Document:

Document

EXHIBIT 10.2

FIRST AMENDMENT dated as of December 23, 2021 (this “Amendment”), to the AMENDED AND RESTATED CREDIT AGREEMENT dated as of April 23, 2021 (as amended, restated, amended and restated, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”), among BROADRIDGE FINANCIAL SOLUTIONS, INC., a Delaware corporation (the “Company”), BROADRIDGE FINANCIAL SOLUTIONS (CANADA) CORP., a Nova Scotia unlimited company, BROADRIDGE SWEDEN HOLDINGS AB (u.n.c.f. GOLDCUP 100696 AB), a private limited liability company incorporated under the laws of Sweden, the other BORROWING SUBSIDIARIES party thereto, the LENDERS party thereto and JPMORGAN CHASE BANK, N.A., as Administrative Agent.   
WHEREAS, the Lenders have agreed to extend credit to the Borrowers under the Credit Agreement on the terms and subject to the conditions set forth therein;
WHEREAS, the Company has requested that the Lenders agree to effect certain amendments to the Credit Agreement as set forth herein; and
WHEREAS, the parties hereto, which include each Lender as of the First Amendment Effective Date (as defined below), are willing to amend the Credit Agreement on the terms and subject to the conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows:
SECTION 1.  Defined Terms.  Capitalized terms used but not otherwise defined herein (including in the preamble and the recitals hereto) have the meanings assigned to them in the Credit Agreement (as amended hereby).
SECTION 2.  Amendment of Credit Agreement.  Effective as of the First Amendment Effective Date, the Credit Agreement is hereby amended by inserting the language indicated in single or double underlined text (indicated textually in the same manner as the following examples: single-underlined text) and by deleting the language indicated by strikethrough text (indicated textually in the same manner as the following example: stricken text) as set forth in the blackline changed pages attached as Exhibit A hereto.
SECTION 3.  Representations and Warranties.  The Company represents and warrants to the Lenders that:
(a)  This Amendment has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms, subject to applicable Debtor Relief Laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)  Before and after giving effect to this Amendment, the representations and warranties of the Borrowers set forth the Credit Agreement and the other Loan Documents are true and correct (i) in the case of the representations and warranties qualified as to materiality, in all respects and (ii) otherwise, in all material respects on and as of the First Amendment Effective Date with the same effect as if made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case they were so true and correct as of such earlier date.

(c)  As of the First Amendment Effective Date, before and after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.
SECTION 4.  Effectiveness.  This Amendment shall become effective as of the first date (the “First Amendment Effective Date”) on which the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of Company, the Administrative Agent and each of the Lenders, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The Administrative Agent shall notify the Company, the Lenders and the Issuing Banks of the First Amendment Effective Date, and such notice shall be conclusive and binding.
SECTION 5.  Effect of this Amendment.  (a) Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Administrative Agent, the Issuing Banks or the Lenders under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any Borrower to any other consent to, or any other waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances.
(c)  On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereunder”, “hereto”, “hereof” and words of similar import shall, unless the context otherwise requires, refer to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other Loan Document shall be deemed to be a reference to the Credit Agreement as amended hereby.  This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.
SECTION 6.  Applicable Law.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
SECTION 7.  Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment that is an Electronic Signature transmitted by fax, emailed pdf. or any other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 8.  Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the date first above written. 

						
	BROADRIDGE FINANCIAL SOLUTIONS, INC.,
	by:

	

	/s/ Edmund Reese

	

	Name:    Edmund Reese
Title: Chief Financial Officer

						
	

JPMORGAN CHASE BANK, N.A., as a Lender and as Administrative Agent,

	by: 

	

	/s/ Ryan Zimmerman

	

	Name: Ryan Zimmerman
Title: Vice President

        Name of Lender:
						
	Lender:  BANK OF AMERICA, N.A.
	by:

	

	/s/ Alexandra M. Knights

	

	Name: Alexandra M. Knights
Title: Vice President

        Name of Lender:
						
	Lender:  WELLS FARGO BANK, N.A.
	by:

	

	/s/ Tracy L. Moosbrugger

	

	Name: Tracy L. Moosbrugger
Title: Managing Director

3

        Name of Lender:
						
	Lender:  BNP Paribas Securities Corp.
	by:

	

	/s/ Michael Kowalczuk

	

	Name: Michael Kowalczuk
Title: Managing Director

						
	For any Lender requiring a second signature line:
	by:

	

	   /s/ Maria Mulic

	

	Name: Maria Mulic
Title: Managing Director

        Name of Lender:
						
	Lender:  TD Bank, N.A.
	by:

	

	/s/ Bernadette Collins

	

	Name: Bernadette Collins
Title: Senior Vice President

        Name of Lender:
						
	Lender:  U.S. Bank National Association
	by:

	

	/s/ William R. Mandaro

	

	Name: William R. Mandaro
Title: SVP

        Name of Lender:
						
	Lender:  Truist Bank
	by:

	

	/s/ Jim C. Wright

	

	Name: Jim C. Wright
Title: Vice President 

4

        Name of Lender:
						
	Lender:  BANK OF CHINA, NEW YORK BRANCH
	by:

	

	/s/ Raymond Qiao

	

	Name: Raymond Qiao
Title: Executive Vice President

    Name of Lender:
						
	Lender:  THE BANK OF NOVA SCOTIA
	by:

	

	/s/ Khrystyna Manko

	

	Name: Khrystyna Manko
Title: Director

Name of Lender:
						
	Lender:  BMO Bank of Montreal
	

	/s/ Geoff Clark

	

	Name: Geoff Clark
Title: Director, Corporate Finance Division

		

Name of Lender:
						
	Lender:  HSBC Bank USA NA
	by:

	

	/s/ Eric Korins

	

	Name: Eric Korins
Title: Vice President

Name of Lender:
						
	Lender:  MORGAN STANLEY BANK, N.A.
	

	   by:
	

		/s/ Jack Kuhns

5

                Name of Lender:
						
	Lender:  Santander Bank, N.A.
	by:

	

	/s/ Jennifer Baydian

	

	Name: Jennifer Baydian
Title: Senior Vice President

                Name of Lender:
						
	Lender:  BARCLAYS BANK IRELAND PLC
	by:

	

	/s/ Daniel Scoines

	

	Name: Daniel Scoines
Title: Assistant Vice President

6

EXHIBIT A

AMENDED AND RESTATED CREDIT AGREEMENT 
dated as of 
April 23, 2021, 
among 
BROADRIDGE FINANCIAL SOLUTIONS, INC., 
The BORROWING SUBSIDIARIES Party Hereto, 
The LENDERS Party Hereto 
and
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent
JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., WELLS FARGO 
SECURITIES, LLC, BNP PARIBAS SECURITIES CORP., TD SECURITIES (USA) LLC and 
U.S. BANK NATIONAL ASSOCIATION, 
as Joint Lead Arrangers and Joint Bookrunners
BANK OF AMERICA, N.A., WELLS FARGO BANK, NATIONAL ASSOCIATION, BNP
PARIBAS, TD BANK, N.A. and U.S. BANK NATIONAL ASSOCIATION,
as Syndication Agents
and
TRUIST BANK,
as Documentation Agent

TABLE OF CONTENTS
Page 
ARTICLE I 
Definitions
SECTION 1.01. Defined Terms    1
SECTION 1.02. Classification of Loans and Borrowings    43
SECTION 1.03. Terms Generally    4344 
SECTION 1.04. Accounting Terms; GAAP; Pro Forma Computations    44 
SECTION 1.05. Currency Translation    45
SECTION 1.06. Interest Rates; LIBOR Notification    45
SECTION 1.07. Divisions    4647 
SECTION 1.08. Blocking Regulation    47
ARTICLE II 
The Credits
SECTION 2.01. Revolving Commitments    47
SECTION 2.02. Loans and Borrowings    48
SECTION 2.03. Requests for Revolving Borrowings    49 
SECTION 2.04. [Reserved]    50
SECTION 2.05. Swingline Loans    50
SECTION 2.06. Letters of Credit    52
SECTION 2.07. Funding of Borrowings    60
SECTION 2.08. Interest Elections for Revolving Borrowings    60
SECTION 2.09. Termination or Reduction of Revolving Commitments    62 
SECTION 2.10. Increase of Revolving Commitments; Extension of Revolving
Maturity Date    63
SECTION 2.11. Repayment of Loans; Evidence of Debt    66
SECTION 2.12. Prepayment of Loans    66
SECTION 2.13. Fees    68
SECTION 2.14. Interest     69
SECTION 2.15. Alternate Rate of Interest    70 
SECTION 2.16. Increased Costs    74
SECTION 2.17. Break Funding Payments    76
SECTION 2.18. Taxes    77
SECTION 2.19. Payments Generally; Pro Rata Treatment; Sharing of Set-offs    80
SECTION 2.20. Mitigation Obligations; Replacement of Lenders    82
SECTION 2.21. Defaulting Lenders    83
SECTION 2.22. Borrowing Subsidiaries    86

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relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.
“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 Borrower under any Loan Document and (b) Other Taxes.
“Indemnitee” has the meaning set forth in Section 9.03(b).
“Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Company that is not guaranteed by any other Person or subject to any other credit enhancement.
“Information” has the meaning set forth in Section 9.12(a).
“Information Memorandum” means the Confidential Information Memorandum dated March 31, 2021 relating to the Company and the Transactions.
“Initial Loans” has the meaning set forth in Section 2.10(b).
“Interest Election Request” means a request by or on behalf of a Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08, which shall be substantially in the form of Exhibit E or any other form approved by the Administrative Agent.
“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), any CBR Loan or any Canadian Prime Loan, the last day of each March, June, September and December, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the date of the Borrowing of which such Loan is a part (or, if there is no such numerically corresponding day in such month, then the last day of such month), and for purposes of this clause (b), the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing, (c) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid.
“Interest Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and ending, as the applicable Borrower may elect, on the date one week thereafter or on the numerically corresponding day in the calendar month that is one, two, three or (except in the case of CDOR Borrowings) six months thereafter (or, if agreed upon by all of the Lenders participating in such Borrowing, any other period thereafter), in each case  (other than in respect of a period of one week in connection with a Borrowing  denominated in US Dollars (such period, the “One Week USD Interest Period”)), subject to the availability of such period for the Benchmark applicable to such Borrowing for the applicable Agreed Currency; provided that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless,

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solely in the case of a Eurocurrency Borrowing with an Interest Period of one month or longer, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (b) any Interest Period pertaining to a Eurocurrency Borrowing of one month or longer that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period and (c) no tenor that has been removed from this definition pursuant to Section 2.15(b) shall be available for specification in any Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.
“Interpolated Screen Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period or clause (c) of the definition of the term “Alternate Base Rate”, a rate per annum (rounded to the same number of decimal places as the Relevant Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between (a) the Relevant Screen Rate for the longest period (for which the Relevant Screen Rate is available (which longest period, for the avoidance of doubt, need not itself be an Interest Period) that is shorter than the applicable periodInterest Period; and (b) the Relevant Screen Rate for the shortest period (for which the Relevant Screen Rate is available  (which shortest period, for the  avoidance of doubt, need not itself be an Interest Period) that is longer than the applicable periodInterest Period, in each case, as of the time the Interpolated Screen Rate is otherwise required to be determined in accordance with this Agreement; provided that the Interpolated Screen Rate shall in no event be less than 0.00%.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
“Issuing Bank” means (a) each of JPMorgan, Bank of America, N.A., BNP Paribas, TD Bank, N.A., U.S. Bank National Association and Wells Fargo Bank, National Association and (b) any other US Dollar Tranche Revolving Lender that is designated by the Company and agrees to act in such capacity pursuant to Section 2.06(i) or 2.06(j) (other than any Person that shall have ceased to be an Issuing Bank as provided in Section 2.06(i)). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by any branch or Affiliate of such Issuing Bank, in which case the term “Issuing Bank” shall include any such branch or Affiliate with respect to Letters of Credit issued by such branch or Affiliate (it being agreed that such Issuing Bank shall cause such branch or Affiliate to comply with the requirements of Section 2.06 with respect to such Letters of Credit).

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“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption or pursuant to an Accession Agreement, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lenders.
“Letter of Credit” means each Existing Letter of Credit and any letter of credit issued pursuant to this Agreement.
“Leverage Ratio” means, as of the last day of any Test Period, the ratio of (a) Total Indebtedness as of such date to (b) Consolidated EBITDA for such Test Period; provided that, for purposes of determining Total Indebtedness, at any time after the definitive agreement for any Material Specified Acquisition shall have been executed, any Acquisition Indebtedness with respect to such Material Specified Acquisition shall, unless such Material Specified Acquisition shall have been consummated, be disregarded.
“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.
“LIBO Rate” means, with respect to any Borrowing denominated in US Dollars for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (including, for the  avoidance of doubt and without limitation, as a result of the permanent cessation of publication of the one-week US Dollar London interbank offered rate setting), then the LIBO Rate for such Interest Period shall be the Interpolated Screen Rate as of such time.
“LIBO Screen Rate” means a rate per annum equal to the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in US Dollars for the applicable period, as displayed on the Reuters screen page that displays such rate (currently Reuters Screen Page LIBOR01 or LIBOR02) (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion); provided that if the LIBO Screen Rate, determined as provided above, would be less than 0.00%, then the LIBO Screen Rate shall be deemed to be 0.00% for all purposes.
“LIBOR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBO Rate.
“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing, but excluding any operating lease) relating to such asset and (c) in the case of 

33
means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided further that the NYFRB Rate shall in no event be less than 0.00%.
“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“Objecting Lender” has the meaning set forth in Section 2.22(a).
“One Week USD Interest Period” has the meaning set forth in the definition of “Interest Period”. 

“Other Connection Taxes” means, with respect to any Lender or Issuing Bank, Taxes imposed as a result of a present or former connection between such Lender or Issuing Bank and the jurisdiction imposing such Taxes (other than a connection arising from such Lender or Issuing Bank having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any Loan Document).
“Other Taxes” means any and all present or future recording, stamp, court, documentary, filing, intangible or similar Taxes arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment, participation or change in lending office (other than an assignment under Section 2.20(b) or a change in lending office under Section 2.20(a)).
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurocurrency borrowings denominated in US Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the next succeeding business day as an Overnight Bank Funding Rate; provided that such rate shall in no event be less than 0.00%.
“Overnight Rate” means, for any day, (a) with respect to any amount denominated in US Dollars, the NYFRB Rate and (b) with respect to any amount denominated in an Alternative Currency, an overnight rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
“Participant” has the meaning set forth in Section 9.04(g).
“Participant Register” has the meaning set forth in Section 9.04(g).
“Participating Member State” means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

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that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor, in  each case, other than the tenor of one week in respect of the One Week USD Interest Period, and (B) if a tenor that was removed pursuant to clause (A) above either (x) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (y) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(vi) Upon the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, the applicable Borrower (or the Company on its behalf) may revoke any request for a borrowing of Eurocurrency Loans or RFR Loans, or conversion to or continuation of Eurocurrency Loans, to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (x) the applicable Borrower will be deemed to have converted any request for a Eurocurrency Borrowing denominated in US Dollars into a request for a borrowing of, or conversion to, ABR Loans or (y) any request for a Eurocurrency Borrowing denominated in an Alternative Currency or an RFR Borrowing shall be ineffective. If any Eurocurrency Borrowing or RFR Borrowing is outstanding on the date of the Company’s receipt of such notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Eurocurrency Borrowing or RFR Borrowing, then, until such time as a Benchmark Replacement for such Agreement Currency is implemented pursuant to this Section 2.15(b), (1) if such Eurocurrency Borrowing is denominated in US Dollars, such Eurocurrency Borrowing, unless repaid, shall convert, on the last day of the Interest Period applicable thereto, to an ABR Revolving Borrowing, (2) if such Eurocurrency Borrowing is denominated in any Alternative Currency (other than Canadian Dollars), such Eurocurrency Borrowing, unless repaid, shall convert, on the last day of the Interest Period applicable thereto, to a CBR Borrowing that bears interest at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate, (3) if such Eurocurrency Borrowing is denominated in Canadian Dollars, such Eurocurrency Borrowing, unless repaid, shall convert, on the last day of the Interest Period applicable thereto, to a Canadian Prime Borrowing that bears interest at the Canadian Prime Rate plus the Applicable Rate, or (4) in the case of any RFR Borrowing, such Borrowing, unless repaid, shall convert, effective upon such notice, to a CBR Borrowing that bears interest at the Central Bank Rate for Sterling plus the Applicable Rate; provided, in the case of clauses (2), (3) and (4) above, that if the Administrative Agent determines at any time (which determination shall be made in good faith and shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Central Bank Rate for the applicable Agreed Currency or the Canadian Prime Rate, as applicable, then the Administrative Agent shall give notice thereof (which may be by telephone) to the Company and the Lenders as promptly as practicable, and, on the date of such determination (and whether or not a notice of such determination has already been given), the applicable affected Revolving Borrowing, unless repaid, shall automatically convert into a Revolving Borrowing of the same Class but denominated in

Borrowing Subsidiary or other obligor to the Administrative Agent, the Issuing Bank and the Lenders.
[remainder of page intentionally blank; signature page is the next page]Exhibit
4.1

 

Deed
Poll

Constituting
Convertible Loan Notes

 

between

 

Locafy
Limited ACN 136 737 767

(Company)

 

and

 

Each
Noteholder

 

    	 

     

    

 

Table
of contents

 

	1	Definitions
    and interpretation	2
	2	Constitution
    of the Notes	5
	3	Issue
    of Notes	6
	4	Interest,
    conversion, redemption and Disposal	6
	5	Note
    Certificates	6
	6	Register	7
	7	Obligations
    of the Company	7
	8	Amendment
    of the Deed	8
	9	Notices	8
	10	Counterparts	8
	11	Governing
    law and jurisdiction	8
	 	 	 
	Annexure
    A Note Certificate	10
	Annexure
    B Application Form	11
	Annexure
    C Note Terms 	12

 

    	 

    	Page 2

    

 

This
deed is made on 28 May 2021

 

	between	Locafy
    Limited ACN 136 737 767 of 246 Churchill Avenue, Subiaco, Western Australia (Company)
	 	 
	and	Each
    Noteholder

 

Recital

 

	A	The
    Company by resolution of the Board on or about the date of this Deed created 2,500,000 convertible loan notes of $1.00 each to be
    constituted under this Deed.

 

Now
it is covenanted and agreed as follows:

 

	1	Definitions
    and interpretation

 

 

	1.1	Definitions

 

In
this Deed, unless the context requires another meaning:

 

Application
Form means a form for the application for Notes substantially in the form set out as Annexure B.

 

Board
means the board of directors of the Company from time to time.

 

Business
Day means a day that is not a Saturday or Sunday or a public holiday or a bank holiday in Perth, Australia.

 

Corporations
Act means the Corporations Act 2001 (Cth).

 

Dollars
and $ means the lawful currency of Australia.

 

Event
of Default means in respect of any Group Company, the occurrence of an Insolvency Event.

 

Face
Value means, in relation to each Note, $1.00.

 

Facility
Amount means $2,500,000 less the aggregate principal amount outstanding on the issued Notes from time to time.

 

Government
Agency means, whether foreign or domestic:

 

	 	(a)	a
    government, whether federal, state, territorial or local or a department, office or minister of a government acting in that capacity;
    or
	 	 	 
	 	(b)	a
    commission, delegate, instrumentality, agency, board, or other government, semi-government, judicial, administrative, monetary or
    fiscal body, department, tribunal, entity or authority, whether statutory or not, and includes any self-regulatory organisation established
    under statute or any stock exchange.

 

Group
means the Company and its Subsidiaries from time to time and Group Company means any of them.

 

GST
has the meaning given in the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

 

    	 

    	Page 3

    

 

Insolvency
Event means the happening of one or more of the following events:

 

	 	(a)	except
    for the purpose of a solvent reconstruction or amalgamation which has the prior written consent of the Noteholder Majority:

 

	 	(i)	process
    is filed in a court seeking an order that the Group Company be wound up or that a Controller be appointed to it or any of its assets,
    unless the application is withdrawn, struck out or dismissed within 7 days of it being filed; or
	 	 	 
	 	(ii)	an
    order is made that the Group Company be wound up or that a Controller be appointed to it or any of its assets; or
	 	 	 
	 	(iii)	a
    resolution that the Group Company be wound up is passed or proposed by the shareholders of the Group Company;

 

	 	(b)	a
    liquidator, provisional liquidator, Controller or any similar official is appointed to, or takes possession or control of, all or
    any of the Group Company’s assets or undertaking;
	 	 	 
	 	(c)	an
    administrator is appointed to the Group Company, a resolution that an administrator be appointed to it is passed or proposed, or
    any other steps are taken to appoint an administrator to it;
	 	 	 
	 	(d)	the
    Group Company enters into, or resolves to enter into, an arrangement, compromise or composition with any of, or any class of, its
    creditors or members, or an assignment for the benefit of any of, or any class of, its creditors, or process is filed in a court
    seeking approval of any such arrangement, compromise or composition;
	 	 	 
	 	(e)	a
    reorganisation, moratorium, deed of company arrangement or other administration involving one or more of the Group Company’s
    creditors is proposed or effected or by reason of financial difficulties it begins negotiations with one or more of its creditors
    with a view to readjustment or rescheduling of any of its indebtedness;
	 	 	 
	 	(f)	any
    action is taken by the Australian Securities and Investments Commission with a view to the Group Company’s deregistration or
    its dissolution, or an application is made to the Australian Securities and Investments Commission that any such action be taken;
	 	 	 
	 	(g)	the
    Group Company is insolvent within the meaning of section 95A of the Corporations Act, as disclosed in its accounts or otherwise,
    states that it is unable to pay its debts or it is presumed to be insolvent under any applicable law;
	 	 	 
	 	(h)	as
    a result of the operation of section 459F(1) of the Corporations Act, the Group Company is taken to have failed to comply with a
    statutory demand;
	 	 	 
	 	(i)	the
    Group Company stops or suspends or threatens to stop or suspend the payment of all or a class of its debts or the conduct of all
    or a substantial part of its business;
	 	 	 
	 	(j)	any
    event or circumstance set out in section 461 of the Corporations Act occurs in relation to the Group Company; or
	 	 	 
	 	(k)	anything
    having a substantially similar effect to any of the events specified in paragraphs (a) to (j) inclusive happens to the Group Company
    under the law of any jurisdiction.

 

Maturity
Date has the meaning given to that term in the Terms.

 

Noteholder
means a person whose name is entered in the Register as the holder of one or more Notes.

 

Noteholder
Majority means a Noteholder or Noteholders holding more than 50% of the total principal amount of the Notes outstanding at the relevant
time.

 

Note
Certificate means a certificate issued by the Company in respect of the Notes held by a Noteholder, substantially in the form set
out in Annexure A to the Deed.

 

    	 

    	Page 4

    

 

Notes
means convertible loan notes of $1.00 each created by the Company, having the rights and being subject to the restrictions in the
Terms and Note means any one of them.

 

Office
means the registered office of the Company.

 

Register
means the register of noteholders kept by the Company in accordance with clause 6.

 

Subsidiary
means a subsidiary (as that term is defined in the Corporations Act) of the Company

 

Tax
means:

 

	 	(a)	a
    tax, levy, charge, impost, deduction, withholding or duty of any nature (including stamp and transaction duty and GST) at any time
    imposed or levied by any Government Agency or required to be remitted to, or collected, withheld or assessed by, any Government Agency;
    and
	 	 	 
	 	(b)	any
    related interest, expense, fine, penalty or other charge on those amounts,

 

and
includes any amount that a person is required to pay to another person on account of that other person’s liability for Tax.

 

Term
means the terms of the Notes as set out in Annexure C as amended from time to time be amended in accordance with those terms.

 

Unless
the context otherwise requires, words and expressions defined in the Terms and not separately defined in this Deed have the same meanings
where used in this Deed.

 

	1.2	Interpretation

 

In
this Deed:

 

	 	(a)	unless
    the context otherwise requires, a reference:

 

	 	(i)	to
    the singular includes the plural and vice versa;
	 	 	 
	 	(ii)	to
    a gender includes all genders;
	 	 	 
	 	(iii)	to
    a document (including this Deed) is a reference to that document (including any schedules, Terms and annexures) as amended, consolidated,
    supplemented, novated or replaced;
	 	 	 
	 	(iv)	to
    an agreement includes any undertaking, representation, deed, agreement or legally enforceable arrangement or understanding whether
    written or not;
	 	 	 
	 	(v)	to
    parties means the parties to this Deed and in whose favour this Deed is given and to a party means a party to this Deed or in whose
    favour this Deed is given;
	 	 	 
	 	(vi)	to
    an item, recital, clause, schedule or annexure is to an item, recital, clause, schedule or annexure of or to this Deed;
	 	 	 
	 	(vii)	to
    a notice means all notices, approvals, demands, requests, nominations or other communications given by one party to another under
    or in connection with this Deed;
	 	 	 
	 	(viii)	to
    a person (including any party) includes a reference to an individual, company, other body corporate, association, partnership, firm,
    joint venture, trust or Government Agency as the case requires;
	 	 	 
	 	(ix)	to
    a person (including any party) includes the person’s successors, permitted assigns, executors and administrators;

 

    	 

    	Page 5

    

 

	 	(x)	to
    a law:

 

	 	(A)	includes
    a reference to any constitutional provision, subordinate legislation, treaty, decree, convention, statute, regulation, rule, ordinance,
    proclamation, by-law, judgment, rule of common law or equity or rule of any applicable stock exchange;
	 	 	 
	 	(B)	is
    a reference to that law as amended, consolidated, supplemented or replaced; and
	 	 	 
	 	(C)	is
    a reference to any regulation, rule, ordinance, proclamation, by-law or judgment made under that law;

 

	 	(xi)	to
    liquidation includes official management, appointment of an administrator, compromise, arrangement, merger, amalgamation, reconstruction,
    winding-up, dissolution, assignment for the benefit of creditors, scheme, composition or arrangement with creditors, insolvency,
    bankruptcy, or any similar procedure or, where applicable, changes in the constitution of any partnership or person, or death;
	 	 	 
	 	(xii)	to
    a body, other than a party to this Deed (including, an institute, association or authority), whether statutory or not:

 

	 	(A)	which
    ceases to exist; or
	 	 	 
	 	(B)	whose
    powers or functions are transferred to another body,
	 	 	 
	 	(C)	is
    a reference to the body which replaces it or which substantially succeeds to its powers or functions;

 

	 	(xiii)	to
    proceedings includes litigation, arbitration and investigation;
	 	 	 
	 	(xiv)	to
    a judgment includes an order, injunction, decree, determination or award of any court or tribunal;
	 	 	 
	 	(xv)	the
    word including or includes means including, but not limited to, or includes, without limitation; and
	 	 	 
	 	(xvi)	to
    time is to Perth time;

 

	 	(b)	where
    a word or phrase is defined, its other grammatical forms have a corresponding meaning;
	 	 	 
	 	(c)	headings
    are for convenience only and do not affect interpretation;
	 	 	 
	 	(d)	if
    a payment or other act must (but for this clause) be made or done on a day which is not a Business Day, then it must be made or done
    on the next Business Day; and
	 	 	 
	 	(e)	if
    a period occurs from, after or before a day or the day of an act or event, it excludes that day.

 

	2	Constitution
    of the Notes

 

 

	2.1	The
    total principal amount of the Notes constituted by this Deed is limited to $2,500,000.
	 	 
	2.2	The
    Notes may be issued in amounts or integral multiples of $1.00.
	 	 
	2.3	The
    Company may from time to time, by resolution of the Board and on terms previously approved in writing by the Noteholder Majority,
    but subject always to this Deed, create and issue further Notes so as to form a single series with the original Notes constituted
    by this Deed and cancel any Notes created but unissued.

 

    	 

    	Page 6

    

 

	2.4	The
    Notes constituted by this Deed are held subject to the Terms, which are binding on the Company, each Noteholder and any person claiming
    through or under them. The Terms will have the same effect as if they were set out in this Deed.

 

	3	Issue
    of Notes

 

 

	3.1	Subject
    to clause 3.4, the Company may issue Notes at any time prior to the date being 28 days prior to the Maturity Date.
	 	 
	3.2	The
    Company may only issue Notes to parties which have completed and delivered to the Company an Application Form.
	 	 
	3.3	Upon
    the issue of any Notes under clause 3.1 the Company must:

 

	 	(a)	issue
    a Note Certificate to the Noteholder in accordance with clause 5; and
	 	 	 
	 	(b)	update
    the details of the Register in accordance with clause 6.

 

	3.4	The
    Company must not issue any Notes:

 

	 	(a)	while
    there is a subsisting Event of Default in respect of the Company; or
	 	 	 
	 	(b)	in
    excess of the Facility Amount.

 

if
issuing a Note would cause the value to exceed the Facility Amount

 

	4	Interest,
    conversion, redemption and Disposal

 

 

The
Notes:

 

	 	(a)	bear
    interest in accordance with Term 3;
	 	 	 
	 	(b)	are
    convertible in accordance with Term 4;
	 	 	 
	 	(c)	are
    redeemable in accordance with Term 6; and
	 	 	 
	 	(d)	may
    be disposed of in accordance with Term 7.

 

	5	Note
    Certificates

 

 

	5.1	The
    Company must issue to a person, at no cost to the Noteholder a Note Certificate for the total principal amount of all Notes registered
    in that person’s name on that person:

 

	 	(a)	becoming
    a Noteholder; or
	 	 	 
	 	(b)	acquiring
    additional Notes and upon delivering to the Company, in respect of all the existing Notes held by that person:

 

	 	(i)	the
    Note Certificate(s) for those Notes; or
	 	 	 
	 	(ii)	evidence
    reasonably satisfactory to the Company that the Note Certificate(s) for those Notes have been lost, stolen, worn out, defaced or
    destroyed and:

 

	 	(A)	in
    the case of a worn out or defaced Note Certificate, that certificate; and
	 	 	 
	 	(B)	in
    the case of a lost, stolen or destroyed Note Certificate, if requested by the Company, an indemnity from that person in respect of
    the lost, stolen or destroyed certificate on terms reasonably satisfactory to the Company.

 

    	 

    	Page 7

    

 

	5.2	When
    a Noteholder redeems, converts, sells, assigns, transfers or conveys one or more Notes the Company must issue, at no cost to the
    Noteholder, a Note Certificate for the balance of the total principal amount of the Notes retained by the Noteholder, within 5 Business
    Days of completion of the redemption, conversion, sale, assignment, transfer or conveyance, as applicable.

 

	5.3	The
    Company is not bound to:

 

	 	(a)	register
    more than four persons as joint holders of a Note; nor
	 	 	 
	 	(b)	issue
    more than one Note Certificate for a Note held jointly by two or more persons and delivery of a Note Certificate to one joint holder
    constitutes delivery to all joint holders.

 

	5.4	A
    Note Certificate must be:

 

	 	(a)	substantially
    in the form set out in Annexure A and must have the Terms endorsed on it; and
	 	 	 
	 	(b)	executed
    by or on behalf of the Company in accordance with the Constitution or in such other manner as may be permitted by the Corporations
    Act.

 

	5.5	If
    a Note Certificate is lost, stolen, worn out, defaced or destroyed, the Company must issue a duplicate certificate within a reasonable
    period of a request by a Noteholder, at no cost to the Noteholder, provided that the Noteholder delivers to the Company evidence
    reasonably satisfactory to the Company that the Note Certificate has been lost, stolen, worn out, defaced or destroyed and:

 

	 	(a)	in
    the case of a worn out or defaced Note Certificate, that certificate; and
	 	 	 
	 	(b)	in
    the case of a lost, stolen or destroyed Note Certificate, if requested by the Company, an indemnity from that Noteholder in respect
    of the lost, stolen or destroyed certificate on terms reasonably satisfactory to the Company.

 

	6	Register

 

 
 	6.1	The
    Company must keep the Register at the Office and enter in it:

 

	 	(a)	the
    name and address of each Noteholder;
	 	 	 
	 	(b)	the
    date on which each Noteholder was registered as a Noteholder;
	 	 	 
	 	(c)	the
    total principal amount of all Notes held by each Noteholder;
	 	 	 
	 	(d)	the
    serial number of each Note Certificate issued to each Noteholder and the date of its issue; and
	 	 	 
	 	(e)	the
    date on which a person ceased to be a Noteholder.

 

	6.2	The
    Company must enter in the Register each change to the information specified in clause 6.1.
	 	 
	6.3	A
    Noteholder may inspect the Register at all reasonable times during office hours and the Company must provide the Noteholder with
    a copy of it or any part of it, at no cost to the Noteholder, if requested by the Noteholder.

 

	7	Obligations
    of the Company

 

 

	7.1	The
    Company agrees with each Noteholder to comply with its obligations under this Deed and the Terms.
	 	 
	7.2	This
    Deed and the Terms ensure for the benefit of each Noteholder that a Noteholder may enforce the Company’s observance of its
    obligations under this Deed and the Terms in relation to each Note held by the Noteholder.

 

    	 

    	Page 8

    

 

	7.3	The
    Company must pay all Tax in relation to the constitution of the Notes under this Deed and the issue and delivery of those Notes to
    the Noteholders.

 

	8	Amendment
    of the Deed

 

 

	8.1	The
    Company may (by a deed expressed to be supplemental to this Deed) amend this Deed only if it is approved by a Noteholder Majority.
	 	 
	8.2	The
    Company must make a notation on the cover of this Deed upon the execution of any deed supplemental to this Deed.

 

	9	Notices

 

 

Term
12 applies to any notice given to or by the Company under this Deed as if Term 12 were set out in this Deed in full (with any necessary
changes).

 

	10	Counterparts

 

 

This
Deed may be executed in any number of counterparts (including by way of email and facsimile) each of which shall be deemed for all purposes
to be an original and all such counterparts taken together shall be deemed to constitute one and the same instrument.

 

	11	Governing
    law and jurisdiction

 

 

	11.1	This
    Deed is governed by the laws of Western Australia.
	 	 
	11.2	The
    Company irrevocably and unconditionally:

 

	 	(a)	submits
    to the non-exclusive jurisdiction of the courts of Western Australia; and
	 	 	 
	 	(b)	waives,
    without limitation, any claim or objection based on absence of jurisdiction or inconvenient forum.

 

    	 

    	Page 9

    

 

Executed
as a deed

 

	Executed as a deed by Locafy Limited ACN

                                                                     136 737 767 in accordance with section 127 of the Corporations Act 2001 (Cth):
	 

 

	 /s/
    GAVIN BURNETT  	 	 /s/
    MELVIN TAN 
	Director	 	Director
	 	 	 
	GAVIN
    BURNETT	 	MELVIN
                                            TAN

	Name
                                            of Director

    (BLOCK
    LETTERS)
	 	Name
                                            of Director

    (BLOCK
    LETTERS)

 

    	 

    	Page 10

    

 

Annexure
A

 

Note
Certificate

 

Certificate
No. [•] issued on [date]

 

Total
principal amount

 

Locafy
Limited (Company)

 

(ACN
136 737 767)

 

Convertible
Loan Notes

 

This
is to certify that [#] of [#] is the registered holder of [#] convertible loan notes of $1.00 each issued by the Company (Notes)
as constituted by the Deed Poll Constituting Loan Notes made by the Company on 28 May 2021 (Deed). The Notes are issued with the
benefit of the rights and subject to the restrictions contained in the Deed and the terms endorsed on this certificate (Terms).

 

The
Notes bear interest in accordance with Term 3. The Notes are convertible into Ordinary Shares in accordance with Term 4 and are redeemable
in accordance with Term 6.

 

The
Notes may be disposed of in accordance with Term 7. This certificate must be surrendered before any transfer is registered or any new
certificate is issued in exchange.

 

A
copy of the Deed is available for inspection at the Company’s registered office.

 

The
Notes are governed by the laws of Western Australia.

 

	Executed by Locafy Limited ACN 136 737

                                                                     767 in accordance with section 127 of

                                                                     the Corporations Act 2001 (Cth):
	 

 

		 	
	*Director/*Company
    Secretary	 	Director

 

		 	
	Name
    of *Director/*Company Secretary

    (BLOCK
    LETTERS)

    *please
    delete as appropriate
	 	Name
    of Director

    (BLOCK
    LETTERS)

 

    	 

    	Page 11

    

 

Annexure
B

 

Application
Form

 

	 	To:	The
    Directors
	 	 	Locafy
    Limited (Company)
	 	 	ACN
    136 737 767
	 	 	PO
    Box 1988
	 	 	Subiaco
    WA 6904

 

<<specify
name of Applicant>> (Applicant), hereby irrevocably applies to subscribe for

 

<<specify
number>> convertible notes of A$1.00 each (Notes) under the terms of the Deed Poll Constituting Convertible Loan Notes dated
28 May 2021 (Deed).

 

Dated:
<<specify date>>

 

For
Company Applicants:

 

Signed
by a director and director/secretary:

 

		 	
	Signature
    of director	 	Signature
    of director/secretary
	 	 	 
		 	
	Name
    of director

    (please
    print)
	 	Name
    of director/secretary

    (please
    print)

 

IMPORTANT:
For regulatory and compliance purposes, please provide details of the company’s current directors and shareholders (eg
copy of company extract)

 

For
Individual Applicants:

 

Signed
by:

 

	 	 	 
	Signature
    of Individual Applicant	 	Signature
    of Individual Applicant 2
	 	 	 
		 	 
	Name
    of Individual Applicant 1

    (please
print)
	 	Name
    of Individual Applicant 2

    (please
print)

 

Applicant
Contact Details:

 

	Contact
    Name:	<<Please
    complete>>
	 	 
	Contact
    Address:	<<Please
    complete>>
	 	 
	Contact
    Email:	<<Please
    complete>>
	 	 
	Contact
    Telephone:	<<Please
    complete>>

 

    	 

    	Page 12

    

 

Annexure
C

 

Terms

 

	1	Definitions
    and interpretation

 

 

	1.1	Definitions

 

In
these Terms, unless the context requires another meaning:

 

Benchmark
Date means the date that is 5 Business Days before the Maturity Date;

 

Board
means the board of directors of the Company from time to time.

 

Business
Day means a day that is not a Saturday or Sunday or a public holiday or a bank holiday in Western Australia, Australia.

 

Company
Conversion Notice shall the same meaning as Conversion Notice.

 

Completion
Date means the date of this Deed Poll.

 

Controller
has the meaning given in section 9 of the Corporations Act.

 

Conversion
Date means the date the Note is converted into Ordinary Share pursuant to Term 4.5.

 

Conversion
Event means a conversion pursuant to either Term 4.2 or Term 4.3.

 

Conversion
Notice means Conversion Notice issued by the Company pursuant to Term 4.5.

 

Conversion
Shares means the Ordinary Shares issued pursuant to a Conversion Notice.

 

Deed
means the deed poll constituting convertible loan notes made by the Company and in respect of which these Terms form a part.

 

Dollars
and $ means the lawful currency of Australia.

 

Event
of Default means, in respect of any Group Company, the occurrence of:

 

	 	(a)	an
    Insolvency Event; or
	 	 	 
	 	(b)	any
    event, fact, circumstance or other matter which is, in the Noteholder Majority’s reasonable opinion, reasonably likely to cause
    or constitute an Insolvency Event.

 

Facility
Amount means $2,500,000.

 

Foreign
Exchange Conversion Rate means for every 1 Australian Dollar is equivalent to 0.7766 United States Dollar (being the average rate
published by the Reserve Bank of Australia from 27 April 2021 to 27 May 2021, inclusive).

 

Government
Agency means, whether foreign or domestic:

 

	 	(a)	a
    government, whether federal, state, territorial or local or a department, office or minister of a government acting in that capacity;
    or
	 	 	 
	 	(b)	a
    commission, delegate, instrumentality, agency, board, or other government, semi-government, judicial, administrative, monetary or
    fiscal body, department, tribunal, entity or authority, whether statutory or not, and includes any self-regulatory organisation established
    under statute or any stock exchange.

 

Group
means the Company and its Subsidiaries from time to time and Group Company means any of them.

 

GST
has the meaning given in the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

 

    	 

    	Page 13

    

 

Insolvency
Event means the happening of one or more of the following events:

 

	 	(a)	except
    for the purpose of a solvent reconstruction or amalgamation which has the prior written consent of the Noteholder Majority:

 

	 	(i)	process
    is filed in a court seeking an order that the Company be wound up or that a Controller be appointed to it or any of its assets, unless
    the application is withdrawn, struck out or dismissed within 7 days of it being filed; or
	 	 	 
	 	(ii)	an
    order is made that the Company be wound up or that a Controller be appointed to it or any of its assets; or
	 	 	 
	 	(iii)	a
    resolution that the Company be wound up is passed or proposed by the Shareholders of the Company;

 

	 	(b)	a
    liquidator, provisional liquidator, Controller or any similar official is appointed to, or takes possession or control of, all or
    any of the Company’s assets or undertaking;
	 	 	 
	 	(c)	an
    administrator is appointed to the Company, a resolution that an administrator be appointed to it is passed or proposed, or any other
    steps are taken to appoint an administrator to it;
	 	 	 
	 	(d)	the
    Company enters into, or resolves to enter into, an arrangement, compromise or composition with any of, or any class of, its creditors
    or members, or an assignment for the benefit of any of, or any class of, its creditors, or process is filed in a court seeking approval
    of any such arrangement, compromise or composition;
	 	 	 
	 	(e)	a
    reorganisation, moratorium, deed of company arrangement or other administration involving one or more of the Company’s creditors
    is proposed or effected or by reason of financial difficulties it begins negotiations with one or more of its creditors with a view
    to readjustment or rescheduling of any of its indebtedness;
	 	 	 
	 	(f)	any
    action is taken by the Australian Securities and Investments Commission with a view to the Company’s deregistration or its
    dissolution, or an application is made to the Australian Securities and Investments Commission that any such action be taken;
	 	 	 
	 	(g)	the
    Company is insolvent within the meaning of section 95A of the Corporations Act, as disclosed in its accounts or otherwise, states
    that it is unable to pay its debts or it is presumed to be insolvent under any applicable law;
	 	 	 
	 	(h)	as
    a result of the operation of section 459F(1) of the Corporations Act, the Company is taken to have failed to comply with a statutory
    demand;
	 	 	 
	 	(i)	the
    Company stops or suspends or threatens to stop or suspend the payment of all or a class of its debts or the conduct of all or a substantial
    part of its business;
	 	 	 
	 	(j)	any
    event or circumstance set out in section 461 of the Corporations Act occurs in relation to the Company; or
	 	 	 
	 	(k)	anything
    having a substantially similar effect to any of the events specified in paragraphs (a) to (j) inclusive happens to the Company under
    the law of any jurisdiction.

 

IPO
means an initial public offering of fully paid ordinary shares in the capital of the Company pursuant to the Prospectus in which
the Company obtains quotation of the fully paid ordinary shares in the capital of the Company on the Nasdaq;

 

    	 

    	Page 14

    

 

IPO
Conditions means the following conditions precedent:

 

	 	(a)	the
    receipt by the Company of all application moneys and accompanying application forms in accordance with the requirements of the Prospectus
    and the depositing of those moneys into a trust account in accordance with section 722 of the Corporations Act;
	 	 	 
	 	(b)	the
    receipt by the Company of a letter from the Nasdaq which approves the admission of the Company to the Nasdaq subject only to customary
    conditions (Nasdaq Letter); and
	 	 	 
	 	(c)	the
    serving of a written notice by the Company on the Noteholder confirming that:

 

	 	(i)	the
    matters in clauses (a) and (b) above have been fulfilled; and
	 	 	 
	 	(ii)	it
    is able to satisfy, and will satisfy, the conditions set out in the Nasdaq Letter by the date required by the Nasdaq;

 

Listing
Condition means an IPO Condition;

 

Maturity
Date means the date ending 12 months after the funds are received by the Company.

 

Nasdaq
means the Nasdaq Stock Exchange

 

Note
Certificate means a certificate issued by the Company in respect of the Notes held by a Noteholder, substantially in the form set
out in Annexure A to the Deed.

 

Noteholder
means a persons whose name is entered in the Register as the holder of one or more Notes from time to time.

 

Noteholder
Majority means a Noteholder or Noteholders holding more than 50% of the total principal amount of the Notes outstanding at the relevant
time.

 

Notes
means convertible loan notes of $1.00 each created by the Company, having the rights and being subject to the restrictions in these
Terms and Note means any one of them.

 

Office
means the registered office of the Company.

 

Outstanding
Note means any Note that has not been converted into Ordinary Shares in accordance with Term 4 or redeemed in full in accordance
with Term 5.

 

Redemption
Date means, in respect of any Note, the due date for redemption of that Note under Term 6.2(b).

 

Register
means the register of noteholders kept by the Company in accordance with clause 6 of the Deed.

 

Restricted
Overseas Person means a person (including an individual, partnership, unincorporated syndicate, limited liability company, unincorporated
organisation, trust, trustee, executor, administrator or other legal representative) in, or resident in, the United Kingdom, Japan, Canada
or the United States or a US person.

 

Securities
Act means the United States Securities Act of 1933.

 

Subsidiary
has the meaning given in section 46 of the Corporations Act.

 

Tax
means:

 

	 	(a)	a
    tax, levy, charge, impost, deduction, withholding or duty of any nature (including stamp and transaction duty and GST) at any time
    imposed or levied by any Government Agency or required to be remitted to, or collected, withheld or assessed by, any Government Agency;
    and
	 	 	 
	 	(b)	any
    related interest, expense, fine, penalty or other charge on those amounts,

 

and
includes any amount that a person is required to pay to another person on account of that other person’s liability for Tax.

 

Terms
means these terms as they may from time to time be amended in accordance with these terms.

 

Third
Party means any party who is not a shareholder of the Company or a previous creditor of the Company or related bodies corporate as
defined in the Corporations Act 2001 (Cth).

 

Third
Party Interests means any Security Interest, option, voting arrangement, interest under any agreement, interest under any trust,
or other right, equity, entitlement or other interest of any nature held by a third party.

 

United
States means the United States of America, its territories and possessions, any State of the United States and the District of Columbia.

 

US
person means a US person as defined in Regulations of the Securities Act.

 

Withholding
Tax means Tax levied or imposed by a Government Agency that is required to be withheld or deducted from any payment.

 

	1.2	Interpretation

 

In
these Terms:

 

	 	(a)	unless
    the context otherwise requires, a reference:

 

	 	(iii)	to
    the singular includes the plural and vice versa;
	 	 	 
	 	(iv)	to
    a gender includes all genders;
	 	 	 
	 	(v)	to
    a document (including these Terms) is a reference to that document (including any schedules and annexures) as amended, consolidated,
    supplemented, novated or replaced;
	 	 	 
	 	(vi)	to
    an agreement includes any undertaking, representation, deed, agreement or legally enforceable arrangement or understanding whether
    written or not;
	 	 	 
	 	(vii)	to
    an item, recital, clause, schedule or annexure is to an item, recital, clause, schedule or annexure of or to these Terms;
	 	 	 
	 	(viii)	to
    a notice means all notices, approvals, demands, requests, nominations or other communications given by one party to another under
    or in connection with these Terms;
	 	 	 
	 	(ix)	 to
    a person (including any party) includes a reference to an individual, company, other body corporate, association, partnership, firm,
    joint venture, trust or Government Agency as the case requires;
	 	 	 
	 	(x)	(viii)
    to a person (including any party) includes the person’s successors, permitted assigns, executors and administrators;
	 	 	 
	 	(xi)	to
    a law:

 

	 	(A)	includes
    a reference to any constitutional provision, subordinate legislation, treaty, decree, convention, statute, regulation, rule, ordinance,
    proclamation, by-law, judgment, rule of common law or equity or rule of any applicable stock exchange;
	 	 	 
	 	(B)	is
    a reference to that law as amended, consolidated, supplemented or replaced; and

 

    	 

    	Page 15

    

 

	 	(C)	is
    a reference to any regulation, rule, ordinance, proclamation, by-law or judgment made under that law;

 

	 	(xii)	to
    liquidation includes official management, appointment of an administrator, compromise, arrangement, merger, amalgamation, reconstruction,
    winding-up, dissolution, assignment for the benefit of creditors, scheme, composition or arrangement with creditors, insolvency,
    bankruptcy, or any similar procedure or, where applicable, changes in the constitution of any partnership or person, or death;
	 	 	 
	 	(xiii)	to
    a body (including, an institute, association or authority), whether statutory or not:

 

	 	(A)	which
    ceases to exist; or
	 	 	 
	 	(B)	whose
    powers or functions are transferred to another body,
	 	 	 
	 	(C)	is
    a reference to the body which replaces it or which substantially succeeds to its powers or functions;

 

	 	(xiv)	to
    proceedings includes litigation, arbitration and investigation;
	 	 	 
	 	(xv)	(xiii)
    to a judgment includes an order, injunction, decree, determination or award of any court or tribunal;
	 	 	 
	 	(xvi)	(xiv)
    the word including or includes means including, but not limited to, or includes, without limitation; and
	 	 	 
	 	(xvii)	to
    time is to Perth time;

 

	 	(b)	where
    a word or phrase is defined, its other grammatical forms have a corresponding meaning;
	 	 	 
	 	(c)	headings
    are for convenience only and do not affect interpretation;
	 	 	 
	 	(d)	if
    a payment or other act must (but for this clause) be made or done on a day which is not a Business Day, then it must be made or done
    on the next Business Day; and
	 	 	 
	 	(e)	if
    a period occurs from, after or before a day or the day of an act or event, it excludes that day.

 

	2	Status
    and ranking of the Notes

 

 

	 	(a)	The
    Notes are a debt obligation of the Company.
	 	 	 
	 	(b)	On
    a winding up of the Company, or in relation to any arrangement between the Company and its creditors, all amounts outstanding on
    the Notes must be paid:

 

	 	(i)	in
    accordance with any applicable statutory regime for the distribution of the assets of the Company or, failing such a statutory regime
    being applicable, on a pari passu basis with all amounts owing by the Company to its secured creditors, which are proven in the winding
    up or arrangement;
	 	 	 
	 	(ii)	on
    a pari passu basis between the Notes themselves; and
	 	 	 
	 	(iii)	to
    the Noteholders before any amount is paid to the Company’s shareholders in their capacity as shareholder.

 

	3	Interest

 

 

The
Notes are non-interest bearing.

 

    	 

    	Page 16

    

 

	4	Conversion
    General

 

 

	4.1	The
    Company may not convert a Note into Ordinary Shares other than in accordance with this Term 4.
	 	 
	4.2	Noteholder
    entitlement to convert

 

At
any time prior to the Benchmark Date (Noteholder Conversion Period), a Noteholder may convert all or part of its Notes by giving
a Conversion Notice, together with the Certificates relating to the Notes being converted, to the Company requiring the Company to convert
all of the Notes held by the Noteholder.

 

	4.3	Conversion
    on Listing

 

Notwithstanding
Term 4.2, if, during the Noteholder Conversion Period a Listing Condition is satisfied, the Company must convert all of the Notes held
by the Noteholder and issue to the Noteholder the number of Company Shares calculated under Term 4.4(b).

 

	4.4	Conversion
    formula

 

	 	(a)	In
    relation to Notes which are the subject of a Conversion Notice under Term 4.2 and, the Company must issue Ordinary Shares to the
    Noteholder on the basis of one Share for each five Notes.
	 	 	 
	 	(b)	In
    relation to Notes which are the subject of a Company Conversion Notice under Term 4.3(a), if the Listing Conditions are satisfied
    prior to the Maturity Date, the number of Shares which the Company must issue to the Noteholder will be determined in accordance
    with the following formula:

 

A
= B x C

          D

 

where:

 

	 	A
    =	the
    number of Shares to be issued to the Noteholder;
	 	 	 
	 	B
    =	the
    Face Value of the Notes being converted; 
	 	 	 
	 	C
    =	Foreign
    Exchange Conversion Rate;
	 	 	 
	 	D
    =	20%
    discount to the price at which the relevant Ordinary Shares are issued under a Prospectus at the time of the Listing.

 

	4.5	Completion
    of conversion

 

	 	(a)	Within
    5 Business Days of the relevant Conversion Event in accordance with:

 

	 	(i)	clause
4.2, the Company must:

 

	 	(A)	issue
    to the Noteholder a holding statement concerning, or certificates for, the relevant Ordinary Shares by delivering the statement (or
    certificates) to the Noteholder;
	 	 	 
	 	(B)	issue
    the number of Company Shares calculated in accordance with clauses 4.4(a).

 

    	 

    	Page 17

    

 

	 	(ii)	clause
    4.3, the Company must:

 

	 	(A)	issues
    to the Noteholder a holding statement concerning, or certificates for, the relevant Ordinary Shares by delivering the statement (or
    certificates) to the Noteholder;
	 	 	 
	 	(B)	issue
    the number of Company Shares calculated in accordance with clauses 4.4(b).

 

	 	(b)	A
    Note in respect of which a Conversion Notice has been given will be treated as having been cancelled and converted into Conversion
    Shares on the Conversion Date in respect of that Note.

 

	4.6	Adjustment

 

If
prior to conversion of any Notes:

 

	 	(a)	a
    consolidation, sub-division or pro-rata cancellation of Ordinary Shares occurs, then the number of Ordinary Shares into which the
    Notes are convertible will be adjusted so that the Notes are convertible into the same percentage of the issued Ordinary Shares (on
    a fully diluted basis) as the percentage of issued Ordinary Shares into which they were convertible (on a fully diluted basis) immediately
    prior to the capital consolidation, sub-division or pro-rata cancellation (as applicable);
	 	 	 
	 	(b)	a
    return of capital of the Company occurs, then the valuation amount must be reduced by the same amount as the aggregate amount returned
    in relation to the Ordinary Shares and the formula set out in Term 4.4 must be adjusted accordingly;
	 	 	 
	 	(c)	a
    reduction of capital of the Company occurs by a cancellation of paid up capital that is lost or not represented by available assets
    where no securities are cancelled, then the number of Notes on issue must remain unaltered; or
	 	 	 
	 	(d)	any
    other reorganisation or reconstruction of Ordinary Shares occurs, then the number of Notes on issue must be amended so that the Noteholders
    do not receive a benefit that the holders of Ordinary Shares do not receive and vice versa.

 

	5	Assistance
    with Listing

 

 

	 	(a)	In
    relation to Conversion Shares issued upon conversion under Term 4.3, if the Nasdaq requires, as a condition for the Listing to proceed,
    that any Conversion Shares must be subject to a restriction or hold back agreement pursuant, then the Noteholder (and any other associated
    parties or controllers) must execute any restriction agreement in relation to those Conversion Shares required by the Nasdaq.
	 	 	 
	 	(b)	When
    requested, if a Noteholder does not provide a signed restriction agreement within 3 business days, the Note may be cancelled by the
    Company and Face Value of each note returned to the Noteholder within 30 days post-listing without interest.
	 	 	 
	 	(c)	Without
    limitation the Noteholder shall co-operate in good faith with the Company and execute all relevant documents and comply with any
    reasonable request by the Company in relation to the Listing and must not do anything which adversely affects, or is likely to adversely
    affect, the Listing.

 

	6	Redemption

 

 

	6.1	General

 

	 	(a)	The
    Company may not redeem and/or purchase a Note other than in accordance with this Term 6.

 

    	 

    	Page 18

    

 

	 	(b)	The
    Company must cancel a redeemed Note and may not reissue or resell that Note.
	 	 	 
	 	(c)	The
    Company must redeem all Notes upon Maturity Date in accordance with this Term 6.
	 	 	 
	 	(d)	The
    Company may on its own resolution, elect to redeem the Notes at any time prior to the Maturity Date in accordance with Term 6.6.

 

	6.2	Redemption
    in the event of an Event of Default

 

	 	(a)	At
    any time after the occurrence of an Event of Default in respect of the Company and before the Maturity Date, a Noteholder may request
    the Company to redeem some or all of the Outstanding Notes by written notice to the Company (Redemption Notice).
	 	 	 
	 	(b)	The
    Company must redeem the number of Outstanding Notes specified in a Redemption Notice within ten Business Days after receipt of the
    Redemption Notice.
	 	 	 
	 	(c)	The
    Company must notify each Noteholder immediately if it becomes aware of any fact or circumstance that has caused or constitutes, or
    will or might reasonably be expected to cause or constitute, an Event of Default.

 

	6.3	Completion
    of redemption

 

A
Noteholder whose Notes are due to be redeemed under Term 6.2(a) must, on or before the Redemption Date, deliver to the Company:

 

	 	(a)	the
    Note Certificate(s) for its Notes; or
	 	 	 
	 	(b)	evidence
    reasonably satisfactory to the Company that the Note Certificate(s) for its Notes have been lost, stolen, worn out, defaced or destroyed,
    together with:

 

	 	(i)	in
    the case of a worn out or defaced Note Certificate, that Note Certificate; and
	 	 	 
	 	(ii)	in
    the case of a lost, stolen or destroyed Note Certificate, if requested by the Company, an indemnity from the Noteholder in respect
    of the lost, stolen or destroyed Note Certificate on terms reasonably satisfactory to the Company.

 

	6.4	On
    the Redemption Date and subject to the Noteholder complying with Term 6.3, the Company must pay to that Noteholder an amount in cash
    equal to the total principal amount of its Notes outstanding together with all accrued but unpaid and uncapitalised interest on that
    amount (Redemption Amount) up to and including the day immediately prior to the Redemption Date.

 

	6.5	If
    a Noteholder fails to comply with Term 6.3:

 

	 	(a)	the
    Company must pay the Redemption Amount into a separate bank account pending compliance with Term 6.3;
	 	 	 
	 	(b)	the
    payment of the Redemption Amount into a bank account will constitute the Company a trustee in respect of the amount;
	 	 	 
	 	(c)	the
    Company will be responsible for the safe custody of the Redemption Amount; and
	 	 	 
	 	(d)	the
    Noteholder will be entitled to claim the Redemption, net of any deduction by the Company for any costs or expenses incurred by the
    Company in connection with the Company’s performance of its obligations under this Term 6.5.

 

	6.6	Redemption
    by Company prior to Maturity

 

If
the Notes are redeemed by the Company prior to the Maturity Date, the Company will pay the Noteholder the same amount of money that would
have been due if they were redeemed pursuant to term 6.7.

 

    	 

    	Page 19

    

 

	6.7	Redemption
    upon Maturity

 

	 	(a)	The
    Company must redeem and paid out all Notes held by the Noteholders within 10 business days from the Maturity Date in the event there
    is no conversion of the Notes.
	 	 	 
	 	(b)	If
    the Company redeems a Noteholder’s Notes pursuant to 6.7(a), the amount paid out to the Noteholder shall be determined in accordance
    with the following formula:

 

	 	X
    = Y x Z
	 	 
	 	Where:
	 	 
	 	X
    = Amount Paid
	 	 
	 	Y
    = Face value
	 	 
	 	Z
    = 120%

 

	7	Disposal

 

 

	7.1	A
    Noteholder may only Dispose of Notes in accordance with this Term 7.
	 	 
	7.2	Subject
    to compliance with all applicable laws, a Noteholder may transfer a Note by delivering a transfer document duly stamped (if necessary)
    and signed by or on behalf of the transferor to the Company. The transfer document must be in writing in the usual or common form
    or in such other form as the Board may from time to time prescribe or, in particular circumstances, agree to accept.
	 	 
	7.3	The
    transferor remains the holder of the Note until the name of the transferee is entered in the Register as the holder of that Note.
	 	 
	7.4	The
    Board must register the transfer of a Note if:

 

	 	(a)	no
    Conversion Notice in respect of the Note has been given by a Noteholder under Term 4.2;
	 	 	 
	 	(b)	the
    Note is not due to be redeemed under Term 6.2(a);
	 	 	 
	 	(c)	it
    is in favour of not more than four joint transferees; and
	 	 	 
	 	(d)	it
    is delivered for registration to the Office or such other place as the Board may decide, accompanied by:

 

	 	(i)	the
    Note Certificate for the Note; or
	 	 	 
	 	(ii)	evidence
    reasonably satisfactory to the Company that the Note Certificate for the Note has been lost, stolen, worn out, defaced or destroyed,
    together with:

 

	 	(A)	in
    the case of a worn out or defaced Note Certificate, that Note Certificate; or
	 	 	 
	 	(B)	in
    the case of a lost, stolen or destroyed Note Certificate, if requested by the Company, an indemnity from the Noteholder in respect
    of the lost, stolen or destroyed Note Certificate on terms reasonably satisfactory to the Company; and

 

	 	(iii)	such
    other evidence as the Board may reasonably require to prove the title of the transferor and the due execution by him of the transfer
    or, if the transfer is executed by some other person on his behalf, the authority of that person to do so.

 

If
the Board decides that transfers may be left at a place other than the Office, the Company must notify the Noteholders of the address
of that place.

 

    	 

    	Page 20

    

 

	7.5	If
    the Board refuses to register the transfer of a Note it must, within 15 Business Days after the date on which the transfer document
    was lodged with the Company, send notice of the refusal to the transferee. Failure to give notice will not invalidate the decision
    of the Board. All transfer documents that are registered must be retained by the Company but any transfer document that the Board
    refuses to register must (except in the case of fraud or suspected fraud) be returned on demand to the person who deposited it.
	 	 
	7.6	The
    Company may not charge a fee for registering the transfer of a Note or other document relating to or affecting the title to a Note
    or the right to transfer it or for making any other entry in the Register.

 

	8	Dealings

 

 

	8.1	No
    application has been or will be made to any recognised stock exchange for the Notes to be listed or dealt in.
	 	 
	8.2	The
    Notes have not been and will not be registered under the Securities Act or under the securities laws of any jurisdiction of the United
    States, no relevant clearances have been, or will be, obtained from the securities commission of any province or territory of Canada,
    no prospectus has been or will be lodged with the Australian Securities and Investments Commission and no steps have been taken,
    nor will any be taken, to enable the Notes to be offered in compliance with the Financial Services Act 1986, the Public Offers of
    Securities Regulations 1995 (as amended) or any other relevant legislation in the United Kingdom nor the applicable securities laws
    of Japan or any other jurisdiction.
	 	 
	8.3	Accordingly,
    the Notes may only be offered, sold, resold, delivered or distributed (whether directly or indirectly):

 

	 	(a)	in
    and/or into the United States, Canada, Australia, the United Kingdom and/or Japan; and/or
	 	 	 
	 	(b)	to
    or for the account or benefit of any Restricted Overseas Person,

 

if
an exemption from the relevant securities legislation is available or a disclosure document is prepared in accordance with the relevant
securities legislation and filed or lodged with the relevant authorities or, in relation to any US person, the Notes are registered under
the Securities Act.

 

	9	Payments

 

 

	9.1	All
    payments to be made by the Company in relation to a Note will be made:

 

	 	(a)	after
    deduction of all withholdings and deductions required by law, however if the Company withholds or deducts any Withholding Tax from
    a payment made in relation to a Note, the Company must gross up that payment to equal the amount that the Noteholder would have received
    if no deduction or withholding of Withholding Tax had been required; and
	 	 	 
	 	(b)	by
    way of either, at the Noteholder’s election:

 

	 	(i)	a
    banker’s draft or cheque drawn by a bank as defined in the Banking Act 1959 (Cth); or
	 	 	 
	 	(ii)	a
    direct transfer of immediately available funds to the bank account nominated by the Noteholder prior to the due date for payment.

 

	9.2	If
    the Company or another person is required by law to make a deduction or withholding from a payment to the Noteholder, the Company
    must notify the Noteholder of the amount and reason for the deduction or withholding and pay or procure the payment of the full amount
    of the deduction or withholding to the appropriate Government Agency under applicable law.

 

    	 

    	Page 21

    

 

	9.3	The
    Company may withhold payment of principal moneys, interest and all other amounts payable in respect of a Note to a person entitled
    by transmission to a Note until he has provided such evidence of his entitlement that the Company may reasonably require.

 

	10	Recognition
    of other interests in Notes

 

 

Subject
to the Corporations Act, the Company is entitled to treat the registered holder of any Notes as the absolute owner of those Notes and
is not bound to recognise any equitable or other claim to or interest in the Notes on the part of any person.

 

	11	Amendment
    of the Terms

 

 

	11.1	The
    Company may (by deed expressed to be supplemental to the Deed) from time to time amend these Terms only if it is approved by the
    Noteholder Majority.
	 	 
	11.2	The
    Company must make a notation on the cover of the Deed upon the execution of any deed supplemental to the Deed.

 

	12	Notices

 

 

	12.1	Requirements

 

All
notices must be:

 

	 	(a)	legible
    and in English;
	 	 	 
	 	(b)	addressed
    to the recipient at the address or email set out below or to such other address or email as that party may notify to the other parties:

 

to
the Company:

 

	 	Address:	PO
    Box 1988, Subiaco, Western Australia, 6904
	 	 	 
	 	Attention:	Mr
    Gavin Burnett
	 	 	 
	 	Email:	Both:
    gavin.burnett@locafy.com and melvin.tan@locafy.com

 

to
a Noteholder:

 

the
Noteholder’s address or email as it appears on the Register;

 

	 	(c)	signed
    by the party or where the sender is a company by an officer of that company or under the common seal of that company; and
	 	 	 
	 	(d)	sent
    to the recipient by hand, prepaid post (airmail if to or from a place outside Australia) or email;
	 	 	 
	 	(e)	if
    sent by email, in a form which:

 

	 	(i)	identifies
    the sender;
	 	 	 
	 	(ii)	is
    electronically signed by the sender or an authorised officer of the sender; and
	 	 	 
	 	(iii)	clearly
    indicates the subject matter of the notice in the subject heading of the email,

 

provided
that the recipient has not provided written notice to the other parties confirming that it does not wish to receive notices by email.
The parties consent to the method of signature contained in clause 12.1(e) and agree that it satisfies the requirements of applicable
law for signature on service of notice by email.

 

    	 

    	Page 22

    

 

	12.2	Receipt

 

Without
limiting any other means by which a party may be able to prove that a notice has been received by another party, a notice will be deemed
to be duly received:

 

	 	(a)	if
    sent by hand when left at the address of the recipient;
	 	 	 
	 	(b)	if
    sent by pre-paid post, 3 days (if posted to an address within a country) or 10 days (if posted from one country to another) after
    the date of posting; or
	 	 	 
	 	(c)	if
    sent by email, when the sender receives an automated message confirming delivery; or four hours after the time the email is sent
    (as recorded on the device from which the sender sent the email) unless the sender receives an automated message that the email has
    not been delivered, whichever occurs first;

 

but
if a notice is served by hand, or is received by email on a day which is not a Business Day, or after 5:00 pm (recipient’s local
time) on a Business Day, the notice is deemed to be duly received by the recipient at 9:00 am on the first Business Day after that day.

 

	13	Counterparts

 

 

This
Deed may be executed in any number of counterparts (including by way of email) each of which shall be deemed for all purposes to be an
original and all such counterparts taken together shall be deemed to constitute one and the same instrument.

 

	14	Governing
    law and jurisdiction

 

 

	14.1	These
    Terms are governed by the laws of Western Australia.
	 	 
	14.2	The
    Company and each Noteholder irrevocably and unconditionally:

 

	 	(a)	submits
    to the non-exclusive jurisdiction of the courts of Western Australia; and
	 	 	 
	 	(b)	waives,
    without limitation, any claim or objection based on absence of jurisdiction or inconvenient forum.

 

    	 

    	Page 23

    

 

Schedule

 

Conversion
Notice

 

	 	To:	The
    Directors
	 	 	Locafy
    Limited (Company)
	 	 	PO
    Box 1988
	 	 	Subiaco
    WA 6904

 

<<specify
name of Noteholder>> (Noteholder), being the registered holder of <<specify number>> secured convertible notes
of $1.00 each (Notes) issued by the Company on 28 May 2021 on the terms endorsed on the certificate for those Notes (Terms),
hereby gives notice that it wishes to convert <<insert either all <<or>> <<specify number>> of its Notes
into Ordinary Shares (Shares) in accordance with Term 4, completion of the conversion to occur on <<specify date>>
or such earlier or later date in accordance with the Terms.

 

The
Noteholder authorises the Company to register it as the holder of the Shares in accordance with the Terms and agrees to be bound by the
Constitution of the Company.

 

Dated:
<<specify date>>

 

Signed
by

<<Name
of Noteholder>>

by
a director and director/secretary:

 

		 	 
	Signature
    of director	 	Signature
    of director/secretary
	 	 	 
		 	 
	Name
    of director (please print)	 	Name
    of director/secretary (please print)

 

Notes:

 

	 	1.	This
    notice is irrevocable.
	 	 	 
	 	2.	The
    date specified for completion of the conversion of the Notes into Shares must be at least three Business Days after the date this
    Conversion Notice is given to the Company, subject to a different period being determined in accordance with the Terms.
	 	 	 
	 	3.	This
    Conversion Notice should be lodged at the Company’s registered office or sent by post to the address specified above. The Note
    Certificate(s) for the Notes must be given to the Company on or before the date of completion of the conversion of the Notes.

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