFS nor any subsidiary of the foregoing or Affiliate that is treated as a single employer with ELFS under Section 2301(d) of the
        CARES Act has applied for or received any Pandemic-Relief Debt or other funds, Tax credit (including an ERC) or deferral (including deferred payment of employment taxes), grant, advance, or similar relief or assistance under the paycheck protection
        program (“PPP”), the Public Health and Social Services Emergency Fund (“PRF”) or otherwise pursuant to the CARES Act, the Families First Coronavirus Response Act, the Economic Injury Disaster Loan Program, the Main Street Lending
        program, the Paycheck Protection Program and Health Care Enhancement Act, the Coronavirus Preparedness and Response Supplemental Appropriations Act, IRS Notice 2020-65, or any other program related to the COVID-19 pandemic administered or
        promulgated by a Governmental Entity (collectively, “COVID Relief Acts”). ELFS and Sellers have complied in all respects with the terms and conditions of any Pandemic-Relief Debt and all applicable COVID Relief Acts, including all
        attestation and reporting requirements thereunder.

      

      

      6.31.        Affiliate Transactions.  Except as set forth on Schedule 6.31, there are no arrangements or Contracts (other than related to employment matters in the ordinary course
        of business or as listed on Schedule 6.23), between ELFS and any respective family member of the Sellers or Affiliate of any of the foregoing.  No manager, officer, director, equity holder of any of ELFS or any Affiliate of ELFS owns
        directly or indirectly on an individual or joint basis any interest (other than passive investments in publicly traded securities) in, or serves as an officer or director of, any supplier or other organization which has a material business
        relationship with ELFS, except as set forth on Schedule 6.31.

       

      

      6.32.        Exclusivity of Representations. The representations and warranties made by each Seller and ELFS in this Agreement, or in any Exhibit, Schedule or certificate delivered pursuant
        to this Agreement, are the exclusive representations and warranties made by Sellers and ELFS with respect to ELFS’ business, assets, liabilities, and the Interests. Except for any representations and warranties set forth in this Agreement, or in
        any Exhibit, Schedule or certificate delivered pursuant to this Agreement, Sellers and ELFS expressly disclaim any other representations or warranties of any kind or nature, express or implied, as to assets, liabilities, operations, the title,
        condition, value or quality of assets, the Interests, and any other matter concerning Sellers, ELFS, and the transactions contemplated under the Closing.

       

      

      
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      7.            Covenants of Janel.

      

      

      Janel covenants and agrees as follows:

      

      

      7.1.         It will maintain all negotiations and other information with respect to the transactions contemplated herein in confidence and, except as required by law, will not make any
        announcement thereof or disclose such negotiations to any other party other than its professional advisors and lenders.  If it is required by law to make any such disclosure, it will first advise ELFS of the content of the proposed disclosure, and
        the time and place that the disclosure will be made.  Janel and Sellers will cooperate on appropriate publicity materials with respect to the transactions contemplated hereby.  Nothing herein shall restrict Janel’s right to make a public
        announcement that the transactions contemplated herein have closed, or to include appropriate information in applicable regulatory filings.  This covenant shall survive the Closing.

      

      

      7.2.         At the Closing, Janel will engage the Key Employees pursuant to the terms of the Employment Agreement.

      

      

      7.3          Immediately after the Closing, Janel shall use its best efforts to cause Santander Bank to issue replacement letters of credit for the Existing Letters of Credit.

      

      

      7.4         Release.  Effective upon the Closing, ELFS hereby irrevocably releases, acquits and forever discharges each Seller and their respective present, former and future Affiliates,
        attorneys, agents, representatives, trustees, and each of their respective heirs, executors, administrators, successors and assigns, of and from any and all manner of action or actions, cause or causes of action, demands, rights, damages, debts,
        dues, sums of money, accounts, reckonings, costs, expenses, responsibilities, covenants, contracts, controversies, liabilities, agreements and claims whatsoever, whether known or unknown, of every name and nature, both in law and in equity, which
        such that ELFS or their respective successors or assigns ever had, now has, or which it or its heirs, executors, administrators, successors or assigns hereafter may have or shall have against Sellers or any other Person referred to above arising
        out of any matters, causes, acts, conduct, claims, circumstances or events occurring or failing to occur or conditions existing on or prior to the Closing Date in connection with the Sellers being a member, manager or officer of ELFS except for
        claims based solely upon breaches of the express provisions this Agreement or agreements signed and delivered in connection herewith to which such Sellers and Janel are parties.

      

      

      7.5         Release from Sellers Guarantees.  Janel will cause Sellers to be fully and irrevocably released, at or prior to the Closing Date, from the guarantees of obligations or other
        liabilities of or relating to ELFS set forth on Schedule 7.5 of the Disclosure Schedules (collectively, the “Sellers Guarantees”) and if required by a beneficiary of any Sellers Guarantee, Janel will provide (or cause to be provided)
        substitute arrangements of Janel or their Affiliates, including by providing (or causing to be provided) letters of credit or similar support; provided, that in the event Janel does not cause Sellers to be so released at or prior to the Closing
        Date, Janel shall (i) indemnify Sellers in respect of all continuing obligations and liabilities and any Losses incurred by any Seller pursuant to such guarantees and (ii) continue to use its commercially reasonable efforts to terminate or cause
        Janel or one of its Affiliates to be substituted in all respects for Sellers or replace (or cause to be replaced) such Sellers Guarantee. In the event that any written Sellers Guarantees for operational matters, similar to the Seller Guarantees
        listed on Schedule 7.5 (and not for Indebtedness) but not disclosed in Schedule 7.5 of the Disclosure Schedules are discovered following the Closing Date, such Sellers shall provide Janel with notice thereof and Janel shall use its
        commercially reasonable efforts to cause any Seller to be removed from such Sellers Guarantees to which Janel acknowledges and agrees, including Janel providing a replacement guaranty to the applicable third party(s) thereof.  No Seller shall be
        required to make any payment or incur any out-of-pocket costs to obtain the foregoing terminations, substitutions or replacements of any Sellers Guarantees and Janel shall bear all such costs.

       

      

      
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      7.6.        Employee/Benefit Plans.

      

      

      7.6.1.       Janel shall and shall cause ELFS to provide each Employee who remains employed immediately after the Closing (“ELFS Continuing Employee”) with: (i) base salary or hourly wages
        which are no less than the base salary or hourly wages provided by ELFS immediately prior to the Closing; (ii) target bonus opportunities (including equity-based (or simulated equity) compensation), if any, which are no less than the target bonus
        opportunities (including equity-based (or simulated equity) compensation) provided by ELFS immediately prior to the Closing; (iii) retirement and welfare benefits that are no less favorable in the aggregate than those provided by ELFS immediately
        prior to the Closing; and (iv) severance benefits that are no less favorable than the practice, plan or policy in effect for such ELFS Continuing Employee immediately prior to the Closing.

      

      

      7.6.2.     With respect to any employee benefit plan maintained by Janel and its Affiliates (collectively, “Janel Benefit Plans”) in which any ELFS Continuing Employees will participate
        effective as of the Closing, Janel shall, or shall cause ELFS to, recognize all service of ELFS Continuing Employees with ELFS or any of its Subsidiaries, as the case may be as if such service was with Janel, for vesting and eligibility purposes in
        any Janel Benefit Plan in which such ELFS Continuing Employees may be eligible to participate after the Closing Date; provided, however, such service shall not be recognized to the extent that (x) such recognition would result in a duplication of
        benefits or (y) such service was not recognized under the corresponding ELFS Employee Benefit Plan.

      

      

      7.6.3.      This Section 7.3 shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing in this Section 7.3, express or implied, shall confer upon
        any other Person any rights or remedies of any nature whatsoever under or by reason of this Section 7.3. Nothing contained herein, express or implied, shall be construed to establish, amend or modify any benefit plan, program, agreement or
        arrangement. The parties hereby acknowledge and agree that the terms set forth in this Section 7.3 shall not create any right in any Employee or any other Person to any continued employment with ELFS, Janel or any of their respective Affiliates or
        compensation or benefits of any nature or kind whatsoever.

      
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      7.6.4.     Janel shall be responsible for any obligation with respect to the Continuing Employees under the Worker Adjustment Retraining and Notification Act of 1988 and any applicable state or
        local equivalent arising after the Closing Date (collectively, “WARN”). The Sellers shall be responsible for any such obligation arising on or before the Closing Date. The Parties agree to cooperate in good faith to determine whether any
        notification may be required under WARN as a result of the transactions contemplated under the Closing. Following the Closing Date, Janel shall not take any action (or refrain from any action, including with respect to any employees or ELFS
        Continuing Employees) that will cause the Sellers or ELFS to have any obligations under WARN.

      

      

      7.6.5.       The parties intend that ELFS 401(k) Plan shall continue in effect under its current terms following the Closing.

      

      

      7.7         Director, Officer and Manager Indemnification and Insurance.

      

      

      7.7.1.       Janel agrees that all rights to indemnification, advancement of expenses and exculpation by ELFS now existing in favor of each Person who is now, or has been at any time prior to the
        date hereof or who becomes prior to the Closing Date, an officer, manager, member, or Representative of ELFS, as provided in the company agreement of ELFS (or a similar governing document of its Subsidiaries), in each case as in effect on the date
        of this Agreement, or pursuant to any other agreements in effect on the date hereof and disclosed in Schedule 7.7.1, shall survive the Closing Date and shall continue in full force and effect in accordance with their respective terms.

      

      

      7.7.2.       ELFS shall, and Janel shall cause ELFS to, (i) maintain in effect for a period of six (6) years after the Closing Date, if available, the current policies of directors’ and officers’
        liability insurance maintained by ELFS immediately prior to the Closing Date (provided that ELFS may substitute policies therefor, of at least the same coverage and amounts and containing terms and conditions that are not less advantageous to the
        directors, managers and officers of ELFS when compared to the insurance maintained by ELFS as of the date hereof), or (ii) obtain as of the Closing Date “tail” insurance policies with a claims period of six (6) years from the Closing Date with at
        least the same coverage and amounts, and containing terms and conditions that are not less advantageous to the directors, managers and officers of ELFS, in each case with respect to claims arising out of or relating to events which occurred on or
        prior to the Closing Date (including in connection with the transactions contemplated by this Agreement).

      

      

      7.7.3.       The obligations of Janel and ELFS under this Section 7.4 shall not be terminated or modified in such a manner as to adversely affect any director, manager or officer to whom this
        Section 7.4 applies without the consent of such affected director or officer.

      

      

      7.7.4.       In the event Janel, ELFS or any of their respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving
        corporation or entity in such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any Person, then, or in either such case, proper provision shall be made so that the successors and assigns of Janel or
        ELFS, as the case may be, shall assume all of the obligations set forth in this Section 7.7.

       

      

      
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      7.8.        Privileged Matters.

      

      

      7.8.1.       The Parties acknowledge that ELFS has been represented by Selman Munson & Lerner, P.C. in connection with this Agreement and the transactions contemplated hereby and that such
        legal counsel has received confidential information pertaining to ELFS, its Subsidiaries, and the Sellers in connection with such representation. The Parties hereby agree that, as to all communications subject to attorney-client privilege among
        such legal counsel and ELFS, solely to the extent such communications relate to the transactions contemplated under this Agreement, this Agreement and any ancillary transaction documents, the attorney-client privilege and the expectation of client
        confidence belongs to the Sellers with respect to any dispute that arises between or among the Parties with respect to the foregoing and shall not pass to or be claimed by Janel, ELFS or its Subsidiaries (following the Closing). Notwithstanding the
        foregoing, in the event that any dispute arises between Janel and/or ELFS and any person other than any Seller (except in connection with a third-party Claim (as defined below) for which an indemnifying Person is controlling the defense), ELFS may
        assert or waive the attorney-client privilege to prevent disclosure of confidential communications by such legal counsel to such third party.

      

      

      7.8.2.      Notwithstanding that the Sellers and ELFS have been represented by Selman, Munson & Lerner, P.C. (the “Firm”) in the preparation, negotiation and execution of this Agreement and
        the ancillary transaction documents, ELFS agrees that after the Closing, the Firm may represent the Sellers and/or their affiliates in matters related to this Agreement and ancillary transaction documents, including without limitation in respect of
        any indemnification claims pursuant to this Agreement and/or the transaction documents, disputes relating to any purchase price adjustments or the Earn-Out, if any. ELFS hereby acknowledges that, on behalf of itself and its affiliates, it has had
        an opportunity to ask for and has obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation, and it hereby waives any conflict arising out of such future
        representation.

      

      

      
        8.            Covenants of ELFS and Sellers.

      

      

      

      ELFS and Sellers each covenants and agrees, jointly and severally, as follows:

      

      

      8.1.         Confidentiality; Publicity.  From and after the Closing, Sellers shall, and shall cause its Affiliates to, hold in confidence any and all information, whether written or oral,
        concerning ELFS, except to the extent that Sellers can demonstrate that such information (a) is generally available to and known by the public through no fault of Sellers or any of its Affiliates; or (b) is lawfully acquired by Sellers from and
        after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation. If it is required by law to make any such disclosure, it will first advise Janel of the content of the
        proposed disclosure, and the time and place that the disclosure will be made.  Janel and Sellers will cooperate on appropriate publicity materials with respect to the transactions contemplated hereby.  This covenant shall survive the Closing.

       

      

      
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        8.2.        Tax Covenants.

        

        

      

      8.2.1.      Without the prior written consent of Janel, Sellers (and, prior to the Closing, ELFS) shall not, to the extent it may affect, or relate to, ELFS, make, change or rescind any tax
        election, amend any tax return or take any position on any tax return, take any action, omit to take any action or enter into any other transaction that would have the effect of increasing the tax liability or reducing any tax asset of Janel or
        ELFS in respect of any post-Closing tax period. All transfer, documentary, sales, use, stamp, registration, value added and other such taxes and fees (including any penalties and interest) incurred in connection with this Agreement (“Transfer
          Taxes”) shall be borne and paid one-half by Janel and one-half by Sellers when due.  Each party shall indemnify, defend and hold harmless the other parties  from the payment of its share of all such Transfer Taxes. The party responsible under
        applicable law for filing any tax return with respect to Transfer Taxes shall prepare and file such tax returns and other documentation with respect to any such Transfer Taxes and, if required by applicable law, the other party and the Company will
        join in the execution of any such tax returns and other documentation. The party responsible for preparing and filing any tax returns for Transfer Taxes pursuant to this Section 8.2.1 shall provide the other parties with copies of each such tax
        return or other document at least fifteen (15) days prior to the applicable due date and the other party shall, within such fifteen (15) day period, pay their applicable share of such Transfer Taxes. Agreement shall be borne and paid by Sellers
        when due. Sellers shall, at his own expense, timely file any tax return or other document with respect to such taxes or fees (and Janel shall cooperate with respect thereto as necessary).  Sellers agree that Janel is to have no liability for any
        tax resulting from any action of Sellers, ELFS, or any Affiliates, and each agrees to jointly and severally indemnify and hold harmless Janel (and, after the Closing Date, ELFS) against any such tax or reduction of any tax asset.

      
        

        

      

      8.2.2.     Tax Returns.  The Sellers shall prepare and timely file, or shall cause to be prepared and timely filed, any Pass-Through Tax Returns of the Company for taxable periods ending
        on or before the Closing Date and required to be filed after the Closing Date (taking into account any applicable extensions), including, without limitation, the Company’s final partnership tax return, and the Sellers shall pay, or cause to be
        paid, all taxes dues with respect to any such Pass-Through Tax Returns, which shall be determined based on the closing of the books as of the close of business on the Closing Date. For any taxable period that includes (but does not end on) the
        Closing Date (a “Straddle Period”), the amount of (a) any taxes based on or measured by income or receipts of the Company Business for the pre-Closing tax period shall be determined based on an interim closing of the books as of the close of
        business on the Closing Date, and (b) any other taxes of the Company for the pre-Closing tax period shall be deemed to be the amount of such tax for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in
        the taxable period ending on the Closing Date and the denominator of which is the number of days in such Straddle Period; provided also, that (x) exemptions, allowances and deductions that are calculated on an annual basis (including depreciation
        and amortization deductions) shall be allocated between the period ending on (and including) the Closing Date and period beginning after the Closing Date in proportion to the number of days in each period to which such exemption, allowance or
        deduction is applicable and (y) tax items in Pass-Through Tax Returns shall be allocated using the closing-of-the books method in accordance with the Code.

       

      

      
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      8.2.3.      Purchase Price Allocation.  The purchase price as determined for U.S. federal income tax purposes and applicable state income tax purposes shall be allocated for such Tax
        purposes among the Company’s assets as set forth in Schedule 8.2.3 (the “Allocation”). The parties acknowledge and agree that the Allocation is consistent with Sections 755 and 1060 of the Code and the Treasury Regulations
        promulgated thereunder, based on the relative fair market value of such assets. The parties shall file all tax returns in a manner consistent with the Allocation, and neither the Purchaser nor Janel will take any position inconsistent with the
        Allocation for any Tax purpose or in any Tax contest, unless required to do so by applicable law or a “determination” within the meaning of Section 1313(a)(1) of the Code; provided, however, that nothing in this Agreement shall prevent a party from
        settling any proposed deficiency or adjustment by any Taxing body or other governmental or regulatory authority based upon or arising out of such Allocation, and neither Janel nor the Seller shall be required to litigate before any court any
        proposed deficiency or adjustment by any Taxing body or other governmental or regulatory authority challenging such Allocation; and provided, further, that the parties acknowledge and agree, that Sellers will classify and report the transaction in
        accordance with Section 741 of the Code, pursuant to Revenue Ruling 99-6. The parties shall make appropriate adjustments to the Allocation to reflect any adjustments to the Purchase Price made under this Agreement.2

      

      

      8.2.4.      Cooperation. Janel and Sellers shall use commercially reasonable efforts to cooperate fully, and Janel shall cause ELFS to do the same, as and to the extent reasonably
        requested by the other party, in connection with the preparation and filing of tax returns pursuant to this Agreement and any audit, litigation or other proceeding (each a “Tax Proceeding”) with respect to taxes. Such cooperation shall
        include access to, the retention and (upon the other party’s request) the provision of records and information that are reasonably relevant to any such tax return or Tax Proceeding, and the making available of employees on a mutually convenient
        basis to provide additional information and explanation of any material provided hereunder. The requesting party shall reimburse the party providing such cooperation for any reasonable out-of-pocket costs and expenses incurred in connection with
        such cooperation. Sellers will, and Janel will cause the Company to, retain all books and records with respect to tax matters pertinent to the Company relating to any taxable period beginning before the Closing Date until the latest of (i) seven
        (7) years after the Closing Date, and (ii) until any audits of each Seller’s and the Company’s tax returns relating to such periods that are ongoing at the end of such seven year period are completed. Janel and Sellers further agree, upon request,
        to use commercially reasonable efforts to obtain any certificate or other document from any governmental or regulatory authority or any other person or entity as may be necessary to mitigate, reduce or eliminate any tax that could be imposed
        (including with respect to the transactions contemplated hereby).  The requesting party shall reimburse the party providing such cooperation for any reasonable out-of-pocket costs and expenses incurred in connection with such efforts.

       

      

      
        

      2 Note to Seller: no 338(h)(10) election is being made. No adjustment or reimbursement will be made solely due to allocation of basis based on an assumption of
        taxation entirely as long term capital gains.

       

      

      
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      8.3.        Upon ELFS receipt of the Houston Security Deposit from the landlord, ELFS shall promptly pay and distribute to the Sellers the full amount of the returned Houston Security Deposit.

      

      

      
        9.            Closing Deliveries to Janel.

      

      

      

      9.1.          On the Closing Date, Janel shall have received the following:

      

      

      (i)           The Key Employees shall have entered into the Employment Agreements.

      

      

      (ii)          A certificate from the Secretary of State (or similar office) of ELFS’s respective jurisdictions of organization, dated at or about the Closing Date, to the effect that ELFS is in
        good standing under the laws of said jurisdiction.

      

      

      (iii)         An incumbency certificate for ELFS signed by all of the officers thereof dated at or about the Closing Date.

      

      

      (iv)         Resignation letters of all of the directors and officers of ELFS, effective as of the Closing.

      

      

      (v)          Copies of ELFS’s respective organizational documents, as amended to date, each certified by at or about the Closing Date, and all corporate records of ELFS.

      

      

      (vi)        Resolutions of Sellers and Managers of ELFS authorizing the transactions contemplated under this Agreement, certified by the Secretary of ELFS, dated at or about the Closing Date.

      

      

      (vii)        The duly executed Assignments of Interests.

      

      

      (viii)      An estoppel certificate and consent to assignment from the lessor under each of the Facility Leases in form and substance reasonably satisfactory to Janel. 

      

      

      

      (ix)         All other instruments, documents and certificates as are required to be delivered by or on behalf of ELFS or Sellers pursuant to the provisions of this Agreement or that may be
        reasonably requested in furtherance of the provisions of this Agreement.

      

      

      
        10.          Closing Deliveries to Sellers.

      

       

      

      10.1.        Janel shall have delivered to ELFS all of the exhibits and schedules required herein to be delivered by Janel, and copies of the documents referred to therein, each duly executed, if
        required, and such exhibits, schedules and documents shall have been reasonably acceptable to ELFS.

       

      

      10.2.        Janel shall have entered into the Employment Agreement.

       

      

      
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      10.3.       Sellers shall have received all other instruments, documents and certificates as are required to be delivered by or on behalf of Janel pursuant to the provisions of this Agreement or
        that may be reasonably requested in furtherance of the provisions of this Agreement.

      

      

      11.          Restriction on Competition and Solicitation.

       

      

      ELFS and Sellers acknowledge that the services of ELFS and the business of the customer accounts of ELFS are an integral part of the benefits which Janel is purchasing pursuant to the terms of this
        Agreement.  Accordingly, each Seller agrees as follows:

      

      

      11.1.      For the period from the Closing Date until five (5) years thereafter (the “Restricted Period”), each Seller covenants that he shall not, directly or indirectly (including through
        an Affiliate), engage in or assist others in engaging in, invest in, own, manage, operate, finance, control, or participate in the ownership, management, operation, financing, or control of, lend its name or any similar name to, or lend credit to,
        any business whose services or activities compete in whole or in part with the Company Business anywhere within the United States; provided, however, that a Seller may, in the aggregate, directly or indirectly (including through an Affiliate)
        purchase or otherwise acquire up to (but not more than) one percent of any class of securities of any enterprise (but without otherwise participating in the activities of such enterprise) if such securities are listed on any national or regional
        securities exchange or have been registered under Section 12(g) of the Securities Exchange Act of 1934.

      

      

      11.2.      At any time during the Restricted Period, no Seller will, directly or indirectly (including through an Affiliate or on the behalf of any third party), solicit Company Business from any
        person or entity who is or was a customer or material vendor or supplier of ELFS or Janel at any time during the 12-month period prior to the Closing or encourage or induce any such customer, vendor or supplier to terminate or reduce its business
        relationship with ELFS or Janel.

      

      

      11.3.       At any time during the Restricted Period, no Seller will, directly or indirectly, (including through an Affiliate or on the behalf of any third party), solicit, employ, or otherwise
        engage as an employee, independent contractor, or otherwise, any person who is or was an employee of ELFS within the 12-month period prior to Closing or in any manner encourage, induce or attempt to induce any employee of ELFS to terminate his or
        her employment with ELFS, as the case may be.

      

      

      11.4.       In the event of breach by a Seller of the terms of this Section 11, Janel shall be released from all further payment obligations to Seller. Without limiting the foregoing, Janel shall
        also be entitled to institute legal proceedings to obtain damages for such breach, or to enforce the specific performance of this Agreement and to enjoin such breaching party from any further violation of this Section and to exercise such remedies
        cumulatively or in conjunction with all other rights and remedies provided at law. Each Seller acknowledges that the remedies at law for any breach by any of them of the provisions of this Section may be inadequate and Janel shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and
          any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

       

        

      
        34

        
          

      

      11.5.      The covenants contained in this Section 11 and each provision hereof are severable and distinct covenants and provisions. In the event the undertakings set forth in this Section shall be
        determined by any court of competent jurisdiction to be unenforceable by reason of extending for too great a period of time or by reason of being too extensive in any other respect, each such agreement shall be interpreted to extend over the
        maximum period of time for which it may be enforceable and to the maximum extent in all other respects as to which it may be enforceable and enforced as so interpreted, all as determined by such court in such action.

      

      

      11.6.       Each Seller acknowledges that the restrictions contained in this Section 11 are reasonable and necessary to protect the legitimate interests of Janel and constitute a material
        inducement to Janel to enter into this Agreement and consummate the transactions contemplated by this Agreement.

      

      

      12.          Indemnification.

      

      

      12.1.       Indemnification by Janel.  Janel hereby agrees to indemnify and hold harmless from and against any and all from and against any and all Losses (as hereinafter defined), to the
        extent such Losses arise out of, result from, or are in connection with: (i) any breach by Janel of any representation or warranty set forth in Section 5, or (ii) any failure by Janel to perform or comply with any of its covenants or obligations
        under this Agreement.

      

      

      12.2.        Indemnification by Seller.  Each Seller hereby agrees to indemnify and hold harmless Janel and ELFS (after the Closing) and each of their shareholders, directors, officers,
        agents and employees, from and against any and all Losses, to the extent such Losses arise out of, result from, or are in connection with: (i) any breach by ELFS or any Seller of any representation or warranty set forth in Section 6, (ii) any
        failure by ELFS or any Seller to perform or comply with any of its covenants or obligations under this Agreement, and (iii) any and all Indebtedness and liabilities of ELFS arising prior to the Closing Date other than the Assumed Obligations,
        including without limitation the Retained Obligations.

      

      

      12.3.        For purposes of this Agreement, “Losses” shall mean the aggregate of any and all payments for claims, liabilities, suits, actions, demands, charges, damages, losses, costs, or
        expenses (including reasonable attorneys’ fees, expert witness fees and court costs) of every kind and nature incurred by the indemnified party, net of all reserves with respect to such item, tax benefits, insurance proceeds and any indemnity,
        contribution or other similar payment from third parties.  Tax benefits will be considered to be realized for purposes of this Section in the year in which an indemnity payment occurs, taking into account the present value of any such tax benefits,
        and the amount of tax benefits shall be determined by assuming the person entitled to be indemnified is in the maximum applicable foreign, federal, state and local income tax bracket.

       

      

      
        35

        
          

      

      12.4.       If any claim is made, or any suit or proceeding is instituted by a third-party, which, if valid or prosecuted successfully would entitle a party to indemnification under this Section (a
        “Claim”), the indemnified party shall promptly give notice thereof to the others in writing.  At the election of the indemnifying party, the indemnifying party shall, at its own cost and expense, assume the defense of such Claim or
        participate either directly or through their counsel with the indemnified party in the resolution, by litigation or otherwise, of any Claim. The indemnified party agrees to cooperate (and to cause parties within its control to cooperate) with the
        indemnifying party in determining the validity of any Claim or assertion of any Losses including giving (and causing parties within its control to give) the indemnifying party full access to information within its possession.  The indemnified party
        agrees that it will not (and will cause parties within its control not to) settle any Claim without the prior written consent of the indemnifying party and to exercise its best efforts to avoid or minimize the Losses resulting from any Claim.

      

      

      12.5.      Limitations.

      

      

      12.5.1.   Deductible.  No indemnifying party hereunder will have any liability under Section 12.2(i) for breaches of representations or warranties unless the aggregate Losses for which the
        indemnifying party would, but for this provision, be liable under Section 12.2(i) exceeds $500,000.00 (the “Deductible”). If aggregate Losses exceed the Deductible for claims under Section 12.2(i), the indemnifying party’s indemnification
        obligations shall apply to all such Losses in excess of the Deductible; provided, however, that notwithstanding anything herein to the contrary the Deductible does not apply to claims for indemnification for breaches of the Fundamental
        Representations or claims in respect of Fraud.

      

      

      12.5.2.     Sellers’ Cap.  Sellers’ liability under Section 12.2(i) above for any Losses to the extent arising from a breach of a representation or warranty shall not exceed an amount
        equal to $1,500,000.00 (the “Cap”), provided, however, in the case of Losses related to Fundamental Representations or Fraud, the aggregate liability to Sellers shall not exceed the Purchase Price.  

      

      

      12.5.3.     Individual Seller’s Cap.  Each Seller’s individual liability, to the extent arising from Losses related to a breach of a Fundamental Representation or Fraud relating only to
        such Seller, and not ELFS, shall not exceed such Seller’s pro rata portion of the Purchase Price as set forth on Schedule 2.1.  

      

      

      12.5.4.     Janel’s Cap.  Janel’s liability under Section 12.1 shall not exceed, in the aggregate, an amount equal to the Cap.

      

      

      12.5.5.    Payments by an Indemnifying Party pursuant to Section 12.1 or Section 12.2 in respect of any Loss shall be limited to the amount of any liability or damage that remains after deducting
        therefrom any insurance proceeds and any indemnity, contribution or other similar payment actually received by the Indemnified Party (or the Company) in respect of any such claim. The Indemnified Party shall use its commercially reasonable efforts
        to recover under insurance policies or indemnity, contribution or other similar agreements for any Losses prior to seeking indemnification under this Agreement.

       

      

      
        36

        
          

      

      12.5.6.    Payments by an Indemnifying Party pursuant to Section 6.01 or Section 6.03 in respect of any Loss shall be reduced by an amount equal to any Tax benefit realized as a result of such
        Loss by the Indemnified Party.

      

      

      12.5.7.     Each Indemnified Party shall take, and cause its Affiliates to take, commercially reasonable steps to mitigate any Loss upon becoming aware of any event or circumstance that would be
        reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum extent necessary to remedy the breach that gives rise to such Loss.

       

      

      12.6        Sources of Indemnification.  The Parties agree that the amount of any Losses payable in respect of claims pursuant to Section 12.2(i) (other than Fundamental Representations or
        Fraud) (“Seller Representation Breach Claims”) shall be satisfied up to the amount of the Cap (but only to the extent such Losses exceed the Deductible), solely through recovery by an offset against any amounts owed under the Note to such
        Seller. Any amounts owing in respect of claims under Section 12.2 (in each case other than as set forth in immediately preceding sentence) shall be paid for by such Seller, first at the sole discretion of Janel, by either (A) an offset against any
        amounts owed under the Note to such Seller, (B) an offset against any amounts owed by Janel to the Seller pursuant to the Earn-Out Payments, or (C) by seeking recovery from the Seller directly.

      

      

      12.7.        Knowledge of Janel. Janel acknowledges that it has had the opportunity to conduct due diligence and investigation with respect to this transaction. Janel further acknowledges
        that, to the extent Janel, or any of Janel’s advisors, agents, consultants or representatives, by reason of such due diligence and investigation, whether or not undertaken, knew or should have known that any representation and warranty made herein
        by Sellers is or might be inaccurate or untrue, this constitutes a release and waiver of any and all actions, claims, suits, damages or rights to indemnify, at law or in equity, against Sellers by Janel arising out of breach of that representation
        and warranty. Nothing herein shall be deemed to limit or waive Janel’s rights against such Sellers arising out of any other representation and warranty made herein by the Sellers.

      

      

      12.8.      Exclusive Remedy. Except for (a) disputes under Section 3.2 or Section 3.3, which such disputes will be resolved in accordance with the dispute mechanisms set forth in such
        section, (b) claims for Fraud, (c) actions seeking equitable relief pursuant to Sections 11, Janel, ELFS and the Sellers acknowledge and agree that, from and after the Closing, the Parties’ sole and exclusive remedy for any breach or failure to be
        true and correct, or alleged breach or failure to be true and correct, of any representation or warranty or breach of any covenant or obligation arising under or based upon this Agreement, the Closing and the transactions contemplated hereby
        (whether based on contract, tort, strict liability, other applicable Law or otherwise), shall be indemnification in accordance with this Section 12.

      

      

      13.          No Brokerage.

      

      

      None of the parties hereto has incurred any obligation or liability, contingent or otherwise, for brokerage fees, finder’s fees, agent’s commissions, or the like in connection with this Agreement
        or the transactions contemplated hereby.  Each party hereto agrees to indemnify and hold the other parties hereto harmless against and in respect of any such obligation or liability based on agreements, arrangements, or understandings claimed to
        have been made by such party with any third party.

       

      

      
        37

        
          

      

      14.          Nature of Representations and Warranties.

       

      

      All of the parties hereto are executing and carrying out the provisions of this Agreement in reliance on the representations, warranties, covenants and agreements contained in this Agreement or at
        the closing of the transactions contemplated hereunder, and any investigation that they made or might have made will not affect or reduce the other representations, warranties, covenants, agreements contained herein.

      

      

      15.          Notices and Payments.

       

      

      All notices, writings and other communications required or permitted to be given pursuant to this Agreement shall be in writing, and if such notices are hand‐delivered, faxed or e-mailed, return
        fax or e-mail acknowledgement requested, to the address set forth below, they shall be deemed to have been received on the Business Day so delivered or transmitted; if such notices are transmitted by overnight courier to the address set forth
        below, they shall be deemed to have been received on the Business Day following the date on which so transmitted, provided that any notice, writing or other communication received after 5:00 p.m., Eastern Time, shall be deemed to have been received
        on the next Business Day:

      

      

      
        	 	
                Janel:

              	
                Janel Group, Inc.

              
	 	 	
                233 7th Street, Suite 100

              
	 	 	
                Garden City, New York 11530

              
	 	 	
                Attention: Bill Lally

              
	 	 	
                Fax (401) 727-1874

              
	 	 	 
	 	
                and

              	 
	 	 	
                Janel Corporation

              
	 	 	
                80 Eighth Avenue,

              
	 	 	
                New York, New York 10011

              
	 	 	
                Attention: Vincent Verde, Corporate Controller

              
	 	 	
                vverde@janelcorp.com

              
	 	 	 
	 	
                With a copy to:

              	
                Hillel Tendler, Esquire

              
	 	 	
                Neuberger, Quinn, Gielen, Rubin & Gibber, P.A.

              
	 	 	
                One South Street, 27th Floor

              
	 	 	
                Baltimore, Maryland  21202

              
	 	 	
                Fax (410) 951-6038

              
	 	 	
                ht@nqgrg.com

              
	 	 	 
	 	
                Seller Representative:

              	
                Randall L. Cockrell

              
	 	 	
                3323 N. Cotswold Manor

              
	 	 	
                Kingwood, Texas 77339

              
	 	 	
                rgcockrell@suddenlink.net

              

      

      

      

      
        38

        
          

      

      
        	 	
                With a copy to:

              	
                Jack A. Selman

              
	 	 	
                Selman, Munson & Lerner, P.C.

              
	 	 	
                9821 Katy Freeway, Suite 875

              
	 	 	
                Houston, Texas 77024

              
	 	 	
                jselman@selmanmunson.com

              

      

       

      

      All notices hereunder shall be delivered to the above addresses.  Any party may change its address for notice or payment purposes by giving notice the other parties as hereinabove provided.

      

      

      16.          Expenses.

      

      

      Each party hereto shall be responsible for and bear all of its own costs and expenses (including the expenses of its representatives) incurred at any time in connection with negotiation, due
        diligence and closing the transaction described herein.

      

      

      17.          Survival.

       

      

      Except as otherwise provided herein, the representations and warranties contained herein shall survive the execution, and delivery of this Agreement and the closing of the transactions contemplated
        hereby, and shall continue for a period of 24 months following the Closing Date, except for breaches of the Fundamental Representations, which shall survive until the expiration of all applicable statutes of limitation with respect thereto. All
        covenants and agreements of the parties contained herein shall survive the Closing indefinitely or for the period explicitly specified therein. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the
        extent known at such time) and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representation
        or warranty and such claims shall survive until finally resolved.

      

      

      18.          [Intentionally Omitted.]

      

      

      
        19.          [Intentionally Omitted.]

      

      

      

      20.          Effect of Waiver.

       

      

      The failure of any party at any time or times to require performance of any provision of this Agreement will in no manner affect the right to enforce the same.  The waiver by any party of any
        breach of any provision of this Agreement will not be construed to be a waiver by any such party of any succeeding breach of that provision or a waiver by such party of any breach of any other provision.

      
        39

        
          

      

      21.          Severability.

      

      

      The invalidity, illegality or unenforceability of any provision or provisions of this Agreement will not affect any other provision of this Agreement, which will remain in full force and effect,
        nor will the invalidity, illegality or unenforceability of a portion of any provision of this Agreement affect the balance of such provision.  In the event that any one or more of the provisions contained in this Agreement or any portion thereof
        shall for any reason be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be reformed, construed and enforced as if such invalid, illegal or unenforceable provision had never been contained herein.

      

      

      22.          Governing Law.

      

      

      This Agreement shall be governed by and construed in accordance with, the laws of the state of New York without regard to conflict of law principles.

      

      

      23.          Arbitration.

      

      

      Any dispute, claim or controversy arising out of or relating to this Agreement, or the transaction documents, or the breach termination, enforcement or validity thereof, including the determination
        of the scope and applicability of this agreement to arbitrate shall be determined by arbitration in Houston, Texas. The arbitration shall be administered by the American Arbitration Association (“AAA”) pursuant to its applicable Commercial
        Arbitration Rules. The parties shall agree on a single arbitrator experienced in commercial transactions, provided that if the parties fail to agree on an arbitrator within ten (10) days following the commencement of the dispute, one arbitrator
        shall be appointed under the AAA Commercial Arbitration Rules applicable to the proceeding. The arbitrator shall state in writing the reasons for his or her award and the legal and factual conclusions underlying the award. The award of the
        arbitrator shall be final, and judgment upon the award may be entered in any state or federal court located in Texas. The costs of such arbitration proceeding shall be borne by the party that does not prevail in the arbitration, or if a
        determination of the prevailing party is not made by the arbitrator, such costs shall be borne equally by the parties to such arbitration. The parties agree that all of the negotiations and arbitration proceedings relating to such disputes and all
        testimony, transcripts and other documents relating to such arbitration shall be treated as confidential and will not be disclosed or otherwise divulged to any other person except as necessary in connection with such negotiations and arbitration
        proceedings. Notwithstanding anything to the contrary in this Section, the parties shall have the right to seek temporary, preliminary and permanent equitable relief including, without limitation, injunctive relief and specific performance, to
        prevent any breach or threatened breach of this Agreement in accordance with the AAA Commercial Arbitration Rules.

       

      

      
        40

        
          

      

      24.          Enforcement.

      

      

      The parties hereto acknowledge and agree that any party’s remedy at law for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and such breach or
        threatened breach shall be per se deemed as causing irreparable harm to such party.  Therefore, in the event of such breach or threatened breach, the parties hereto agree that, in addition to any available remedy at law, including but not limited
        to  monetary damages, an aggrieved party shall be entitled to obtain, and the offending party agrees not to oppose the aggrieved party’s request for, equitable relief in the form of specific enforcement, temporary restraining order, temporary or
        permanent injunction, or any other equitable remedy that may then be available to the aggrieved party.

      

      

      25.          Binding Agreement; Assignment.

      

      

      This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.  Except as provided otherwise in this Agreement, Janel, at its
        option, may designate one or more other direct or indirect subsidiaries or affiliates of Janel to purchase the Interests.  Except as set forth herein, this Agreement shall not be assignable by any party hereto except as provided herein or with the
        prior written consent of the other parties.

      

      

      26.          Entire Agreement; Modification.

      

      

      This Agreement (including the exhibits and schedules hereto) and the other Transaction Documents constitute the full and entire understanding and agreement between the Parties with respect to the
        subject matter hereof, and supersede all prior and contemporaneous representations, warranties, understandings and agreements, whether written, oral or implied, with respect to such subject matter. The Parties have voluntarily agreed to define
        their rights, liabilities and obligations respecting the sale and purchase of ELFS exclusively in contract pursuant to the express terms and provisions of this Agreement and the other Transaction Documents, and expressly disclaim that they are owed
        any duties or are entitled to any remedies not expressly set forth in this Agreement or the other Transaction Documents. Furthermore, the Parties hereby acknowledge that this Agreement and the Transaction Documents embody the justifiable
        expectations of sophisticated parties derived from arm’s-length negotiations. The Parties specifically acknowledge that no party has any special relationship with another party that would justify any expectation beyond that of an ordinary Janel and
        an ordinary Sellers in an arm’s-length transaction. The preamble and recitals to this Agreement are incorporated herein by reference.

      

      

      27.          Further Assurances.

      

      

      Each of the parties hereto agrees to execute, acknowledge, seal and deliver, after the date hereof and after the Closing, such further assurances, instruments and documents and to take such further
        actions as the other may reasonably request in order to fulfill the intent of this Agreement and the transactions contemplated hereby.

      

      

      28.          Facsimile Signature and Counterparts.

      

      

      This Agreement may be executed by electronic or facsimile signatures which shall have the full force and effect of original signatures.  This Agreement may be executed in counterparts, all of which
        taken together shall constitute one instrument.

       

      

      
        41

        
          

      

      29.       Guarantee.  Janel Corp. hereby unconditionally and irrevocably guarantees to Sellers punctual observance and performance by Janel and its Affiliates of all of the obligations of
        Janel and its Affiliates set forth in this Agreement and any other documents required hereunder, the Purchase Price and all other amounts to be paid hereunder and undertakes to Sellers that (i) whenever Janel or any of its Affiliates does not pay
        any amount when due under this Agreement, Janel Corp. shall immediately on first demand pay that amount as if it was the principal obligor and (ii) whenever Janel or any of its Affiliates fails to perform any other obligations under this Agreement,
        Janel Corp. shall immediately on demand perform (or procure performance of) and satisfy (or procure the satisfaction of) that obligation, so that the same benefits are conferred on Sellers as it would have received if such obligation had been
        performed and satisfied by Janel or its applicable Affiliate. The guarantee under this Section 29 is a continuing guarantee and will extend to the ultimate balance of sums payable by Janel or its Affiliates under this Agreement, regardless of any
        intermediate payment or discharge. Janel Corp. hereby waives diligence, presentment, demand of performance, filing of any claim, any right to require any proceeding first against any Affiliate of Janel or the Company Business, as applicable,
        protest, notice and all demands whatsoever in connection with the performance of its obligations set forth in this Section 29.

      

      

      30.         Except to the extent such person is a party to this Agreement and/or the ancillary transaction documents, and then only to the extent set forth herein or therein, no past, present or
        future director, officer, employee, incorporator, organizer, manager, member, partner, stockholder, Affiliate, agent, attorney or representative of Janel, ELFS or the Sellers or any of their respective Affiliates shall have any liability (whether
        in contract or in tort) for any obligations or liabilities of Janel, ELFS, or the Sellers arising under, in connection with or related to this Agreement, the ancillary transaction documents, the transaction or for any claim based on, in respect of,
        or by reason of, the sale, contribution and purchase of the Interests or other matters contemplated herein, including, without limitation, any alleged non-disclosure or misrepresentations made by any such persons.

      

      

      31.        Sellers’ Representative.  Each Seller acknowledges, ratifies and agrees to the appointment of Randall L. Cockrell as the representative of such Seller (the “Sellers’
          Representative”) in connection with the acquisition of the Company by Janel pursuant to the terms of this Agreement.  The Sellers’ Representative will act as agent and attorney-in-fact on behalf of each Seller with full power of substitution
        to act in the name, place and stead of the Sellers with respect to, as applicable, the transfer of the Interests owned by the holders thereof to Janel in accordance with the terms and provisions of this Agreement, and to act on behalf of each
        Seller in any litigation or arbitration involving this Agreement, do or refrain from doing all such further acts and things, and execute all such documents as the Sellers’ Representative shall deem necessary or appropriate in connection with the
        transactions contemplated by this Agreement, including, without limitation, the power:

      

      

      (i)           to act for the Sellers with regard to matters pertaining to indemnification referred to in this Agreement, including the power to compromise any claim on behalf of Sellers and to
        transact matters of litigation;

      
        42

        
          

      

      (ii)         to execute and deliver any certificate, instrument and/or agreement that the Sellers’ Representative deems necessary or appropriate in connection with the consummation of the
        transactions contemplated by this Agreement including with respect to the Purchase Price Adjustment in Section 3.3 and the Earn-Out Consideration in Section 3.2;

      

      

      (iii)         to receive funds under this Agreement and give receipts for such funds, it being understood that any such funds received by the Sellers’ Representative under this Agreement on behalf
        of Sellers shall be distributed by the Sellers’ Representative to the other Sellers in accordance with their respective pre-closing ownership percentages as if such funds were distributed directly to such Sellers;

      

      

      (iv)        to do or refrain from doing any further act or deed on behalf of the Sellers that the Sellers’ Representative deems necessary or appropriate in his sole discretion relating to the
        subject matter of this Agreement as fully and completely as the Sellers could do if personally present;

      

      

      (v)           to receive service of process in connection with any claims under this Agreement; and

      

      

      (vi)          to exercise any powers or otherwise act on behalf of the Sellers as explicitly provided for in this Agreement.

      

      

      The Sellers’ Representative shall not be responsible to any Seller for any loss or damages any Seller may suffer by the performance of his duties under this Agreement, other than loss or damage
        arising from willful violation of the law or gross negligence in the performance of his duties under this Agreement.  The Sellers shall, to the fullest extent permitted by Law, indemnify and hold harmless the Sellers’ Representative against any and
        all actions, claims (whether or not valid), losses, damages, liabilities, costs and expenses (including without limitation reasonable attorneys’ fees, costs and expenses) (“Sellers’ Representative Losses”) incurred by or asserted against the
        Sellers’ Representative from and after the date hereof, relating to or arising from or in connection with any claim, demand, suit, action or proceeding by any person arising from or in connection with the negotiation, preparation, execution,
        performance or failure of performance of the Sellers’ Representative’s duties as contemplated by this Agreement or any transactions contemplated herein.  The obligations set forth in this Section 31 shall survive the resignation or removal of the
        Sellers’ Representative.  The Sellers, according to their respective Pre-Closing Ownership Percentages, shall reimburse the Sellers’ Representative for his reasonable expenses incurred on behalf of the Sellers hereunder.

      

      

      32.          Third-Party Beneficiaries. This Agreement and other transaction documents are not intended to confer upon any Person other than the parties hereto any rights, benefits,
        remedies, obligations or liabilities here under.

      

      

      
        43

        
          

      

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

      

      

      	 	
              JANEL:

            
	 	
              JANEL GROUP, INC.

            

      

      

      	 	
              By:

            	
              /s/

            	 
	 	
              Name:

            	
              Dominique Schulte

            
	 	
              Title:

            	
              Vice President

            

      

      

      
        	 	
                ELFS:

              
	 	
                EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC

              

         

        

        
          	 	
                  By:

                	
                  /s/

                	 
	 	 	
                  Frederick J. Lalumandier, President

                

        

         

        

        
          	 	
                  SELLERS:

                
	 	 
	 	
                  /s/

                	 
	 	
                  David W. Flake

                
	 	 
	 	
                  /s/

                	 
	 	
                  Randall L. Cockrell,

                

        

         

        

        
          	 	
                  /s/

                	 
	 	
                  Steven R. Lalumandier

                

        

         

        

        
          	 	
                  /s/

                	 
	 	
                  Frederick J. Lalumandier

                

        

         

        

        
          	 	
                  PARENT GUARANTOR:

                
	 	
                  JANEL CORPORATION  with respect to Section 29

                

        

         

        

        
          	 	
                  By:

                	
                  /s/

                	 
	 	
                  Name:

                	
                  Dominique Schulte

                
	 	
                  Title:

                	
                  President and Chief Executive Officer

                

        

         

        

      

      
        44

        
          

      

      MEMBERSHIP INTEREST PURCHASE AGREEMENT

      INDEX OF SCHEDULES AND EXHIBITS

      

      

      The following schedules (collectively, the “Schedules”) correspond with the Schedules referenced in the Membership Interest Purchase Agreement (the “Purchase Agreement”).  Capitalized terms not otherwise defined in the Schedules shall have the meanings given to them in the Purchase Agreement.

      

      

      The Schedules to the Purchase
          Agreement are part of the representations, warranties and other agreements made by ELFS and Seller in the Purchase Agreement and are intended to qualify such
            representations, warranties and agreements referenced in each Schedule to the extent provided in the Purchase Agreement. Any information included in the Schedules or in any individual Schedule
          shall be deemed to be disclosed in any other Schedule so long as such disclosure is in sufficient detail to enable a reasonable person to identify the other section or subsection of such other Schedule to which such information is responsive.

      

      

      The information in the Schedules is not to be construed as an admission that any such information is material to ELFS or the Seller (as the case may be), or any of their respective businesses or
        operations, except to the extent specifically provided in the Purchase Agreement. Nothing in these Schedules shall constitute an admission of any liability or obligation of ELFS or the Seller to any third party,
          nor an admission to any third party against ELFS’s or the Seller’s interests.

      

      

      
        	
                Schedule

              	 	 
	
                1.1(b)

              	
                -

              	
                Excluded Assets

              
	
                2.1

              	
                -

              	
                Sellers

              
	
                2.2

              	
                -

              	
                Retained Obligations

              
	
                5.4

              	
                -

              	
                Janel Approvals

              
	
                6.3

              	
                -

              	
                Liens

              
	
                6.5

              	
                -

              	
                Restrictions

              
	
                6.8

              	
                -

              	
                ELFS Approvals

              
	
                6.9

              	
                -

              	
                Exceptions to Condition of Company Assets

              
	
                6.10

              	
                -

              	
                ELFS’s Licenses and Marks

              
	
                6.12

              	
                -

              	
                Accounts Receivable

              
	
                6.13

              	
                -

              	
                Letter of Credit Liabilities

              
	
                6.14

              	
                -

              	
                Facilities

              
	
                6.15

              	
                -

              	
                Key Customer Accounts

              
	
                6.16

              	
                -

              	
                Material Adverse Changes to ELFS

              
	
                6.18

              	
                -

              	
                ELFS Contracts and Authorizations

              
	
                6.19

              	
                -

              	
                Compliance; Governmental Authoorizations

              
	
                6.20

              	
                -

              	
                ELFS Litigation

              
	
                6.21

              	
                -

              	
                Insurance Policies

              
	
                6.23

              	
                -

              	
                Agreements with Employees

              
	
                6.24

              	
                -

              	
                Employee Benefit Plans

              
	
                6.25

              	
                -

              	
                Severance Obligations

              
	
                6.31

              	
                -

              	
                Affiliate Transactions

              
	
                7.5

              	
                -

              	
                Seller Guarantees

              
	
                7.7.1

              	
                -

              	
                Director and Officer Indemnification and Insurance

              
	
                8.2.3

              	
                -

              	
                Purchase Price Allocation

              

      

      

      

      
        	
                Exhibit

              	 	 
	
                A

              	
                -

              	
                Base Balance Sheet

              
	
                B

              	
                -

              	
                Note

              
	
                C

              	
                -

              	
                Assignment of Interests

              
	
                D

              	
                -

              	
                Employment AgreementExhibit 10.44

    

    

    EXECUTION VERSION

    

      AMENDED AND RESTATED

      LOAN AND SECURITY AGREEMENT

      

      

      Dated as of  September 21, 2021

      

      

      among

      

      

      SANTANDER BANK, N.A.,

      as Lender,

      

      

      JANEL GROUP, INC.,

      EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC,

      a Texas limited liability company, and

      ELFS BROKERAGE, LLC,

      Jointly and Severally, Individually and Collectively,

      as Borrower,

      

      

      and

      

      

      JANEL CORPORATION, and

      EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC,

      an Oklahoma limited liability company,

      as Loan Party Obligors

      

      

      
        
          

      

      
        	
                1.

              	 	
                LOANS AND LETTERS OF CREDIT.

              	
                1

              
	 	
                1.1

              	 	
                Amount of Loans / Letters of Credit

              	
                1

              
	 	
                1.2

              	 	
                Reserves

              	
                2

              
	 	
                1.3

              	 	
                Protective Advances

              	
                2

              
	 	
                1.4

              	 	
                Notice of Borrowing; Manner of Revolving Loan Borrowing

              	
                2

              
	 	
                1.5

              	 	
                Other Provisions Applicable to Letters of Credit

              	
                3

              
	 	
                1.6

              	 	
                Conditions of Making the Loans and Issuing Letters of Credit

              	
                3

              
	 	
                1.7

              	 	
                Repayments.

              	
                4

              
	 	
                1.8

              	 	
                PREPAYMENTS / VOLUNTARY TERMINATION

              	
                4

              
	 	
                1.9

              	 	
                Obligations Unconditional

              	
                5

              
	 	
                1.10

              	 	
                Reversal of Payments

              	
                6

              
	 	
                1.11

              	 	
                Administrative Borrower

              	
                6

              
	 	
                1.12

              	 	
                Divisions.

              	
                7

              
	
                2.

              	 	
                INTEREST AND FEES; LOAN ACCOUNT.

              	
                7

              
	 	
                2.1

              	 	
                Interest

              	
                7

              
	 	
                2.2

              	 	
                Fees

              	
                7

              
	 	
                2.3

              	 	
                Payment of Interest

              	
                7

              
	 	
                2.4

              	 	
                Computation of Interest and Fees

              	
                7

              
	 	
                2.5

              	 	
                Loan Account; Monthly Accountings

              	
                7

              
	 	
                2.6

              	 	
                LIBOR Option

              	
                7

              
	 	
                2.7

              	 	
                Capital Requirements

              	
                11

              
	 	
                2.8

              	 	
                Further Obligations; Maximum Lawful Rate

              	
                12

              
	 	
                2.9

              	 	
                Base Rate Related Election.

              	
                12

              
	
                3.

              	 	
                SECURITY INTEREST GRANT / POSSESSORY COLLATERAL / FURTHER ASSURANCES.

              	
                13

              
	 	
                3.1

              	 	
                Grant of Security Interest

              	
                13

              
	 	
                3.2

              	 	
                Possessory Collateral

              	
                13

              
	 	
                3.3

              	 	
                Further Assurances

              	
                13

              
	 	
                3.4

              	 	
                UCC Financing Statements

              	
                14

              
	
                4.

              	 	
                CERTAIN PROVISIONS REGARDING ACCOUNTS, INVENTORY, COLLECTIONS, APPLICATIONS OF PAYMENTS, INSPECTION RIGHTS, AND APPRAISALS.

              	
                14

              
	 	
                4.1

              	 	
                Lock Boxes and Blocked Accounts

              	
                14

              

      

      

      

      
        
          

      

      
        	 	
                4.2

              	 	
                Application of Payments

              	
                15

              
	 	
                4.3

              	 	
                Notification; Verification

              	
                16

              
	 	
                4.4

              	 	
                Power of Attorney

              	
                17

              
	 	
                4.5

              	 	
                Disputes

              	
                18

              
	 	
                4.6

              	 	
                Invoices

              	
                18

              
	 	
                4.7

              	 	
                Access to Collateral, Books and Records

              	
                18

              
	
                5.

              	 	
                REPRESENTATIONS, WARRANTIES AND COVENANTS.

              	
                18

              
	 	
                5.1

              	 	
                Existence and Authority

              	
                19

              
	 	
                5.2

              	 	
                Names; Trade Names and Styles

              	
                19

              
	 	
                5.3

              	 	
                Title to Collateral; Third Party Locations; Permitted Liens

              	
                20

              
	 	
                5.4

              	 	
                Accounts and Chattel Paper

              	
                20

              
	 	
                5.5

              	 	
                Electronic Chattel Paper

              	
                20

              
	 	
                5.6

              	 	
                Capitalization; Investment Property.

              	
                20

              
	 	
                5.7

              	 	
                Commercial Tort Claims

              	
                22

              
	 	
                5.8

              	 	
                State of Organization; Location of Collateral

              	
                22

              
	 	
                5.9

              	 	
                Financial Statements and Reports; Solvency.

              	
                23

              
	 	
                5.10

              	 	
                Tax Returns and Payments; Pension Contributions

              	
                23

              
	 	
                5.11

              	 	
                Compliance with Laws; Intellectual Property; Licenses; ELFS Acquisition.

              	
                24

              
	 	
                5.12

              	 	
                Litigation

              	
                26

              
	 	
                5.13

              	 	
                Use of Proceeds

              	
                26

              
	 	
                5.14

              	 	
                Insurance.

              	
                26

              
	 	
                5.15

              	 	
                Financial, Collateral and Other Reporting / Notices

              	
                27

              
	 	
                5.16

              	 	
                Litigation Cooperation

              	
                29

              
	 	
                5.17

              	 	
                Maintenance of Collateral, Etc. 29

              	
                29

              
	 	
                5.18

              	 	
                Material Contracts

              	
                29

              
	 	
                5.19

              	 	
                No Default

              	
                30

              
	 	
                5.20

              	 	
                No Material Adverse Change

              	
                30

              
	 	
                5.21

              	 	
                Full Disclosure

              	
                30

              
	 	
                5.22

              	 	
                Sensitive Payments

              	
                30

              
	 	
                5.23

              	 	
                Parent

              	
                30

              
	 	
                5.24

              	 	
                Patriot Act

              	
                31

              
	 	
                5.25

              	 	
                OFAC

              	
                31

              

      

      

      

      
        ii

        
          

      

      
        	 	
                5.26

              	 	
                Government Regulation

              	
                31

              
	 	
                5.27

              	 	
                Negative Covenants

              	
                31

              
	 	
                5.28

              	 	
                Financial Covenant

              	
                33

              
	
                6.

              	

              	
                RELEASE, LIMITATION OF LIABILITY AND INDEMNITY.

              	
                33

              
	 	
                6.1

              	 	
                Release

              	
                33

              
	 	
                6.2

              	 	
                Limitation of Liability

              	
                34

              
	 	
                6.3

              	 	
                Indemnity

              	
                34

              
	
                7.

              	 	
                EVENTS OF DEFAULT AND REMEDIES.

              	
                34

              
	 	
                7.1

              	 	
                Events of Default

              	
                34

              
	 	
                7.2

              	 	
                Remedies with Respect to Lending Commitments/Acceleration/Etc.

              	
                37

              
	 	
                7.3

              	 	
                Remedies with Respect to Collateral

              	
                37

              
	 	
                7.4

              	 	
                Curative Equity

              	
                42

              
	
                8.

              	 	
                LOAN GUARANTY.

              	
                44

              
	 	
                8.1

              	 	
                Guaranty

              	
                44

              
	 	
                8.2

              	 	
                Guaranty of Payment

              	
                44

              
	 	
                8.3

              	 	
                No Discharge or Diminishment of Loan Guaranty.

              	
                44

              
	 	
                8.4

              	 	
                Defenses Waived

              	
                45

              
	 	
                8.5

              	 	
                Rights of Subrogation

              	
                45

              
	 	
                8.6

              	 	
                Reinstatement; Stay of Acceleration

              	
                45

              
	 	
                8.7

              	 	
                Information

              	
                45

              
	 	
                8.8

              	 	
                Termination

              	
                46

              
	 	
                8.9

              	 	
                Maximum Liability

              	
                46

              
	 	
                8.10

              	 	
                Contribution

              	
                46

              
	 	
                8.11

              	 	
                LIABILITY CUMULATIVE

              	
                47

              
	 	
                8.12

              	 	
                Subordination

              	
                47

              
	
                9.

              	 	
                PAYMENTS FREE OF TAXES; OBLIGATION TO WITHHOLD; PAYMENTS ON ACCOUNT OF TAXES.

              	
                48

              
	
                10.

              	
                

                

              	
                GENERAL PROVISIONS.

              	
                50

              
	 	
                10.1

              	 	
                Notices.

              	
                50

              
	 	
                10.2

              	 	
                Severability

              	
                52

              
	 	
                10.3

              	 	
                Integration

              	
                52

              
	 	
                10.4

              	 	
                Waivers

              	
                53

              
	 	
                10.5

              	 	
                Amendment

              	
                53

              

      

      

      

      
        iii

        
          

      

      	 	
              10.6

            	 	
              Time of Essence

              

            	
              53

            
	 	
              10.7

            	 	
              Expenses, Fee and Costs Reimbursement

              

            	
              53

            
	 	
              10.8

            	 	
              Benefit of Agreement; Assignability

            	
              54

            
	 	
              10.9

            	 	
              Recordation of Assignment

            	
              54

            
	 	
              10.10

            	 	
              Participations

            	
              55

            
	 	
              10.12

            	 	
              USA PATRIOT Act Notification

            	
              55

            
	 	
              10.13

            	 	
              Confidentiality and Publicity

            	
              56

            
	 	
              10.14

            	 	
              Counterparts; Fax/Email Signatures

            	
              57

            
	 	
              10.15

            	 	
              GOVERNING LAW

            	
              57

            
	 	
              10.16

            	 	
              CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL

            	
              57

            
	 	
              10.17

            	 	
              SUPPLEMENTAL AGREEMENTS.

              

            	
              57

            

      

      

      	
              Disclosure Schedule

            
	
              Schedule A

            	
              Description of Certain Terms

            
	
              Schedule B

            	
              Definitions

            
	
              Schedule C

            	
              Post-Closing Obligations

            
	
              Schedule D

            	
              Fees

            
	
              Schedule E

            	
              Reporting

            
	
              Schedule F

            	
              Financial Covenant

            
	
              Schedule G

            	
              Additional Conditions Precedent

            
	
              Schedule H

            	
              Acquisition Seller Financing as of the Closing Date

            
	
              Schedule  I

            	
              Representations and Warranties Regarding ELFS Acquisition

            
	
              Exhibit A

            	
              Form of Notice of Borrowing

            
	
              Exhibit B

            	
              LIBOR Notice

            
	
              Exhibit C

            	
              Closing Checklist

            
	
              Exhibit D

            	
              Authorized Accounts Form

            
	
              Exhibit E

            	
              Form of Account Debtor Notification

            
	
              Exhibit F

            	
              Form of Compliance Certificate

            

      

      

      
        iv

        
          

      

      Amended and Restated Loan and Security Agreement

      

      

      This Amended and Restated Loan and Security Agreement (as it may be amended, restated or otherwise modified from time to time, this “Agreement”)

        is entered into as of September 21, 2021, among (1) SANTANDER BANK, N.A., a national banking association (“Lender”), (2) JANEL GROUP, INC., a New York corporation (“Janel”), EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC, a Texas limited liability company (“ELFS”) and ELFS BROKERAGE, LLC, a Texas
        limited liability company (“ELFS Brokerage”, and together with Janel and ELFS, individually and collectively, and jointly and severally referred to herein as “Borrower”), (3) JANEL CORPORATION, a Nevada corporation (“Parent”), and EXPEDITED LOGISTICS AND FREIGHT
        SERVICES, LLC, an Oklahoma limited liability company, and a wholly-owned Subsidiary of ELFS (“ELFS OK”, and together with Parent, individually and collectively, and jointly and severally
        referred to herein as Loan Party Obligors (as defined herein). The Schedules and Exhibits to this Agreement are an integral part of this Agreement and are incorporated herein by reference. Terms used, but not defined elsewhere, in this Agreement
        are defined in Schedule B.

       

      R E C I T A L S:

       

      WHEREAS, the Loan Party Obligors (other than ELFS and ELFS Brokerage) and Lender are party to that certain Loan and Security Agreement dated as of October 17, 2017 (as amended and in effect, the “Existing

          Loan Agreement”);

       

      WHEREAS, Janel, Parent, ELFS, and ELFS Brokerage and Lender desire and agree to amend and restate the Existing Loan Agreement in its entirety by this Agreement to, among other things, join ELFS and
        ELFS Brokerage each as a Borrower thereunder and to amend certain terms of the Existing Loan Agreement, without constituting a novation, upon the terms and subject to the conditions set forth herein; and

       

      WHEREAS, Loan Party Obligors have requested that Lender continue to provide a credit facility to Borrower to finance their mutual and collective business enterprise.  Lender is willing to provide
        the credit facility on the terms and conditions set forth in this Agreement.

       

      NOW, THEREFORE, for valuable consideration hereby acknowledged, the parties agree that the Existing Loan Agreement is hereby amended and restated as follows:

         

      	1.	
              LOANS AND LETTERS OF CREDIT.

            

       

      1.1       Amount of Loans / Letters of Credit. Revolving
          Loans and Letters of Credit. Subject to the terms and conditions contained in this Agreement, including Sections 1.3 and 1.6, Lender will, from time to time prior to the Maturity Date, at Borrower’s request, (i) make revolving loans to
        Borrower (“Revolving Loan”), and (ii) make letters of credit (“Letters of Credit”) available to Borrower; provided, that after giving effect to each such Revolving Loan and each such Letter of Credit, (A) the outstanding balance of all Revolving Loans and the Letter of Credit Balance will not
        exceed the lesser of (x) the Maximum Revolving Facility Amount and (y) the Borrowing Base, and (B) none of the other Loan Limits for Revolving Loans will be exceeded. The Revolving Loans made by Lender shall be evidenced by a Revolving Credit Note,
        duly executed on behalf of the Borrower, dated the Closing Date, payable to Lender in an aggregate principal amount equal to the Maximum Revolving Facility Amount.

       

      
        
          

      

      1.2         Reserves. Lender may, with prior written notice to Borrower, from time to time
        establish and revise reserves against the Borrowing Base in such amounts and of such types as Lender deems appropriate in its Permitted Discretion (“Reserves”). In no event shall the
        establishment of a Reserve in respect of a particular actual or contingent liability obligate Lender to make advances to pay such liability or otherwise obligate Lender with respect thereto.  So long as no Event of Default exists, Lender shall not
        establish a Reserve for outstandings for credit cards issued by the Lender to any Loan Party.

       

      1.3         Protective Advances. Any contrary provision of this Agreement or any other Loan
        Document notwithstanding, at any time (A) after the occurrence and during the continuance of a Default or an Event of Default, or (B) that any of the other applicable conditions precedent set forth in Section 1.1 and/or Section 1.6 or otherwise are
        not satisfied, Lender hereby is authorized by Borrower, from time to time, in Lender’s sole Permitted Discretion, to make Revolving Loans to, or for the benefit of, Borrower, that Lender in its sole Permitted Discretion deems necessary or desirable
        (1) to preserve or protect the Collateral or any portion thereof, or (2) to enhance the likelihood of repayment of the Obligations (the Revolving Loans described in this Section 1.3 shall be referred to as “Protective Advances”). Any contrary provision of this Agreement or any other Loan Document notwithstanding, Lender may direct the proceeds of any Protective Advance to Borrower or to such other Person as Lender
        determines in its sole Permitted Discretion. All Protective Advances shall be payable immediately upon demand.

       

      1.4         Notice of Borrowing; Manner of Revolving Loan Borrowing. Borrower shall request
        each Revolving Loan by submitting such request in writing or via an Approved Electronic Communication, a Notice of Borrowing substantially in the form of Exhibit A hereto) (each such request a “Notice

          of Borrowing”) and executed by Administrative Borrower (as defined in Section 1.11). Subject to the terms and conditions of this Agreement, including Sections 1.1 and 1.6, Lender shall, except as provided in Section 1.3, deliver the amount
        of the Revolving Loan requested in the Notice of Borrowing for credit to the operating account of the Administrative Borrower which is maintained with the Lender: (i) with respect to a request for a Base Rate Loan, (x) on the same day if the Notice
        of Borrowing is received by Lender on or before 2:00 p.m. Eastern Time on a Business Day, (y) on the immediately following Business Day if the Notice of Borrowing is received by Lender after 2:00 p.m. Eastern Time on a Business Day or (z) if such
        notice is received by Lender on any day that is not a Business Day; and (ii) with respect to a LIBOR Rate Loan, on or before 2:00 p.m. Eastern Time on the date specified in the applicable LIBOR Notice.  Lender shall charge to the Revolving Loan
        Lender’s usual and customary fees for the wire transfer of any Loan, if applicable.

       

      
        2

        
          

      

      1.5         Other Provisions Applicable to Letters of Credit. Lender shall, on terms and
        conditions set forth in this Agreement (including the terms and conditions set forth in Section 1.1 and Section 1.6), issue Letters of Credit for the benefit of the Borrower; provided,
        that after giving effect to the issuance of each Letter of Credit, the Letter of Credit Balance will not exceed the Letter of Credit Limit. Borrower agrees to execute all documentation required by Lender in respect of the issuance of a Letter of
        Credit. Borrower hereby unconditionally and irrevocably agrees to reimburse Lender for each disbursement made by Lender under any Letter of Credit honoring any demand for payment made thereunder, in each case on the date that such payment or
        disbursement is made. Borrower’s reimbursement obligations hereunder shall be irrevocable and unconditional under all circumstances, including (i) any lack of validity or enforceability of any Letter of Credit, this Agreement or any other Loan
        Document, (ii) the existence of any claim, set-off, defense or other right which any Loan Party Obligor may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such
        transferee may be acting), Lender, or any other Person, whether in connection with any Letter of Credit, this Agreement, any other Loan Document, the transactions contemplated herein or any unrelated transactions (including any underlying
        transaction between any Loan Party Obligor and the beneficiary named in any Letter of Credit), (iii) any lack of validity, sufficiency or genuineness of any document which Lender has determined complies on its face with the terms of the applicable
        Letter of Credit, even if such document should later prove to have been forged, fraudulent, invalid or insufficient in any respect or any statement therein shall have been untrue or inaccurate in any respect, or (iv) the surrender or impairment of
        any security for the performance or observance of any of the terms hereof. Any and all amounts paid by Lender in respect of a Letter of Credit will, at the election of Lender and any contrary provision of this Agreement or other Loan Document
        notwithstanding, be deemed to be a Base Rate Loan and bear interest at the rate then applicable to Base Rate Loans.

       

      1.6         Conditions of Making the Loans and Issuing Letters of Credit. Lender’s obligation
        to make any Loan or issue any Letter of Credit under this Agreement is subject to the following conditions precedent (as well as any other conditions set forth in this Agreement or any other Loan Document), all of which must be satisfied in a
        manner acceptable to Lender (and as applicable, pursuant to documentation which in each case is in form and substance acceptable to Lender) as of each day that such Loan is made or such Letter of Credit is issued, as applicable:

       

      (a)          Loans and Letters of Credit Made and/or Issued on the Closing Date: With respect to Loans made, or
        Letters of Credit issued, on the Closing Date, (i) each applicable Loan Party Obligor shall have duly executed and/or delivered, or, as applicable, shall have caused such other applicable Persons to have duly executed and or delivered, to Lender
        such agreements, instruments, documents, proxies and certificates as Lender may require, and including such other agreements, instruments, documents and/or certificates listed on the closing checklist attached hereto as Exhibit C; (ii) Lender shall
        have completed its business and legal due diligence pertaining to the Loan Party Obligors and their respective businesses and assets (including, without limitation, a field exam prior to the Closing Date), with results thereof satisfactory to
        Lender in its sole discretion; (iii) Borrower shall have paid to Lender all fees due on the Closing Date, and shall have paid or reimbursed Lender for all of Lender’s costs, charges and expenses incurred through the Closing Date (and in connection
        herewith, Borrower hereby irrevocably authorizes Lender to charge such fees, costs, charges and expenses as Base Rate Loans); and (iv) those other conditions set forth Schedule G shall have been completed to the satisfaction of the  Lender.

       

      (b)        All Loans and Letters of Credit: With respect to Loans made or Letters of Credit issued on the Closing
        Date or at any time thereafter, in addition to the conditions specified in clause (a) above as applicable, (i) Borrower shall have provided to Lender such information as Lender may reasonably require in order to determine the Borrowing Base
        (including the items set forth in Section 5.15(a)), as of such borrowing or issue date, after giving effect to such Loans or Letters of Credit, as applicable; (ii) each applicable Loan Party Obligor shall have duly executed and/or delivered, or, as
        applicable, shall have caused such other applicable Persons to have duly executed and or delivered, to Lender such further agreements, instruments, documents, proxies and certificates as Lender may reasonably require in connection therewith; (iii)
        each of the representations and warranties set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualifiers already set forth therein) as of the date
        such Loan is made or such Letter of Credit is issued (or to the extent any representations or warranties are expressly made solely as of an earlier date, such representations and warranties shall be true and correct as of such earlier date), both
        before and after giving effect thereto; and (iv) no Default or Event of Default shall be in existence, both before and after giving effect thereto.

       

      
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      (c)           Post-Closing Obligations.  The obligation of Lender to continue to make Loans or issue Letters of
        Credit after the Closing Date, in addition to the other conditions set forth in this Section 1.6, is subject to the fulfillment by the Loan Party Obligors, on or before the date applicable thereto, of each of the conditions subsequent set forth on
        Schedule C (the failure by the Loan Party Obligors to so fulfill any such subsequent condition shall constitute an Event of Default).

       

      1.7          Repayments.

       

      (a)          Revolving Loans/Letters of Credit. If at any time (a) the sum of the outstanding balance of all
        Revolving Loans and the Letter of Credit Balance exceeds the lesser of (i) the Maximum Revolving Facility Amount and (ii) the Borrowing Base, or (b) any of the Loan Limits for Revolving Loans or Letters of Credit are exceeded, then in each case,
        Borrower will immediately pay to Lender such amounts (or, with respect to the Letter of Credit Balance, provide cash collateral to Lender in the manner set forth in clause (c) below) as shall cause Borrower to eliminate such excess.

       

      (b)          Maturity Date Payments/Cash Collateral. All remaining outstanding monetary Obligations (including all
        accrued and unpaid fees described on Schedule D) shall be payable in full on the Maturity Date or, if earlier, the earlier of the date of any acceleration pursuant to Section 7.2 and the Termination Date. Without limiting the generality of the
        foregoing, if, on the Maturity Date, there are any outstanding Letters of Credit, then on such date Borrower shall provide to Lender cash collateral in an amount equal to 105% of the Letter of Credit Balance to secure all of the Obligations
        (including estimated attorneys’ fees and other expenses) relating to said Letters of Credit or such greater percentage or amount as Lender reasonably deems appropriate, pursuant to a cash pledge agreement in form and substance satisfactory to
        Lender.

       

      1.8        Prepayments / Voluntary Termination. Borrower may, on at least fifteen (15) days’
        prior written notice received by Lender, permanently terminate the Loan facilities by repaying all of the outstanding monetary Obligations, including all principal, interest and fees with respect to the Revolving Loans and any term loan. If, on the
        date of a voluntary termination pursuant to this Section 1.8, there are any outstanding Letters of Credit, then on such date, and as a condition precedent to such termination, Borrower shall provide to Lender cash collateral in an amount equal to
        105% of the Letter of Credit Balance to secure all of the Obligations (including estimated attorneys’ fees and other expenses) relating to said Letters of Credit or such greater percentage or amount as Lender reasonably deems appropriate, pursuant
        to a cash pledge agreement in form and substance satisfactory to Lender. From and after such date of termination, Lender shall have no obligation whatsoever to extend any additional Loans or Letters of Credit.

       

      
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      1.9          Obligations Unconditional.

       

      (a)         The payment and performance of all Obligations shall constitute the absolute and unconditional obligations of each Loan Party Obligor, and
        shall be independent of any defense or rights of set-off, recoupment or counterclaim which any Loan Party Obligor or any other Person might otherwise have against Lender or any other Person. All payments required (other than by Lender) by this
        Agreement or the other Loan Documents shall be made in Dollars (unless payment in a different currency is expressly provided otherwise in the applicable Loan Document) and paid free of any deductions or withholdings for any taxes or other amounts
        and without abatement, diminution or set-off. If any Loan Party Obligor is required by applicable law to make such a deduction or withholding from a payment under this Agreement or under any other Loan Document, such Loan Party Obligor shall pay to
        Lender such additional amount as is necessary to ensure that, after the making of such deduction or withholding, Lender receives (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would
        have received and so retained had no such deduction or withholding been made or required to be made. Each Loan Party Obligor shall (i) pay the full amount of any deduction or withholding which it is required to make by law to the relevant authority
        within the payment period set by applicable law, and (ii) promptly after any such payment, deliver to Lender an original (or certified copy) official receipt issued by the relevant authority in respect of the amount withheld or deducted or, if the
        relevant authority does not issue such official receipts, such other evidence of payment of the amount withheld or deducted as is reasonably acceptable to Lender.

       

      (b)          If, at any time and from time to time after the Closing Date (or at any time before or after the Closing Date with respect to (x) the
        Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith, or (y) all requests, rules, guidelines or directives promulgated by the Bank for
        International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case for purposes of this clause (y) pursuant to Basel III, regardless of
        the date enacted, adopted or issued), (i) any change in any existing law, regulation, treaty or directive or in the interpretation or application thereof, (ii) any new law, regulation, treaty or directive enacted or application thereof, or (iii)
        compliance by Lender with any request or directive (whether or not having the force of law) from any Governmental Authority, central bank or comparable agency (A) subjects Lender to any tax, levy, impost, deduction, assessment, charge or
        withholding of any kind whatsoever with respect to any Loan Document, or changes the basis of taxation of payments to Lender of any amount payable thereunder (except, in each case, for Excluded Taxes), or (B) imposes on Lender any other condition
        or increased cost in connection with the transactions contemplated thereby or participations therein, and the result of any of the foregoing is to increase the cost to Lender of making or continuing any Loan or Letter of Credit or to reduce any
        amount receivable hereunder or under any other Loan Document, then, in any such case (each, a “Change of Law”), Borrower shall promptly pay to Lender, when notified to do so by Lender, any
        additional amounts necessary to compensate Lender, on an after-tax basis, for such additional cost or reduced amount as determined by Lender. Each such notice of additional amounts payable pursuant to this Section 1.9(b) submitted by Lender to
        Borrower shall, absent manifest error, be final, conclusive and binding for all purposes.

       

      (c)          This Section 1.9 shall remain operative even after the Termination Date and shall survive the payment in full of all of the Loans until the
        expiration of the statute of limitations with respect thereto.

      

      

      
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      1.10        Reversal of Payments. To the extent that any payment or payments made to or
        received by Lender pursuant to this Agreement or any other Loan Document are subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid to any trustee, receiver or other Person under any state, federal
        or other bankruptcy or other such applicable law, then, to the extent thereof, such amounts (and all Liens, rights and remedies therefor) shall be revived as Obligations (secured by all such Liens) and continue in full force and effect under this
        Agreement and under the other Loan Documents as if such payment or payments had not been received by Lender. This Section 1.10 shall remain operative even after the Termination Date and shall survive the payment in full of all of the Loans until
        the expiration of the statute of limitations with respect thereto.

       

      1.11       Administrative Borrower. Each of ELFS and ELFS Brokerage hereby irrevocably appoints
        Janel as the borrowing agent and attorney-in-fact for itself and each other Borrower (the “Administrative Borrower”), which appointment shall remain in full force and effect unless and
        until Lender shall have received prior written notice signed by Borrower that such appointment has been revoked and that another Person has been appointed Administrative Borrower. Borrower hereby irrevocably appoints and authorizes the
        Administrative Borrower (a) to provide Lender with all notices with respect to Loans, Letters of Credit and other extensions of credit obtained for the benefit of Borrower and all other notices and instructions under this Agreement, (b) to accept
        the proceeds of any Loans for disbursement to the applicable Borrower, and (c) to take such action as the Administrative Borrower deems appropriate on its behalf to obtain Loans, Letters of Credit and other extensions of credit and to exercise such
        other powers as are reasonably incidental thereto to carry out the purposes of this Agreement. It is understood that the handling of the loan account and Collateral in a combined fashion, as more fully set forth herein, is done solely as an
        accommodation to Borrower in order to utilize the collective borrowing powers of Borrower in the most efficient and economical manner and at their request, and that Lender shall not incur liability to Borrower as a result hereof. Borrower expects
        to derive benefit, directly or indirectly, from the handling of the loan account and the Collateral in a combined fashion since the successful operation of Borrower is dependent on the continued successful performance of the integrated group. To
        induce Lender to do so, and in consideration thereof, Borrower hereby jointly and severally agrees to indemnify Lender and hold Lender harmless against any and all liability, expense, loss or claim of damage or injury, made against Lender by
        Borrower or by any third party whosoever, arising from or incurred by reason of (a) the handling of the loan account and Collateral of Borrower as herein provided, or (b) Lender’s relying on any instructions of the Administrative Borrower (it being
        acknowledged and agreed that the Lender shall have no obligation to confirm that the proceeds of any Revolving Loan have been delivered to the applicable Borrower).

       

      1.12      Divisions. For all purposes under the Loan Documents, in connection with any division
        or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it
        shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of
        its equity interests at such time.

       

      
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      	2.	
              INTEREST AND FEES; LOAN ACCOUNT.

            

       

      2.1          Interest. All monetary Obligations shall bear interest as follows:  (a) if the
        relevant Obligation is a Base Rate Loan, at a per annum rate equal to the applicable rate therefor set forth in Section 3 of Schedule A; (b) if the relevant Obligation is a LIBOR Rate Loan, at a per annum rate equal to the applicable rate therefor
        set forth in Section 3 of Schedule A; and (c) otherwise, at a per annum rate equal to the rate applicable to Base Rate Loans, provided, that automatically after the occurrence and during
        the continuation of an Event of Default, all Loans and other monetary Obligations shall bear interest at a rate per annum equal to three (3) percentage points in excess of the rate otherwise applicable thereto (the “Default Rate”).

       

      2.2         Fees. Borrower shall pay Lender the fees set forth on Schedule D hereto on the
        dates set forth therein, which fees are in addition to all fees and other sums payable by Borrower or any other Person to Lender under this Agreement or under any other Loan Document, and, in each case are not refundable once paid.

       

      2.3         Payment of Interest. Except as provided to the contrary in Section 2.6 and
        for interest accruing at the Default Rate, which shall be due on demand, interest shall be due and payable, in arrears, on the first day of each month at any time that Obligations are outstanding.

       

      2.4        Computation of Interest and Fees. All
        interest and fees shall be calculated daily on the outstanding monetary Obligations based on the actual number of days elapsed in a year of 360 days 

      

        

      2.5         Loan Account; Monthly Accountings. Lender shall maintain a loan account for
        Borrower reflecting all outstanding Loans and the Letter of Credit Balance, along with interest accrued thereon and such other items reflected therein (the “Loan Account”), and shall
        provide Borrower with a monthly accounting reflecting the activity in the Loan Account. Each accounting shall be deemed correct, accurate and binding on Borrower (except for reverses and reapplications of payments made and corrections of errors
        discovered by Lender), unless Borrower notifies Lender in writing to the contrary within thirty days after such account is rendered, describing the nature of any alleged errors or omissions. However, Lender’s failure to maintain the Loan Account or
        to provide any such accounting shall not affect the legality or binding nature of any of the Obligations. Interest, fees and other monetary Obligations due and owing under this Agreement (including fees and other amounts paid by Lender to issuers
        of Letters of Credit) may, in Lender’s discretion, be charged to the Loan Account, and any contrary provision of this Agreement or other Loan Document notwithstanding, will thereafter be deemed to be Base Rate Loans and will bear interest at the
        rate per annum applicable thereto.

       

      2.6          LIBOR Option

       . 

      

      (a)           In lieu of having interest charged at the rate based upon the Base Rate, Borrower shall have the option (the “LIBOR Option”)

        to have interest on all or a portion of the Revolving Loans be charged at a rate of interest based upon the LIBOR Rate.  Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto,
        (ii) the occurrence of an Event of Default in consequence of which Lender has elected to accelerate the maturity of all or any portion of the Obligations, or (iii) the Termination Date.  On the last day of each applicable Interest Period, unless
        Borrower properly has exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans.  At any time that an Event of
        Default has occurred and is continuing, Borrower no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate and Lender shall have the right to convert the interest rate on all outstanding LIBOR
        Rate Loans to the rate then applicable to Base Rate Loans hereunder.

       

      
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      (b)         (i)         Borrower may, at any time and from time to time, so long as no Event of Default has occurred and is continuing, elect to exercise the LIBOR Option by notifying Lender prior
        to 2:00 p.m. Eastern Time at least three Business Days prior to the commencement of the proposed Interest Period (the “LIBOR Deadline”).  Notice of Borrower’s election of the LIBOR Option
        for a permitted portion of the Revolving Loans and an Interest Period pursuant to this Section shall be made by delivery to Lender of a Notice of Borrowing (in the case of a new Revolving Loan that is to be a LIBOR Rate Loan) or LIBOR Notice (in
        the case of a conversion to, or continuation of, a LIBOR Rate Loan) executed by Administrative Borrower received by Lender in writing or via an Approved Electronic Communication before the LIBOR Deadline, or by telephonic notice received by Lender
        before the LIBOR Deadline (to be confirmed by delivery to Lender of a LIBOR Notice received by Lender prior to 3:00 p.m. on the same day).

       

      (ii)        Each LIBOR Notice and Notice of Borrowing with respect to a new Revolving Loan that is to be a LIBOR Rate Loan shall be irrevocable and binding on Borrower.  In connection with each
        LIBOR Rate Loan, Borrower shall indemnify, defend, and hold Lender harmless against any loss, cost, or expense incurred by Lender as a result of (A) the payment of any principal of any LIBOR Rate Loan other than on the last day of an Interest
        Period applicable thereto (including as a result of an Event of Default), (B) the conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure to borrow, convert, continue or prepay any
        LIBOR Rate Loan on the date specified in any LIBOR Notice or Notice of Borrowing delivered pursuant hereto (such losses, costs, and expenses, collectively, “Funding Losses”).  Funding
        Losses shall be deemed to equal the amount determined by Lender to be the excess, if any, of (1) the amount of interest that would have accrued on the principal amount of such LIBOR Rate Loan had such event not occurred, at the LIBOR Rate that
        would have been applicable thereto, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert, or continue, for the period that would have been the
        Interest Period therefor), minus (2) the amount of interest that would accrue on such principal amount for such period at the interest rate which Lender would be offered were it to be offered, at the
        commencement of such period, Dollar deposits of a comparable amount and period in the London interbank market.  A certificate of Lender delivered to Borrower setting forth any amount or amounts that Lender is entitled to receive pursuant to this Section

          2.6 shall be conclusive absent manifest error.

       

      (iii)        Borrower shall have not more than 5 LIBOR Rate Loans in effect at any given time.  Borrower only may exercise the LIBOR Option for LIBOR Rate Loans of at least $250,000 and integral
        multiples of $50,000 in excess thereof.

       

      (c)          Borrower may prepay LIBOR Rate Loans at any time; provided, that in the event that LIBOR Rate Loans are prepaid on any date
        that is not the last day of the Interest Period applicable thereto for any reason, including early termination of the term of this Agreement or acceleration of all or any portion of the Obligations pursuant to the terms hereof, Borrower shall
        indemnify, defend, and hold Lender and its Participants harmless against any and all Funding Losses in accordance with clause (b)(ii) above.

       

      
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      (d)           (i)           The LIBOR Rate may be adjusted by Lender on a prospective basis to take into account any additional or increased costs to Lender of maintaining or obtaining any
        eurodollar deposits or increased costs, in each case, due to changes in applicable law occurring subsequent to the commencement of the then applicable Interest Period, including any Change in Law (including any changes in tax laws (except changes
        of general applicability in corporate income tax laws) and changes in the reserve requirements imposed by the Board of Governors), which additional or increased costs would increase the cost of funding or maintaining loans bearing interest at the
        LIBOR Rate.  In any such event, Lender shall give Borrower notice of such a determination and adjustment not less than ten days prior to the effective date thereof and, upon its receipt of the notice from Lender, Borrower may, by notice to Lender
        (x) require Lender to furnish to Borrower a statement setting forth in reasonable detail the basis for adjusting such LIBOR Rate and the method for determining the amount of such adjustment, or (y) repay the LIBOR Rate Loans of Lender with respect
        to which such adjustment is made (together with any amounts due under Section 2.6(b)(ii)).

       

      (ii)         Subject to clause (g) below, in the event that any change in market conditions or any Change in Law shall, at any time after the date hereof, in the reasonable opinion of Lender, make
        it unlawful or impractical for Lender to fund or maintain LIBOR Rate Loans or to continue such funding or maintaining, or to determine or charge interest rates at the LIBOR Rate, Lender shall give notice of such changed circumstances to Borrower
        and (x) in the case of any LIBOR Rate Loans that are outstanding, the date specified in Lender’s notice shall be deemed to be the last day of the Interest Period of such LIBOR Rate Loans, and interest upon the LIBOR Rate Loans of Lender thereafter
        shall accrue interest at the rate then applicable to Base Rate Loans, and (y) Borrower shall not be entitled to elect the LIBOR Option until Lender determines that it would no longer be unlawful or impractical to do so.

       

      (e)         Anything to the contrary contained herein notwithstanding, neither Lender nor any of its Participants is required actually to acquire eurodollar deposits to fund or otherwise match fund
        any Obligation as to which interest accrues at the LIBOR Rate.  The provisions of this Section shall apply as if Lender or its Participants had match funded any Obligation as to which interest is accruing at the LIBOR Rate by acquiring eurodollar
        deposits for each Interest Period in the amount of the LIBOR Rate Loans.

       

      (f)           If the Lender determines (which determination shall be conclusive absent manifest error), from time to time, that (A) adequate and reasonable means do not exist for ascertaining the
        LIBOR Rate and the Daily One Month LIBOR, including, without limitation, because the Reuters Screen LIBOR01 page (or any successor page) is not available or published on a current basis and such circumstances are unlikely to be temporary; or (B)
        the administrator of the Reuters Screen LIBOR01 page (or any successor page) or a public statement has been made identifying a specific date after which the LIBOR Rate, the Daily One Month LIBOR or the Reuters Screen LIBOR01 page (or any successor
        page) shall no longer be made available or used for determining the interest rates for loans, then the Lender may, in the exercise of its good faith discretion, designate in writing a substitute index, and modify the spread above or below such
        newly designated index (which designation and modification shall be conclusive absent manifest error), in order to equate the effective interest rate of the Loans to the LIBOR Rate and the Daily One Month LIBOR based interest rate in effect
        immediately prior to such designation taking effect, and such substitute index and spread shall take effect (a) for any fixed rate LIBOR Rate tranche then in effect, at the end of such LIBOR Rate tranche and (b) for any Daily One Month LIBOR Rate
        Loan, on the date set forth in such designation which is at least five (5) Business Days after the date of such designation, and shall thereafter be treated as LIBOR Rate and the Daily One Month LIBOR, respectively, or all purposes of the Loan
        Documents.  Notwithstanding the foregoing, if the interest rate for any Interest Period or the Daily One Month LIBOR determined pursuant to the foregoing provisions is less than the Floor, then the LIBOR Rate for such interest period and the Daily
        One Month LIBOR shall be the Floor.

       

      
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      (g)           Benchmark Replacement Setting. Notwithstanding anything to the contrary herein or in any other Loan Document:

       

      (i)        Replacing USD LIBOR. On March 5, 2021 the Financial Conduct Authority (“FCA”), the
        regulatory supervisor of USD LIBOR’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight/Spot Next, 1-week, 1-month,
        2-month, 3-month, 6-month and 12- month USD LIBOR tenor settings. On the earlier of (i) the date that all Available Tenors of USD LIBOR have either  permanently or indefinitely  ceased to be provided by IBA or have been announced by the FCA
        pursuant to public statement or publication of information to be no longer representative and (ii) the Early Opt-in Effective Date, if the then-current Benchmark is USD LIBOR, then the Benchmark Replacement will replace such Benchmark for all
        purposes hereunder and under any Loan Document in respect of any setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Loan
        Document.   All interest payments will be payable on a monthly or quarterly basis as determined by the Lender as part of the Benchmark Replacement Conforming Changes.

       

      (ii)        Replacing Future Benchmarks. Upon the occurrence of a Benchmark Transition Event, the Benchmark Replacement will replace the then-current
        Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. on the tenth (10th) Business Day after the
        date notice of such Benchmark Replacement is provided to the Borrower without any amendment to this Agreement or any other Loan Document, or further action or consent of the Borrower.  At any time that the administrator of the then-current
        Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no
        longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation
        of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt of notice from the Lender that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrower
        will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans.  During the period referenced in the foregoing sentence, if any component of  Base Rate is based upon the Benchmark, such
        component of Base Rate based upon the Benchmark will not be used in any determination of Base Rate.

       

      (iii)       Benchmark Replacement Conforming Changes. In connection with the implementation and administration of a Benchmark Replacement, the Lender will
        have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will
        become effective without any further action or consent of any other party to this Agreement.

       

      
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      (iv)        Notices; Standards for Decisions and Determinations. The Lender will promptly notify Borrower of (i) the implementation of any Benchmark
        Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision or election that may be made by Lender pursuant to this Section, including any determination with respect to a tenor, rate or
        adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole discretion and without
        consent from any other party hereto, except, in each case, as expressly required pursuant to this Section.

       

      (v)      Unavailability of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if the
        then-current Benchmark is a term rate (including USD LIBOR), then the Lender may remove any tenor of such Benchmark that is unavailable or non-representative for the Benchmark (including Benchmark Replacement) settings and (ii) the Lender may
        reinstate any such previously removed tenor for Benchmark (including Benchmark Replacement) settings.

       

      (vi)      Limitation of Liability. The Lender does not warrant and is not responsible for, and shall not have any liability with respect to, (i) the
        administration, submission or any other matter related to the interest rate under the Loan Documents or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (ii) any such
        alternative, successor or replacement rate which is based on Daily Compounded SOFR or otherwise, (iii), whether a Benchmark Transition Event occurs, or an Early Opt-in Election is effected, or (iv) the implementation of any Benchmark Replacement
        Conforming Changes, including without limitation, in any case, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence as, the
        prior interest rate in effect under the Loan Documents (including, USD LIBOR) or have the same volume or liquidity as did such prior interest rate prior to its discontinuance, unavailability or a determination of its non-representativeness.  The
        Borrower (A) acknowledges it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate in connection with the matters contemplated by this Amendment and (B) waives any and all claims or causes of
        action against the Lender in connection with the transition from USD LIBOR or any applicable interest rate under the Loan Documents to any alternative or successor rate thereto, or replacement rate thereof.

       

      2.7          Capital Requirements

       . 

      

      (a)           If, after the date hereof, Lender determines that (i) any Change in Law regarding capital or reserve requirements for banks or bank holding companies, or (ii) compliance by Lender, or
        its parent bank holding company, with any guideline, request or directive of any Governmental Authority regarding capital adequacy (whether or not having the force of law), has the effect of reducing the return on Lender’s or such holding company’s
        capital as a consequence of Lender’s commitments hereunder to a level below that which Lender, or such holding company, could have achieved but for such Change in Law or compliance (taking into consideration Lender’s or such holding company’s then
        existing policies with respect to capital adequacy and assuming the full utilization of such entity’s capital) by any amount deemed by Lender to be material, then Lender may notify Borrower thereof.  Following receipt of such notice, Borrower
        agrees to pay Lender on demand the amount of such reduction of return of capital as and when such reduction is determined, payable within 90 days after presentation by Lender of a statement in the amount and setting forth in reasonable detail
        Lender’s calculation thereof and the assumptions upon which such calculation was based (which statement shall be deemed true and correct absent manifest error).  In determining such amount, Lender may use any reasonable averaging and attribution
        methods.

       

      
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      2.8        Further Obligations; Maximum Lawful Rate. Notwithstanding anything to the contrary
        herein or elsewhere, if at any time the rate of interest payable or other amounts hereunder or under any other Loan Document (the “Stated Rate”) would exceed the highest rate of interest
        or other amount permitted under any applicable law to be charged (the “Maximum Lawful Rate”), then for so long as the Maximum Lawful Rate would be so exceeded, the rate of interest and
        other amounts payable shall be equal to the Maximum Lawful Rate; provided, that if at any time thereafter the Stated Rate is less than the Maximum Lawful Rate, Borrower shall, to the
        extent permitted by applicable law, continue to pay interest and such other amounts at the Maximum Lawful Rate until such time as the total interest and other such amounts received is equal to the total interest and other such amounts which would
        have been received had the Stated Rate been (but for the operation of this provision) the interest rate payable or such other amounts payable. Thereafter, the interest rate and such other amounts payable shall be the Stated Rate unless and until
        the Stated Rate again would exceed the Maximum Lawful Rate, in which event this provision shall again apply. In no event shall the total interest or other such amounts received by Lender exceed the amount which it could lawfully have received had
        the interest and other such amounts been calculated for the full term hereof at the Maximum Lawful Rate. If, notwithstanding the prior sentence, Lender has received interest or other such amounts hereunder in excess of the Maximum Lawful Rate, such
        excess amounts shall be applied to the reduction of the principal balance of the Loans or to other Obligations (other than interest) payable hereunder, and if no such principal or other Obligations are then outstanding, such excess or part thereof
        remaining shall be paid to Borrower. In computing interest payable with reference to the Maximum Lawful Rate applicable to any Lender, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days
        in the year in which such calculation is made.

       

      2.9         Base Rate Related Election.  For purposes
        of Section 2.1 and Base Rate Loans, Borrower shall have the option (the “Base Rate Option”) to utilize either clause (i) or clause (ii) of the definition of Base Rate. Unless the Base Rate Option is exercised, clause (ii) of such  definition 
        shall  apply.   Once exercised, the applicable clause in the definition of Base Rate shall continue to apply until the Base Rate Option is next exercised.  The Base Rate Option only may be exercised by Borrower once per calendar quarter, and the
        exercise of such option shall be effective on the Business Day Lender has received from Borrower a written notice evidencing its election of either of the foregoing options.

       

      
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      	3.	
              SECURITY INTEREST GRANT / POSSESSORY COLLATERAL / FURTHER ASSURANCES.

            

       

      3.1          Grant of Security Interest. To secure the full payment and performance of all of
        the Obligations, each Loan Party Obligor hereby assigns to Lender and grants to Lender (and each of Janel and Parent hereby ratifies and confirms the grant pursuant to the Existing Agreement) a continuing security interest in all property of each
        Loan Party Obligor, whether tangible or intangible, real or personal, now or hereafter owned, existing, acquired or arising and wherever now or hereafter located, and whether or not eligible for lending purposes, including: (i) all Accounts
        (whether or not Eligible Accounts) and all Goods whose sale, lease or other disposition by any Loan Party Obligor has given rise to Accounts and have been returned to, or repossessed or stopped in transit by, any Loan Party Obligor; (ii) all
        Chattel Paper (including Electronic Chattel Paper), Instruments, Documents, and General Intangibles (including all patents, patent applications, trademarks, trademark applications, trade names, trade secrets, goodwill, copyrights, copyright
        applications, registrations, licenses, software, franchises, customer lists, tax refund claims, claims against carriers and shippers, guarantee claims, contracts rights, payment intangibles, security interests, security deposits and rights to
        indemnification); (iii) all Inventory; (iv) all Goods (other than Inventory), including Equipment, Farm Products, Health-Care-Insurance Receivables, vehicles, and Fixtures; (v) all Investment Property, including all rights, privileges, authority,
        and powers of each Loan Party Obligor as an owner or as a holder of Pledged Equity, including all economic rights, all control rights, authority and powers, and all status rights of each Loan Party Obligor as a member, equity holder or shareholder,
        as applicable, of each Issuer; (vi) all Deposit Accounts, bank accounts, deposits and cash; (vii) all Letter-of-Credit Rights; (viii) all Commercial Tort Claims; (ix) all Supporting Obligations; (x) any other property of any Loan Party Obligor now
        or hereafter in the possession, custody or control of Lender or any agent or any parent, Affiliate or Subsidiary of Lender or any Participant with Lender in the Loans, for any purpose (whether for safekeeping, deposit, collection, custody, pledge,
        transmission or otherwise); and (xi) all additions and accessions to, substitutions for, and replacements, products and Proceeds of the foregoing property, including proceeds of all insurance policies insuring the foregoing property, and all of
        each Loan Party Obligor’s books and records relating to any of the foregoing and to any Loan Party Obligor’s business.  For avoidance of doubt, the foregoing shall not include Excluded Collateral.

       

      3.2          Possessory Collateral. Promptly, but in any event no later than five (5) Business
        Days after any Loan Party Obligor’s receipt of any portion of the Collateral evidenced by an agreement, Instrument or Document, including any Tangible Chattel Paper and any Investment Property consisting of certificated securities, such Loan Party
        Obligor shall deliver the original thereof to Lender together with an appropriate endorsement or other specific evidence of assignment thereof to Lender (in form and substance reasonably acceptable to Lender). If an endorsement or assignment of any
        such items shall not be made for any reason, Lender is hereby irrevocably authorized, as attorney and agent-in-fact (coupled with an interest) for each Loan Party Obligor, to endorse or assign the same on such Loan Party Obligor’s behalf. 

       

      3.3       Further Assurances. Each Loan Party Obligor shall, at its own cost and expense,
        promptly and duly take, execute, acknowledge and deliver (or cause such other applicable Person to take, execute, acknowledge and deliver) all such further acts, documents, agreements and instruments as may from time to time be necessary or
        desirable as determined by Lender or as Lender may from time to time reasonably require in order to (a) carry out the intent and purposes of the Loan Documents and the transactions contemplated thereby, (b) establish, create, preserve, protect and
        perfect a first priority Lien (subject only to Permitted Liens) in favor of Lender in all real and personal property (wherever located) from time to time owned by the Loan Party Obligors and in all capital stock and other equity interests from time
        to time issued by the Loan Party Obligors (other than Parent), (c) cause Parent and each Subsidiary of Parent (other than INDCO and its Subsidiaries) which is not a CFC to guarantee all of the Obligations, all pursuant to documentation that is in
        form and substance reasonably satisfactory to Lender, and (d) facilitate the collection of the Collateral. Without limiting the foregoing, each Loan Party Obligor shall, at its own cost and expense, promptly and duly take, execute, acknowledge and
        deliver (or cause such other applicable Person to take, execute, acknowledge and deliver) to Lender all promissory notes, security agreements, agreements with landlords, mortgagees and processors and other bailees, subordination and intercreditor
        agreements and other agreements, instruments and documents, in each case in form and substance reasonably acceptable to Lender, as Lender may request from time to time to perfect, protect, and maintain Lender’s security interests in the Collateral,
        including the required priority thereof, and to fully carry out the transactions contemplated by the Loan Documents.

      

      

      
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      3.4         UCC Financing Statements . Each Loan Party Obligor authorizes Lender to file,
        transmit, or communicate, as applicable, from time to time, Uniform Commercial Code financing statements, along with amendments and modifications thereto, in all filing offices selected by Lender, listing such Loan Party Obligor as the debtor and
        Lender as the secured party, and describing the collateral covered thereby in such manner as Lender may elect, including using descriptions such as “all personal property of debtor” or “all assets of debtor” or words of similar effect, in each case
        without such Loan Party Obligor’s signature. Each Loan Party Obligor also hereby ratifies its authorization for Lender to have filed in any filing office any financing statements filed prior to the date hereof.

       

      	4.	
              CERTAIN PROVISIONS REGARDING ACCOUNTS, INVENTORY, COLLECTIONS, APPLICATIONS OF PAYMENTS, INSPECTION RIGHTS, AND APPRAISALS.

            

       

      4.1        Lock Boxes and Blocked Accounts. Each Loan Party Obligor hereby represents and
        warrants that all Deposit Accounts and all other depository and other accounts maintained by each Loan Party Obligor as of the Closing Date are described in Section 3 of the Disclosure Schedule, which description includes for each such account the
        name of the Loan Party Obligor maintaining such account, the name of the financial institution at which such account is maintained, the account number, and the purpose of such account. Subject to the provisions of this Section 4.1, as of the
        Closing Date, each Borrower will maintain their primary domestic commercial checking accounts with the Lender, including, without limitation, the Administrative Borrower’s operating account, and after the Closing Date, no Loan Party Obligor shall
        open any new Deposit Accounts or any other depositary or other accounts without the prior written consent of Lender and without updating Section 3 of the Disclosure Schedule to reflect such Deposit Accounts or other accounts, as applicable. No
        Deposit Accounts or other accounts of any Loan Party Obligor shall at any time constitute Restricted Accounts other than accounts expressly indicated on Section 3 of the Disclosure Schedule as being Restricted Accounts (and each Loan Party Obligor
        hereby represents, warrants and covenants that each such account shall at all times meet the requirements set forth in the definition of Restricted Account to qualify as a Restricted Account). Each Loan Party Obligor will, at its expense, establish
        (and revise from time to time as Lender may reasonably require) procedures acceptable to Lender, in Lender’s Permitted Discretion, for the collection of checks, wire transfers and all other proceeds of all of such Loan Party Obligor’s Accounts and
        other Collateral (“Collections”), which shall include (i) directing all Account Debtors to send all Account proceeds directly to a post office box designated by Lender either in the name
        of such Loan Party Obligor (but as to which Lender has exclusive access) or, at Lender’s option, in the name of Lender (a “Lock Box”), (ii) depositing all Collections received by such Loan
        Party Obligor into one or more bank accounts maintained in the name of such Loan Party Obligor (but as to which Lender has exclusive access) or, at Lender’s option, in the name of Lender (each, a “Blocked Account”), under an arrangement reasonably acceptable to Lender with Santander Bank, N.A. or another depository bank reasonably acceptable to Lender, pursuant to which all funds deposited into each Blocked Account are to be
        transferred to Lender in such manner, and with such frequency, as Lender shall specify, or (iii) a combination of the foregoing. Each Loan Party Obligor agrees to execute, and to cause its depository banks and other account holders to execute, such
        Lock Box and Blocked Account control agreements and other documentation as Lender shall reasonably require from time to time in connection with the foregoing, all in form and substance reasonably acceptable to Lender, and in any event such
        arrangements and documents must be in place on the Closing Date with respect to accounts in existence on the Closing Date, or prior to any such account being opened with respect to any such account opened after such date, in each case excluding
        Restricted Accounts. To the extent not previously delivered to Lender pursuant to the Existing Loan Agreement, prior to the Closing Date, Borrower shall deliver to Lender a complete and executed Authorized Accounts form regarding Borrower’s
        operating account(s) into which the proceeds of Loans are to be paid in the form of Exhibit D annexed hereto.

       

      
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      Notwithstanding anything in this Agreement to the contrary, the Loan Party Obligors may, until December 21, 2021 (the “Designated Deposit Accounts Expiration Date”), maintain the Designated Deposit Accounts with the current depository institutions as follows:

       

      (a)           The aggregate outstanding principal balance of the Designated Deposit Account#_ x7325 shall be limited to the Comerica Cash Collateral. At such time as the Comerica Letters of Credit
            are returned to Comerica, and Comerica releases its Lien on the Comerica Cash Collateral, Loan Party Obligors shall immediately notify Lender of such release, and Loan Party Obligors shall remit the balance of the Comerica Cash Collateral to
            the ELFS Sellers in accordance with the ELFS Purchase Agreement;

       

      (b)           The aggregate outstanding principal balance of the Designated Deposit Account #s x4090 and x2282, each held at Comerica, shall be limited to the
          ELFS Cash Cushion Amount and shall be repaid to the ELFS Sellers in accordance with the provisions of Section 5.27(n); and

       

      (c)           The aggregate outstanding principal balance of the Designated Deposit Accounts # x8912 and x7778, each
          held at Wells Fargo Bank, N.A., shall not at any time exceed $750,000, and the Loan Party Obligors shall, at Lender’s request, provide the Lender with written evidence to confirm the same.

       

      Not later than the Designated Deposit Accounts Expiration Date, the Loan Party Obligors shall provide Lender with evidence that such Designated Deposit Accounts have been
        closed, and any and all remaining funds have been transferred to one or more bank accounts subject to a Blocked Account control agreement in favor of Lender.  Further, prior to the Designated Deposit Accounts Expiration Date, each Loan Party
        Obligor agrees to execute, and to cause its depository banks and other account holders to execute, such Lock Box and Blocked Account control agreements and other documentation regarding the Designated Deposit Accounts # x8912 and x7778 as Lender
        shall reasonably require from time to time in connection with the foregoing, all in form and substance reasonably acceptable to Lender.

       

      4.2          Application of Payments. All amounts paid to or received by Lender in respect of
        the monetary Obligations, from whatever source (whether from Borrower or any other Loan Party Obligor pursuant to such other Loan Party Obligor’s guaranty of the Obligations, any realization upon any Collateral, or otherwise), shall, unless
        otherwise directed by Borrower with respect to any particular payment (unless an Event of Default shall then be continuing, in which event Lender may disregard Borrower’s direction), be applied by Lender to the Obligations in such order as Lender
        may elect, and absent such election shall be applied as follows:

       

      
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      (i)          FIRST, to reimburse Lender for all out-of-pocket costs and expenses, and all indemnified losses,
        incurred by Lender which are reimbursable to Lender in accordance with this Agreement or any of the other Loan Documents,

       

      (ii)         SECOND, to any accrued but unpaid interest on any Protective Advances,

       

      (iii)        THIRD, to the outstanding principal of any Protective Advances,

        

      

      (iv)        FOURTH, to any accrued but unpaid fees owing to Lender under this Agreement and/or any other Loan
        Document,

       

      (v)         FIFTH, to any unpaid accrued interest on the Obligations,

       

      (vi)       SIXTH, to the outstanding principal of the Revolving Loans, and, to the extent required by Lender, to
        cash collateralize the Letter of Credit Balance as provided for herein, and

       

      (vii)      SEVENTH, to the payment of any other outstanding Obligations; and after payment in full in cash of all
        of the outstanding monetary Obligations, any further amounts paid to or received by Lender in respect of the Obligations (so long as no monetary Obligations are outstanding) shall be paid over to Borrower or such other Person(s) as may be legally
        entitled thereto. For purposes of determining the Borrowing Base, such amounts will be credited to the Loan Account and the Collateral balances to which they relate upon Lender’s receipt of an advice or other confirmation that such items have been
        received by Lender, in each case subject to final payment and collection.

       

      4.3         Notification; Verification. Lender or its designee may, from time to time, (a) (1)
        so long as no Default or Event of Default has occurred, solely in connection with each field examination, and (2) after a Default or Event of Default has occurred: (i) verify directly with the Account Debtors of the Loan Party Obligors (or by any
        manner and through any medium Lender considers advisable) the validity, amount and other matters relating to the Accounts and Chattel Paper of the Loan Party Obligors, by means of mail, telephone or otherwise, either in the name of the applicable
        Loan Party Obligor or Lender or such other name as Lender may choose, and (ii) notify Account Debtors of the Loan Party Obligors that Lender has a security interest in the Accounts of the Loan Party Obligors; and (b) after the occurrence of a
        Default or Event of Default, (i) direct such Account Debtors to make payment thereof directly to Lender, each such notification to be sent on the letterhead of such Loan Party Obligor and substantially in the form of Exhibit E annexed hereto, and
        (ii) demand, collect or enforce payment of any Accounts and Chattel Paper (but without any duty to do so). Each Loan Party Obligor hereby authorizes Account Debtors to make payments directly to Lender and to rely on notice from Lender without
        further inquiry. Lender may on behalf of each Loan Party Obligor endorse all items of payment received by Lender that are payable to such Loan Party Obligor for the purposes described above.

       

      
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      4.4          Power of Attorney. Each Loan Party Obligor hereby grants to Lender an irrevocable
        power of attorney, coupled with an interest, authorizing and permitting Lender (acting through any of its officers, employees, attorneys or agents), at any time (whether or not a Default or Event of Default has occurred and is continuing and with
        or without notice to such Loan Party Obligor, except, in each case, as expressly provided below), at Lender’s option, but without obligation, and at each Loan Party Obligor’s expense, to do any or all of the following, in such Loan Party Obligor’s
        name or otherwise: (i) upon any Loan Party Obligor’s failure to do so, execute on behalf of such Loan Party Obligor any documents that Lender may, in its sole discretion, deem advisable in order to perfect, protect and maintain Lender’s security
        interests, and priority thereof, in the Collateral or to fully consummate all the transactions contemplated by this Agreement and the other Loan Documents (including such financing statements and continuation financing statements, and amendments or
        other modifications thereto, as Lender shall deem necessary or appropriate); (ii) after the occurrence of a Default or Event of Default, in connection with the exercise by Lender of any remedies hereunder or under any other Loan Document in
        connection with an Event of Default, execute on behalf of such Loan Party Obligor any document exercising, transferring or assigning any option to purchase, sell or otherwise dispose of or lease (as lessor or lessee) any real or personal property
        which is part of the Collateral or in which Lender has an interest; (iii) after the occurrence of a Default or Event of Default, execute on behalf of such Loan Party Obligor any invoices relating to any Accounts, any draft against any Account
        Debtor, any proof of claim in bankruptcy, any notice of Lien or claim, and any assignment or satisfaction of mechanic’s, materialman’s or other Lien; (iv) after the occurrence of a Default or Event of Default, execute on behalf of such Loan Party
        Obligor any notice to any Account Debtor; (v) receive and otherwise take control in any manner of any cash or non-cash items of payment or Proceeds of Collateral; (vi) except pursuant to any Lock Box arrangement, after the occurrence of a Default
        or Event of Default, endorse such Loan Party Obligor’s name on all checks and other forms of remittances received by Lender; (vii) pay, contest or settle any Lien, charge, encumbrance, security interest and adverse claim in or to any of the
        Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; (viii) after the occurrence of a Default or Event of Default, grant extensions of time to pay, compromise claims relating to, and settle
        Accounts, Chattel Paper and General Intangibles for less than face value and execute all releases and other documents in connection therewith; (ix) pay any sums required on account of such Loan Party Obligor’s taxes or to secure the release of any
        Liens therefor; (x) with notice to Borrower prior to the occurrence of a Default or Event of Default, but without notice to Borrower after the occurrence of a Default or Event of Default, pay any amounts necessary to obtain, or maintain in effect,
        any of the insurance described in Section 5.14; (xi) settle and adjust, and give releases of, any insurance claim that relates to any of the Collateral and obtain payment therefor; (xii) instruct any third party having custody or control of any
        Collateral or books or records belonging to, or relating to, such Loan Party Obligor to give Lender the same rights of access and other rights with respect thereto as Lender has under this Agreement or any other Loan Document; (xiii) after the
        occurrence of a Default or Event of Default, change the address for delivery of such Loan Party Obligor’s mail and receive and open all mail addressed to such Loan Party Obligor; (xiv) after the occurrence of a Default or Event of Default, vote any
        right or interest with respect to any Investment Property; (xv) endorse or assign to Lender on such Loan Party Obligor’s behalf any portion of the Collateral evidenced by an agreement, Instrument or Document if an endorsement or assignment of any
        such items is not made by such Loan Party Obligor pursuant to Section 3.2; and (xvi) after the occurrence of a Default or Event of Default, instruct any Account Debtor to make all payments due to any Loan Party Obligor directly to Lender. Any and
        all sums paid, and any and all costs, expenses, liabilities, obligations and reasonable attorneys’ fees incurred, by Lender with respect to the foregoing shall be added to and become part of the Obligations, shall be payable on demand, and shall
        bear interest at a rate equal to the highest interest rate applicable to any of the Obligations. Each Loan Party Obligor agrees that Lender’s rights under the foregoing power of attorney and/or any of Lender’s other rights under this Agreement or
        the other Loan Documents shall not be construed to indicate that Lender is in control of the business, management or properties of such Loan Party Obligor.

       

      
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      4.5        Disputes . Each Loan Party Obligor shall promptly notify Lender of each dispute or
        claim relating to its Accounts and Chattel Paper involving an amount in excess of $10,000. Each Loan Party Obligor agrees that it will not, without Lender’s prior written consent, compromise or settle any of its Accounts or Chattel Paper for less
        than the full amount thereof, grant any extension of time for payment of any of its Accounts or Chattel Paper, release (in whole or in part) any Account Debtor or other Person liable for the payment of any of its Accounts or Chattel Paper or grant
        any credits, discounts, allowances, deductions, return authorizations or the like with respect to any of its Accounts or Chattel Paper; except (unless otherwise directed by Lender during the existence of a Default or an Event of Default) such Loan
        Party Obligor may take any of such actions in the ordinary course of its business consistent with past practices, provided that Borrower promptly reports the same to Lender.

       

      4.6         Invoices . At Lender’s request, after the occurrence of a Default or Event of
        Default, each Loan Party Obligor will cause all invoices and statements which it sends to Account Debtors or other third parties to be marked, in a manner satisfactory to Lender in its Permitted Discretion, to reflect payment instructions, and upon
        the occurrence and during the continuation of an Event of Default, Lender’s security interest therein.

       

      4.7          Access to Collateral, Books and Records . At reasonable times, Lender and its
        representatives or agents shall have the right to inspect the Collateral, and the right to inspect, audit, examine and copy each Loan Party Obligor’s books and records. Each Loan Party Obligor agrees to give Lender access to any or all of such Loan
        Party Obligor’s, and each of its Subsidiaries’, premises to enable Lender to conduct such inspections, audits and examinations (including field examinations). Such inspections, audits and examinations shall be at Borrower’s expense and the charge
        therefor shall be Lender’s then current standard charge plus out-of-pocket expenses.  Absent the existence of an Event of Default, no more than two (2) such inspections, audits and examinations shall
        occur.  Lender may, at Borrower’s expense, use each Loan Party Obligor’s personnel, computer and other equipment, programs, printed output and computer readable media, supplies and premises for the collection, sale or other disposition of
        Collateral to the extent Lender, in its sole discretion, deems appropriate during the existence of an Event of Default. Each Loan Party Obligor hereby irrevocably authorizes all accountants and third parties to disclose and deliver to Lender, at
        Borrower’s expense, all financial information, books and records, work papers, management reports and other information in their possession regarding the Loan Party Obligors.

       

      	5.	
              REPRESENTATIONS, WARRANTIES AND COVENANTS.

            

       

      To induce Lender to enter into this Agreement, each Loan Party Obligor represents, warrants and covenants as follows (it being understood and agreed that (a) each such representation and warranty
        (i) will be made as of the date hereof and be deemed remade as of each date on which any Loan is made or Letter of Credit is issued (except to the extent any such representation or warranty expressly relates only to any earlier and/or specified
        date, in which case such representation or warranty will be made as of such earlier and/or specified date), and (ii) shall not be affected by any knowledge of, or any investigation by, Lender, and (b) each such covenant shall continuously apply
        with respect to all times commencing on the date hereof and continuing until the Termination Date):

       

      
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      5.1          Existence and Authority. Each Loan Party Obligor is duly organized, validly
        existing and in good standing under the laws of its jurisdiction of organization (which jurisdiction is identified in Section 1(a) of the Disclosure Schedule) and is qualified to do business in each jurisdiction in which the operation of its
        business requires that it be qualified (which each such jurisdiction is identified in Section 1(a) of the Disclosure Schedule), except where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect. Each Loan
        Party Obligor has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the
        transactions contemplated thereby. For avoidance of doubt, the business of ELFS OK is limited to owning licenses in order for ELFS and ELFS Brokerage to operate in the State of Oklahoma. The execution, delivery and performance by each Loan Party
        Obligor of this Agreement and all of the other Loan Documents to which such Loan Party Obligor is a party have been duly and validly authorized, do not violate such Loan Party Obligor’s Organic Documents, or any law or any agreement or instrument
        or any court order which is binding upon any Loan Party or its property, do not constitute grounds for acceleration of any Indebtedness or obligation under any agreement or instrument which is binding upon any Loan Party or its property, and do not
        require the consent of any Person. No Loan Party is required to obtain any government approval, consent, or authorization from, or to file any declaration or statement with, any Governmental Authority in connection with or as a condition to the
        execution, delivery or performance of any of the Loan Documents except where the failure to obtain such approval, consent or authorization could not reasonably be expected to have a Material Adverse Effect. This Agreement and each of the other Loan
        Documents have been duly executed and delivered by, and are enforceable against, each of the Loan Party Obligors who have signed them, in accordance with their respective terms, subject to the effects of bankruptcy, insolvency or laws related to
        creditor’s rights. Section 1(f) of the Disclosure Schedule sets forth the ownership of Borrower and its Subsidiaries, and as of the Closing Date, the Parent.

       

      5.2         Names; Trade Names and Styles . The name of each Loan Party Obligor set forth on
        Section 1(b) of the Disclosure Schedule is its correct and complete legal name as of the date hereof, and no Loan Party Obligor has used any other name at any time in the past five years, or at any time will use any other name, in any tax filing
        made in any jurisdiction. Listed in Section 1(b) of the Disclosure Schedule are all prior names used by each Loan Party Obligor at any time in the past five years and all of the present and prior trade names used by any Loan Party Obligor at any
        time in the past five years. Borrower shall give Lender at least thirty days’ prior written notice (and will deliver an updated Section 1 (b) of the Disclosure Schedule to reflect the same) before it or any other Loan Party Obligor changes its
        legal name or does business under any other name.

       

      
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      5.3         Title to Collateral; Third Party Locations; Permitted Liens. Each Loan Party
        Obligor has, and at all times will continue to have, good and, if applicable, marketable title to all of the Collateral. The Collateral now is, and at all times will remain, free and clear of any and all Liens, except for Permitted Liens. Lender
        now has, and will at all times continue to have, a first-priority perfected and enforceable security interest in all of the Collateral, subject only to the Permitted Liens, and each Loan Party Obligor will at all times defend Lender and the
        Collateral against all claims of others. None of the Collateral which is Equipment is, or will at any time, be affixed to any real property in such a manner, or with such intent, as to become a fixture. Except for leases or subleases as to which
        Borrower has delivered to Lender a landlord’s waiver in form and substance satisfactory to Lender, no Loan Party Obligor is or will be a lessee or sublessee under any real property lease or sublease where Collateral is located. Except for
        warehouses as to which Borrower has delivered to Lender a warehouseman’s waiver in form and substance satisfactory to Lender, no Loan Party Obligor is or will at any time be a bailor of any Goods with an aggregate value in excess of $25,000 at any
        warehouse or otherwise. Prior to causing or permitting any Collateral with an aggregate value in excess of $25,000 to at any time be located upon premises in which any third party (including any landlord, warehouseman, or otherwise) has an
        interest, Borrower shall notify Lender and the applicable Loan Party Obligor shall cause each such third party to execute and deliver to Lender, in form and substance reasonably acceptable to Lender, such waivers, collateral access agreements, and
        subordinations as Lender shall specify, so as to, among other things, ensure that Lender’s rights in the Collateral are, and will at all times continue to be, superior to the rights of any such third party and that Lender has access to such
        Collateral. Each applicable Loan Party Obligor will keep at all times in full force and effect, and will comply at all times with all the terms of, any lease of real property where any of the Collateral now or in the future may be located.

       

      5.4         Accounts and Chattel Paper . As of each date reported by Borrower, all Accounts
        which Borrower has then reported to Lender as then being Eligible Accounts comply in all respects with the criteria for eligibility set forth in the definition of Eligible Accounts. All such Accounts and Chattel Paper are genuine and in all
        respects what they purport to be, arise out of a completed, bona fide and unconditional and non-contingent sale and delivery of goods or rendition of services by Borrower in the ordinary course of its business and in accordance with the terms and
        conditions of all purchase orders, contracts or other documents relating thereto, each Account Debtor thereunder had the capacity to contract at the time any contract or other document giving rise to such Accounts and Chattel Paper were executed,
        and the transactions giving rise to such Accounts and Chattel Paper comply with all applicable laws and governmental rules and regulations.

       

      5.5         Electronic Chattel Paper. To the extent that any Loan Party Obligor obtains or
        maintains any Electronic Chattel Paper, such Loan Party Obligor shall at all times create, store and assign the record or records comprising the Electronic Chattel Paper in such a manner that (i) a single authoritative copy of the record or records
        exists which is unique, identifiable and except as otherwise provided below, unalterable, (ii) the authoritative copy identifies Lender as the assignee of the record or records, (iii) the authoritative copy is communicated to and maintained by
        Lender or its designated custodian, (iv) copies or revisions that add or change an identified assignee of the authoritative copy can only be made with the participation of Lender, (v) each copy of the authoritative copy and any copy of a copy is
        readily identifiable as a copy that is not the authoritative copy and (vi) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

       

      5.6          Capitalization; Investment Property.

       

      (a)           No Loan Party Obligor, directly or indirectly, owns, or shall at any time own, any capital stock or other equity interests of any other
        Person except (i) as set forth in Sections 1(f) and 1(g) of the Disclosure Schedule, which such Sections of the Disclosure Schedule list all Investment Property owned by each Loan Party Obligor, and (ii) as permitted by Section 5.27(a).

       

      
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      (b)           None of the Pledged Equity has been issued or otherwise transferred in violation of the Securities Act, or other applicable laws of any
        jurisdiction to which such issuance or transfer may be subject.

       

      (c)           The Pledged Equity pledged by each Loan Party Obligor hereunder constitutes all of the issued and outstanding equity interests of each Issuer
        owned by such Loan Party Obligor.

       

      (d)        All of the Pledged Equity has been duly and validly issued and is fully paid and non-assessable, in each case, to the extent applicable, and the
        holders thereof are not entitled to any preemptive, first refusal, or other similar rights. There are no outstanding options, warrants or similar agreements, documents, or instruments with respect to any of the Pledged Equity.

       

      (e)         Each Loan Party Obligor has caused each Issuer to amend or to otherwise modify its Organic Documents, books, records, and related agreements,
        documents, and instruments, as applicable, to reflect the rights and interests of Lender hereunder, and to the extent required to enable and empower Lender to exercise and enforce its rights and remedies hereunder in respect of the Pledged Equity
        and other Investment Property.

       

      (f)          Each Loan Party Obligor will take any and all actions reasonably required or requested by Lender, from time to time, to (i) cause Lender to
        obtain exclusive control of any Investment Property in a manner acceptable to Lender and (ii) obtain from any Issuers and such other Persons as Lender shall specify, for the benefit of Lender, written confirmation of Lender’s exclusive control over
        such Investment Property and take such other actions as Lender may reasonably request to perfect Lender’s security interest in any Investment Property. For purposes of this Section 5.6, Lender shall have exclusive control of Investment Property if
        (A) pursuant to Section 3.2, such Investment Property consists of certificated securities and the applicable Loan Party Obligor delivers such certificated securities to Lender (with all appropriate endorsements), (B) such Investment Property
        consists of uncertificated securities and either (x) the applicable Loan Party Obligor delivers such uncertificated securities to Lender or (y) the Issuer thereof agrees, pursuant to documentation in form and substance satisfactory to Lender, that
        it will comply with instructions originated by Lender without further consent by the applicable Loan Party Obligor, and (C) such Investment Property consists of security entitlements and either (x) Lender becomes the entitlement holder thereof or
        (y) the appropriate securities intermediary agrees, pursuant to documentation in form and substance satisfactory to Lender, that it will comply with entitlement orders originated by Lender without further consent by the applicable Loan Party
        Obligor. Each Loan Party Obligor that is a limited liability company or a partnership hereby represents and warrants that it has not, and at no time will, elect pursuant to the provisions of Section 8-103 of the UCC to provide that its equity
        interests are securities governed by Article 8 of the UCC.

       

      (g)           No Loan Party owns, or has any present intention of acquiring, any “margin security” or any “margin stock” within the meaning of Regulations
        T, U or X of the Board of Governors of the Federal Reserve System (herein called “margin security” and “margin stock”). None of the proceeds of the Loans will be used, directly or indirectly, for the purpose of purchasing or carrying, or for the
        purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry, any margin security or margin stock or for any other purpose which might constitute the transactions contemplated hereby a “purpose credit” within
        the meaning of said Regulations T, U or X, or cause this Agreement to violate any other regulation of the Board of Governors of the Federal Reserve System or the Exchange Act, or any rules or regulations promulgated under such statutes.

       

      
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      (h)           No Loan Party Obligor shall vote to enable, or take any other action to cause or to permit, any Issuer to issue any equity interests of any
        nature, or to issue any other securities or interests convertible into or granting the right to purchase or exchange for any equity interests of any nature of any Issuer.

       

      (i)          No Loan Party Obligor shall take, or fail to take, any action that would in any manner impair the value or the enforceability of Lender’s Lien
        on any of such Loan Party Obligor’s Investment Property, or any of Lender’s rights or remedies under this Agreement or any other Loan Document with respect to any such Investment Property.

       

      (j)            In the case of any Loan Party Obligor which is an Issuer, such Issuer agrees that the terms of Section 7.3(g)(iii) of this Agreement shall
        apply to such Loan Party Obligor with respect to all actions that may be required of it pursuant to such Section 7.3(g)(iii) regarding the Investment Property issued by it.

       

      5.7         Commercial Tort Claims. No Loan Party Obligor, as of the date hereof, has any
        Commercial Tort Claims pending other than those listed in Section 2 of the Disclosure Schedule, and each Loan Party Obligor shall promptly (but in any case no later than five Business Days thereafter) notify Lender in writing upon incurring or
        otherwise obtaining a Commercial Tort Claim after the date hereof against any third party in excess of $100,000. Such notice shall constitute such Loan Party Obligor’s authorization to amend such Section 2 to add such Commercial Tort Claim and
        shall automatically be deemed to amend such Section 2 to include such Commercial Tort Claim.

       

      5.8          State of Organization; Location of Collateral. Sections 1(c) and 1(d) of the
        Disclosure Schedule set forth (i) each place of business of each Loan Party Obligor (including its chief executive office), (ii) all locations where all Inventory, Equipment (other than Equipment out for repair and vehicles) and other Collateral
        with an aggregate value in excess of $25,000 owned by each Loan Party Obligor is kept, and (iii) whether each such Collateral location or place of business (including each Loan Party Obligor’s chief executive office) is owned by a Loan Party or
        leased (and if leased, specifies the complete name and notice address of each lessor). No Collateral with an aggregate value in excess of $25,000 (other than Accounts owing by foreign Account Debtors) is located outside the United States or in the
        possession of any lessor, bailee, warehouseman or consignee, except as expressly indicated in Sections 1(c) and 1(d) of the Disclosure Schedule. Each Loan Party Obligor will give Lender at least thirty days’ prior written notice before changing its
        state of organization, opening any additional place of business where any Collateral is located, changing its chief executive office or the location of its books and records, or moving any of the Collateral to a location other than one of the
        locations set forth in Sections 1(c) and 1(d) of the Disclosure Schedule, and will execute and deliver all financing statements, landlord waivers, collateral access agreements, mortgages, and all other agreements, instruments and documents which
        Lender shall require in connection therewith prior to making such change, all in form and substance reasonably satisfactory to Lender. Without the prior written consent of Lender, no Loan Party Obligor will at any time (x) change its state of
        organization or (y) allow any Collateral with an aggregate value in excess of $25,000 (other than Accounts owing by foreign Account Debtors) to be located outside of the continental United States.

       

      
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      5.9          Financial Statements and Reports; Solvency.

       

      (a)           All financial statements delivered to Lender by or on behalf of any Loan Party Obligor have been, and at all times will be, prepared in
        conformity with GAAP and completely and in all material respects fairly reflect the financial condition of the Loan Party Obligor covered thereby, at the times and for the periods therein stated.

       

      (b)       As of the Closing Date (after giving effect to the Loans and Letters of Credit to be made or issued on such date, and the consummation of the
        transactions contemplated hereby), and as of each other day that any Loan or Letter of Credit is made or issued (after giving effect thereof), (i) the fair saleable value of all of the assets and properties of each Loan Party Obligor, individually,
        exceeds the aggregate liabilities and Indebtedness of each such Loan Party Obligor (including contingent liabilities), (ii) each Loan Party Obligor, individually, is solvent and able to pay its debts as they come due, (iii) each Loan Party Obligor,
        individually, has sufficient capital together with the Revolving Loan and Letters of Credit, to carry on its business as now conducted and as proposed to be conducted, (iv) no Loan Party is contemplating either the liquidation of all or any
        substantial portion of its assets or property, or the filing of any petition under any state, federal, or other bankruptcy or insolvency law, and (v) no Loan Party Obligor has knowledge of any Person contemplating the filing of any such petition
        against any Loan Party Obligor.

       

      5.10      Tax Returns and Payments; Pension Contributions. Each Loan Party Obligor has timely
        filed all tax returns and reports required by applicable law, has timely paid all applicable federal and state income Taxes and other material Taxes, assessments, deposits and contributions owing by such Loan Party Obligor and will timely pay all
        such items in the future as they became due and payable. Each Loan Party Obligor may, however, defer payment of any contested taxes; provided, that such Loan Party Obligor (i) in good
        faith contests its obligation to pay such Taxes by appropriate proceedings promptly and diligently instituted and conducted; (ii) notifies Lender in writing of the commencement of, and any material development in, the proceedings; (iii) posts bonds
        or takes any other steps required to keep the contested taxes from becoming a Lien upon any of the Collateral; (iv) maintains adequate reserves therefor in conformity with GAAP. No Loan Party Obligor has received written notice from any tax
        authority of any claims or adjustments proposed for any prior tax years that could result in additional material Taxes becoming due and payable by any Loan Party, nor does any Loan Party Obligor have knowledge of any such proposed claims or
        adjustments based upon contact with a Tax authority. Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other applicable laws. Each Plan that is intended to be a qualified plan under Section
        401(a) of the Code has received a favorable determination letter or opinion letter from the Internal Revenue Service to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been
        determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the Internal Revenue Service. To the knowledge of each Loan Party
        Obligor, nothing has occurred that would prevent or cause the loss of such tax-qualified status. There are no pending or, to the knowledge of any Loan Party Obligor, threatened claims, actions or lawsuits, or action by any Governmental Authority,
        with respect to any Plan that could reasonably be expected to result in liabilities individually or in the aggregate in excess of $10,000.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to
        any Plan that has resulted or could reasonably be expected to result in liabilities of any Loan Party individually or in the aggregate on any Loan Party in excess of $10,000. No ERISA Event has occurred, and no Loan Party is aware of any fact,
        event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan, in each case that could reasonably be expected to result in liabilities individually or in the aggregate in excess
        of $10,000. Each Loan Party Obligor and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has
        been applied for or obtained, in each case except as could not reasonably be expected to result in liabilities individually or in the aggregate to the Loan Party Obligors in excess of $10,000. As of the most recent valuation date for any Pension
        Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and no Loan Party Obligor knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment
        percentage for any such plan to drop below 60% as of the most recent valuation date.  No Loan Party Obligor nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments
        which have become due that are unpaid, except as could not reasonably be expected to result in liabilities individually or in the aggregate to the Loan Obligors in excess of $10,000. No Loan Party Obligor nor any ERISA Affiliate has engaged in a
        transaction that could be subject to Section 4069 or Section 4212(c) of ERISA except as could not reasonably be expected to result in liabilities individually or in the aggregate to the Loan Parties in excess of $10,000. No Pension Plan has been
        terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan
        except as could not reasonably be expected to result in liabilities individually or in the aggregate to the Loan Party Obligors in excess of $10,000.

       

      
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      5.11        Compliance with Laws; Intellectual Property; Licenses; ELFS Acquisition.

       

      (a)        Each Loan Party Obligor has complied, and will continue at all times to comply, with all provisions of all applicable laws and regulations,
        including those relating to the ownership of real or personal property, the conduct and licensing of each Loan Party Obligor’s business, the payment and withholding of Taxes, ERISA and other employee matters, and safety and environmental matters,
        except to the extent the non-compliance therewith could not reasonably be expected to have a Material Adverse Effect.

       

      (b)           No Loan Party Obligor has received written notice of default or violation, nor is any Loan Party Obligor in default or violation, with
        respect to any judgment, order, writ, injunction, decree, demand or assessment issued by any court or any federal, state, local, municipal or other Governmental Authority relating to any aspect of any Loan Party Obligor’s business, affairs,
        properties or assets. No Loan Party Obligor has received written notice of or been charged with, or is, to the knowledge of any Loan Party Obligor, under investigation with respect to, any violation in any material respect of any provision of any
        applicable law.

       

      
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      (c)         No Loan Party Obligor owns any registered Intellectual Property as of the date hereof, except as set forth in Section 4 of the Disclosure
        Schedule. Except as set forth in Section 4 of the Disclosure Schedule, none of the Intellectual Property owned by any Loan Party Obligor is the subject of any licensing or franchise agreement pursuant to which such Loan Party Obligor is the
        licensor or franchisor. Each Loan Party Obligor shall promptly (but in any event within thirty (30) days thereafter) notify Lender in writing of any additional registered Intellectual Property rights acquired or arising after the date hereof and
        shall submit to Lender a supplement to Section 4 of the Disclosure Schedule to reflect such additional rights (provided that such Loan Party Obligor’s failure to do so shall not impair
        Lender’s security interest therein). Each Loan Party Obligor shall execute a separate security agreement granting Lender a security interest in such Intellectual Property (whether owned on the date hereof or thereafter), in form and substance
        reasonably acceptable to Lender and suitable for registering such security interest in such Intellectual Property with the United States Patent and Trademark Office or United States Copyright Office, as applicable (provided that such Loan Party Obligor’s failure to do so shall not impair Lender’s security interest therein). Each Loan Party Obligor owns or has, and will at all times continue to own or have, the valid right to use
        all material patents, trademarks, copyrights, software, computer programs, equipment designs, network designs, equipment configurations, technology and other Intellectual Property used, marketed and sold in such Loan Party Obligor’s business, and
        each Loan Party Obligor is in compliance, and will continue at all times to comply, in all material respects with all material licenses, user agreements and other such agreements regarding the use of Intellectual Property. As of the date hereof, no
        Loan Party Obligor has any knowledge that, or has received any notice claiming that, any of such Intellectual Property infringes upon or violates the rights of any other Person.

       

      (d)         Each Loan Party Obligor (i) has each Federal Maritime Commission (“FMC”) license
        that is required to operate its business as currently being operated, and has undertaken each registration, publishes each tariff and has in place each bond required by the FMC with respect to its business operations, (ii) is in full compliance
        with all applicable requirements of the United States Shipping Act of 1984, as amended, FMC regulations and other United States laws and regulations applicable to it with respect to water, air, rail, motor, and other transportation, freight
        forwarding, warehousing, cargo receipt and handling and logistics, except where non-compliance could not reasonably be expected to have a Material Adverse Effect, and (iii) except to the extent any non-compliance could not reasonably be expected to
        have a Material Adverse Effect, is in compliance with all applicable foreign laws and regulations with respect to water, air, rail, motor, and other transportation, freight forwarding, warehousing, cargo receipt and handling and logistics.

       

      (e)         Without limiting subparagraph (d) above, each Loan Party Obligor has, and will continue at all times to have, all international, federal,
        state, local and other licenses and permits required to be maintained in connection with such Loan Party Obligor’s business operations, including, without limitation, those required by the United States Department of Transportation, International
        Air Transportation Association, United States Department of Homeland Security and Border Service, and United States Customs and Border Protection, except where the failure to maintain any such license or permit could not reasonably be expected to
        have a Material Adverse Effect, and all such licenses and permits are valid and in full force and effect. Each Loan Party Obligor has, and will continue at all times to have, complied with the requirements of such licenses and permits in all
        material respects, and has received no written notice of any pending or threatened proceedings for the suspension, termination, revocation or limitation thereof. No Loan Party Obligor is aware of any facts or conditions that could reasonably be
        expected to cause or permit any of such licenses or permits to be voided, revoked or withdrawn.  Each Loan Party Obligor (i) maintains all surety bonds required by all applicable international, federal, state and local laws and (ii) is compliant
        with the Customs-Trade Partnership Against Terrorism.

       

      
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      (f)          In addition to the representations, warranties and covenants set forth above, the Loan Party Obligors make the representations, warranties and
        covenants set forth in Schedule I with respect to the ELFS Acquisition.

       

      5.12       Litigation. Section 1(e) of the Disclosure Schedule discloses all claims,
        proceedings, litigation or investigations pending or (to each Loan Party Obligor’s knowledge) threatened against any Loan Party Obligor as of the date hereof. Other than as disclosed in Section 1(e) of the Disclosure Schedule, there is no claim,
        suit, litigation, proceeding or investigation pending or (to each Loan Party Obligor’s knowledge) threatened by or against or affecting any Loan Party in any court or before any Governmental Authority (or any basis therefor known to any Loan Party
        Obligor) which may result, either separately or in the aggregate, in liability in excess of $150,000 for the Loan Party Obligors, in any Material Adverse Effect, or in any material impairment in the ability of any Loan Party Obligor to carry on its
        business in substantially the same manner as it is now being conducted.

       

      5.13       Use of Proceeds. All proceeds of all Loans and Letters of Credit shall be used by
        Borrower solely (i) with respect to Loans made on the Closing Date, to pay in full the Indebtedness (and any related interest, fees and expenses) owing to Presidential Finance, (ii) to pay the fees, costs, and expenses incurred in connection with
        this Agreement, the other Loan Documents, and the transactions contemplated hereby, (iii) for Borrower’s working capital purposes, and (iv) for such other purposes not prohibited by this Agreement or applicable law. All proceeds of all Loans and
        Letters of Credit will be used solely for lawful business purposes.

       

      5.14        Insurance.

       

      (a)           Each Loan Party will at all times carry property, liability and other insurance (including credit insurance to any foreign Accounts), with
        insurers reasonably acceptable to Lender, in such form and amounts, and with such deductibles and other provisions, as Lender shall require in its Permitted Discretion, and Borrower will provide Lender with evidence satisfactory to Lender that such
        insurance is, at all times, in full force and effect. A true and complete listing of such insurance as of the Closing Date, including issuers, coverages and deductibles, is set forth in Section 5 of the Disclosure Schedule. Each property insurance
        policy and credit insurance policy shall name Lender as lender loss payee and shall contain a lender’s loss payable endorsement in form reasonably acceptable to Lender, any liability insurance policy shall name Lender as an additional insured, and
        each business interruption insurance policy shall be collaterally assigned to Lender, all in form and substance satisfactory to Lender. All policies of insurance shall provide that they may not be cancelled or changed without at least thirty days’
        prior written notice to Lender, and shall otherwise be in form and substance satisfactory to Lender. Borrower shall advise Lender promptly of any policy cancellation, non-renewal, reduction, or material amendment with respect to any insurance
        policies maintained by any Loan Party or any receipt by any Loan Party of any notice from any insurance carrier regarding any intended or threatened cancellation, non-renewal, reduction or material amendment of any of such policies, and Borrower
        shall promptly deliver to Lender copies of all notices and related documentation received by any Loan Party in connection with the same.

      

      

      
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      (b)        Borrower shall deliver to Lender, no later than fifteen (15) days prior to the expiration of any then current insurance policies, insurance
        certificates evidencing renewal of all such insurance policies required by this Section 5.14. Borrower shall deliver to Lender, upon Lender’s request, certificates evidencing such insurance coverage in such form as Lender shall specify. If any Loan
        Party fails to provide Lender with a certificate of insurance or other evidence of the continuing insurance coverage required by this Agreement within five (5) days of Lender’s written request, Lender may purchase insurance required by this
        Agreement at Borrower’s expense. This insurance may, but need not, protect any Loan Party’s interests.

       

      5.15       Financial, Collateral and Other Reporting / Notices. Each Loan Party Obligor has
        kept and will at all times keep adequate records and books of account with respect to its business activities and the Collateral in which proper entries are made in accordance with GAAP reflecting all its financial transactions. Each Loan Party
        Obligor will cause to be prepared and furnished to Lender, in each case in a form and in such detail as is reasonably acceptable to Lender, the following items (the items to be provided under this Section 5.15 shall be delivered to Lender in
        writing or, if requested by Lender, by an Approved Electronic Communication).

       

      (a)          Borrowing Base / Collateral Reports / Disclosure Schedules / Other Items.  The items described on
        Schedule E hereto by the respective dates set forth therein;

       

      (b)         Annual Financial Statements. Not later than one hundred twenty (120) days after the close of each
        Fiscal Year, unqualified, audited financial statements of Parent and its Subsidiaries on a consolidated basis as of the end of such year, and separate financial statements for (i) the Borrowers and their Subsidiaries, and (ii) INDCO and its
        Subsidiaries, in all instances including balance sheet, income statement, statement of cash flow, results of their respective operations during such year, together with comparative figures for the immediately preceding Fiscal Year and the
        corresponding figures from the budget for the Fiscal Year covered by such financial statements. Such annual audited consolidated financial statements of Parent will include management discussion and analysis of such results, and will be certified
        by a firm of independent certified public accountants selected by Borrower but reasonably acceptable to Lender, together with a copy of any management letter issued in connection therewith. Concurrently with the delivery of such financial
        statements, Borrower shall deliver to Lender a Compliance Certificate, indicating whether (i) Borrower is in compliance with each of the covenants specified in Section 5.28, and setting forth a detailed calculation of such covenants, and (ii) any
        Default or Event of Default is then in existence;

       

      (c)           Monthly Financial Statements. Not later than forty-five (45) days after the end of each month
        hereafter, including the last month of each Fiscal Year, unaudited interim financial statements of each Borrower and its subsidiaries as of the end of such month and of the portion of such Fiscal Year then elapsed, including balance sheet, income
        statement, statement of cash flow, and the results of their respective operations during such month and the then-elapsed portion of the Fiscal Year, and comparative figures for the same periods in the immediately preceding Fiscal Year and the
        corresponding figures from the budget for the Fiscal Year covered by such financial statements, in each case, on a consolidated and consolidating basis, certified by the principal financial officer of Administrative Borrower as prepared in
        accordance with GAAP and fairly presenting the consolidated financial position and results of operations (including management discussion and analysis of such results) of each Loan Party Obligor for such month and period, subject only to changes
        from ordinary course year-end audit adjustments and except that such statements need not contain footnotes. Concurrently with the delivery of such financial statements, Borrower shall deliver to Lender a Compliance Certificate, indicating (i)
        whether any Default or Event of Default is then in existence, and (ii) if such month end is also a quarter end, Borrower is in compliance with each of the covenant specified in Section 5.28, and setting forth a detailed calculation of such
        covenant;

      

      

      
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      (d)         Quarterly Financial Statements.  Not later than forty-five (45) days after the end of each fiscal
        quarter, (i) Parent’s Quarterly Report on Form 10-Q as filed with the United States Securities Exchange Commission, together with a  comparison of same to (A) the Parent’s Quarterly Report on Form 10-Q filed for the same quarter in the prior year,
        and (B) the Parent’s Quarterly Report on Form 10-Q filed for the prior quarter, together with a management discussion analysis thereof, and (ii) a “spreadsheet” in the form previously delivered to the Lender prior to the Closing Date which contains
        the consolidating financial statements of (A) the Borrower, including all corporate expenses, and (B) INDCO and its Subsidiaries, in both cases reconciled to such Form 10-Q.

       

      (e)         Projections, Etc. Not later than fifteen days prior to the end of each Fiscal Year, monthly business
        projections for the following Fiscal Year for the Loan Party Obligors on a consolidated basis, which projections shall include for each such period Borrowing Base projections, profit and loss projections, balance sheet projections, income statement
        projections and cash flow projections;

       

      (f)          Shareholder Reports, Etc. Promptly after the sending or filing thereof, as the case may be, copies
        of any proxy statements, financial statements or reports which each Loan Party Obligor has made available to its shareholders and copies of any regular, periodic and special reports or registration statements which any Loan Party Obligor files with
        the Securities and Exchange Commission or any Governmental Authority which may be substituted therefor, or any national securities exchange;

       

      (g)         ERISA Reports. Copies of any annual report to be filed pursuant to the requirements of ERISA in
        connection with each plan subject thereto promptly upon request by Lender and in addition, each Loan Party Obligor shall promptly notify Lender upon having knowledge of any ERISA Event;

       

      (h)          Tax Returns. Each federal and state income tax return filed by any Loan Party Obligor or Other Obligor
        promptly (but in no event later than ten days following the filing of such return), together with such supporting documentation as is supplied to the applicable tax authority with such return and proof of payment of any amounts owing with respect
        to such return; and

       

      (i)           Notification of Certain Changes. Borrower will promptly (and in no case later than the earlier of
        (i) five Business Days after the occurrence of any of the following and (ii) such other date that such information is required to be delivered pursuant to this Agreement or any other Loan Document) notify Lender in writing of: (i) the occurrence of
        any Default or Event of Default, (ii) the occurrence of any event that has had, or may have, a Material Adverse Effect, (iii) any change in any Loan Party Obligor’s President, Chief Executive Officer or Chief Financial Officer, (iv) any
        investigation, action, suit, proceeding or claim (or any material development with respect to any existing investigation, action, suit, proceeding or claim) relating to any Loan Party, any officer or director of a Loan Party Obligor, the Collateral
        or which may result in an adverse impact upon any Loan Party Obligor’s business, assets or financial condition, (v) any material loss or damage to the Collateral, (vi) any event or the existence of any circumstance that has resulted in, or could
        reasonably be expected to result in, any material adverse change in the business or financial affairs of any Loan Party Obligor, any Default, or any Event of Default, or which would make any representation or warranty previously made by any Loan
        Party Obligor to Lender untrue in any material respect or constitute a material breach if such representation or warranty was then being made, (vii) any actual or alleged breaches of any Material Contract or termination or threat to terminate any
        Material Contract or any material amendment to or modification of a Material Contract, or the execution of any new Material Contract by any Loan Party Obligor, and (viii) any change in any Loan Party Obligor’s certified accountant. In the event of
        each such notice under this Section 5.15(i), Borrower shall give notice to Lender of the action or actions that each Loan Party Obligor has taken, is taking, or proposes to take with respect to the event or events giving rise to such notice
        obligation.

      

      

      
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      (j)           Other Information. Promptly upon request, such other data and information (financial and otherwise)
        as Lender, from time to time, may reasonably request, bearing upon or related to the Collateral or each Loan Party Obligor’s and each Other Obligor’s business or financial condition or results of operations.

       

      5.16      Litigation Cooperation. Should any third-party suit, regulatory action, or any other
        judicial, administrative, or similar proceeding be instituted by or against Lender with respect to any Collateral or in any manner relating to any Loan Party Obligor, this Agreement, any other Loan Document or the transactions contemplated hereby,
        each Loan Party Obligor shall, without expense to Lender, make available each Loan Party Obligor, such Loan Party Obligor’s officers, employees and agents, and any Loan Party Obligor’s books and records, without charge, to the extent that Lender
        may deem them reasonably necessary in order to prosecute or defend any such suit or proceeding.

       

      5.17       Maintenance of Collateral, Etc. Each Loan Party Obligor will maintain all of the
        Collateral in good working condition, ordinary wear and tear excepted, and no Loan Party Obligor will use the Collateral for any unlawful purpose.

       

      5.18       Material Contracts. Except as expressly disclosed in Section 1(h) of the Disclosure
        Schedule, no Loan Party Obligor is (a) a party to any contract which if breached could reasonably be expected to have a Material Adverse Effect or (b) in default in the performance, observance or fulfillment of any of the obligations, covenants or
        conditions contained in (x) any contract to which it is a party or by which any of its assets or properties is bound, which default, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or result in
        liabilities in excess of $300,000 or (y) any Material Contract. Except for the contracts and other agreements listed in Section 1(h) of the Disclosure Schedule, no Loan Party Obligor is party, as of the Closing Date, to any (i) employment
        agreements covering the executive management of any Loan Party Obligor, (ii) collective bargaining agreements or other labor agreements covering any employees of any Loan Party Obligor, (iii) agreements for managerial, consulting or similar
        services to which any Loan Party Obligor is a party or by which it is bound, (iv) agreements regarding any Loan Party Obligor, its assets or operations or any investment therein to which any of its equity holders is a party, (v) patent licenses,
        trademark licenses, copyright licenses or other lease or license agreements to which any Loan Party Obligor is a party, either as lessor or lessee, or as licensor or licensee, (vi) distribution, marketing or supply agreements to which any Loan
        Party Obligor is a party, (vii) customer agreements to which any Loan Party Obligor is a party (in each case with respect to any contract of the type described in the preceding clauses (i), (iii), (iv), (v), (vi) and (vii) requiring payments of
        more than $100,000 in the aggregate in any Fiscal Year), (viii) partnership agreements to which any Loan Party Obligor is a partner, limited liability company agreements to which any Loan Party is a member or manager, or joint venture agreements to
        which any Loan Party Obligor is a party, or (ix) real estate leases (each such contract and agreement described in the preceding clauses (i) to (ix), a “Material Contract”).

       

      
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      5.19        No Default. No Default or Event of Default has occurred and is continuing.

       

      5.20        No Material Adverse Change. As of the date hereof, since June 30, 2017, and as of
        any date thereafter, since the date of the last delivery of Borrower’s annual financial statements, there has been no material adverse change in the financial condition, business, prospects, operations, or properties of any Loan Party Obligor or
        any Other Obligor.

       

      5.21       Full Disclosure. No report, notice, certificate, information or other statement
        delivered or made (including, in electronic form) by or on behalf of any Loan Party, any Other Obligor or any of their respective Affiliates to Lender in connection with this Agreement or any other Loan Document contains or will at any time contain
        any untrue statement of a material fact, or omits or will at any time omit to state any material fact necessary to make any statements contained herein or therein not misleading. Except for matters of a general economic or political nature which do
        not affect any Loan Party or any Other Obligor uniquely, there is no fact presently known to any Loan Party Obligor, which has not been disclosed to Lender, which has had or could reasonably be expected to have, individually or in the aggregate, a
        Material Adverse Effect.

       

      5.22       Sensitive Payments. No Loan Party (a) has made or will at any time make any
        contributions, payments or gifts to or for the private use of any governmental official, employee or agent where either the payment or the purpose of such contribution, payment or gift is illegal under the applicable laws of the United States or
        the jurisdiction in which made or any other applicable jurisdiction, (b) has established or maintained or will at any time establish or maintain any unrecorded fund or asset for any purpose or made any false or artificial entries on its books, (c)
        has made or will at any time make any payments to any Person with the intention that any part of such payment was to be used for any purpose other than that described in the documents supporting the payment, or (d) has engaged in or will at any
        time engage in any “trading with the enemy” or other transactions violating any rules or regulations of the Office of Foreign Assets Control or any similar applicable laws, rules or regulations.

       

      5.23        Parent. Parent does not and shall not at any time (i) engage in any business
        activities other than serving as a passive holding company for Borrower, INDCO, Aves and any other Person which Parent may acquire after the Closing Date (provided that such acquisition is not consummated directly or indirectly with proceeds of the
        Revolving Loans), (ii) have any material assets other than the outstanding equity interests owned by it of Borrower, INDCO, Aves and any other Person which Parent may acquire after the Closing Date (provided that such acquisition is not consummated
        directly or indirectly with proceeds of the Revolving Loans), (iii) have any Subsidiaries other than Borrower, INDCO, Aves or and any other Person which Parent may acquire as a Subsidiary after the Closing Date (provided that such acquisition is
        not consummated directly or indirectly with proceeds of the Revolving Loans), or (iv) have any material liabilities other than the Obligations except as approved by Lender.

      

      

      
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      5.24       Patriot Act. To the extent applicable, each Loan Party is in compliance, in all
        material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or
        executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the “Patriot Act”). 

        No part of the proceeds of the Loans will be used by any Loan Party Obligor or any of their Affiliates, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for
        political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.

       

      5.25      OFAC.  No Loan Party is in violation of any of the country or list based economic and
        trade sanctions administered and enforced by OFAC.  No Loan Party (a) is a Sanctioned Person or a Sanctioned Entity, (b) has its assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with, Sanctioned
        Persons or Sanctioned Entities.  No proceeds of any Loan will be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or a Sanctioned Entity.

       

      5.26       Government Regulation. No Loan Party is subject to regulation under the Investment
        Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable.  No Loan Party is a “registered
        investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.

       

      5.27        Negative Covenants. No Loan Party Obligor shall, and no Loan Party Obligor shall
        permit any Loan Party Obligor to, without Lender’s prior written consent:

       

      (a)           Except with respect to a Permitted Acquisition, merge or consolidate with another Person, form any new Subsidiary, or acquire any interest in
        any Person; provided, however, that (i) a Loan Party Obligor (other than Parent) may merge with another Loan Party Obligor,
        (ii) new Subsidiaries of a Loan Party Obligor may be formed so long as such Subsidiary is joined as a Loan Party Obligor hereunder, provided that with respect to a Subsidiary formed by the Parent, such Subsidiary shall be joined as Loan Party
        Obligor if such Subsidiary was formed or acquired by the Parent directly or indirectly with the proceeds of the Revolving Loans, and (iii) so long as the investment limits in subpart (e) below are with respect to joint ventures complied with, a
        Loan Party Obligor  may create a CFC via joint venture, which such Subsidiary will not have to join as a Loan Party Obligor hereunder;

       

      (b)          acquire any assets, except in connection with a Permitted Acquisition, except in the ordinary course of business and as otherwise expressly
        permitted by this Agreement;

       

      (c)           enter into any transaction outside the ordinary course of business;

       

      (d)          except for Permitted Dispositions, sell, transfer, return, or dispose of any Collateral or other assets;

       

      (e)           make any loans to or investments in any Affiliate or other Person in the form of money or other assets, provided, that:

       

      (i)          Borrower may make loans and investments in its wholly-owned domestic Subsidiaries that are Loan Party Obligors; 

      

       

      

      
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      (ii)       Parent may make investments in (A) Borrower, (B) INDCO, (C) Aves, and (D) those loans or investments permitted by subclauses (i), (ii), or
        (iii) of Section 5.23 above; provided that such loans or investments as to (B), (C) and (D) are not funded directly or indirectly with the proceeds of any Revolving Loan;

       

      (iii)        Reserved; and

       

      (iv)        Reserved.

       

      (f)           incur any Indebtedness other than (i) the Obligations, (ii) Permitted Indebtedness, (iii) Acquisition Seller Financing, and (iv) other
        Indebtedness which is unsecured and does not exceed $500,000 in the aggregate at any one time;

       

      (g)          create, incur, assume or suffer to exist any Lien or other encumbrance of any nature whatsoever, other than in favor of Lender to secure the
        Obligations, on any of its assets whether now or hereafter owned, other than Permitted Liens;

       

      (h)          guaranty or otherwise become liable with respect to the obligations (other than the Obligations) of another Person other than (i) the
        Obligations, (ii) endorsements or instruments or other payment items for deposits, and (iii) as to Parent only, Parent may guaranty or otherwise become liable for the foregoing (A) as to INDCO, (B) pursuant to the Antibodies Guaranty, (C) pursuant
        to the Aves Guaranty, and (D) pursuant to the ELFS Guaranty.

       

      (i)             pay or declare any dividends or distributions on any Loan Party’s stock or other equity interest except for Permitted Dividends;

       

      (j)             redeem, retire, purchase or otherwise acquire, directly or indirectly, any of Loan Party’s (other than Parent’s) capital stock or other
        equity interests;

       

      (k)            make any change in any Loan Party’s (other than Parent’s) capital structure;

       

      (l)            dissolve or elect to dissolve;

       

      (m)         engage, directly or indirectly, in a business other than the business which is being conducted on the date hereof (and any business
        substantially similar, related, or incidental thereto) (except as to Parent as to which the foregoing shall not apply), wind up its business operations or cease substantially all, or any material portion,
        of its normal business operations, or suffer any material disruption, interruption or discontinuance of a material portion of its normal business operations;

       

      (n)         pay any  principal or other amount on any Indebtedness that is contractually subordinated to Lender in violation of the applicable
        subordination or intercreditor agreement; provided however, for avoidance of doubt, the Loan Party Obligors may repay at any time (i) the Indebtedness owed to Ruth Werra which is described in Section 6 of the Disclosure Schedule, and the Loan Party
        Obligors shall promptly notify the Lender when such payment is made, (ii) to the ELFS Sellers, the ELFS Insurance Premium Refund, and (iii) to the ELFS Sellers, so long as no Event of Default exists or would result therefrom, the ELFS Cash Cushion
        Amount not later than 30 days after the Closing Date;

       

      
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      (o)        enter into any transaction with an Affiliate other than on arms-length terms disclosed to Lender in writing and transactions expressly permitted
        under this Agreement;

       

      (p)         change its state of organization or enter into any transaction which has the effect of changing its state of organization except as provided
        for in Section 5.8;

       

      (q)         agree, consent, permit or otherwise undertake to amend or otherwise modify any of the terms or provisions of (i) any Loan Party Obligor’s
        Organic Documents, (ii) the Aves Guaranty, (iii) the ELFS Notes, or (iv) the ELFS Acquisition Documentation, except, in each instance, for such amendments or other modifications required by applicable law or that are not adverse to Lender, and
        then, only to the extent such amendments or other modifications are fully disclosed in writing to Lender no less than five (5) Business Days prior to being effectuated.

       

      (r)         enter into or assume any agreement prohibiting the creation or assumption of any Lien to secure the Obligations upon its properties or assets,
        whether now owned or hereafter acquired;

       

      (s)           create or otherwise cause or suffer to exist or become effective any encumbrance or restriction (other than any Loan Document) of any kind on
        the ability of any such Person to pay or make any dividends or distributions to Borrower, to pay any of the Obligations, to make loans or advances or to transfer any of its property or assets to Borrower;

       

      (t)        make any payment on account of (i) the Atlantic Deferred Purchase Price Payments, the ELFS Notes, or the ELFS Earn-Out Payments, unless, in each
        instance, the Restricted Payment Conditions are satisfied, and/or (ii) the Aves Guaranty in violation of the Aves Subordination Agreement; or

       

      (u)         with respect to any Carrier Contract or Customer Contract, (i) allow payments to third-party carriers to be directly contingent or dependent
        upon the receipt (or likelihood of receipt) by a Loan Party Obligor of payment from a customer, whether through business practice (including performance of Carrier Contracts) or by written or verbal agreement; (ii) in the ordinary course of
        business (A) segregate from its general funds any monies collected with respect to Customer Contracts or otherwise in respect of its logistics business, (B) permit any customer or Customer Contract to designate such monies be held in trust or
        otherwise for the benefit of any third-party carrier or (C) make payments to any third-party carrier other than from its general funds; (iii) hold or be required to hold any portion of amounts collected in connection with Customer Contracts or
        otherwise in respect of its logistics business in trust for, or have any express fiduciary relationship or fiduciary duty to, any third-party carrier; or (iv) expressly consent to or agree in writing to permit any third-party carrier to seek
        payment from, or to have contractual recourse to any customer.

       

      5.28       Financial Covenant. Each Loan Party Obligor shall at all times comply with the
        Financial Covenant described on Schedule F.

       

      
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      	6.	
              RELEASE, LIMITATION OF LIABILITY AND INDEMNITY.

            

       

      6.1          Release. Borrower and each other Loan Party Obligor, on behalf of itself and its
        successors, assigns, heirs, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Lender and any and all Participants, their successors and assigns, their Affiliates, their
        respective directors, officers, employees, attorneys and agents and any other Person affiliated with or representing Lender (the “Released Parties”) of and from any and all liability,
        including all actual or potential claims, demands or causes of action of any kind, nature or description whatsoever, whether arising in law or equity or under contract or tort or under any state or federal law or otherwise which Borrower or any
        other Loan Party Obligor or any of their successors, assigns, or other legal representatives has had, now has or has made claim to have against any of the Released Parties for or by reason of any act, omission, matter, cause or thing whatsoever,
        including any liability arising from acts or omissions pertaining to the transactions contemplated by this Agreement and the other Loan Documents, whether based on errors of judgment or mistake of law or fact, from the beginning of time to and
        including the date hereof, whether such claims, demands and causes of action are matured or known or unknown. Notwithstanding any provision in this Agreement to the contrary, this Section 6.1 shall remain operative even after the Termination Date
        and shall survive the payment in full of all of the Loans. Such release is made on the date hereof and remade upon each request for a Loan or Letter of Credit by Borrower.

       

      6.2        Limitation of Liability. In no circumstance will any of the Released Parties be
        liable for lost profits or other special, punitive, or consequential damages. Notwithstanding any provision in this Agreement to the contrary, this Section 6.2 shall remain operative even after the Termination Date and shall survive the payment in
        full of all of the Loans.

       

      6.3          Indemnity. Each Loan Party Obligor hereby agrees to indemnify the Released Parties
        and hold them harmless from and against any and all claims, debts, liabilities, demands, obligations, actions, causes of action, penalties, costs and expenses (including attorneys’ fees), of every nature, character and description, which the
        Released Parties may sustain or incur based upon or arising out of any of the transactions contemplated by this Agreement or any other Loan Document or any of the Obligations, including any transactions or occurrences relating to the issuance of
        any Letter of Credit, any Collateral relating thereto, any drafts thereunder and any errors or omissions relating thereto (including any loss or claim due to any action or inaction taken by the issuer of any Letter of Credit or Lender) (and for
        this purpose any charges to Lender by any issuer of Letters of Credit shall be conclusive as to their appropriateness and may be charged to the Loan Account), or any other matter, cause or thing whatsoever occurred, done, omitted or suffered to be
        done by Lender relating to any Loan Party or the Obligations (except any such amounts sustained or incurred as the result of the gross negligence or willful misconduct of such Released Parties, as finally determined by a court of competent
        jurisdiction). Notwithstanding any provision in this Agreement to the contrary, this Section 6.3 shall remain operative even after the Termination Date and shall survive the payment in full of all of the Loans.

       

      	7.	
              EVENTS OF DEFAULT AND REMEDIES.

            

       

      7.1          Events of Default. The occurrence of any of the following events shall constitute
        an “Event of Default”:

       

      (a)        if any warranty, representation, statement, report or certificate made or delivered to Lender by or on behalf of any Loan Party Obligor or any
        Other Obligor is untrue or misleading in any material respect or, to the extent already qualified by materiality, in any respect;

       

      
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      (b)         if any Loan Party Obligor or any Other Obligor fails to pay to Lender, (i) when due, any principal or interest payment required under this
        Agreement or any other Loan Document, or (ii) within three (3) Business Days when due, any other monetary Obligation;

       

      (c)           if any Loan Party or any Other Obligor breaches any covenant or obligation contained in:

       

      (i)         Sections 4.1, 4.6, 4.7, 5.3, 5.4, 5.5, 5.6, 5.8, 5.9, 5.10, 5.11, 5.13, 5.14, 5.15, 5.21, 5.22, 5.23, 5.24, 5.25, 5.27, 5.28, 8.1, 8.5, 8.12,
        9, 10.7 or 10.13 of this Agreement; or

       

      (ii)        any other Section of this Agreement or any other Loan Document (to the extent such breach is not otherwise embodied in any other provision of
        this Section 7.1 for which a different cure period is specified or which constitutes an immediate Event of Default under this Agreement or the other Loan Documents), which is not cured to Lender’s satisfaction within seven (7) days after the
        earlier to occur of (A) the date upon which any officer or director of any Loan Party Obligor knew of such breach, or (B) the date upon which written notice thereof is given to Borrower by Lender, provided that such cure period shall not apply in the case of any breach which is not capable of being cured within such seven day period;

       

      (d)         if one or more judgments aggregating in excess of $250,000 is obtained against any Loan Party Obligor or any Other Obligor (except to the
        extent fully covered (other than to the extent of customary deductibles) by insurance pursuant to which the insurer has not denied coverage) which remains unstayed for more than ten days or is enforced;

       

      (e)          any default with respect to any Indebtedness in excess of $100,000 (other than the Obligations) of any Loan Party Obligor or any Other Obligor
        if (i) such default shall consist of the failure to pay such Indebtedness when due, whether by acceleration or otherwise, or (ii) the effect of such default is to permit the holder, with or without notice or lapse of time or both, to accelerate the
        maturity of any such Indebtedness or to cause such Indebtedness to become due prior to the stated maturity thereof;

       

      (f)           the dissolution, death, termination of existence, insolvency or business failure or suspension or cessation of business as usual of any Loan
        Party Obligor or any Other Obligor which is an entity (or of any general partner of any Loan Party or any Other Obligor if it is a partnership);

       

      (g)         if any Loan Party Obligor or any Other Obligor shall apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of
        it or any of its properties, admit in writing its inability to pay its debts as they mature, make a general assignment for the benefit of creditors, be adjudicated as bankrupt or insolvent or be the subject of an order for relief under Title 11 of
        the United States Code or under any bankruptcy or insolvency law of a foreign jurisdiction, or file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors or to take advantage of any
        bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such law, or take or permit to be
        taken any action in furtherance of or for the purpose of effecting any of the foregoing;

       

      
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      (h)        the commencement of an involuntary case or other proceeding against any Loan Party Obligor or any Other Obligor seeking liquidation,
        reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar applicable law or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
        substantial part of its property, which is not discharged or dismissed within sixty days, or if an order for relief is entered against any Loan Party Obligor or any Other Obligor under any bankruptcy, insolvency or other similar applicable law as
        now or hereafter in effect;

       

      (i)          the actual or attempted revocation or termination of, or limitation or denial of liability under, any guaranty of any of the Obligations;

       

      (j)         if any Loan Party Obligor or Other Obligor makes any payment on account of any Indebtedness or obligation which has been contractually
        subordinated to the Obligations other than payments which are not prohibited by the applicable subordination provisions pertaining thereto, or if any Person who has subordinated such Indebtedness or obligations attempts to limit or terminate any
        applicable subordination provisions pertaining thereto;

       

      (k)        if there is any actual indictment of any Loan Party Obligor, any Loan Party Obligor’s officers, any Other Obligor or any Other Obligor’s
        officers under any criminal statute or commencement of criminal proceedings against any such Person;

       

      (l)            if a Change of Control shall occur;

       

      (m)          the occurrence of a Material Adverse Effect;

        

      

      (n)          if any Lien purported to be created by any Loan Document shall cease to be a valid perfected first priority Lien (subject only to any priority
        accorded by law to Permitted Liens) on any Accounts or, with respect to other Collateral, a material portion thereof, or any Loan Party Obligor or any Other Obligor shall assert in writing that any Lien purported to be created by any Loan Document
        is not a valid perfected first priority Lien (subject only to any priority accorded by law to Permitted Liens) on the assets or properties purported to be covered thereby;

       

      (o)          if any of the Loan Documents shall cease to be in full force and effect (other than as a result of the discharge thereof in accordance with
        the terms thereof or by written agreement of all parties thereto) or any Loan Party Obligor shall deny the enforceability of any provision thereof;

       

      (p)          if  (A) the outstanding balance of all Revolving Loans and the Letter of Credit Balance exceeds, at any time, the lesser of (x) the Maximum
        Revolving Facility Amount and (y) the Borrowing Base, or (B) any of the Loan Limits for Revolving Loans are, at any time, exceeded; or

       

      (q)        (i) an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in
        liability of any Loan Party or any Subsidiary under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $100,000, (ii) the existence of any Lien under Section 430(k) or Section 6321 of the Code
        or Section 303(k) or Section 4068 of ERISA on any assets of a Loan Party, or (iii) a Loan Party or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its
        withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $10,000.

      

      

      
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      7.2         Remedies with Respect to Lending Commitments/Acceleration/Etc. Upon the occurrence
        of an Event of Default, Lender may, in Lender’s sole discretion, (i) terminate all or any portion of its obligations to lend to or extend credit to Borrower under this Agreement or any other Loan Document, without prior notice to any Loan Party
        Obligor, (ii) demand payment in full of all or any portion of the Obligations (whether or not payable on demand prior to such Event of Default), or (iii) take any and all other and further actions and avail itself of any and all rights and remedies
        available to Lender under this Agreement, any other Loan Document, under law or in equity. Notwithstanding the foregoing sentence, upon the occurrence of any Event of Default described in Section 7.1(g) or Section 7.1(h), without notice, demand or
        other action by Lender all of the Obligations shall immediately become due and payable whether or not payable on demand prior to such Event of Default.

       

      7.3          Remedies with Respect to Collateral .Without limiting any rights or remedies
        Lender may have pursuant to this Agreement, the other Loan Documents, under applicable law or otherwise, upon the occurrence and during the continuation of an Event of Default:

       

      (a)          Any and All Remedies.  Lender may take any and all actions and avail itself of any and all rights and
        remedies available to Lender under this Agreement, any other Loan Document, under law or in equity (including all rights of a secured creditor under the UCC), and the rights and remedies herein and therein provided shall be cumulative and not
        exclusive of any rights or remedies provided by applicable law or otherwise.

       

      (b)        Collections; Modifications of Terms. Lender may but shall be under no obligation to (i) notify all
        appropriate parties that the Collateral, or any part thereof, has been assigned to Lender; (ii) demand, sue for, collect and give receipts for and take all necessary or desirable steps to collect any Collateral or Proceeds in its or any Loan Party
        Obligor’s name, and apply any such collections against the Obligations as Lender may elect; (iii) take control of any Collateral and any cash and non-cash Proceeds of any Collateral; (iv) enforce, compromise, extend, renew, settle or discharge any
        rights or benefits of each Loan Party Obligor with respect to or in and to any Collateral, or deal with the Collateral as Lender may deem advisable; and (v) make any compromises, exchanges, substitutions or surrenders of Collateral as Lender deems
        necessary or proper in its reasonable discretion, including extending the time of payment, permitting payment in installments, or otherwise modifying the terms or rights relating to any of the Collateral, all of which may be effected without notice
        to, consent of, or any other action of any Loan Party Obligor and without otherwise discharging or affecting the Obligations, the Collateral or the security interests granted to Lender under this Agreement or any other Loan Document.

       

      (c)         Insurance.  Lender may file proofs of loss and claim with respect to any of the Collateral with the
        appropriate insurer, and may endorse in its own and each Loan Party Obligor’s name any checks or drafts constituting Proceeds of insurance. Any Proceeds of insurance received by Lender may be applied by Lender against payment of all or any portion
        of the Obligations as Lender may elect in its reasonable discretion.

       

      
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      (d)         Possession and Assembly of Collateral. Lender may take possession of the Collateral and, without
        removal, render each Loan Party Obligor’s Equipment unusable. Upon Lender’s request, each Loan Party Obligor shall assemble the Collateral and make it available to Lender at a place or places to be designated by Lender.

       

      (e)          Set-off. Lender may and without any notice to, consent of or any other action by any Loan Party
        Obligor (such notice, consent or other action being expressly waived), set-off or apply (i) any and all deposits (general or special, time or demand, provisional or final) at any time held by or for the account of Lender or any Affiliate of Lender,
        and (ii) any Indebtedness at any time owing by Lender or any Affiliate of Lender or any Participant in the Loans to or for the credit or the account of any Loan Party Obligor, to the repayment of the Obligations irrespective of whether any demand
        for payment of the Obligations has been made.

       

      (f)            Disposition of Collateral.

       

      (i)         Lender may, without demand, advertising or notice, all of which each Loan Party Obligor hereby waives (except as the same may be required by
        the UCC or other applicable law and is not waivable under the UCC or such other applicable law), at any time or times in one or more public or private sales or other dispositions, for cash, on credit or otherwise, at such prices and upon such terms
        as determined by Lender (provided such price and terms are commercially reasonable within the meaning of the UCC to the extent such sale or other disposition is subject to the UCC
        requirements that such sale or other disposition must be commercially reasonable), (A) sell, lease, license or otherwise dispose of any and all Collateral, or (B) deliver and grant options to a third party to purchase, lease, license or otherwise
        dispose of any and all Collateral. Lender may sell, lease, license or otherwise dispose of any Collateral in its then-present condition or following any preparation or processing deemed necessary by Lender in its reasonable discretion.  To the
        extent permitted by applicable law, Lender may be the purchaser at any such public or private sale or other disposition of Collateral, and in such case Lender may make payment of all or any portion of the purchase price therefor by the application
        of all or any portion of the Obligations due to Lender to the purchase price payable in connection with such sale or disposition. Lender may, if it deems it reasonable, postpone or adjourn any public sale of any Collateral from time to time by an
        announcement at the time and place of the sale to be so postponed or adjourned without being required to give a new notice of sale or disposition, provided, however, that Lender shall provide the applicable Loan Party Obligor with written notice of the time and place of such postponed or adjourned sale. Each Loan Party Obligor hereby acknowledges and agrees that
        Lender’s compliance with any requirements of applicable law in connection with a sale, lease, license or other disposition of Collateral will not be considered to adversely affect the commercial reasonableness of any sale, lease, license or other
        disposition of such Collateral.

       

      (ii)        Each Loan Party Obligor shall remain liable for all amounts of the Obligations remaining unpaid as a result of any deficiency of the Proceeds
        of the sale, lease, license or other disposition of Collateral after such Proceeds are applied to the Obligations as provided in this Agreement.

       

      (iii)       Lender may sell, lease, license or otherwise dispose of the Collateral without giving any warranties and may specifically disclaim any and all
        warranties, including warranties of title, possession, merchantability and fitness for a particular purpose. Each Loan Party Obligor hereby acknowledges and agrees that Lender’s disclaimer of any and all warranties in connection with a sale, lease,
        license or other disposition of Collateral will not be considered to adversely affect the commercial reasonableness of any such disposition of the Collateral. If Lender sells, leases, licenses or otherwise disposes of any of the Collateral on
        credit, Borrower will be credited only with payments actually made in cash by the recipient of such Collateral and received by Lender and applied to the Obligations. If any Person fails to pay for Collateral acquired pursuant this Section 7.3(f) on
        credit, Lender may re-offer the Collateral for sale, lease, license or other disposition.

       

      
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      (g)           Investment Property; Voting and Other Rights; Irrevocable Proxy.

       

      (i)          All rights of each Loan Party Obligor to exercise any of the voting and other consensual rights which it would otherwise be entitled to
        exercise in accordance with the terms hereof with respect to any Investment Property, and to receive any dividends, payments, and other distributions which it would otherwise be authorized to receive and retain in accordance with the terms hereof
        with respect to any Investment Property, shall immediately, at the election of Lender (without requiring any notice) cease, and all such rights shall thereupon become vested solely in Lender, and Lender (personally or through an agent) shall
        thereupon be solely authorized and empowered, without notice, to (a) transfer and register in its name, or in the name of its nominee, the whole or any part of the Investment Property, it being acknowledged by each Loan Party Obligor that any such
        transfer and registration may be effected by Lender through its irrevocable appointment as attorney-in-fact pursuant to Section 7.3(g)(ii) and Section 4.4 of this Agreement, (b) exchange certificates and/or instruments representing or evidencing
        Investment Property for certificates and/or instruments of smaller or larger denominations, (c) exercise the voting and all other rights as a holder with respect to all or any portion of the Investment Property (including all economic rights, all
        control rights, authority and powers, and all status rights of each Loan Party Obligor as a member or as a shareholder (as applicable) of the Issuer), (d) collect and receive all dividends and other payments and distributions made thereon, (e)
        notify the parties obligated on any Investment Property to make payment to Lender of any amounts due or to become due thereunder, (f) endorse instruments in the name of each Loan Party Obligor to allow collection of any Investment Property, (g)
        enforce collection of any of the Investment Property by suit or otherwise, and surrender, release, or exchange all or any part thereof, or compromise or renew for any period (whether or not longer than the original period) any liabilities of any
        nature of any Person with respect thereto, (h) consummate any sales of Investment Property or exercise any other rights as set forth in Section 7.3(f) hereof, (i) otherwise act with respect to the Investment Property as though Lender was the
        outright owner thereof, and (j) exercise any other rights or remedies Lender may have under the other Loan Documents, the UCC, other applicable law, or otherwise.

       

      
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      (ii)       EACH LOAN PARTY OBLIGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS LENDER AS ITS PROXY AND ATTORNEY-IN-FACT FOR SUCH LOAN PARTY OBLIGOR WITH
        RESPECT TO ALL OF EACH SUCH LOAN PARTY OBLIGOR’S INVESTMENT PROPERTY WITH THE RIGHT, DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, WITHOUT NOTICE, TO TAKE ANY OF THE FOLLOWING ACTIONS: (A) TRANSFER AND REGISTER IN LENDER’S NAME, OR IN THE NAME OF
        ITS NOMINEE, THE WHOLE OR ANY PART OF THE INVESTMENT PROPERTY, (B) VOTE THE PLEDGED EQUITY, WITH FULL POWER OF SUBSTITUTION TO DO SO, (C) RECEIVE AND COLLECT ANY DIVIDEND OR ANY OTHER PAYMENT OR DISTRIBUTION IN RESPECT OF, OR IN EXCHANGE FOR, THE
        INVESTMENT PROPERTY OR ANY PORTION THEREOF, TO GIVE FULL DISCHARGE FOR THE SAME AND TO INDORSE ANY INSTRUMENT MADE PAYABLE TO ANY LOAN PARTY OBLIGOR FOR THE SAME, (D) EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES, AND REMEDIES (INCLUDING ALL
        ECONOMIC RIGHT’S, ALL CONTROL RIGHTS, AUTHORITY AND POWERS, AND ALL STATUS RIGHTS OF EACH LOAN PARTY OBLIGOR AS A MEMBER OR AS A SHAREHOLDER (AS APPLICABLE) OF THE ISSUER) TO WHICH A HOLDER OF THE PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING,
        WITH RESPECT TO THE PLEDGED EQUITY, GIVING OR WITHHOLDING WRITTEN CONSENTS OF MEMBERS OR SHAREHOLDERS, CALLING SPECIAL MEETINGS OF MEMBERS OR SHAREHOLDERS, AND VOTING AT SUCH MEETINGS), AND (E) TAKE ANY ACTION AND TO EXECUTE ANY INSTRUMENT WHICH
        LENDER MAY DEEM NECESSARY OR ADVISABLE TO ACCOMPLISH THE PURPOSES OF THIS AGREEMENT. THE APPOINTMENT OF LENDER AS PROXY AND ATTORNEY-IN-FACT IS COUPLED WITH AN INTEREST AND SHALL BE VALID AND IRREVOCABLE   UNTIL (X) ALL OF THE OBLIGATIONS HAVE BEEN
        INDEFEASIBLY PAID IN FULL IN CASH IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND (Y) LENDER HAS NO FURTHER OBLIGATIONS UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (IT BEING UNDERSTOOD AND AGREED THAT SUCH
        OBLIGATIONS WILL BE AUTOMATICALLY REINSTATED IF AT ANY TIME PAYMENT, IN WHOLE OR IN PART, OF ANY OF THE OBLIGATIONS IS RESCINDED OR MUST OTHERWISE BE RESTORED OR RETURNED BY LENDER FOR ANY REASON WHATSOEVER, INCLUDING AS A PREFERENCE, FRAUDULENT
        CONVEYANCE, OR OTHERWISE UNDER ANY BANKRUPTCY, INSOLVENCY, OR SIMILAR LAW, ALL AS THOUGH SUCH PAYMENT HAD NOT BEEN MADE; IT BEING FURTHER UNDERSTOOD THAT IN THE EVENT PAYMENT OF ALL OR ANY PART OF THE OBLIGATIONS IS RESCINDED OR MUST BE RESTORED OR
        RETURNED, ALL REASONABLE OUT-OF-POCKET COSTS AND EXPENSES (INCLUDING ALL REASONABLE ATTORNEYS’ FEES AND DISBURSEMENTS) INCURRED BY LENDER IN DEFENDING AND ENFORCING SUCH REINSTATEMENT SHALL HEREBY BE DEEMED TO BE INCLUDED AS A PART OF THE
        OBLIGATIONS). SUCH APPOINTMENT OF LENDER AS PROXY AND AS ATTORNEY-IN-FACT SHALL BE VALID AND IRREVOCABLE AS PROVIDED HEREIN NOTWITHSTANDING ANY LIMITATIONS TO THE CONTRARY SET FORTH IN ANY ORGANIC DOCUMENTS OF ANY LOAN PARTY OBLIGOR, ANY ISSUER, OR
        OTHERWISE.

        

      

      (iii)        In order to further effect the foregoing transfer of rights in favor of Lender, during the continuance of an Event of Default, each Loan
        Party Obligor hereby authorizes and instructs each Issuer of Investment Property pledged by such Loan Party Obligor to comply with any instruction received by such Issuer from Lender without any other or further instruction from such Loan Party
        Obligor, and each Loan Party Obligor acknowledges and agrees that each Issuer shall be fully protected in so complying, and to pay any dividends, distributions, or other payments with respect to any of the Investment Property directly to Lender.

       

      (iv)       Upon exercise of the proxy set forth herein, all prior proxies given by any Loan Party Obligor with respect to any of the Pledged Equity or
        other Investment Property, as applicable (other than to Lender), are hereby revoked, and no subsequent proxies (other than to Lender) will be given with respect to any of the Pledged Equity or any of the other Investment Property, as applicable,
        unless Lender otherwise subsequently agrees in writing. Lender, as proxy, will be empowered and may exercise the irrevocable proxy to vote the Pledged Equity and the other Investment Property at any and all times during the existence of an Event of
        Default, including at any meeting of shareholders or members, as the case may be, however called, and at any adjournment thereof, or in any action by written consent, and may waive any notice otherwise required in connection therewith. To the
        fullest extent permitted by applicable law, Lender shall have no agency, fiduciary, or other implied duties to any Loan Party Obligor, any Issuer, any Loan Party, or any other Person when acting in its capacity as such proxy or attorney-in-fact.
        Each Loan Party Obligor hereby waives and releases any claims that it may otherwise have against Lender with respect to any breach, or alleged breach, of any such agency, fiduciary, or other duty.

       

      
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      (v)        Any transfer to Lender or its nominee, or registration in the name of Lender or its nominee, of the whole or any part of the Investment
        Property shall be made solely for purposes of effectuating voting or other consensual rights with respect to the Investment Property in accordance with the terms of this Agreement and is not intended to effectuate any transfer of ownership of any
        of the Investment Property. Notwithstanding the delivery by Lender of any instruction to any Issuer or any exercise by Lender of an irrevocable proxy or otherwise, Lender shall not be deemed the owner of, or assume any obligations or any
        liabilities whatsoever of the owner or holder of, any Investment Property unless and until Lender expressly accepts such obligations in a duly authorized and executed writing and agrees in writing to become bound by the applicable Organic Documents
        or otherwise becomes the owner thereof under applicable law (including through a sale as described in Section 7.3(f) hereof). The execution and delivery of this Agreement shall not subject Lender to, or transfer or pass to Lender, or in any way
        affect or modify, the liability of any Loan Party Obligor under the Organic Documents of any Issuer or any related agreements, documents, or instruments or otherwise. In no event shall the execution and delivery of this Agreement by Lender, or the
        exercise by Lender of any rights hereunder or assigned hereby, constitute an assumption of any liability or obligation whatsoever of any Loan Party Obligor to, under, or in connection with any of the Organic Documents of any Issuer or any related
        agreements, documents, or instruments or otherwise.

       

      (h)           Election of Remedies. Lender shall have the right in Lender’s sole discretion to determine which
        rights, security, Liens or remedies Lender may at any time pursue, foreclose upon, relinquish, subordinate, modify or take any other action with respect to, without in any way impairing, modifying or affecting any of Lender’s other rights,
        security, Liens or remedies with respect to such Property, or any of Lender’s rights or remedies under this Agreement or any other Loan Document.

       

      (i)         Lender’s Obligations.  Each Loan Party Obligor agrees that Lender shall not have any obligation to
        preserve rights to any Collateral against prior parties or to marshal any Collateral of any kind for the benefit of any other creditor of any Loan Party Obligor or any other Person. Lender shall not be responsible to any Loan Party Obligor or any
        other Person for loss or damage resulting from Lender’s failure to enforce its Liens or collect any Collateral or Proceeds or any monies due or to become due under the Obligations or any other liability or obligation of any Loan Party Obligor to
        Lender.

       

      (j)         Waiver of Rights by Loan Party Obligors. Except as otherwise expressly provided for in this Agreement
        or by non-waivable applicable law, each Loan Party Obligor waives: (a) presentment, demand and protest and notice of presentment, dishonor, notice of intent to accelerate, notice of acceleration, protest, default, nonpayment, maturity, release,
        compromise, settlement, extension or renewal of any or all commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at any time held by Lender on which any Loan Party Obligor may in any way be liable, and
        hereby ratifies and confirms whatever Lender may do in this regard, (b) to the extent permitted by applicable law, all rights to notice and a hearing prior to Lender’s taking possession or control of, or to Lender’s replevy, attachment or levy
        upon, the Collateral or any bond or security which might be required by any court prior to allowing Lender to exercise any of its remedies and (c) the benefit of all valuation, appraisal, marshalling and exemption laws.

       

      
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      7.4          Curative Equity

       

      (a)           Subject to the limitations set forth in clauses (d) and (e) below, Loan Party Obligors may cure (and shall be deemed to have cured) an Event
        of Default pursuant to Section 7.1(c)(i) arising out of a breach of the financial covenants set forth in Schedule F (the “Specified Financial Covenants”) if they receive the cash proceeds of an investment of Curative Equity on or before the date
        that is ten (10) Business Days after the date that is the earlier to occur of (i) the date on which the Compliance Certificate is delivered to Lender in respect of the Covenant Compliance Period with respect to which any such breach occurred (the
        “Specified Covenant Compliance Period”), and (ii) the date on which the Compliance Certificate is required to be delivered to Lender pursuant to Section 5.15(c) in respect of the Specified Covenant Compliance Period (such earlier date, the “Financial Statement Delivery Date”); provided, that Loan Party Obligors’ right to so cure an Event of Default shall be contingent on their timely delivery of such Compliance Certificate and
        financial statements for the Specified Covenant Compliance Period as required under Section 5.15.

       

      (b)          In connection with a cure of an Event of Default under this 7.4, on or before the Financial Statement Delivery Date for the Specified Covenant
        Compliance Period, Loan Party Obligors shall deliver to Lender a certification of the principal financial officer of Administrative Borrower which contains, or Loan Party Obligors shall include in the Compliance Certificate for the Specified
        Covenant Compliance Period:  (i) an indication that Loan Party Obligors will receive proceeds of Curative Equity for the Specified Covenant Compliance Period and a statement setting forth the anticipated amount of such proceeds, (ii) a calculation
        of the financial results or prospective financial results of Loan Party Obligors for the Specified Covenant Compliance Period (including for such purposes the proceeds of the Curative Equity (broken out separately) as deemed EBITDA as if received
        on such date), which shall confirm that on a pro forma basis after taking into account the receipt of the Curative Equity proceeds, Loan Party Obligors would have been or will be in compliance with the Specified Financial Covenants for the
        Specified Covenant Compliance Period, and (iii) a certification that any amount of the cash proceeds of the Curative Equity in excess of the amount that is sufficient to cause Loan Party Obligors to be in compliance with the Specified Financial
        Covenants for the Specified Covenant Compliance Period shall not be included in the calculation of EBITDA for any fiscal quarter.

       

      (c)          Loan Party Obligors shall promptly notify Lender of its receipt of any proceeds of Curative Equity (and shall immediately apply the full
        amount of the cash proceeds of the equity investment made by Parent to the payment of the Obligations in the manner specified in Section 4.2).

       

      (d)         Any investment of Curative Equity shall be in immediately available funds and shall be in an amount that is sufficient to cause Loan Party
        Obligors to be in compliance with the Specified Financial Covenants for the Specified Covenant Compliance Period, calculated for such purpose as if such amount of Curative Equity were additional EBITDA as at such date, and such amount shall not be
        included in the calculation of EBITDA in any subsequent Covenant Compliance Period.

      
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      (e)          Notwithstanding anything to the contrary contained herein, regardless of whether an investment of Curative Equity is made prior to the
        applicable Financial Statement Delivery Date, Loan Party Obligors’ rights under this Section 7.4 may (i) be exercised not more than three (3) times during the term of this Agreement, (ii) not be exercised more than one (1) time in any twelve (12)
        fiscal month period, and (iii) not be exercised if the amount of the proposed investment of Curative Equity exceeds the $2,000,000.  Regardless of whether an investment of Curative Equity is made prior to the applicable Financial Statement Delivery
        Date, any amount of Curative Equity that is in excess of the amount sufficient to cause Loan Party Obligors to be in compliance with all of the Specified Financial Covenants as at such date shall not constitute Curative Equity (but shall be
        required to be used to prepay the Obligations in accordance with Section 4.2).

       

      (f)           If Loan Party Obligors have (i) delivered a certification or a Compliance Certificate conforming to the requirements of Section 7.4(b), and
        (ii) received proceeds of an investment of Curative Equity in immediately available funds on or before the deadline set forth in Section 7.4(a) and in an amount that is sufficient to cause Loan Party Obligors to be in compliance with the Specified
        Financial Covenants for the Specified Covenant Compliance Period, any Event of Default that occurs or has occurred and is continuing as a result of a breach of the Specified Financial Covenants for the Specified Covenant Compliance Period shall be
        deemed cured with no further action required by the Lender.  Prior to satisfaction of the foregoing requirements of this Section 7.4(f), any Event of Default that occurs or has occurred as a result of a breach of the Specified Financial Covenants
        shall be deemed to be continuing and, as a result, the Lender shall have no obligation to make additional Loans or otherwise extend additional credit hereunder.  In the event Loan Party Obligors do not cure all financial covenant violations as
        provided in this Section 7.4, the existing Event of Default shall continue unless waived in writing by the Lender in accordance herewith.

       

      (g)         To the extent that Curative Equity is received and included in the calculation of the Specified Financial Covenants as deemed EBITDA for any
        fiscal quarter pursuant to this Section 7.4, such Curative Equity shall be deemed to be EBITDA for purposes of determining compliance with the Specified Financial Covenants for subsequent periods that include such fiscal quarter.  Curative Equity
        shall be disregarded for purposes of determining EBITDA for any pricing, financial covenant based conditions or any baskets with respect to the covenants contained in this Agreement.  In addition, notwithstanding any mandatory prepayment of
        Obligations pursuant to Section 4.2 (which, for avoidance of doubt, as of the Closing Date, there are none), any Obligations so prepaid shall be deemed to remain outstanding for purposes of determining pro forma or actual compliance with the
        Specified Financial Covenants or for determining any pricing, financial covenant based conditions or baskets with respect to the covenants contained in this Agreement, in each case in the Specified Covenant Compliance Period or subsequent periods
        that include such fiscal quarter.

       

      
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      	8.	
              LOAN GUARANTY.

            

       

      8.1          Guaranty. Each Loan Party Obligor hereby agrees that it is jointly and severally
        liable for, and absolutely and unconditionally guarantees to Lender, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Obligations and all costs and expenses, including all
        court costs and attorneys’ and paralegals’ fees (including allocated costs of in-house counsel and paralegals) and expenses paid or incurred by Lender in endeavoring to collect all or any part of the Obligations from, or in prosecuting any action
        against, Borrower, any Loan Party Obligor or any Other Obligor of all or any part of the Obligations (and such costs and expenses paid or incurred shall be deemed to be included in the Obligations). Each Loan Party Obligor further agrees that the
        Obligations may be extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension or renewal. All terms of this Loan Guaranty apply to and may be
        enforced by or on behalf of any branch or Affiliate of Lender that extended any portion of the Obligations.

       

      8.2        Guaranty of Payment. This Loan Guaranty is a guaranty of payment and not of
        collection. Each Loan Party Obligor waives any right to require Lender to sue or otherwise take action against Borrower, any other Loan Party Obligor, any Other Obligor, or any other Person obligated for all or any part of the Obligations, or
        otherwise to enforce its payment against any Collateral securing all or any part of the Obligations.

       

      8.3          No Discharge or Diminishment of Loan Guaranty.

       

      (a)         Except as otherwise expressly provided for herein, the obligations of each Loan Party Obligor hereunder are unconditional and absolute and not
        subject to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of all of the Obligations), including: (i) any claim of waiver, release, extension, renewal, settlement, surrender,
        alteration, or compromise of any of the Obligations, by operation of law or otherwise; (ii) any change in the existence, structure or ownership of Borrower or any Obligor; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding
        affecting Borrower or any Obligor, or their assets or any resulting release or discharge of any obligation of Borrower or any Obligor; or (iv) the existence of any claim, setoff or other rights which any Loan Party Obligor may have at any time
        against Borrower, any Obligor, Lender, or any other Person, whether in connection herewith or in any unrelated transactions.

       

      (b)        The obligations of each Loan Party Obligor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination
        whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Obligations or otherwise, or any provision of applicable law or regulation purporting to prohibit payment by Borrower or any Obligor, of the Obligations or any
        part thereof.

       

      (c)           Further, the obligations of any Loan Party Obligor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of
        Lender to assert any claim or demand or to enforce any remedy with respect to all or any part of the Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating to the Obligations; (iii) any release,
        non-perfection, or invalidity of any indirect or direct security for all or any part of the Obligations or all or any part of any obligations of any Obligor; (iv) any action or failure to act by Lender with respect to any Collateral; or (v) any
        default, failure or delay, willful or otherwise, in the payment or performance of any of the Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Loan Party Obligor or that
        would otherwise operate as a discharge of any Loan Party Obligor as a matter of law or equity (other than the indefeasible payment in full in cash of all of the Obligations).

       

      
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      8.4          Defenses Waived . To the fullest extent permitted by applicable law, each Loan
        Party Obligor hereby waives any defense based on or arising out of any defense of any Loan Party Obligor or the unenforceability of all or any part of the Obligations from any cause, or the cessation from any cause of the liability of any Loan
        Party Obligor, other than the payment in full in cash of all of the Obligations. Without limiting the generality of the foregoing, each Loan Party Obligor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent
        permitted by law, any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against Borrower, any Obligor, any other Person or any Collateral.  Each Loan Party Obligor confirms that it is not
        a surety under any state law and shall not raise any such law as a defense to its obligations hereunder. Lender may, at its election, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, accept an assignment of any
        such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any Collateral, compromise or adjust any part of the Obligations, make any other accommodation with Borrower or any Obligor or exercise any other right or remedy
        available to it against Borrower, any Obligor or any Collateral, without affecting or impairing in any way the liability of any Loan Party Obligor under this Loan Guaranty except to the extent the Obligations have been fully and indefeasibly paid
        in cash. To the fullest extent permitted by applicable law, each Loan Party Obligor waives any defense arising out of any such election even though that election may operate, pursuant to applicable law, to impair or extinguish any right of
        reimbursement or subrogation or other right or remedy of any Loan Party Obligor against Borrower or any Obligor or any security.

       

      8.5        Rights of Subrogation . No Loan Party Obligor will assert any right, claim or cause
        of action, including any claim of subrogation, contribution or indemnification that it has against Borrower or any Obligor, or any Collateral, until the Termination Date.

       

      8.6        Reinstatement; Stay of Acceleration. If at any time any payment of any portion of
        the Obligations is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of Borrower or any other Person, or otherwise, each Loan Party Obligor’s obligations under this Loan Guaranty with respect to
        that payment shall be reinstated at such time as though the payment had not been made and whether or not Lender is in possession of this Loan Guaranty. If acceleration of the time for payment of any of the Obligations is stayed upon the insolvency,
        bankruptcy or reorganization of Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Obligations shall nonetheless be payable by the Loan Party Obligors forthwith on demand by Lender. This
        Section 8.6 shall remain operative even after the Termination Date and shall survive the payment in full of all of the Loans.

       

      8.7          Information . Each Loan Party Obligor assumes all responsibility for being and
        keeping itself informed of Borrower’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that each Loan Party Obligor assumes and
        incurs under this Loan Guaranty, and agrees that Lender shall not have any duty to advise any Loan Party Obligor of information known to it regarding those circumstances or risks.

       

      
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      8.8         Termination . To the maximum extent permitted by law, each Loan Party Obligor
        hereby waives any right to revoke this Guaranty as to future Obligations. If such a revocation is effective notwithstanding the foregoing waiver, each Loan Party Obligor acknowledges and agrees that (a) no such revocation shall be effective until
        written notice thereof has been received by Lender, (b) no such revocation shall apply to any Obligations in existence on the date of receipt by Lender of such written notice (including any subsequent continuation, extension, or renewal thereof, or
        change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to any Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of
        Lender, (d) no payment by Borrower, any other Loan Party Obligor, or from any other source, prior to the date of Lender’s receipt of written notice of such revocation, shall reduce the maximum obligation of any Loan Party Obligor hereunder, and (e)
        any payment, by Borrower or from any source other than a Loan Party Obligor which has made such a revocation, made subsequent to the date of such revocation, shall first be applied to that portion of the Obligations as to which the revocation is
        effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of any Loan Party Obligor hereunder.

       

      8.9         Maximum Liability . The provisions of this Loan Guaranty are severable, and in any
        action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Loan Party Obligor under this Loan
        Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Loan Party Obligor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan Guaranty to
        the contrary, the amount of such liability shall, without any further action by the Loan Party Obligors or Lender, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding
        (such highest amount determined hereunder being the relevant Loan Party Obligor’s “Maximum Liability”). This Section 8.9 with respect to the Maximum Liability of each Loan Party Obligor is
        intended solely to preserve the rights of Lender to the maximum extent not subject to avoidance under applicable law, and no Loan Party Obligor nor any other Person shall have any right or claim under this Section 8.9 with respect to such Maximum
        Liability, except to the extent necessary so that the obligations of any Loan Party Obligor hereunder shall not be rendered voidable under applicable law. Each Loan Party Obligor agrees that the Obligations may at any time and from time to time
        exceed the Maximum Liability of each Loan Party Obligor without impairing this Loan Guaranty or affecting the rights and remedies of Lender hereunder, provided that nothing in this
        sentence shall be construed to increase any Loan Party Obligor’s obligations hereunder beyond its Maximum Liability.

       

      8.10        Contribution.

       

      (a)          To the extent that any Loan Party Obligor shall make a payment under this Loan Guaranty of all or any of the Obligations (other than Loans
        made to that Loan Party Obligor, if applicable, for which it is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments then previously or
        concurrently made by any other Loan Party Obligor, exceeds the amount that such Loan Party Obligor would otherwise have paid if each Loan Party Obligor had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion
        that such Loan “Allocable Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of each Loan Party Obligor as determined immediately prior to the making of such Guarantor
        Payment, then, following indefeasible payment in full in cash of the Obligations and termination of all Lender’s lending commitments, such Loan Party Obligor shall be entitled to receive contribution and indemnification payments from, and be
        reimbursed by, each Loan Party Obligor Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

       

      
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      (b)          As of any date of determination, the “Allocable Amount” of any Loan Party Obligor shall be equal to the maximum amount of the claim that could
        then be recovered from such Loan Party Obligor under this Loan Guaranty without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent
        Conveyance Act or similar statute or common law.

       

      (c)         This Loan Guaranty is intended only to define the relative rights of Loan Party Obligors and nothing set forth in this Loan Guaranty is
        intended to or shall impair the obligations of Loan Party Obligors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Agreement, including this Loan Guaranty.  Nothing
        contained in this Loan Guaranty shall limit the liability of any Loan Party Obligor to pay the Loans made directly or indirectly to that Loan Party Obligor, if applicable, and accrued interest, fees and expenses with respect thereto for which such
        Loan Party Obligor shall be primarily liable.

       

      8.11       Liability Cumulative . The liability of each Loan Party Obligor under this Section 8
        is in addition to and shall be cumulative with all liabilities of each Loan Party Obligor to Lender under this Agreement and the other Loan Documents to which such Loan Party Obligor is a party or in respect of any obligations or liabilities of the
        other Loan Party Obligors, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary.

       

      8.12        Subordination . Each of the Persons composing Loan Party Obligors hereby agrees
        that, after the occurrence and during the continuance of any Default or Event of Default, the payment of any amounts due with respect to the Indebtedness or other liabilities owing by any Loan Party Obligor to any other Loan Party Obligor is hereby
        subordinated to the prior payment in full in cash of the Obligations and the termination of all of Lender’s lending commitments under this Agreement.  Each Loan Party Obligor hereby agrees that after the occurrence and during the continuance of any
        Default or Event of Default, such Loan Party Obligor will not demand, sue for or otherwise attempt to collect any indebtedness or any such liability of any other Loan Party Obligor owing to such Loan Party Obligor until the Obligations shall have
        been paid in full in cash and the termination of all of Lender’s lending commitments under this Agreement.  If, notwithstanding the foregoing sentence, such Loan Party Obligor shall collect, enforce or receive any amounts in respect of such
        indebtedness or liabilities, such amounts shall be collected, enforced and received by such Loan Party Obligor as trustee for Lender, and such Loan Party Obligor shall deliver any such amounts to Lender for application to the Obligations in
        accordance with Section 4.2.

       

      	9.	
              PAYMENTS FREE OF TAXES; OBLIGATION TO WITHHOLD; PAYMENTS ON ACCOUNT OF TAXES.

            

       

      (a)          Any and all payments by or on account of any obligation of the Loan Party Obligors hereunder or under any other Loan Document shall to the
        extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable laws require the Loan Party Obligors to withhold or deduct any Tax, such Tax shall be withheld or deducted in
        accordance with such laws as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

       

      
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      (b)          If any Loan Party Obligor shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Loan Party
        Obligor shall withhold or make such deductions as are required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Loan Party Obligor shall timely pay the full amount withheld or deducted to the
        relevant Governmental Authority in accordance with the applicable law, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the Loan Party Obligors shall be increased as necessary so
        that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) Lender or other Recipient receives an amount equal to the sum it would have received had no
        such withholding or deduction been made. Upon request by Lender or other Recipient, Borrower shall deliver to Lender or such other Recipient, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority
        evidencing such payment of Taxes, a copy of any return required by applicable law to report such payment or other evidence of such payment reasonably satisfactory to Lender or such other Recipient, as the case may be.

       

      (c)          Without limiting the provisions of subsections (a) and (b) above, the Loan Party Obligors shall timely pay any Other Taxes to the relevant
        Governmental Authority in accordance with applicable law.

       

      (d)          Without limiting the provisions of subsections (a) through (c) above, each Loan Party Obligor shall, and does hereby, on a joint and several
        basis, indemnify Lender and each other Recipient (and their respective directors, officers, employees, affiliates and agents) and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified
        Taxes and Other Taxes (including Indemnified Taxes and Other Taxes imposed or asserted on or attributable to amounts payable under this Section 9) paid or incurred by Lender or any other Recipient on account of, or in connection with any Loan
        Document or a breach by a Loan Party Obligor thereof, and any penalties, interest and related expenses and losses arising therefrom or with respect thereto (including the reasonable fees, charges and disbursements of any counsel or other tax
        advisor for Lender or any other Recipient (or their respective directors, officers, employees, affiliates, and agents)), whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
        Authority. A certificate as to the amount of any such payment or liability delivered to Borrower shall be conclusive absent manifest error. Notwithstanding any provision in this Agreement to the contrary, this Section 9 shall remain operative even
        after the Termination Date and shall survive the payment in full of all of the Loans.

       

      (e)           Lender shall deliver to Borrower and each Participant shall deliver to the applicable Lender granting the participation, at the time or times
        prescribed by applicable laws, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit Borrower or Lender
        granting a participation, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) Lender’s or
        Participant’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Recipient by the Loan Party Obligors pursuant to this Agreement or otherwise to establish such Recipient’s
        status for withholding tax purposes in the applicable jurisdiction; provided each Recipient shall only be required to deliver such documentation as it may legally provide.

       

      
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      Without limiting the generality of the foregoing, if a Borrower is resident for tax purposes in the United States:

       

      (i)          if Lender (or any Participant) is a “United States person” within the meaning of Section 7701(a)(30) of the Code, it shall deliver to
        Borrower (or Lender if it has granted a participation to such Participant) an executed original of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable law or reasonably requested by Borrower (or
        Lender if it has granted a participation to such Participant) as will enable Borrower (or Lender if it has granted a participation to such Participant) as the case may be, to determine whether or not Lender (or such Participant) is subject to
        backup withholding or information reporting requirements under the Code; or

       

      (ii)          if Lender (or any Participant) is not a “United States person” within the meaning of Section 770(a)(30) of the Code (a “Non-U.S. Recipient”), it  shall deliver to Borrower (and Lender in case the Non-U.S. Recipient is a Participant) on or prior to the date on which such Non-U.S. Person becomes a party to this
        Agreement or a Participant (and from time to time thereafter upon the reasonable request of Borrower or Lender granting the participation but only if such Non-U.S. Recipient is legally entitled to do so), whichever of the following is applicable:
        (I) executed originals of Internal Revenue Service Form W-8BEN-E or successor form claiming eligibility for benefits of an income tax treaty to which the United States is a party; (II) executed originals of Internal Revenue Service Form W-8ECI;
        (III) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation; (IV) each Non-U.S. Recipient claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code shall provide
        (x) a certificate to the effect that such Non-U.S. Recipient is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a
        “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN; and/or (V) executed originals of any other form prescribed by applicable law (including FATCA) as a
        basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable law to permit Borrower or Lender granting a participation to determine the
        withholding or deduction required to be made. Each Non-U.S. Recipient shall promptly notify Borrower (or any Lender granting a participation if the Non-U.S. Recipient is a Participant) of any change in circumstances which would modify or render
        invalid any claimed exemption or reduction.

       

      (f)         If a payment made to Lender or other Recipient under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
        Lender or such other Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Lender or such other Recipient shall deliver to Borrower
        at the time or times prescribed by law and at such time or times reasonably requested by Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
        reasonably requested by Borrower as may be necessary for Borrower to comply with its obligations under FATCA and to determine that Lender has complied with Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such
        payment.

       

      
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      (g)          If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
        indemnified pursuant to this Section 9 (including by the payment of additional amounts pursuant to this Section 9), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this
        Section 9 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to
        such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g) (plus any penalties, interest or
        other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will
        the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been
        in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall
        not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

       

      	10.	
              GENERAL PROVISIONS.

            

       

      10.1        Notices.

       

      (a)           Notice by Approved Electronic Communications.

       

      Lender and each of its Affiliates are authorized to transmit, post or otherwise make or communicate, in its sole discretion (but shall not be required to do so), by Approved Electronic
        Communications in connection with this Agreement or any other Loan Document and the transactions contemplated therein. Lender is hereby authorized to establish procedures to provide access to and to make available or deliver, or to accept, notices,
        documents and similar items by posting to an electronic platform designated by Lender. All uses of Approved Electronic Communications shall be governed by and subject to, in addition to the terms of this Agreement, the separate terms, conditions
        and privacy policy posted or referenced in such system (or such terms, conditions and privacy policy as may be updated from time to time, including on such system, such updates not to materially degrade the rights of users under such terms,
        conditions, and privacy policy) and any related contractual obligations executed by Lender and Loan Party Obligors in connection with the use of such system. None of Lender or any of its Affiliates or related Persons warrants the availability of
        any electronic platform, and Lender and such Affiliates disclaim all liability for downtime therein. No warranty of any kind is made by Lender or any of its Affiliates or related Persons in connection with any electronic platform with respect to
        (i) the merchantability of such platform, (ii) the platform’s fitness for a particular purpose, (iii) non-infringement of third-party rights due to the functions or performance of the platform or its use, (iv) the freedom of the platform from
        viruses or other code defects, or (v) the availability of the platform. Each of Borrower and each other Loan Party Obligor executing this Agreement agrees that Lender has no responsibility for maintaining or providing any client-side equipment,
        software, services or any testing required in connection with any Approved Electronic Communication or otherwise required for any Approved Electronic Communication.

       

      
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      No Approved Electronic Communications shall be denied legal effect merely because it is made electronically. Approved Electronic Communications that are not readily capable of bearing either a
        signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such Approved Electronic Communication, an E-Signature, upon which Lender and the Loan Party Obligors may rely and
        assume the authenticity thereof. Each Approved Electronic Communication containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original. Each
        E-Signature shall be deemed sufficient to satisfy any requirement for a “signature” and each Approved Electronic Communication shall be deemed sufficient to satisfy any requirement for a “writing,” in each case including pursuant to this Agreement,
        any other Loan Document, the Uniform Commercial Code, the Federal Electronic Signatures in Global and National Commerce Act (“ESIGN”), State enactments of the Uniform Electronic Transactions Act (and equivalents) and any substantive or procedural
        law governing such subject matter. Each party or beneficiary hereto agrees not to contest the validity or enforceability of an Approved Electronic Communication or E-Signature under the provisions of any applicable law requiring certain documents
        to be in writing or signed, provided that nothing herein shall limit such party’s or beneficiary’s right to contest whether an Approved Electronic Communication or E-Signature has been
        altered after transmission.

       

      (b)           All Other Notices.

       

      All notices, requests, demands and other communications under or in respect of this Agreement or any transactions hereunder, other than those approved for or required to be delivered by Approved
        Electronic Communications (including pursuant to Section 10.1(a)), shall be in writing and shall be personally delivered or mailed (by prepaid registered or certified mail, return receipt requested), sent by prepaid recognized overnight courier
        service, or sent by email to the applicable party at its address or email address indicated below,

       

      If to Lender:

       

      Santander Bank, N.A.

      Mail Code:

      75 State Street

      Boston, MA 02109

      Attention: Mr. Benjamin Martinez

      Email: Benjamin.martinez@Santander.us

       

      with a copy to (provided such copy shall not constitute notice hereunder):

       

      Riemer & Braunstein LLP

      100 Cambridge Street, 22nd Floor

      Boston, Massachusetts 02114

      Attention:  Kevin Murtagh, Esquire

      Email: Kmurtagh@Riemerlaw.com

       

      
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      If to Administrative Borrower:

      

      

      Janel Group, Inc.

      80 Eighth Avenue

      New York, New York  10011

      Attention: Mr. Vincent A.Verde

      Email: vverde@janelcorp.com

      

      

      with a copy to (provided such copy shall not constitute notice hereunder):

      

      

      Neuberger Quinn Gielen Rubin Gibber P.A.

      One South Street, 27th Floor

      Baltimore, Maryland 21202

      Attention: Hillel Tender, Esquire

      Email: HT@NQGRG.com

      

      

      or, as to each party, at such other address as shall be designated by such party in a written notice to the other party delivered as aforesaid. All such notices, requests, demands and other communications shall be
        deemed given (a) when personally delivered, (b) three Business Days after being deposited in the mails with postage prepaid (by registered or certified mail, return receipt requested), (c) one Business Day after being delivered to the overnight
        courier service, if prepaid and sent overnight delivery, addressed as aforesaid and with all charges prepaid or billed to the account of the sender, or (d) when sent by email transmission to an email address designated by such addressee and the
        sender receives a confirmation of transmission.

       

      10.2       Severability . If any provision of this Agreement or any other Loan Document is held
        invalid or unenforceable, either in its entirety or by virtue of its scope or application to given circumstances, such provision shall thereupon be deemed modified only to the extent necessary to render same valid, or not applicable to given
        circumstances, or excised from this Agreement or such other Loan Document, as the situation may require, and this Agreement and the other Loan Documents shall be construed and enforced as if such provision had been included herein as so modified in
        scope or application, or had not been included herein or therein, as the case may be.

       

      10.3      Integration. This Agreement and the other Loan Documents represent the final, entire
        and complete agreement between each Loan Party Obligor and thereto and Lender and supersede all prior and contemporaneous negotiations, oral representations and agreements, all of which are merged and integrated into this Agreement. THERE ARE NO
        ORAL UNDERSTANDINGS, REPRESENTATIONS OR AGREEMENTS BETWEEN THE PARTIES THAT ARE NOT SET FORTH IN THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

       

      
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      10.4       Waivers. The failure of Lender at any time or times to require any Loan Party
        Obligor to strictly comply with any of the provisions of this Agreement or any other Loan Document shall not waive or diminish any right of Lender later to demand and receive strict compliance therewith. Any waiver of any default shall not waive or
        affect any other default, whether prior or subsequent, and whether or not similar. None of the provisions of this Agreement or any other Loan Document shall be deemed to have been waived by any act or knowledge of Lender or its agents or employees,
        but only by a specific written waiver signed by an authorized officer of Lender and delivered to Borrower. Once an Event of Default shall have occurred, it shall be deemed to continue to exist and not be cured or waived unless specifically waived
        in writing by an authorized officer of Lender and delivered to Borrower. Each Loan Party Obligor waives demand, protest, notice of protest and notice of default or dishonor, notice of payment and nonpayment, release, compromise, settlement,
        extension or renewal of any commercial paper, Instrument, Account, General Intangible, Document, Chattel Paper, Investment Property or guaranty at any time held by Lender on which such Loan Party Obligor is or may in any way be liable, and notice
        of any action taken by Lender, unless expressly required by this Agreement, and notice of acceptance hereof.

       

      10.5       Amendment. This Agreement may not be amended or modified except in a writing
        executed by Borrower, the other Loan Party Obligors party hereto (to the extent such amendment is directly adverse to such Loan Party Obligor), and Lender.

       

      10.6       Time of Essence . Time is of the essence in the performance by each Loan Party
        Obligor of each and every obligation under this Agreement and the other Loan Documents.

       

      10.7       Expenses, Fee and Costs Reimbursement. Borrower hereby agrees to promptly pay: (i)
        all reasonable out of pocket costs and expenses of Lender (including the out of pocket fees, costs and expenses of legal counsel to, and appraisers, accountants, consultants and other professionals and advisors retained by or on behalf of Lender)
        in connection with: (A) all loan proposals and commitments pertaining to the transactions contemplated hereby (whether or not such transactions are consummated), (B) the examination, review, due diligence investigation, documentation, negotiation,
        and closing of the transactions contemplated by the Loan Documents (whether or not such transactions are consummated), (C) the creation, perfection and maintenance of Liens pursuant to the Loan Documents, (D) the performance by Lender of its rights
        and remedies under the Loan Documents, including enforcing or defending the Loan Documents, irrespective of whether suit is brought, or in taking any action in respect of Collateral, (E) the administration of the Loans (including usual and
        customary fees for wire transfers and other transfers or payments received by Lender on account of any of the Obligations) and Loan Documents, (F) any amendments, modifications, consents and waivers to or under any and all Loan Documents (whether
        or not such amendments, modifications, consents or waivers are consummated), (G) any periodic public record searches conducted by or at the request of Lender (including title investigations and public records searches), pending litigation and tax
        lien searches and searches of applicable corporate, limited liability company, partnership and related records concerning the continued existence, organization and good standing of certain Persons, (H) audits, inspections and examination (including
        field examinations) up to the amount of any limitation in this Agreement, (I) protecting, storing, insuring, handling, maintaining, auditing, examining, valuing or selling any Collateral, (J) any litigation, dispute, suit or proceeding relating to
        any Loan Document, and (K) any workout, collection, bankruptcy, insolvency and other enforcement proceedings under any and all of the Loan Documents (it being agreed that such costs and expenses may include the costs and expenses of workout
        consultants, investment bankers, financial consultants, appraisers, valuation firms and other professionals and advisors retained by or on behalf of Lender); and (ii) without limitation of the preceding clause (i), all out of pocket costs and
        expenses of Lender in connection with Lender’s reservation of funds in anticipation of the funding of the initial Loans to be made hereunder. Any fees, costs and expenses owing by Borrower or other Loan Party Obligor hereunder shall be due and
        payable within three days after written demand therefor.

       

      
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      10.8      Benefit of Agreement; Assignability. The provisions of this Agreement shall be
        binding upon and inure to the benefit of the respective successors, assigns, heirs, beneficiaries and representatives of Borrower, each other Loan Party Obligor and Lender; provided that,
        neither Borrower nor any other Loan Party Obligor may assign or transfer any of its rights under this Agreement without the prior written consent of Lender, and any prohibited assignment shall be void. No consent by Lender to any assignment shall
        release any Loan Party Obligor from its liability for any of the Obligations. Lender shall have the right to assign all or any of its rights and obligations under the Loan Documents to one or more other Persons, and each Loan Party Obligor agrees
        to execute all agreements, instruments and documents requested by Lender in connection with each such assignments. Notwithstanding any provision of this Agreement or any other Loan Document to the contrary, Lender may at any time pledge or grant a
        security interest in all or any portion of its rights under this Agreement and the other Loan Documents to secure obligations of Lender, including any pledge or grant to secure obligations to a Federal Reserve Bank.

        

      

      10.9       Recordation of Assignment. In respect of any assignment of all or any portion of
        Lender’s interest in this Agreement and any other Loan Document at any time and from time to time, the following provisions shall be applicable:

       

      (a)           Borrower, or any agent appointed by Borrower, shall maintain a register (the “Register”)

        in which there shall be recorded the name and address of each Person holding any Loans or any commitment to lend hereunder, and the principal amount and stated interest payable to such Person hereunder or committed by such Person under such
        Person’s lending commitment. Borrower hereby irrevocably appoints Lender (or any assignee of Lender) as Borrower’s non-fiduciary agent for the purpose of maintaining the Register.

       

      (b)         In connection with any negotiation, transfer or assignment as aforesaid, the transferor/assignor shall deliver to Lender (or such assignee then
        maintaining the Register) an assignment and assumption agreement executed by the transferor/assignor and the transferee/assignee, setting forth the specifics of the subject transaction, including the amount and nature of the Obligations or lending
        commitments being transferred or assigned (and being assumed, as applicable), and the proposed effective date of such transfer or assignment and the related assumption (if applicable).

       

      (c)         Subject to receipt of any required tax forms reasonably required by Lender, such Person shall record the subject transfer, assignment and
        assumption in the Register. Anything contained in this Agreement or other Loan Document to the contrary notwithstanding, no negotiation, transfer or assignment shall be effective until it is recorded in the Register pursuant to this Section
        10.9(c). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and Borrower and each Lender shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this
        Agreement and the other Loan Documents. The Register shall be available for inspection by Borrower and each Lender at any reasonable time and from time to time upon reasonable prior notice.

       

      
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      10.10     Participations. Anything in this Agreement or any other Loan Document to the contrary
        notwithstanding, Lender may), at any time and from time to time, without in any manner affecting or impairing the validity of any Obligations, sell to one or more Persons participating interests in its Loans, commitments or other interests
        hereunder or under any other Loan Document (any such Person, a “Participant”). In the event of a sale by Lender of a participating interest to a Participant, (a) such Lender’s obligations
        hereunder and under the other Loan Documents shall remain unchanged for all purposes, (b) Borrower and Lender shall continue to deal solely and directly with each other in connection with Lender’s rights and obligations hereunder and under the
        other Loan Documents, and (c) all amounts payable by Borrower shall be determined as if Lender had not sold such participation and shall be paid directly to Lender, provided, however, a
        Participant shall be entitled to the benefits of Section 9 as if it were a Lender if Borrower is notified of the Participation and the Participant complies with Section 9(e). Borrower agrees that if amounts outstanding under this Agreement or any
        other Loan Document are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement and the other Loan
        Documents to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; provided that such right of set-off shall not be
        exercised without the prior written consent of Lender and shall be subject to the obligation of each Participant to share with Lender its share thereof. Borrower also agrees that each Participant shall be entitled to the benefits of Section 10.9 as
        if it were Lender. Notwithstanding the granting of any such participating interests: (i) Borrower shall look solely to Lender for all purposes of this Agreement, the Loan Documents and the transactions contemplated hereby, (ii) Borrower shall at
        all times have the right to rely upon any amendments, waivers or consents signed by Lender as being binding upon all of the Participants, and (iii) all communications in respect of this Agreement and such transactions shall remain solely between
        Borrower and Lender (exclusive of Participants) hereunder. Lender granting a participation hereunder shall maintain, as a non-fiduciary agent of Borrower, a register as to the participations granted and transferred under this Section containing the
        same information specified in Section 10.9 on the Register as if the each Participant were a Lender to the extent required to cause the Loans to be in registered form for the purposes of Sections 163(F), 165(J), 871, 881, and 4701 of the Code.

       

      10.11     Headings; Construction. Section and subsection headings are used in this Agreement
        only for convenience and do not affect the meanings of the provisions that they precede.

       

      10.12     USA PATRIOT Act Notification. Lender hereby notifies the Loan Party Obligors that,
        pursuant to the requirements of the Patriot Act, it may be required to obtain, verify and record certain information and documentation that identifies such Person, which information may include the name and address of each such Person and such
        other information that will allow Lender to identify such Persons in accordance with the Patriot Act.

       

      10.13     Confidentiality and Publicity

        

      

      (a)          Loan Party Obligors agree to submit to Lender, and Lender reserves the right to review and approve, all materials that Loan Obligor Parties or
        any of their Affiliates prepares and which are intended for public disclosure or disclosure to a third party not otherwise permitted under the immediately preceding sentence, that contain Lender’s name or describe or refer to any Loan Document, any
        of the terms thereof or any of the transactions contemplated thereby.  Loan Obligor Parties shall not, and shall not permit any of their respective Affiliates to, use Lenders’ name (or the name of any of Lenders’ Affiliates) in connection with any
        of its business operations, including advertising, marketing or press releases or such other similar purposes, without Lender’s prior written consent, not to be unreasonably withheld, conditioned or delayed.

       

      
        55

        
          

      

      (b)         Lender shall exercise commercially reasonable efforts to maintain in confidence, in accordance with its customary procedures for handling
        confidential information, all Confidential Information, provided, that Lender and its Affiliates shall have the right to disclose Confidential Information to the following Persons (and
        with respect to Persons covered under clauses (i), (ii), (iii), (iv), (v) and (vi), if it directs such Persons not to disclose such Confidential Information as required under this Agreement):

       

      (i)          such Person’s Affiliates;

       

      (ii)         such Person’s or such Person’s Affiliates’ lenders, funding or financing sources and rating agencies;

       

      (iii)       such Person’s or such Person’s Affiliates’ directors, officers, trustees, partners, members, managers, employees, agents, advisors, representatives, attorneys, equity owners,
        professional consultants and portfolio management services;

       

      (iv)        any successor or assign of any Lender;

       

      (v)        any Person to whom any Lender offers to sell, assign or transfer any Loan or any part thereof or any interest or participation therein;

       

      (vi)        any Person that provides statistical analysis and/or information services to Lender or its Affiliates;

       

      (vii)       any Person (A) to the extent required by applicable law, (B) in response to any subpoena or other legal process or informal investigative demand, (C) in connection with any litigation,
        or (D) in connection with the actual or potential exercise or enforcement of any right or remedy under any Loan Document; and

       

      (viii)      any Person to the extent required by any subordination or intercreditor agreement relating to the Obligations.

       

      (c)          Notwithstanding any provision of any Loan Document, Borrower and each other Loan Party Obligors consent to the publication by Lender of a
        tombstone, press releases or similar advertising material relating to the financing transactions contemplated by this Agreement, and Lender reserves the right to provide to industry trade organizations information necessary and customary for
        inclusion in league table measurements.

       

      (d)       The obligations of Lender and its Affiliates under this Section 10.13 shall supersede and replace any other confidentiality obligations agreed to
        by Lender or its Affiliates.

       

      10.14     Counterparts; Fax/Email Signatures. This Agreement may be executed in any number of
        counterparts, all of which shall constitute one and the same agreement. This Agreement may be executed by signatures delivered by facsimile or electronic mail, each of which shall be fully binding on the signing party.

       

      
        56

        
          

      

      10.15  GOVERNING LAW. THIS AGREEMENT, ALONG WITH ALL OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY
        PROVIDED OTHERWISE IN SUCH OTHER LOAN DOCUMENT), SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES (EXCEPT
        5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW). FURTHER, THE LAW OF THE STATE OF NEW YORK SHALL APPLY TO ALL DISPUTES OR CONTROVERSIES ARISING OUT OF OR CONNECTED TO OR WITH THIS AGREEMENT AND ALL SUCH OTHER LOAN DOCUMENTS WITHOUT REGARD
        TO CONFLICT OF LAW PRINCIPLES (EXCEPT 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW).

       

      10.16     CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.  THE PARTIES AGREE THAT ALL ACTIONS OR
        PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH ANY LOAN PARTY OBLIGOR IS A PARTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN
        THE COUNTY OF NEW YORK, STATE OF NEW YORK, PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT LENDER’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE LENDER ELECTS TO BRING SUCH ACTION
        OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  EACH LOAN PARTY OBLIGOR AND LENDER WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE
        EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 10.16.  TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH LOAN PARTY OBLIGOR AND LENDER HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY,
        DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
        STATUTORY CLAIMS.  BORROWER AND LENDER REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY
        BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

       

      10.17     SUPPLEMENTAL AGREEMENTS.

       

      (a)         References to Loan Agreement.  Each Loan Party Obligor hereby acknowledges and agrees that any and all
        references to the “Loan Agreement” or “Agreement” set forth in any one or more of the Existing Loan Agreement, or the other Loan Documents and any documents, instruments or agreements executed in connection therewith or related thereto shall be
        deemed to refer to the Existing Loan Agreement, as amended and restated hereby, and as the same may be further amended and/or restated from time to time.

       

      
        57

        
          

      

      (b)          References in Loan Documents.  Each Loan Party Obligor hereby acknowledges and agrees that any and
        all references contained in the Existing Loan Agreement to any of the other Loan Documents or any other documents, instruments or agreements executed in connection therewith or related thereto shall be deemed to refer to such documents, instruments
        and agreements as the same have been and may hereafter be amended and/or restated from time to time.

       

      (c)           Representations and Warranties. Each Loan Party Obligor hereby repeats and restates all of the
        representations, warranties, and covenants set forth in the Existing Loan Agreement and certifies that all such representations, warranties, and covenants are true and accurate as of the date hereof.

       

      (d)          Additional Representations and Warranties.  As an inducement to Lender to enter into this Agreement,
        each Loan Party Obligor represents and warrants to Lender that as of the date hereof:

       

      (i)         The Existing Loan Agreement, as amended and restated hereby, is and remains in full force and effect and evidences the valid and binding
        obligation of each Loan Party Obligor enforceable in accordance with its terms;

       

      (ii)         The Existing Loan Agreement, as amended and restated hereby, and all of the terms thereof are hereby ratified, confirmed and approved; and

       

      (iii)       There exist no defenses, set-offs or counterclaims which would reduce or diminish any Loan Party Obligor’s liability to Lender under the
        Existing Loan Agreement, as amended and restated hereby.

       

      (e)           No Novation.

       

      (i)          The parties hereto acknowledge and agree that (i) this Agreement and the other Loan Documents, whether executed and delivered in connection
        herewith or otherwise, do not constitute a novation of the Obligations under the Existing Loan Agreement or the other Loan Documents as in effect prior to the Closing Date, (ii) the Obligations under the Existing Loan Agreement and such other Loan
        Documents are in all respects continuing, in each case as amended and restated hereby and which are in all respects hereinafter subject to the terms herein, and for avoidance of doubt, all Letters of Credit issued pursuant to the Existing Loan 
        Agreement shall be deemed to be issued hereunder, and (iii) the Liens and security interests as granted under the applicable Loan Documents securing payment of such Obligations are in all respects continuing and in full force and effect pursuant to
        the terms therein and are reaffirmed hereby.  The Loan Party Obligors are each absolutely and unconditionally indebted under the Existing Loan Agreement and the other Loan Documents (in each case as amended and restated by this Agreement) and that
        all Obligations (as defined therein) constitute Obligations hereunder pursuant to the terms herein, and none of them have any offsets, defenses, or counterclaims under the Existing Loan Agreement or the other Loan Documents immediately prior to the
        Closing Date, and, to the extent that any such offsets, defenses or counterclaims exist or may have existed immediately prior to the Closing Date, the Loan Party Obligors each hereby WAIVES and RELEASES the same.

       

      (ii)        The parties hereto acknowledge and agree that this Agreement is an amendment and restatement limited as written and, except as expressly
        provided herein or in any other Loan Document, is not a consent to any other amendment, restatement or waiver or other modification, whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and
        conditions of the Loan Documents remain in full force and effect unless otherwise specifically amended hereby or by any other Loan Document.

              

      

      [Signature page follows]

       

      
        58

        
          

      

      IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the date first set forth above.

       

      
        	 	
                Borrowers:

              
	 	 
	 	
                JANEL GROUP, INC., a New York corporation

              
	 	 	 
	 	
                By:

              	
                /s/

              	 
	 	
                Name:

              	
                Dominique Schulte

              
	 	
                Title:

              	
                Vice President

              
	 	 	 
	 	
                EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC, a Texas limited liability company

              
	 	 	 
	 	
                By:

              	
                /s/

              	 
	 	
                Name:

              	
                Dominique Schulte

              
	 	
                Title:

              	
                Vice President

              
	 	 	 
	 	
                ELFS BROKERAGE, LLC, a Texas limited liability company

              
	 	 	 
	 	
                By:

              	
                /s/

              	 
	 	
                Name:

              	
                Dominique Schulte

              
	 	
                Title:

              	
                Vice President

              
	 	 	 
	 	
                Loan Party Obligors:

              
	 	 	 
	 	
                JANEL CORPORATION, a Nevada corporation

              
	 	 	 
	 	
                By:

              	
                /s/

              	 
	 	
                Name:

              	
                Dominique Schulte

              
	 	
                Title:

              	
                President

              
	 	 	 
	 	
                EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC, an Oklahoma limited liability company

              
	 	 	 
	 	
                By:

              	
                /s/

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 
	 	 	 
	 	
                Lender:

              	 
	 	
                SANTANDER BANK, N.A.

              
	 	 	 
	 	
                By:

              	
                /s/

              	 
	 	
                Name:

              	
                Jennifer Baydian

              
	 	
                Title:

              	
                Senior Vice President

              

      

      
        

           

        Signature Page to Amended and Restated Loan and Security Agreement

         

        

      

      
        
          

      

      
      Schedule A

       

      Description of Certain Terms

          

      

      	 	
              1.           Loan Limits for Revolving Loans and Letters of Credit:

            	 	 
	 	
              a)    Maximum Revolving Facility Amount:

            	 	
              $30,000,000

            
	 	
              (b)    Accounts Advance Rate:

            	 	
              85%

            
	 	
              (c)    Foreign Accounts Sublimit:

            	 	
              $4,500,000

            
	 	
              (d)    Letter of Credit Limit:

            	 	
              $3,000,000

            
	 	
              2.             Interest Rates:

            	 	 
	 	
              (a)    Base Rate Loans:

            	 	
              Base Rate (for avoidance of doubt, the applicable margin is found in the definition of “Base Rate”).

            
	 	
              (b)   LIBOR Rate Loans:

            	 	
              LIBOR Rate plus LIBOR Rate Margin

            
	 	
              3.             Maximum Days re Eligible Accounts:

            	 	 
	 	
              (a)    Maximum days:

            	 	
              More than ninety (90) days from invoice date and sixty (60) days from due date

            
	 	 	 	 
	 	
              4.             Maturity Date:

            	 	
              September 21, 2026

            

      

      

      
        Schedule A-1

        
          

      

      
      Schedule B

       

      Definitions

       

      Unless otherwise defined herein, the following terms are used herein as defined in the UCC: Account, Account Debtor, Certificated Security, Chattel Paper, Commercial Tort Claim, Deposit Account,
        Document, Electronic Chattel Paper, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Health-Care-Insurance Receivable, Instrument, Inventory, Letter-of-Credit Right, Proceeds, Supporting Obligations and Tangible Chattel Paper.

       

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

       

      “Accounts Advance Rate” means the percentage set forth in Section 1(b) of Schedule A.

       

      “Acquisition Seller Financing” means any unsecured Indebtedness incurred in connection with an acquisition made by Parent, or any
        wholly-owned Subsidiary of Parent, and subordinated on terms and conditions satisfactory to the Lender; provided, however, that the aggregate outstanding principal amount of such Indebtedness shall not exceed $6,386,000.00 at any
        time.  For the avoidance of doubt, the aggregate amount of Acquisition Seller Financing (after giving effect to the ELFS Notes) as of the Closing Date is $6,386,000.00, as more particularly described on Schedule H to this Agreement.

       

      “Advance Rates” means the Accounts Advance Rate.

       

      “Affiliate” means, with respect to any Person, any other Person in control of, controlled by, or under common control with the first
        Person, and any other Person who has a substantial interest, direct or indirect, in the first Person or any of its Affiliates, including any officer or director of the first Person or any of its Affiliates. For the purpose of this definition, a
        “substantial interest” shall mean the direct or indirect legal or beneficial ownership of more than ten (10%) percent of any class of equity or similar interest.

       

      “Agent” means a third-party domestic or foreign, non-vessel operating common carrier or freight forwarder with whom a Loan Party Obligor
        contracts to perform certain services for such Loan Party related to the delivery of freight.

       

      “Agreement” and “this Agreement” has the meaning set forth in the preamble to
        this Agreement.

       

      “Allocable Amount” has the meaning set forth in Section 8.10.

       

      “Antibodies” means Antibodies Incorporated, a California corporation, successor by merger with AB Merger Sub, Inc., a California
        corporation.  Antibodies is a wholly owned Subsidiary of Parent.

         
      
        Schedule B-1

        
          

      

      
        “Antibodies Guaranty” means, collectively, (i) that certain Commercial Guaranty dated as of November 1, 2019 pursuant to which Parent has guaranteed
          Indebtedness (as defined therein) of Antibodies to First Northern Bank of Dixon as evidenced by that certain Promissory Note of the same date in the principal amount of $500,000, (ii) that certain Commercial Guaranty dated as of November 18, 2019
          pursuant to which Parent has guaranteed Indebtedness (as defined therein) of Antibodies to First Northern Bank of Dixon as evidenced by that certain Promissory Note of the same date in the principal amount of $2,235,000, (iii) that certain
          Commercial Guaranty dated as of November 18, 2019 pursuant to which Parent has guaranteed Indebtedness (as defined therein) of Antibodies to First Northern Bank of Dixon as evidenced by that certain Promissory Note of the same date in the
          principal amount of $125,400, and (iv) that certain Commercial Guaranty dated as of June 19, 2020 pursuant to which Parent has guaranteed Indebtedness (as defined therein) of Antibodies to First Northern Bank of Dixon as evidenced by that certain
          Promissory Note of the same date in the principal amount of $60,000; provided, however, that the aggregate outstanding principal amount of such guaranteed indebtedness shall not exceed $2,920,400 at any time.

      

       

      “Approved Electronic Communication” means each notice, demand, communication, information, document and other material transmitted,
        posted or otherwise made or communicated by e-mail, facsimile, or electronic service, whether owned, operated or hosted by Lender, any of its Affiliates or any other Person, that any party is obligated to, or otherwise chooses to, provide to Lender
        pursuant to this Agreement or any other Loan Document, including any financial statement, financial and other report, notice, request, certificate and other information or material; provided
        that Approved Electronic Communications shall not include any notice, demand, communication, information, document or other material that Lender specifically instructs a Person to deliver in physical form.

       

      “Atlantic” means Atlantic Customs Brokers, Inc., a Connecticut corporation, which corporation,
        prior to the Closing Date merged in and to Janel, with Janel being the surviving corporation.

       

      “Atlantic Acquisition” means the acquisition by the Janel of the Atlantic Shares in accordance with the provisions of this Agreement and
        the Atlantic Acquisition Documentation.

       

      “Atlantic Acquisition Documentation” means that certain Stock Purchase Agreement dated
          as of July 22, 2020 by and among the Janel, as purchaser and Peter Schlesinger as “Seller” together with any other documents executed and delivered in connection therewith.

       

      “Atlantic Deferred Purchase Price Payment” means any of the scheduled payments in connection with the Atlantic
        Acquisition required to be made in accordance with the provisions of Section 3.1.3, 3.1.4, and 3.1.5 of the Stock Purchase Agreement referred to in the definition of Atlantic Acquisition Documents.

       

      “Atlantic Shares” has the same meaning as the term “Shares” as defined in the Atlantic Acquisition Documentation.

       

      “Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the
        then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as
        applicable, pursuant to this Agreement as of such date.

      

      

      
        Schedule B-2

        
          

      

      “Aves” means Aves Labs, Inc., an Oregon corporation.

       

      “Aves Acquisition” means the acquisition by the Parent of the Aves Shares in accordance with the provisions of this Agreement and the
        Aves Acquisition Documentation.

       

      “Aves Acquisition Documentation” means that certain Stock Purchase Agreement dated as of February 28, 2018 by and among the Parent, as
        “Purchaser” and each of Fazilah Adam and Gary Ciment, collectively, as “Sellers” together with any other documents executed and delivered in connection therewith.

       

      “Aves Guaranty” means that certain Guaranty dated December 4, 2020, pursuant to which Parent shall guaranty the obligations of Aves to
        Sally Ann Hed Dahlquist pursuant to a promissory note of same date in the original principal amount of $1,850,000.

       

      “Aves Shares” means the terms “Shares” as defined in the Aves Acquisition Documentation.

       

      “Aves Subordination Agreement” means that certain Subordination Agreement dated December 4, 2020 by and between the
        Lender and Sally Ann Hed Dahlquist, and acknowledged by Parent.

       

      “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. § 101 et seq.).

       

      “Base Rate” means, for any date of determination, the rate of interest equal to, pursuant to Section 2.9 hereof, either (i) per annum
        from time to time published in the money rates section of the Wall Street Journal as the “prime rate” then in effect plus the Base Rate Margin ( provided that, if such rate of interest becomes unavailable for any reason, the “Base Rate” for
        purposes of this clause (i) means the rate of interest per annum announced by Santander Bank, N.A. from time to time as its “prime rate” (such rate is a reference rate only and Santander bank, N.A. may make loans or other extensions of credit at,
        above or below it), and (ii) the Daily One Month LIBOR plus the LIBOR Rate Margin. Any change in the “prime rate” shall take effect at the opening of business on the effective date of the relevant change.

       

      “Base Rate Loan” means, as of any date of determination, the portion of the Revolving Loans outstanding as of such date that bears
        interest at a rate determined by reference to the Base Rate.

       

      “Base Rate Margin” means .50%.

       

      “Base Rate Option” has the meaning set forth in Section 2.9.

       

      “BBC Reduction Trigger Event” means, as of any date of determination, (i) no Default or Event of Default then exists, and (ii) Excess
        Availability is greater than $3,000,000; provided however, a BBC Reduction Trigger Event shall cease to exist if (i) a Default or Event of Default shall occur, or (ii) average Excess Availability shall be less than $3,000,000 for a period of twenty
        (20) consecutive Business Days.

       

      
        Schedule B-3

        
          

      

      “Benchmark” means, initially, USD LIBOR; provided that, if a replacement of the Benchmark has occurred pursuant to this Section 2.6(g)
        titled “Benchmark Replacement Setting”, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the
        published component used in the calculation thereof.

       

      “Benchmark Replacement” means, for any Available Tenor:

       

      (1)         For purposes of clause (i) of the Section 2.6(g) titled “Benchmark Replacement Setting”, the sum of: (i) Daily Compounded SOFR and (ii) the spread adjustment selected or recommended by
        the Relevant Governmental Body for the replacement of the tenor of USD LIBOR with a SOFR-based rate having approximately the same length as the interest payment period specified in clause (i) of the Section 2.6(g); and

       

      (2)          For purposes of clause (ii) of the Section 2.6(g) titled “Benchmark Replacement Setting”, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or
        negative value or zero), in each case, that has been selected by the Lender  as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing  market convention, including any applicable
        recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated or bilateral credit facilities at such time;

       

      provided that, if the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, if any, the Benchmark Replacement will be deemed to be the Floor, if any,
        for the purposes hereof and of the other Loan Documents.

       

      “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational
        changes (including, without limitation, changes to the definitions, as and if applicable, of “Base Rate,” “Business Day” and “Interest Period,”  the timing and frequency of determining rates and making payments of interest, timing of borrowing
        requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Lender decides may be
        appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender decides that adoption of any
        portion of such market practice is not administratively feasible or if the Lender determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Lender decides is
        reasonably necessary in  connection with the administration of this Agreement and the other Loan Documents).

       

      
        Schedule B-4

        
          

      

      “Benchmark Transition Event” means, with respect to any then-current Benchmark other than USD LIBOR, the occurrence of a public statement
        or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of
        New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority
        over the administrator for such Benchmark, announcing or stating that such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, (a) at the time of
        such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer  be representative of the underlying market
        and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

       

      “Blocked Account” has the meaning set forth in Section 4.1.

       

      “Borrower” has the meaning set forth in the preamble to this Agreement.

       

      “Borrowing Base” means (i) the aggregate amount of Eligible Accounts in respect of which clause (vii)(1) of the definition of Eligible
        Account applies, multiplied by the Accounts Advance Rate plus (ii) Eligible Accounts in respect of which clause (vii)(2) of the definition of Eligible Account applies, multiplied by the Accounts Advance
        Rate (but in no event to exceed the Foreign Accounts Sublimit) minus (iii) the Letter of Credit Balance minus (iv) all Reserves which Lender has established
        pursuant to Section 1.2.

       

      “Business Day” means any day that is not a Saturday, Sunday, or other day on which banks are authorized or required to close in the state
        of New York, except that, if a determination of a Business Day shall relate to a LIBOR Rate Loan, the term “Business Day” also shall exclude any day on which banks are closed for dealings in United States dollar deposits in the London interbank
        market.

       

      “Capital Expenditures” means as to any Person, all expenditures which, in accordance with GAAP, would be required to be capitalized and
        shown on the consolidated balance sheet of such Person, but excluding expenditures made in connection with the acquisition, replacement, substitution or restoration of assets to the extent financed (a) from insurance proceeds (or other similar
        recoveries) paid on account of the loss of or damage to the assets being replaced or restored or (b) with cash awards of compensation arising from the taking by eminent domain or condemnation of the assets being replaced.

       

      “Capitalized Lease” means any lease which is or should be capitalized on the balance sheet of the lessee thereunder in accordance with
        GAAP.

       

      “Carrier Contracts” means (i) any contract or agreement of any Loan Party Obligor, or (ii) the general conduct of the Loan Party
        Obligors’ business (pursuant to general terms and conditions, documents of title or otherwise), with third-party carriers to provide carriage or transportation services by truck, rail, air or other means of physical carriage in connection with
        Customer Contracts.

       

      “Cash Taxes” means, for the applicable period, for the Loan Parries on a consolidated basis, the aggregate of all income taxes of such
        Persons as determined in accordance with GAAP, to the extent the same are paid in cash.

       

      
        Schedule B-5

        
          

      

      “CFC” means a controlled foreign corporation (as such term is defined in the Code).

       

      “Change of Control” means that:

       

      (a)         any Person or two or more Persons acting in concert, shall have acquired beneficial ownership, directly or indirectly, of equity interests of Parent (or other securities convertible
        into such equity interests) representing 30% or more of the combined voting power of all equity interests of Parent entitled (without regard to the occurrence of any contingency) to vote for the election of members of the Board of Directors of
        Parent,

       

      (b)         any Person or two or more Persons acting in concert, shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof,
        will result in its or their acquisition of the power to exercise, directly or indirectly, a controlling influence over the management or policies of Parent or control over the Equity Interests of such Person entitled to vote for members of the
        Board of Directors of Parent on a fully-diluted basis (and taking into account all such Equity Interests that such Person or group has the right to acquire pursuant to any option right) representing 30% or more of the combined voting power of such
        Equity Interests,

       

      (c)        during any period of 24 consecutive months commencing on or after the Closing Date, the occurrence of a change in the composition of the Board of Directors of Parent such that a majority
        of the members of such Board of Directors are not Continuing Directors, or

       

      (d)         Parent fails to own and control, directly or indirectly, 100% of the Equity Interests of each other Loan Party.

       

      “Change of Law” has the meaning set forth
          in Section 1.9.

       

      “Closing Date” means September 21, 2021.

       

      “CMLTD” means, as of any date of calculation, the scheduled payments of long term Indebtedness (excluding that portion of the Obligations
        consisting of Revolving Loans), as determined in accordance with GAAP.

       

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

       

      “Collateral” means all property and interests in property in or upon which a security interest, mortgage, pledge or other Lien is granted
        pursuant to this Agreement or the other Loan Documents, including all of the property of each Loan Party Obligor described in Section 3.1, other than Excluded Collateral.

       

      “Collections” has the meaning set forth in Section 4.1.

       

      “Comerica” means Comerica Bank.

       

      “Comerica Cash Collateral” means cash in the amount of $840,000 maintained in Designated Deposit Account # x7325 as collateral for the
        Comerica Letters of Credit.

       

      
        Schedule B-6

        
          

      

      “Comerica Letters of Credit” means the letters of credit issued by Comerica for the account of ELFS and ELFS Brokerage and outstanding as
        of the Closing Date and described in Section  6 of the Disclosure Schedule.

       

      “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time.

       

      “Compliance Certificate” means a compliance certificate substantially in the form of Exhibit F hereto to be signed by the Chief Financial
        Officer or President of Borrower.

       

      “Continuing Director” means (a) any member of the Board of Directors who was a director (or comparable manager) of Parent on the Closing
        Date, and (b) any individual who becomes a member of the Board of Directors after the Closing Date if such individual was approved, appointed or nominated for election to the Board of Directors by a majority of the Continuing Directors.

       

      “Covenant Compliance Period” means the most recently ended quarter in any Fiscal Year.

       

      “Confidential Information” means all non-written information designated as confidential and all written information, in each case,
        received from any Loan Party Obligor, or any of their Affiliates and their employees, officers, directors or advisors relating to the Loan Party Obligors or their operations, other than any such information that becomes generally available to the
        public or becomes available to Lender from a source other than any Loan Party Obligor or any of their Affiliates and their employees, officers, directors or advisors and that is not known to such recipient to be subject to confidentiality
        obligations.

       

      “Curative Equity” means the net amount of common equity contributions made by equity holders of the Parent in immediately available funds
        and which is designated “Curative Equity” by Borrowers under Section 7.4 of this Agreement at the time it is contributed.  For the avoidance of doubt, the forgiveness of antecedent debt (whether Indebtedness, trade payables, or otherwise) shall not
        constitute Curative Equity.

       

      “Customer Contracts” means all Material Contracts with customers of a Loan Party Obligor related to providing shipping or similar
        services to customers, whether acting as a logistics service provider, broker, arranger, freight forwarder or similar capacity, and whether as a stand-alone service or as part of broader service arrangements or logistics support or other
        circumstances, in which carriage or transportation is or may be provided by any third party carrier.

       

      ““Daily One Month LIBOR” means, for any date of determination, the rate per annum for United States dollar deposits with a maturity of
        one (1) month as reported on Reuters Screen LIBOR01 (or any successor page) at approximately 11:00 am London time on such date of determination or, if such day is not a London business day, then on the immediately preceding London business day. 
        When interest or any fee hereunder is determined in relation to Daily One Month LIBOR, each change in such interest rate or fee shall become effective each Business Day that Lender determines that Daily One Month LIBOR has changed. Notwithstanding
        the foregoing, if the interest rate determined pursuant to the foregoing provisions is less than the Floor, then the Daily One Month LIBOR shall be the Floor.

       

      
        Schedule B-7

        
          

      

      “Daily Compounded SOFR” means, for any day, SOFR, with interest accruing on a compounded daily basis, with the methodology and
        conventions for this rate (which will include compounding in arrears with a lookback) being established by the Lender in accordance with (i) a methodology and the conventions for this rate selected or recommended by the Relevant Governmental Body
        for determining “Daily Compounded SOFR”

       

      “Debt Service Coverage Ratio” means, for the applicable period, for the Loan Parties and their Subsidiaries on a consolidated basis, the
        ratio of (i) EBITDA minus Cash Taxes minus distributions and dividends paid minus unfinanced Capital Expenditures minus earn-out payments paid (in each instance, to the extent not previously deducted from the calculation of EBITDA) to (ii) CMLTD
        plus Interest Expense paid.

       

      “Debt Service Coverage Ratio (Borrower Group)” means, means, for the applicable period, for the Borrower and its Subsidiaries on a
        consolidated basis, the ratio of (i) EBITDA minus Cash Taxes minus distributions and dividends paid minus unfinanced Capital Expenditures minus earn-out payments paid (in each instance, to the extent not previously deducted from the calculation of
        EBITDA) to (ii) CMLTD plus Interest Expense paid.

       

      “Default” means any event which with notice or passage of time, or both, would constitute an Event of Default.

       

      “Default Rate” has the meaning set forth in Section 2.1.

       

      “Designated Deposit Accounts” means the following deposit accounts maintained by ELFS and ending with the following numbers and
        identified in Section 3 of the Disclosure Schedule: x4090, x2282, and x7325 (each at Comerica), and x7778 and x8912 (each at Wells Fargo Bank, N.A.).

       

      “Dividend Payment Conditions” means, at the date of determination with respect to any specified payment contemplated by Section 5.27(i),
        that (a) no Default or Event of Default shall exist immediately before and after giving effect to such payment, (b) the Loan Party Obligors shall be in compliance with the financial covenants set forth in Section 5.28 both before and after
        (calculated on a pro forma basis after giving to such transaction), (c) both before, and after giving effect to such payment on a pro forma basis, Excess Availability is not be less than $1,000,000, (d) Borrower shall have provided Lender with
        evidence, reasonably satisfactory to Lender, that that all accounts payable are being paid in the ordinary course of Borrower’s business,  and (e) prior to making such payment, Administrative Borrower shall certify to the Lender in writing that the
        foregoing conditions have and will be satisfied after the making of such payment.

       

      “Dollars” or “$”means United States Dollars, lawful currency for the payment
        of public and private debts.

       

      “E-Signature” means the process of attaching to or logically associating with an Approved Electronic Communication an electronic symbol,
        encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Approved Electronic Communication) with the intent to sign, authenticate or accept such Approved Electronic Communication.

       

      
        Schedule B-8

        
          

      

      “Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of
        such Early Opt-in Election is provided to Borrower.

       

      “Early Opt-in Election” means the occurrence of:

       

      (1) a determination by the Lender that at least five currently outstanding U.S. dollar-denominated syndicated or bilateral credit facilities at such time contain (as a result of amendment or as
        originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such credit facilities are identified in the notice to the Borrower described in clause (2) below and are publicly
        available for review), and

       

      (2) the election by the Lender to trigger a fallback from USD LIBOR and the provision by the Lender of written notice of such election to the Borrower.

       

      “EBITDA” means, for the applicable period, as applicable pursuant to this Agreement, (1) the Parent and its Subsidiaries on a
        consolidated basis, and (2) the Borrower and its Subsidiaries on a consolidated basis, the sum of (a) Net Income plus (b) Interest Expense deducted in the calculation of such Net Income plus (c) taxes on income, whether paid, payable or accrued,
        deducted in the calculation of such Net Income plus (d) depreciation expense deducted in the calculation of such Net Income plus (e) amortization expense deducted in the calculation of such Net Income plus (f) to the extent not capitalized, closing
        costs and expenses incurred in connection with this Agreement plus (g) stock based compensation expense that is non-cash deducted in the calculation of such Net Income; plus (g) the M&A Addback in an amount not to exceed $500,000 on a trailing
        four (4) quarter basis.

       

      “ELFS” means Expedited Logistics and Freight Services, LLC, a Texas limited liability company.

       

      “ELFS Acquisition” means the acquisition by the Janel of the ELFS Interests
        in accordance with the provisions of this Agreement and the ELFS Acquisition Documentation.

       

      “ELFS Acquisition Documentation” means the ELFS Purchase Agreement together with any other documents executed and delivered in connection
        therewith.

       

      “ELFS Brokerage” means ELFS Brokerage, LLC, a Texas limited liability company.

       

      “ELFS Cash Cushion Amount” means for the 30 day period commencing as of the Closing Date, the amount of $660,000 which shall be deposited
        on the Closing Date into Designated Deposit Accounts # x4090 and x2282, maintained at Comerica, the proceeds of which shall be used by the Loan Party to fund working capital needs of ELFS and ELFS Brokerage as contemplated by the ELFS Purchase
        Agreement.

       

      “ELFS Earn-Out Payment” has the same meaning as the term “Earn-Out Payment” as defined in the ELFS Purchase Agreement.

       

      
        Schedule B-9

        
          

      

      “ELFS Guaranty” means the guaranty by Parent of the obligations of ELFS and ELFS Brokerage pursuant to the ELFS Notes and the ELFS
        Purchase Agreement.

       

      “ELFS Insurance Premium Refund” means any refunds on insurance premiums attributable to insurance premiums paid by ELFS or ELFS Brokerage
        prior to the Closing Date, as evidenced by documentation reasonably acceptable to the Lender.

       

      “ELFS Interests” has the same meaning as the term “Interests” as defined in the ELFS Purchase Agreement.

       

      “ELFS Notes” has the same meaning as the term “Notes” as defined in the ELFS Purchase Agreement.

       

      “ELFS OK” means Expedited Logistics and Freight Services, LLC, an Oklahoma limited liability company, and a wholly-owned Subsidiary of
        ELFS.

       

      “ELFS Purchase Agreement” means that certain Membership Interest Purchase Agreement dated September 21, 2021 by and among, Janel, Parent,
        ELFS, and each of the ELFS Sellers, and as in effect as of the Closing Date.

       

      “ELFS Sellers” means each of (i) David W. Flake, (ii) Randall L. Cockrell, (iii) Steven R. Lalumandier, and (iv) Frederick J.
        Lalumandier.

       

      “Eligible Account” means, at any time of determination, an Account owned by Borrower which satisfies the general criteria set forth below
        and which is otherwise acceptable to Lender in its Permitted Discretion (provided that, Lender may, in its Permitted Discretion, change the general criteria for acceptability of Eligible
        Accounts and shall notify Borrower of such change promptly thereafter). An Account shall be deemed to meet the current general criteria if:

       

      (i)            neither the Account Debtor nor any of its Affiliates is an Affiliate, creditor or supplier of any Loan Party or an Agent;

       

      (ii)           it does not remain unpaid more than the number of days after the original invoice date set forth in Section 4(a) of Schedule A;

       

      (iii)          the Account Debtor or its Affiliates are not past due the applicable dates referenced in clause (ii) above on more than 40% of all of the Accounts owing to Borrower by such Account
        Debtor or its Affiliates;

       

      (iv)        all Accounts owing by the Account Debtor or its Affiliates do not represent more than 25% of all otherwise Eligible Accounts (provided
        that Accounts which are deemed to be ineligible solely by reason of this clause (iv) shall be considered Eligible Accounts to the extent of the amount thereof which does not exceed 25% of all otherwise Eligible Accounts);

       

      (v)          no covenant, representation or warranty contained in this Agreement or any other Loan Document with respect to such Account (including any of the representations set forth in Section
        5.4) has been breached;

       

      
        Schedule B-10

        
          

      

      (vi)         the Account is not subject to any contra relationship, counterclaim, dispute or set-off, but such account shall only be ineligible to the extent of such contra relationship,
        counterclaim, dispute or set-off;

       

      (vii)        the Account Debtor’s chief executive office or principal place of business is located (1) in the United States or (2) outside of the United States and such Account is insured pursuant
        to credit insurance or supported by a letter of credit, in each case, in form, substance and issued by a party satisfactory to Lender (a “Foreign Account”);

       

      (viii)      it is absolutely owing to Borrower and does not arise from a sale on a bill-and-hold, guarantied sale, sale-or-return, sale-on-approval, consignment, retainage or any other repurchase
        or return basis or consist of progress billings;

       

      (ix)           Lender shall have verified the Account in a manner satisfactory to Lender;

       

      (x)          the Account Debtor is not the United States or any state or political subdivision (or any department, agency or instrumentality thereof), unless Borrower has complied with the
        Assignment of Claims Act of 1940 (31 U.S.C. 3727) or other applicable similar state or local law in a manner satisfactory to Lender;

       

      (xi)          it is at all times subject to Lender’s duly perfected, first priority security interest and to no other Lien that is not a Permitted Lien, and the goods giving rise to such Account
        (A) were not, at the time of sale, subject to any Lien except Permitted Liens and (B) have been sold by Borrower to the Account Debtor in the ordinary course of Borrower’s business and delivered to and accepted by the Account Debtor, or the
        services giving rise to such Account have been performed by Borrower and accepted by the Account Debtor in the ordinary course of Borrower’s business;

       

      (xii)          the Account is not evidenced by Chattel Paper or an Instrument of any kind and has not been reduced to judgment;

       

      (xiii)       the Account Debtor’s total indebtedness to Borrower does not exceed the amount of any credit limit established by Borrower or Lender and the Account Debtor is otherwise deemed to be
        creditworthy by Lender (provided that, Accounts which are deemed to be ineligible solely by reason of this clause (xiii), shall be considered Eligible Accounts to the extent the amount of
        such Accounts does not exceed the lower of such credit limits);

       

      (xiv)        there are no facts or circumstances existing, or which could reasonably be anticipated to occur, which might result in any adverse change in the Account Debtor’s financial condition or
        impair or delay the collectability of all or any portion of such Account;

       

      (xv)         Lender has been furnished with all documents and other information pertaining to such Account which Lender has requested, or which Borrower is obligated to deliver to Lender, pursuant
        to this Agreement;

       

      (xvi)        Borrower has not made an agreement with the Account Debtor to extend the time of payment thereof beyond the time periods set forth in clause (ii) above;

       

      
        Schedule B-11

        
          

      

      (xvii)       Borrower has not posted a surety or other bond in respect of the contract under which such Account arose;

       

      (xviii)     the Account Debtor is not subject to any proceeding seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar
        applicable law;

       

      (xix)        the Account does not constitute a Net Agent Account; and

       

      (xx)          it has not been deemed ineligible by Lender in its Permitted Discretion.

       

      “ERISA” means the Employee Retirement Income Security Act of 1974 and all rules, regulations and orders promulgated thereunder.

       

      “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with a Loan Party Obligor within the
        meaning of section 414(b) or (c) of the Code (and sections 414(m) and (o) of the Code for purposes of provisions relating to section 412 of the Code and section 302 of ERISA).

       

      “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Loan Party or any ERISA Affiliate
        from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
        4062(e) of ERISA; (c) a complete or partial withdrawal by a Loan Party or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate or the
        treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of
        ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430,
        431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Loan Party or any ERISA
        Affiliate.

       

      “Eurocurrency Reserve Requirement” means, for any day as applied to a Loan bearing interest at the LIBOR Rate, the aggregate (without
        duplication) of the rates (expressed as a decimal rounded upward to the nearest 1/100th of 1%) as determined by Lender of reserve requirements in effect on such day
        (including basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System of the United States or other Governmental Authority, or any successor thereto, having jurisdiction with
        respect thereto) prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of such Board) maintained by a member bank of the Federal Reserve System

       

      “Event of Default” has the meaning set forth in Section 7.1.

       

      

      
        Schedule B-12

        
          

      

      “Excess Availability” means the amount, as determined by Lender, calculated at any date, equal to the difference of (A) the lesser of (x)
        the Maximum Revolving Facility Amount and (y) the Borrowing Base minus (B) the outstanding balance of all Revolving Loans and the Letter of Credit Balance, provided that, if any of the Loan Limits for Revolving Loans is exceeded as of the date of calculation, then Excess Availability shall be zero.

       

      “Excluded Collateral” means:

       

      (a)          any rights or interest in any contract, agreement, lease, permit, license, or license agreement to which any Loan Party Obligor is a party, if under the terms of such contract,
        agreement, lease, permit, license, or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein is prohibited as a matter of law or under the terms of such contract, agreement, lease, permit,
        license, or license agreement and such prohibition or restriction has not been waived or the consent of the other party to such contract, agreement, lease, permit, license, or license agreement has not been obtained (provided that, (i) the foregoing exclusions of this clause (a) shall in no way be construed (A) to apply to the extent that any described prohibition or restriction is ineffective under Section 9-406, 9-407,
        9-408, or 9-409 of the UCC or other applicable law, or (B) to apply to the extent that any consent or waiver has been obtained that would permit Lender’s security interest or lien to attach notwithstanding the prohibition or restriction on the
        pledge of such contract, agreement, lease, permit, license, or license agreement and (ii) the foregoing exclusions of this clause (a) shall in no way be construed to limit, impair, or otherwise affect any of Lender’s continuing security interests
        in and liens upon any rights or interests of any Loan Party Obligor in or to (1) monies due or to become due under or in connection with any described contract, agreement, lease, permit, license, license agreement, or equity interests (including,
        without limitation, any Accounts) or (2) any proceeds from the sale, license, lease, or other dispositions of any such contract, agreement, lease, permit, license, license agreement, or equity interests);

       

      (b)        any United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or
        enforceability of such intent-to-use trademark applications under applicable federal law; provided that, upon submission and acceptance by the United States Patent and Trademark Office of
        an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered Collateral;

       

      (c)           any right, title, and interest of Parent in the equity interests of INDCO;

       

      (d)           any assets of INDCO and its Subsidiaries;

       

      (e)         voting equity interests of any CFC, solely to the extent that such equity interests represent more than 65% of the outstanding voting equity interests of such CFC;

       

      (f)            deposit accounts identified in Section 3 of the Disclosure Schedule as payroll accounts;

        

      

      (g)           the  ELFS Insurance Premium Refund;

       

      (h)           the ELFS Cash Cushion Amount; and

       

      
        Schedule B-13

        
          

      

      (i)            the Comerica Cash Collateral.

       

      “Excluded Swap Obligations” means, with respect to any Loan Party, any guarantee of any Swap Obligations if, and only to the extent that
        and for so long as, all or a portion of the guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or
        any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan Party Obligor’s failure for any reason to constitute an “eligible contract participant”
        as defined in the Commodity Exchange Act at the time the guarantee of such Loan Party or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more
        than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guarantee or security interest is or becomes illegal.

       

      “Excluded Taxes” means any of the following Taxes imposed on or with respect to Lender or other Recipient or required to be withheld or
        deducted from a payment to Lender or other Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, imposed as a result of such Recipient being organized under the
        laws of, or having its principal office or, in the case of Lender, its lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or Taxes imposed as a result of a present connection between such Recipient
        and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under,
        engaged in any other transaction pursuant to or enforced any Loan Document or sold or assigned an interest in any Loan or Loan Document); (b) in the case of a Non-U.S. Recipient (as defined in Section 9(e)), U.S. federal withholding Taxes imposed
        on amounts payable to or for the account of such Non-U.S. Recipient with respect to an applicable interest in a Loan or commitment pursuant to a law in effect on the date on which Non-U.S. Recipient becomes a party to this Agreement or acquires a
        participation, except in each case to the extent that, pursuant to Section 9 amounts with respect to such Taxes were payable either to such Non-U.S. Recipient assignor (or Lender granting such participation) immediately before such assignment or
        grant of participation; (c) United States federal withholding Taxes that would not have been imposed but for such Recipient’s failure to comply with Section 9(e) (except where the failure to comply with Section 9(e) was the result of a change in
        law, ruling, regulation, treaty, directive, or interpretation thereof by a Governmental Authority after the date the Recipient became a party to this Agreement or a Participant); and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

       

      “Existing Loan Agreement” is defined in the Recitals hereto.

       

      “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
        substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof.

       

      “Federal Reserve” means the Federal Reserve Bank of New York.

       

      
        Schedule B-14

        
          

      

      “First Merchants” means First Merchants Bank.

       

      “First Merchants Subordination Agreement” means that certain subordination agreement dated as of the Closing Date by and among Parent,
        Lender and First Merchants.

       

      “Fiscal Year” means the fiscal year of Borrower which ends on September 30 of each year.

       

      “Floor” means 0.75%; provided that if the LIBOR Floor Reduction Conditions have been satisfied, Floor shall mean 0.25%.

       

      “FMC” has the meaning set forth in Section 5.11.

       

      “Funding Losses” has the meaning set
        forth in Section 2.6.

       

      “GAAP” means generally accepted accounting principles in the United States, consistently applied.

       

      “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether
        state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
        (including any supra-national bodies such as the European Union or the European Central Bank).

       

      “Guaranty,” “Guaranteed” or to “Guarantee”, as applied to any Indebtedness, liability or other obligation, means (i) a guaranty, directly or indirectly, in any manner, including by way of endorsement (other than endorsements of negotiable instruments for
        collection in the ordinary course of business), of any part or all of such Indebtedness, liability or obligation, and (ii) an agreement, contingent or otherwise, and whether or not constituting a guaranty, assuring, or intended to assure, the
        payment or performance (or payment of damages in the event of non-performance) of any part or all of such Indebtedness, liability or obligation by any means (including, the purchase of securities or obligations, the purchase or sale of property or
        services, or the supplying of funds).

       

      “Guarantor Payment” has the meaning set forth in Section 8.10.

       

      “INDCO” means Indco Acquisition Corp., Inc., a Tennessee corporation.

       

      
        Schedule B-15

        
          

      

      “Indebtedness” means (without duplication), with respect to any Person, (i) all obligations or liabilities, contingent or otherwise, for
        borrowed money, (ii) all obligations represented by promissory notes, bonds, debentures or the like, or on which interest charges are customarily paid, (iii) all liabilities secured by any Lien on property owned or acquired, whether or not such
        liability shall have been assumed, (iv) all obligations of such Person under conditional sale or other title retention agreements relating to property or assets purchased by such Person, (v) all obligations of such Person issued or assumed as the
        deferred purchase price of property or services (excluding trade payables which are not ninety days past the invoice date incurred in the ordinary course of business, but including the maximum potential amount payable under any earn-out or similar
        obligations), (vi) all Capitalized Leases of such Person, (vii) all obligations (contingent or otherwise) of such Person as an account party or applicant in respect of letters of credit and/or bankers’ acceptances, or in respect of financial or
        other hedging obligations, (viii) all equity interests issued by such Person subject to repurchase or redemption at any time on or prior to the final scheduled Maturity Date, other than voluntary repurchases or redemptions that are at the sole
        option of such Person, (ix) all principal outstanding under any synthetic lease, off-balance sheet loan or similar financing product, and (x) all Guarantees, endorsements (other than for collection in the ordinary course of business) and other
        contingent obligations in respect of the obligations of others.

       

      “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any
        obligation of any Loan Party Obligor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

       

      “Intellectual Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
        whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks and trademark licenses, and all rights to sue at law or in equity for any infringement
        or other impairment thereof, including the right to receive all proceeds and damages therefrom.

       

      “Interest Expense” means, for the applicable period, as applicable pursuant to this Agreement, (1) the Parent and its Subsidiaries on a
        consolidated basis, and (2) the Borrower and its Subsidiaries on a consolidated basis, total interest expense (including interest attributable to Capitalized Leases in accordance with GAAP) and fees with respect to outstanding Indebtedness.

       

      “Interest Period” means, with respect to each LIBOR Rate Loan, a period commencing on the date of the making of such LIBOR Rate Loan (or
        the continuation of a LIBOR Rate Loan or the conversion of a Base Rate Loan to a LIBOR Rate Loan), which shall be a Business Day, and ending 1, 2 or 3 months thereafter, provided, however, that (a) if any Interest Period would end on a day that is not a Business Day, such Interest Period shall be extended (subject to clauses (c)-(e) below) to the next succeeding
        Business Day, (b) interest shall accrue at the applicable rate based upon the LIBOR Rate from and including the first day of each Interest Period to, but excluding, the day on which any Interest Period expires, (c) any Interest Period that would
        end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (d) with
        respect to an Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period), the Interest Period shall end on the
        last Business Day of the calendar month that is 1, 2 or 3 months after the date on which the Interest Period began, as applicable, and (e) Borrower may not elect an Interest Period which will end after the Maturity Date.

       

      “Investment Property” means the collective reference to (a) all “investment property” as such term is defined in Section 9-102 of the
        UCC, (b) all “financial assets” as such term is defined in Section 8-102(a)(9) of the UCC, and (c) whether or not constituting “investment property” as so defined, all Pledged Equity.

       

      
        Schedule B-16

        
          

      

      “ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.

       

      “ISDA Swap Definitions” means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor
        definitional booklet for interest rate derivatives published from time to time by ISDA.

       

      “Issuers” means the collective reference to each issuer of Investment Property.

       

      “Lender” has the meaning set forth in the preamble to this Agreement.

       

      “Letters of Credit” has the meaning set forth in Section 1.1(a).

       

      “Letter of Credit Balance” means the sum of (i) the aggregate undrawn face amount of all outstanding Letters of Credit and (ii) all
        interest, fees and costs due or, in Lender’s estimation, likely to become due in connection therewith.

       

      “Letter of Credit Limit” means the amount set forth in Section 1(e) of Schedule A.

       

      “LIBOR Deadline” has the meaning specified therefor in Section 2.6.

       

      “LIBOR Floor Reduction Conditions” means, as of September 21, 2022, the following conditions have been satisfied, as confirmed  by the
        Lender: (i) no Default or Event of Default shall then exist; and (ii) each of (x) Minimum Debt Service Coverage Ratio, and (y) Minimum Debt Service Coverage Ratio (Borrower Group) is greater than 1.5 :1.0 for the four (4) quarter period ending June
        30, 2022.

       

      “LIBOR Notice” means a written notice in the form of Exhibit B.

       

      “LIBOR Option” has the meaning specified therefor in Section 2.6.

       

      “LIBOR Rate” means (a) the rate per annum as reported on Reuters Screen LIBOR01 page (or any successor page) two Business Days prior to
        the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or
        as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrower in accordance with this Agreement (and, if any such rate is below the Floor, the LIBOR Rate shall be deemed to be the Floor), which determination shall be made by Lender and
        shall be conclusive in the absence of manifest error, divided by (b) 1.00 minus the Eurocurrency Reserve Requirement then in effect.

       

      “LIBOR Rate Loan” means, as of any date of determination, the portion of the Revolving Loans outstanding as of such date that bears
        interest at a rate estimated by reference to the LIBOR Rate.

       

      “LIBOR Rate Margin” means 2.25%.

       

      
        Schedule B-17

        
          

      

      “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien
        (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement in the nature of a security interest of any kind or nature whatsoever, including any conditional sale contract or
        other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing.

       

      “Loan Account” has the meaning set forth in Section 2.4.

       

      “Loan Documents” means, collectively, this Agreement and all notes, guaranties, security agreements, mortgages, certificates, landlord’s
        agreements, First Merchants Subordination Agreement, and any other subordination agreement, Lock Box and Blocked Account agreements and all other agreements, documents and instruments now or hereafter executed or delivered by Borrower, any Loan
        Party, or any Other Obligor in connection with, or to evidence the transactions contemplated by, this Agreement.

       

      “Loan Guaranty” means Section 8 of this Agreement.

       

      “Loan Limits” means, collectively, the Loan Limits for Revolving Loans and Letters of Credit set forth in Section 1 of Schedule A and all
        other limits on the amount of Loans and Letters of Credit set forth in this Agreement.

       

      “Loan Party” means, individually, Parent, Borrower, or any Subsidiary; and “Loan Parties” means, collectively, Parent, Borrower and all
        Subsidiaries; provided however, excluding INDCO and its Subsidiaries, Aves, and Antibodies, and their respective Subsidiaries, each of which are wholly-owned Subsidiaries of Parent.

       

      “Loan Party Obligor” means, individually, Borrower or any Obligor that is a Loan Party and party to this Agreement; and “Loan Party
        Obligors” means, collectively, Borrower and each Obligor that is a Loan Party and party to this Agreement.

       

      “Loans” means, collectively, the Revolving Loans and any term loan.

       

      “Lock Box” has the meaning set forth in Section 4.1.

       

      “”M&A Addback” means, for any period of calculation, the fees and expenses actually incurred and paid by (i) Loan Parties and their Subsidiaries, and
        (ii) Borrower and its Subsidiaries, respectively, in connection with acquisitions of assets or equity interests of any Person; provided that the foregoing shall specifically exclude any earn-out payments paid by any Loan Party Obligor during such
        period. Upon the Lender’s request, Loan Parties shall provide the Lender with reasonable documentation to evidence the foregoing.

       

      “Material Adverse Effect” means any event, act, omission, condition or circumstance which, individually or in the aggregate, has or could
        reasonably be expected to have a material adverse effect on (a) the business, operations, properties, assets or condition, financial or otherwise, of the Loan Party Obligors, taken as a whole, (b) the ability of the Loan Party Obligors, taken as a
        whole, to perform any of their obligations under any of the Loan Documents, or (c) the validity or enforceability of, or Lender’s rights and remedies under, any of the Loan Documents.

       

      
        Schedule B-18

        
          

      

      “Material Contract” means has the meaning set forth in Section 5.18.

       

      “Maturity Date” means the date set forth in Section 6 of Schedule A, as such date may be accelerated in accordance with the terms of this
        Agreement.

       

      “Maximum Lawful Rate” has the meaning set forth in Section 2.5.

       

      “Maximum Liability” has the meaning set forth in Section 8.9.

       

      “Maximum Revolving Facility Amount” means the amount set forth in Section 1(a) of Schedule A.

       

      “Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Loan Party or any
        ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions.

       

      “Net Agent Account” means an account owed by a “agent” being a third-party domestic or foreign, non-vessel operating common carrier, a
        freight forwarder, customs broker, or other service provider with whom a Borrower contracts to perform certain services for such Borrower related to the delivery of freight.

       

      “Net Income” means, for the applicable period, as applicable pursuant to this Agreement, (1) the Parent and its Subsidiaries on a
        consolidated basis, and (2) the Borrower and its Subsidiaries on a consolidated basis, the net income (or loss) of such Persons, for such period, excluding any gains or non-cash losses from dispositions, any extraordinary gains or extraordinary
        non-cash losses and any gains or non-cash losses from discontinued operations, in each case of such Persons, for such period.

       

      “Non-Paying Guarantor” has the meaning set forth in Section 8.10.

       

      “Non-U.S. Recipient” has the meaning set forth in Section 9(e)(ii).

       

      “Notice of Borrowing” has the meaning set forth in Section 1.4.

       

      “Obligations” means all present and future Loans, advances, debts, liabilities, fees, expenses, obligations, guaranties, covenants,
        duties and indebtedness at any time owing by Borrower or any Loan Party Obligor to Lender, whether evidenced by this Agreement, any other Loan Document or otherwise, whether arising from extensions of credit, opening of Letters of Credit, credit
        cards, debit cards, cash management or related services, treasury management, guarantees, indemnities or otherwise, whether direct or indirect, whether absolute or contingent, whether due or to become due, and whether arising before or after the
        commencement of a proceeding under the Bankruptcy Code or any similar statute, provided that Obligations of any Loan Party Obligor shall not include (i) any Excluded Swap Obligations of
        such Loan Party Obligor, and (ii) any of the foregoing obligations which are acquired by assignment or any participation by Lender in any Loan Party Obligor’s indebtedness to others and unrelated to the Obligations under the Loan Documents.

       

      
        Schedule B-19

        
          

      

      “Obligor” means any guarantor, endorser, acceptor, surety or other Person liable on, or with respect to, any of the Obligations or who is
        the owner of any property which is security for any of the Obligations, other than Borrower. For avoidance of doubt, Parent and ELFS OK are Obligors.

       

      “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

       

      “Organic Documents” means, with respect to any Person, the certificate of incorporation, articles of incorporation, certificate of
        formation, certificate of limited partnership, by-laws, operating agreement, limited liability company agreement, limited partnership agreement or other similar governance document of such Person.

       

      “Other Obligor” means any Obligor other than any Loan Party Obligor.

       

      “Other Taxes” means all present or future stamp, court or documentary, property, excise, intangible, recording, filing or similar Taxes
        that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document.

       

      “Parent” has the meaning set forth in the preamble to this Agreement.

       

      “Participant” has the meaning set forth in Section 10.10.

       

      “Patriot Act” has the meaning set forth in Section 5.24

       

      “PBGC” means the Pension Benefit Guaranty Corporation.

       

      “Pension Act” means the Pension Protection Act of 2006.

       

      “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
        thereof) to Pension Plans and Multiemployer Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and,
        thereafter, Section 412, 430,431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA, and any sections of the Code or ERISA related thereto that are enacted after the date of this Agreement.

       

      “Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or
        is contributed to by a Loan Party Obligor and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the Pension Funding Rules.

       

      
        Schedule B-20

        
          

      

      “Permitted Acquisition” means any acquisition (whether by purchase, merger, consolidation or otherwise) or series of related acquisitions
        by Borrower of all or substantially all the assets of, or all the equity interests in, a Person or division or line of business of a Person if, at the time of and immediately after giving effect thereto, (a) no Default or Event of Default then
        exists or would arise from the consummation of such acquisition, (b) the business acquired in connection with such acquisition is (i) located in the United States or Canada, (ii) organized under the laws of any state of the United States or the
        District of Columbia or any province of Canada, and (iii) not engaged, directly or indirectly, in any line of business other than the businesses in which Borrower is engaged on the date hereof and any business activities that are substantially
        similar, related, or incidental thereto; (c) the aggregate consideration for all such acquisitions occurring during any Fiscal Year shall not exceed $4,000,000 (except for Fiscal Year 2021, the aggregate consideration for all such acquisitions
        occurring during such Fiscal Year shall not exceed $19,000,000 in the aggregate); (d) any Person so acquired or any new Subsidiary formed in connection with such acquisition shall promptly become a Loan Party Obligor pursuant to documentation and
        other requirements reasonably acceptable to Lender, and Lender shall have a first priority security  interest in all of the assets of such Person, and the Lender shall have received such reasonable documentation in connection therewith, including,
        opinions, certificates and Organic Documents  with respect to such Person; (e) such acquisition shall have been approved by the board of directors of the Person (or similar governing body if such Person is not a corporation) which is the subject of
        such acquisition and such Person shall not have announced that it will oppose such acquisition or shall not have commenced any action which alleges that such acquisition shall violate applicable law; (f) the legal structure of such acquisition
        shall be acceptable to Lender in its Permitted Discretion, (g) after giving effect to the acquisition, if the acquisition is an acquisition of the equity interests, a Loan Party shall acquire and own, directly or indirectly, a majority of the
        equity interests in the Person being acquired and shall control a majority of any voting interests or shall otherwise control the governance of the Person being acquired, (h) the Administrative Borrower shall have furnished the Lender with thirty
        (30) days’ prior written notice of such intended acquisition and shall have furnished the Lender with a current draft of the acquisition documents (and final copies thereof as and when executed), a summary of any due diligence undertaken by the
        Loan Party Obligors in connection with such acquisition, appropriate financial statements of the Person which is the subject of such acquisition, pro forma projected financial statements for the twelve (12) month period following such acquisition
        after giving effect to such Acquisition (including balance sheets, cash flows and income statements by month for the acquired Person, individually, and on a consolidated basis with all Loan Party Obligors), and such other information as the Lender
        may reasonably require, all of which shall be reasonably satisfactory to the Agent; (i) all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws; and (j) the Restricted Payment
        Conditions are satisfied.

       

      “Permitted Discretion” means a determination made in the exercise of reasonable business judgment (from the perspective of an asset based
        lender).

       

      “Permitted Dispositions” means (a) sales or other dispositions of Equipment that is substantially worn, damaged, or obsolete in the
        ordinary course of business, (b) so long as no Default or Event of Default shall have occurred and be continuing, other sales or dispositions of Equipment not to exceed $150,000 in the aggregate during any 12 consecutive-month period, (c) sales of
        Inventory to buyers in the ordinary course of business, and (d) the use or transfer of money or cash equivalents in a manner that is not prohibited by the terms of the Agreement or the other Loan Documents.

      

      

      
        Schedule B-21

        
          

      

      “Permitted Dividends” means (i) dividends payable solely in capital stock or   other equity interests of such Loan Party and dividends
        and distributions to Borrower; (ii) dividends or distributions to Parent to permit Parent to pay federal, state and local income taxes then due and owing by Parent; and (iii) in addition to the dividends and distributions permitted by clause (ii)
        above, (x) dividends or distributions by Borrower to Parent so long as the Dividend Payment Conditions are satisfied, and (y) without duplication of (x), dividends or distributions by Borrower to Parent in order for the Parent to make Specified
        Preferred Series C Distributions to its Preferred Series C shareholders, in the like amount, so long as the Specified Preferred  Series C Distributions Conditions are satisfied.

       

      “Permitted Indebtedness” means: (a) the Obligations; (b) the Indebtedness existing on the date hereof described in Section 6 of the
        Disclosure Schedule, in each case along with extensions, refinancings, modifications, amendments and restatements thereof, provided that (i) the principal amount thereof is not increased, (ii) if such
        Indebtedness is subordinated to any or all of the Obligations, the applicable subordination terms shall not be modified without the prior written consent of Lender, and (iii) the terms thereof are not modified to impose more burdensome terms upon
        any Loan Party; (c) Capitalized Leases and purchase money Indebtedness secured by Permitted Liens in an aggregate amount not exceeding $500,000 at any time outstanding; (d) Indebtedness incurred as a result of endorsing negotiable instruments
        received in the ordinary course of business; (e) guaranty obligations permitted hereunder; (f) obligations in respect of performance bonds or sureties incurred in the ordinary course of business; and (g) Indebtedness between and among Borrowers not
        to exceed $4,000,000 in the aggregate any one time.

       

      “Permitted Liens” means (a) Liens securing the Obligations; (b) purchase money security interests in specific items of Equipment securing
        Permitted Indebtedness described under clause (c) of the definition of Permitted Indebtedness; (c) Liens for taxes, fees, assessments, or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
        proceedings (which proceedings have the effect of preventing the enforcement of such Lien) for which adequate reserves in accordance with GAAP are being maintained, provided the same have no priority over
        any of Lender’s security interests; (d) Liens of materialmen, mechanics, carriers, or other similar Liens arising in the ordinary course of business and securing obligations which are not delinquent or are being contested in good faith by
        appropriate proceedings (which proceedings have the effect of preventing the enforcement of such Lien) for which adequate reserves in accordance with GAAP are being maintained; (e) Liens which constitute banker’s Liens, rights of set-off, or
        similar rights as to deposit accounts or other funds maintained with a bank or other financial institution (but only to the extent such banker’s liens, rights of set-off or other rights are in respect of customary service charges relative to such
        deposit accounts and other funds, and not in respect of any loans or other extensions of credit by such bank or other financial institution to any Loan Party); (f) cash deposits or pledges to secure the payment of worker’s compensation,
        unemployment insurance, or other social security benefits or obligations, public or statutory obligations, surety or appeal bonds, bid or performance bonds, or other obligations of a like nature incurred in the ordinary course of business; and (g)
        Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness secured by the any Lien listed above.

       

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

       

      
        Schedule B-22

        
          

      

      “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees
        of any Loan Party or any such plan to which any Loan Party Obligor (or with respect to any plan subject to Section 412 of the Code or Section 302 or Title IV of ERISA, any ERISA Affiliate) is required to contribute on behalf of any of its
        employees.

       

      “Pledged Equity” means the equity interests (other than those of Parent) listed on Sections 1(f) and 1(g) of the Disclosure Schedule,
        together with any other equity interests, certificates, options, or rights or instruments of any nature whatsoever in respect of the equity interests of any Person that may be issued or granted to, or held by, any Loan Party Obligor while this
        Agreement is in effect, and including to the extent attributable to, or otherwise related to, such pledged equity interests, all of such Loan Party Obligor’s (i) interests in the profits and losses of each Issuer, (ii) rights and interests to
        receive distributions of each Issuer’s assets and properties, and (iii) rights and interests, if any, to participate in the management of each Issuer related to such pledged equity interests, provided, however that no more than 65% of the voting equity interests of any CFC shall be deemed to be Pledged Equity.

       

      “Protective Advances” has the meaning set forth in Section 1.3.

       

      “Recipient” means Lender, Participant, or any other recipient of any payment to be made by or on account of any Obligation of any Loan
        Party Obligor under this Agreement or any other Loan Document, as applicable.

       

      “Register” has the meaning set forth in Section 10.9(a).

       

      “Released Parties” has the meaning set forth in Section 6.1.

       

      “Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a
        committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

       

      “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period
        has been waived.

       

      “Reserves” has the meaning set forth in Section 1.2.

       

      “Restricted Accounts” means Deposit Accounts (a) established and used (and at all times will be used) solely for the purpose of paying
        current payroll obligations of Loan Party Obligors (and which do not (and will not at any time) contain any deposits other than those necessary to fund current payroll), in each case in the ordinary course of business, or (b) maintained (and at all
        times will be maintained) solely in connection with an employee benefit plan, but solely to the extent that all funds on deposit therein are solely held for the benefit of, and owned by, employees (and will continue to be so held and owned)
        pursuant to such plan.

       

      
        Schedule B-23

        
          

      

      “Restricted Payment Conditions” means, with respect to any applicable transaction, (a) no Default or Event of Default shall exist
        immediately before and after giving effect to such transaction, (b) the Loan Party Obligors shall be in compliance with the financial covenants (calculated on a pro forma basis after giving to such transaction) set forth in Section 5.28, and (c)
        Excess Availability for each of the thirty (30) days immediately preceding such transaction and for each of the thirty days immediately following such transaction (calculated on a pro forma basis after giving effect to such transaction), is not
        less than $1,000,000.

       

      “Revolving Loans” has the meaning set forth in Section 1.1(a).

       

      “Sanctioned Entity” means (a) a country or a government of a country, (b) an agency of the government of a country, (c) an organization
        directly or indirectly controlled by a country or its government, (d) a Person resident in or determined to be resident in a country, in each case, that is subject to a country sanctions program administered and enforced by OFAC.

       

      “Sanctioned Person” means a person named on the list of Specially Designated Nationals maintained by OFAC.

       

      “Securities Act” means the Securities of Act of 1933, as amended.

       

      “SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank
        of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate
        identified as such by the administrator of the secured overnight financing rate from time to time).

       

      “Specified Financial Covenants” has the
          meaning set forth in Section 7.4.

       

      “Specified Covenant Compliance Period”
          has the meaning set forth in Section 7.4.

       

      “Specified Preferred Series C Distributions” means dividends or distributions on Parent’s Series C Cumulative Preferred Stock in an
        aggregate amount not to exceed $1,000,000 during any one (1) fiscal year of Parent.

       

      “Specified Preferred Series C Distributions Conditions” means, at the date of determination with respect to any Specified Preferred
        Series C Distributions, that (a) no Default or Event of Default shall exist immediately before and after giving effect to such payment, (b) the Loan Party Obligors shall be in compliance with the financial covenants set forth in Section 5.28 both
        before and after (calculated on a pro forma basis after giving effect to such transaction), (c) Excess Availability (i) for each of the thirty (30) days immediately preceding the payment of such distribution, and (ii) immediately following such
        transaction (calculated on a pro forma basis after giving effect to such transaction), is not less than $3,000,000, (d) Borrower shall have provided Lender with evidence, reasonably satisfactory to Lender, that that all accounts payable are being
        paid in the ordinary course of Borrower’s business,  and (e) prior to making such payment, Administrative Borrower shall certify to the Lender in writing that the foregoing conditions have and will be satisfied after the making of such payment.

       

      “Stated Rate” has the meaning set forth in Section 2.5.

       

      
        Schedule B-24

        
          

      

      “Subsidiary” means any corporation or other entity of which a Person owns, directly or indirectly, through one or more intermediaries,
        more than 50% of the capital stock or other equity interest at the time of determination. Unless the context indicates otherwise, references to a Subsidiary shall be deemed to refer to a Subsidiary of Borrower.

       

      “Swap Obligation” with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that
        constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

       

      “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
        fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

       

      “Term SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or
        recommended by the Relevant Governmental Body.

       

      “Termination Date” means the date on which all of the Obligations have been paid in full in cash or otherwise satisfies to the
        satisfaction of Lender and all of Lender’s lending commitments under this Agreement and under each of the other Loan Documents have been terminated.

       

      “UCC” means, at any given time, the Uniform Commercial Code as adopted and in effect at such time in the State of New York or such other
        applicable jurisdiction.

       

      “United States” means United States of America.

       

      “USD LIBOR” means the London interbank offered rate for U.S. Dollars.

       

      Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder (including determinations made pursuant to the exhibits hereto)
        shall be made, and all financial statements required to be delivered hereunder shall be prepared on a consolidated basis in accordance with GAAP consistently applied. If at any time any change in GAAP would affect the computation of any financial
        ratio or financial requirement set forth in any Loan Document, and either Borrower or Lender shall so request, Lender and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of
        such change in GAAP; provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) Borrower
        shall provide to Lender financial statements and other documents required under this Agreement and the other Loan Documents which include a reconciliation between calculations of such ratio or requirement made before and after giving effect to such
        change in GAAP. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect
        to any election under Statement of Financial Accounting Standards 159 (Codification of Accounting Standards 825-10) to value any Indebtedness or other liabilities of any Loan Party at “fair value,” as defined therein.

       

      
        Schedule B-25

        
          

      

      Notwithstanding anything to the contrary contained in the paragraph above or the definitions of Capital Expenditures or Capitalized Leases, in the event of a change in GAAP after the Closing Date
        requiring all leases to be capitalized, only those leases (assuming for purposes of this paragraph that they were in existence on the Closing Date) that would constitute Capitalized Leases on the Closing Date shall be considered Capital Leases (and
        all other such leases shall constitute operating leases) and all calculations and deliverables under this Agreement or the other Loan Documents shall be made in accordance therewith (other than the financial statements delivered pursuant to this
        Agreement, provided that all such financial statements delivered to Lender in accordance with the terms of this Agreement after the date of such change in GAAP shall contain a schedule
        showing the adjustments necessary to reconcile such financial statements with GAAP as in effect immediately prior to such change).

       

      References in this Agreement to “Articles,” “Sections,” “Annexes,” “Exhibits” or “Schedules” shall be to Articles. Sections, Annexes, Exhibits or Schedules of or to this Agreement unless otherwise
        specifically provided. Any term defined herein may be used in the singular or plural. “Include,” “includes” and “including” shall be deemed to be followed by “without limitation,” “or” shall be construed to mean “and/or.”  Except as otherwise
        specified or limited herein, references to any Person include the successors and assigns of such Person. References “from” or “through” any date mean, unless otherwise specified, “from and including” or “through and including,” respectively. Unless
        otherwise specified herein, the settlement of all payments and fundings hereunder between or among the parties hereto shall be made in lawful money of the United States and in immediately available funds. Time is of the essence for each performance
        obligation of the Loan Party Obligors under this Agreement and each Loan Document. All amounts used for purposes of financial calculations required to be made herein shall be without duplication. References to any statute or act shall include all
        related current regulations and all amendments and any successor statutes, acts and regulations. References to any agreement, instrument or document (i) shall include all schedules, exhibits, annexes and other attachments thereto and (ii) shall be
        construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or
        modifications set forth herein or in any other Loan Document). The words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
        securities, accounts and contract rights.

       

      
        Schedule B-26

        
          

      

      
      Schedule C

       

      Post-Closing Obligations

       

      1.              Within  thirty (30) days following the Closing Date (or such later date as Lender may agree in its sole discretion), Borrower shall deliver to Lender, in form and substance reasonably satisfactory to
        Lender, Blocked Account control agreements duly executed by Borrower and each applicable depository bank with respect to the following Deposit Accounts:  Account Nos. xxx and xxx maintained by ELFS with Wells Fargo Bank, National Association.

      

      

      2.            Within thirty (30) days following the Closing Date (or such later date as Lender may agree in its sole discretion), Borrower shall deliver to Lender such endorsements with respect to insurance (all of
        which shall be in form and substance reasonably satisfactory to Lender) evidencing compliance with the provisions of Section 5.14 hereof.

      

      

      
        Schedule C-1

        
          

      

      
      Schedule D

       

      Fees

       

      (a)          Closing Fee. A closing fee equal to $60,000 (the “Closing Fee”), which Closing Fee
        shall be deemed to be fully earned and payable as of the Closing Date.

       

      (b)         Collateral Monitoring Fee.  A monthly collateral monitoring fee of $500 per month until the Termination Date (the “Collateral Monitoring Fee”), which shall be due and payable monthly in arrears on the first day of each month, commencing on September 1, 2021.

       

      (c)          Unused Line Fee. An unused line fee (the “Unused Line Fee”) equal to 0.25% per annum
        of the amount by which the Maximum Revolving Facility Amount, calculated without giving effect to any Reserves or Availability Block, if applied to the Maximum Revolving Facility Amount, exceeds the average daily outstanding principal balance of
        the Revolving Loans and the Letter of Credit Balance during the immediately preceding month (or part thereof), which each such fee shall be deemed to be fully earned and payable, in arrears, on the first day of each month commencing September 1,
        2021, until the Termination Date.

       

      (d)          Letter of Credit Fees. A fee equal to the LIBOR Rate Margin times the average daily face amount of each Letter of Credit (the “Letter of Credit Fees”), which (i) each such fee shall be deemed to be fully earned and payable, in arrears, on the first day of each month commencing September 1, 2021, until the Termination
        Date, (ii) applicable fronting fees, and (iii) all customary charges associated with the issuance, amendment, negotiation, payment, processing, transfer and administration of Letters of Credit, which charges shall be paid as and when incurred. 
        Upon the occurrence of an Event of Default, the fee payable under this clause (i) shall be increased by 3.0% per annum.

      

      

      
        Schedule D-1

        
          

      

      
      Schedule E

       

      Provide Lender with each of the documents set forth below at the following times in form satisfactory to Lender:

       

      	 	
              Twice per month, on the 5th Business Day after the 15th
                of each month and last day of each month (as of the 15th day of such month and the prior month end, respectively); provided that if a BBC Reduction Trigger
                Event has occurred, once per month, on the 5th Business Day of each month.

            	 	 	
              (a) a completed and signed Borrowing Base certificate in the form provided to Borrower by Lender prior to the date hereof,

               

              

              (b) a roll-forward with supporting details with respect to Borrower’s Accounts (delivered electronically in an acceptable format).

               

              

              (c) notice of all claims, offsets, or disputes asserted by Account Debtors with respect to Borrower’s Accounts,

               

              

              (d) a detailed aging, by total, of Borrower’s Accounts, together with a reconciliation and supporting documentation for any reconciling items noted,

               

              

            
	 	
              Monthly, no later than 5th Business Day after the 15th day of each month (as of such 15th day)

            	 	 	
              (e) a summary aging, by vendor, of each Loan Party Obligor’s accounts payable and any book overdraft and an aging, by vendor, of any held checks (delivered electronically in an acceptable format),

                

              

              (f) a monthly Account roll-forward with respect to Borrower’s Accounts, in a format reasonably acceptable to Lender, tied to the beginning and ending Account balances of Borrower’s general ledger (delivered
                electronically in an acceptable format),

               

              

            
	 	
              Quarterly, no later than the 5th Business Day after each quarter end (as of such quarter end)

               

              

            	 	 	
              (g) a report regarding each Loan Party Obligor’s accrued, but unpaid, ad valorem taxes,

            

      

      

      
        Schedule E-1

        
          

      

      
      	 	
              Annually, on the 15th day of each January (as of the prior Fiscal Year end)

            	 	 	
              (h) a detailed list of each Loan Party Obligor’s customers, with address and contact information,

               

              

              (i) a detailed list of each Loan Party Obligor’s vendors, with address and contact information,

               

              

              (j) an updated Disclosure Schedule, true and correct in all material respects as of the date of delivery, accompanied by a certificate executed by an officer of Borrower in a form reasonably acceptable to
                Lender (it being understood and agreed that no such update shall serve to cure any existing Event of Default, including any Event of Default resulting from any failure to provide any such disclosure to Lender on an earlier date or any
                breach of any earlier made representation and/or warranty), and

               

              

            

      
        

           

      

      
        Schedule E-2

        
          

      

      
      Schedule F

       

      Financial Covenant

       

      Minimum Debt Service Coverage Ratio.  Loan Party Obligors shall not permit the Debt Service Coverage Ratio to be less than 1.1:1.0 for each Covenant Compliance Period, commencing with the fiscal quarter ending September 30,
          2021, calculated on an actual trailing four (4) quarter basis, provided, however, for the first, second and third Covenant
          Compliance Periods after the Closing Date (i.e. September 30, 2021, December 31, 2021, and March 31, 2022), the Debt Service Coverage Ratio shall be calculated on a rolling three (3) month, six (6) month and nine (9) month basis.

       

      Minimum Debt Service Coverage Ratio (Borrower Group). Borrower shall not permit the Debt Service Coverage Ratio (Borrower Group) to be less than 1.1:1.0 for each Covenant Compliance Period, commencing with the fiscal quarter ending September
          30, 2021, calculated on an actual trailing four (4) quarter basis, provided, however, for the first, second and third
          Covenant Compliance Periods after the Closing Date (i.e. September 30, 2021, December 31, 2021, and March 31, 2022), the Debt Service Coverage Ratio shall be calculated on a rolling three (3) month, six (6) month and nine (9) month basis.

      

         

      
        Schedule F-1

        
          

      

      
      Schedule G

       

      Additional Conditions Precedent

         

      The closing and initial funding of the initial Revolving Loans will be subject to the following additional conditions precedent:

      

      

      (i)          Satisfactory evidence that the Borrowers are paying account payables within terms.

      

      

      (ii)         The Lender shall have received an updated Borrowing Base certificate.

      

      

      (iii)        Excess Availability shall be no less than $5,000,000 at the time of closing.

      

      

      (iv)        All documents and instruments required to perfect the Lender’s security  interest in the Collateral shall have been executed, delivered and in form for filing, and the Lender’s Liens on the Collateral shall
        have been perfected, as contemplated by this Agreement; provided that to the extent a Lien on any Collateral of ELFS and/or ELFS Brokerage (other than assets with respect to which a Lien may be perfected solely by the filing of a financing
        statement under the Uniform Commercial Code and the delivery of stock certificates) is not or cannot be perfected on the Closing Date after Lender’s use of commercially reasonable efforts to do so or without undue burden or expense, the perfection
        of such Lien shall not constitute a condition precedent to the initial availability of the this Agreement on the Closing Date, but shall be required to be perfected within 90 days after the Closing Date (subject to extensions by the Lender in its
        sole reasonable discretion).

      

      

      (v)         The ELFS Acquisition shall occur contemporaneously with the execution and delivery of this  Agreement and materially in accordance with the provisions of the ELFS Acquisition Documentation.

      

      

      
        Schedule G-1

        
          

      

      
      Schedule H

       

      Acquisition Seller Financing as of the Closing Date

       

      	
              Obligee

            	
              Date of Note/Agreement

            	
              Outstanding Balance as of Closing Date

            
	
              Peter Schlesinger

            	
              July 23, 2020

            	
              $386,000

            
	
              David W. Flake

            	
              September [__], 2021

            	
              $1,741,800

            
	
              Randall L. Cockrell

            	
              September [__], 2021

            	
              $1,741,800

            
	
              Steven R. Lalumandier

            	
              September [__], 2021

            	
              $774,600

            
	
              Frederick J. Lalumandier

            	
              September [__], 2021

            	
              $1,741,800

            
	 	
              Total:

            	
              $6,386,000

            

      

      

      
        Schedule H-1

        
          

      

      
      Schedule I

       

      Representations, Warranties and Covenants Regarding ELFS Acquisition

        

      

      (i)          Loan Party Obligors have delivered to Lender a complete and correct copy of the ELFS Acquisition Documentation, including all schedules and
        exhibits thereto.  The execution, delivery and performance of each of the ELFS Acquisition Documentation has been duly authorized by all necessary action on the part of Janel and Parent.  Each ELFS Acquisition Documentation is the legal, valid and
        binding obligation of Janel and Parent, enforceable against such Person in accordance with its terms, in each case, except (i) as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or
        affecting generally the enforcement of creditors’ rights and (ii) the availability of the remedy of specific performance or injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefor may be
        brought.  Neither Janel nor Parent is in default in the performance or compliance with any provisions thereof.  All representations and warranties made by Janel and Parent in the ELFS Acquisition Documentation and in the certificates delivered in
        connection therewith are true and correct in all material respects. To the knowledge of Janel and Parent, none of the Seller’s representations or warranties in the ELFS Acquisition Documentation contain any untrue statement of a material fact or
        omit any fact necessary to make the statements therein not misleading, in any case that could reasonably be expected to result in a Material Adverse Effect.

       

      (ii)         No Default or Event of Default exists as of the Closing Date or would arise from the
          consummation of such ELFS Acquisition;

       

      (iii)        The business acquired in connection with such ELFS Acquisition is (A) located in the
          United States, (B) organized under the laws of any state of the United States or the District of Columbia, and (C) each of ELFS and ELFS Brokerage are engaged in the business of non-asset based transportation logistics;

       

      (iv)        After giving effect to the ELFS Acquisition and this  Sixth Amendment, Janel will own,
          directly or indirectly, 100% of the equity interests of ELFS and ELFS Brokerage shall control all of the voting interests or shall otherwise control the governance of each such Person, will have good title to the assets acquired pursuant to the
          ELFS Purchase Agreement, free and clear of all Liens other than Permitted Liens, and Lender shall have a first priority Lien in all of the assets of ELFS and ELFS Brokerage, subject to Permitted Liens;

      
        

        

      

      
        Schedule I-1

        
          

      

      
      (v)         Such ELFS Acquisition has been approved by the board of directors of ELFS and ELFS
          Brokerage and such board of directors has not announced that it will oppose such ELFS Acquisition or has not commenced any action which alleges that such ELFS Acquisition shall violate applicable law;

       

      (vi)        The Loan Party Obligors have furnished the Lender with historic financial statements of
          ELFS and ELFS Brokerage, pro forma projected financial statements of ELFS and ELFS Brokerage through September 21, 2022, and such other information as the Lender may reasonably require, all of which shall be reasonably satisfactory to the Lender.

       

      (vii)       The ELFS Acquisition will be consummated in all material respects, in accordance with all
          applicable laws and this Agreement and all requisite approvals by Governmental Authorities having jurisdiction over Janel, Parent and ELFS and ELFS Brokerage and, to Janel’s knowledge, the ELFS Sellers, with respect to the ELFS Acquisition, have
          been obtained (including filings or approvals required under the Hart-Scott-Rodino Antitrust Improvements Act), except for any approval the failure to obtain could not reasonably be expected to be material to the interests of the Lender.

       

      (viii)      The ELFS Cash Cushion Amount shall only be used  by EFLS to fund working capital needs and
          on the Closing Date the full amount of the ELFS Cash Cushion Amount shall be deposited into Designated Deposit Account #s x4090 and x2282, and the Loan Party Obligors shall have provided Lender with evidence of same.

      
        

        

      

      
        Schedule I-2

        
          

      

      
      Exhibit A

       

      FORM OF NOTICE OF BORROWING

       

       

      Santander Bank, N.A.

       

      75 State Street

       

      Boston, MA 02109

       

      Attention:  [__________________]

       

      Dear [____________]:

       

      Please refer to that certain Amended and Restated Loan and Security Agreement, dated as of September 21, 2021, by and among, among others, JANEL GROUP, INC. (“Janel”), EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC (“ELFS”), ELFS BROKERAGE, LLC (“ELFS Brokerage”
        and together with Janel and ELFS, individually and collectively, jointly and severally, the “Borrower”), JANEL CORPORATION (“Parent”),

        and SANTANDER BANK, N.A. (the “Lender”) (as the same may be further amended from time to time, the “Loan Agreement”). 
        Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.  This notice is given pursuant to Section 1.4 and Section 2.6 of the Loan Agreement and constitutes a representation by the
        undersigned that the conditions specified in Section 1.6 of the Loan Agreement have been satisfied.  Without limiting the foregoing, (i) each of the representations and warranties set forth in the Loan Agreement and in the other Loan Documents is
        true and correct in all respects as of the date hereof (or to the extent any representations or warranties are expressly made solely as of an earlier date, such representations and warranties shall be true and correct as of such earlier date), both
        before and after giving effect to the Loans requested hereby, and (ii) no Default or Event of Default is in existence, both before and after giving effect to the Loans requested hereby.

       

      Administrative Borrower hereby requests a borrowing under the Loan Agreement as follows:

       

      The aggregate amount of the proposed borrowing is [______________].  The requested borrowing date for the proposed borrowing (which is a Business Day) is [__________], [_____].1

       

      The proposed borrowing is to be a Base Rate Loan or LIBOR Rate Loan with an Interest Period of 1, 2 or 3 month(s).

       

      Administrative Borrower has caused this Notice of Borrowing to be executed and delivered by its officer thereunto duly authorized on [____________].

      
        

        

        
          

        1 Note:  For a LIBOR Rate Loan, notice needs to be given at least 3 Business Days prior to the commencement of the proposed Interest
          Period.

         

      
        Schedule A-1

        
          

      

      
      	 	
              Administrative Borrower:

            
	 	 
	 	
              JANEL GROUP, INC., a New York corporation

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            
	 	
              Title:

            

      

      
        Schedule A-2

        
          

      

      
      Exhibit B

       

      LIBOR Notice

       

      Santander Bank, N.A.

      75 State Street

      Boston, MA 02109

      Attention: [_______________]

      

      

      Dear [___________]:

      

      

      Please refer to that certain Amended and Restated Loan and Security Agreement, dated as of September 21, 2021, by and among, among others, JANEL GROUP, INC. (“Janel”), EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC (“ELFS”), ELFS BROKERAGE, LLC (“ELFS Brokerage”
        and together with Janel and ELFS, individually and collectively, jointly and severally, the “Borrower”), JANEL CORPORATION (“Parent”),

        and SANTANDER BANK, N.A. (the “Lender”) (as the same may be further amended from time to time, the “Loan Agreement”). 
        Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Loan Agreement.  This notice is given pursuant to Section 2.6 of the Loan Agreement and constitutes a representation by the undersigned that (i)
        each of the representations and warranties set forth in the Loan Agreement and in the other Loan Documents is true and correct in all respects as of the date hereof (or to the extent any representations or warranties are expressly made solely as of
        an earlier date, such representations and warranties shall be true and correct as of such earlier date), both before and after giving effect to the Loans requested hereby, and (ii) no Default or Event of Default is in existence, both before and
        after giving effect to the Loans requested hereby.

       

      This LIBOR Notice represents Administrative Borrower’s request to elect the LIBOR Option with respect to outstanding Revolving Loans in the amount of $______________ (the “LIBOR Rate Loan”)[, and is a written confirmation of the telephonic notice of such election given to Lender].

       

      The LIBOR Rate Loan will have an Interest Period of 1, 2, or 3 month(s) commencing on _______________.

      
        

           

      

      
        Exhibit B-1

        
          

      

      
      	 	
              Administrative Borrower:

            
	 	 
	 	
              JANEL GROUP, INC., a New York corporation

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            
	 	
              Title:

            

        

      
        Exhibit B-2

        
          

      

      
      Exhibit C

       

      CLOSING CHECKLIST

       

      [Attached]

      

         

      
        Exhibit C-1

        
          

      

      
      Exhibit D

       

      SANTANDER BANK, N.A.  

      AUTHORIZED ACCOUNTS FORM

       

      Borrowers’ Names:          JANEL GROUP, INC., a New York corporation (“Janel”), EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC (“ELFS”), ELFS BROKERAGE, LLC (“ELFS Brokerage” and together with Janel and ELFS, individually and collectively, jointly and severally, the “Borrower”).

      

      

      Amended and Restated Loan and Security Agreement Date:  September 21, 2021, as amended

       

      I, being an authorized signor of the above Borrower, refer to the above Amended and Restated Loan and Security Agreement, between JANEL CORPORATION, a Nevada corporation (“Parent”), the Borrower, and Santander Bank, N.A. (“Lender”) (as the same may be further amended from time to time, the “Loan Agreement”).  This is the Authorized Account Form, referring to authorized operating bank accounts of the Company.  Capitalized terms used but not defined herein shall have the meanings given to them in the Loan
        Agreement.

       

      Being duly authorized by the Borrower, I confirm that the following operating bank accounts of the Company are the accounts into which proceeds of any Loan may be paid:

       

      	 	
              Bank

            	
              Routing Number

            	
              Account Number

            	 	
              Account Name

            
	 	
              Santander Bank, N.A.

            	 	 	 	
              JANEL GROUP, INC.

            
	 	
              Santander Bank, N.A.

            	 	 	 	
              EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC

            
	 	
              Santander Bank, N.A.

            	 	 	 	
              ELFS BROKERAGE, LLC

            

      

      

      JANEL GROUP, INC.

      EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC

      ELFS BROKERAGE, LLC          

       

      	 	 	 
	
              Authorized Signor

            	 	 

       

      

      	
              Name:

            	 	 
	
              Title: 

            	 	 
	
              Date:

            	 	 

      

         

      
        Exhibit D-1

        
          

      

      
      Exhibit E

       

      FORM OF ACCOUNT DEBTOR NOTIFICATION

       

      [Borrower Letterhead]

       

      [Date]

       

      VIA CERTIFIED MAIL, RETURN RECEIPT REQUESTED

       

        	 	 
	 	 
	 	 

                   

      

      Re: Loan Transaction with Santander Bank, N.A.

      

      

      Ladies and Gentlemen:

      

      

      Please be advised that we and certain of our affiliates have entered into certain financing arrangements (along with any other financing agreements that we or any of our affiliates may enter into with Lender in the
        future, the “Financing Arrangements”) with Santander Bank, N.A. (“Lender”), pursuant to which we have granted to Lender a
        security interest in, among other things, any and all Accounts and Chattel Paper (as those terms are defined in the Uniform Commercial Code) owing by you to us, whether now existing or hereafter arising.

      

      

      You are authorized and directed to respond to any inquiries that Lender may direct to you from time to time pertaining to the validity, amount, and other matters relating to such Accounts and Chattel Paper.  In the
        event that Lender requests that payment for any Accounts and/or Chattel Paper be made directly to Lender, you are hereby authorized and directed to comply with such instructions, without further authorization or instruction from us.

      

      

      This authorization and directive shall be continuing and irrevocable until all of the Financing Agreements have been terminated and all obligations thereunder by us and our affiliates have indefeasibly been paid in
        full in cash.

      

      

      Very truly yours,

      

      

      JANEL GROUP, INC.

      EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC

      ELFS BROKERAGE, LLC

      

      

      	
              By:

            	 	 	 
	
              Name:

            	 	 	 
	
              Title:

            	 	 	 

      

      

      	
              cc: Santander Bank, N.A.

            
	
              Mail Code:

            
	
              75 State Street,

            
	
              Boston, MA 02109

            
	
              Attention: Mr. Benjamin Martinez

            

       

      
        Exhibit E-1

        
          

      

      
      Exhibit F

       

      FORM OF COMPLIANCE CERTIFICATE

       

      [Letterhead of Borrower]

       

      
        	
                To:

              	
                Santander Bank, N.A.

              

      

      Mail Code:  

      75 State Street,  

      Boston, MA 02109  

      Attention: Mr. Benjamin Martinez

       

      Re: Compliance Certificate dated _______________

       

      Ladies and Gentlemen:

       

      Reference is hereby made to that certain Amended and Restated Loan and Security Agreement, dated as of September 21, 2021, by and among, among others, JANEL GROUP, INC. (“Janel”), EXPEDITED LOGISTICS AND
        FREIGHT SERVICES, LLC (“ELFS”), ELFS BROKERAGE, LLC (“ELFS Brokerage” and together with Janel and ELFS, individually and collectively, jointly and severally, the “Borrower”), JANEL CORPORATION (“Parent”), and SANTANDER
        BANK, N.A. (the “Lender”) (as the same may be further amended from time to time, the “Loan Agreement”).  All capitalized terms used herein and not otherwise defined shall have the same meaning
          herein as in the Loan Agreement.

       

      Pursuant to Section 5.15 of the Loan Agreement, the undersigned __________________ of Borrower hereby certifies (solely in his capacity as an officer of Borrower and not in his individual capacity) that:

       

      1.            The financial statements of the Loan Party Obligors for the ___-month period ending ___________ attached hereto have been prepared in accordance with GAAP, and fairly present the
        financial condition of the Loan Party Obligors for the periods and as of the dates specified herein.

       

      2.             As of the date hereof, there does not exist any Default or Event of Default.

       

      3.            The Loan Party Obligors are in compliance with the applicable financial covenants contained in Section 5.28 of the Loan Agreement for the periods covered by this Compliance
        Certificate.  Attached hereto are statements of all relevant facts and computations in reasonable detail sufficient to evidence the Loan Party Obligors’ compliance with such financial covenants, which computations were made in accordance with GAAP.

       

      [Signature page follows]

      

         

      
        Exhibit F-1

        
          

      

      
      IN WITNESS WHEREOF, this Compliance Certificate is executed by the undersigned this ____ day of __________________, ______.

       

      	 	
              Borrower:

            
	 	 
	 	
              JANEL GROUP, INC., a New York corporation

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              EXPEDITED LOGISTICS AND FREIGHT SERVICES, LLC, a Texas limited liability company

            
	 	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              ELFS BROKERAGE, LLC, a Texas limited liability company

            
	 	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              Loan Party Obligors:

            
	 	 	 
	 	
              JANEL CORPORATION, a Nevada corporation

            
	 	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 
	 	
              Title:

            	 

       

      

       

        Exhibit F-2

      

      
        

           

        Addendum 1-1

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