Document:

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made and entered into as of December 21, 2018, by and among tZERO Group, Inc., a Delaware corporation (the “Purchaser”) and Richard N. Beckstrand, an individual and Steven Hopkins, an individual (collectively referred to herein as “Individual Sellers”), and Medici Ventures, Inc., a Delaware corporation (“MVI”) (Individual Sellers and MVI are collectively referred to herein as “Sellers”) which is the majority owner of Purchaser.

 

RECITALS

 

A.            Purchaser desires to purchase Sellers’ entire interest in Bitsy, Inc., a Utah corporation (the “Company”) and Sellers desire to sell their entire interest in the Company to Purchaser upon the terms and conditions set forth in this Agreement.

 

B.            Sellers have previously entered into that certain Shareholder Agreement dated as of January 19, 2018 and that certain Shareholder Agreement dated as of July 26, 2018 (collectively the “Shareholder Agreements”) each of which requires, among other things, for Individual Sellers to notify MVI of any sales of their ownership interests in the Company and grant a right of co-sale in such an event.

 

C.            Sellers each desire to waive their rights pursuant to the Shareholder Agreements upon the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

In consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.              Agreement to Sell and Purchase.

 

a)                   Individual Sellers. Individual Sellers hereby agree to sell and transfer all of their ownership in the Company consisting of 67% of the total ownership of the Company’s issued and outstanding common stock to Purchaser in exchange for Eight Million Dollars ($8,000,000) (the “Individual Sellers Purchase Price”).

 

b)                   MVI. MVI hereby agrees to sell and transfer all of its ownership in the Company consisting of 33% of the total ownership of the Company’s issued and outstanding common stock to Purchaser in exchange for the consideration contained in that certain  Convertible Promissory Note (the “Note”) executed by Purchaser in favor of MVI, a form of which is attached hereto as EXHIBIT A and that certain Assignment of Intellectual Property (the “Assignment”) , a form of which is attached hereto as EXHIBIT B (collectively, the “MVI Purchase Price Documents”).

 

 

c)                    Purchaser. Purchaser hereby agrees to pay Individual Shareholders the Individual Shareholder Purchase Price, and to execute and deliver the MVI Purchase Price Documents in exchange for all of the shares of the Company.

 

2.              Closing and Delivery.

 

a.                    Closing and Payment. The closing of the sale and purchase of the Shares under this Agreement (the “Closing”) shall take place at 799 West Coliseum Way, Midvale Utah, 84047 on the date hereof, or at such other time or place as the Company and Purchaser may mutually agree (such date is hereinafter referred to as the “Closing Date”). On the Closing Date, Purchaser will deliver payment to the Individual Sellers of the Individual Sellers Purchase Price in immediately available funds.

 

b.                    Delivery. Sellers will deliver to Purchaser a certificate or certificates representing the number of shares purchased at the Closing by January 1, 2019 and Purchaser will execute the MVI Purchase Price Documents by Purchaser in favor of MVI. Purchaser and Sellers agree that effective control of the Company will transfer to tZERO effective January 1, 2019.

 

3.              Representations and Warranties of Sellers. Sellers hereby represent and warrant to Purchaser as of the date of this Agreement the following:

 

a.              Corporate Existence.  The Company is a corporation duly incorporated, validly existing and in good standing under Utah law and has unconditional power and authority to conduct its business and own its properties as now conducted and owned.  The company is duly qualified to do business in all jurisdictions in which the nature of its business and properties requires such qualification.

 

b.              Power and Authority.  The Company and each of the Sellers has unconditional power and authority, and has taken all required corporate and other action necessary, to execute and deliver this Agreement and to carry out the terms of this Agreement and all other documents, instruments, or transactions required by this Agreement, and none of such actions will violate any provision of the organizational documents of the Company or any of the Sellers, or result in the breach of or constitute a default under any agreement or instrument to which the Company or any of the Sellers is a party or by which it is bound or result in the creation or imposition of any lien, claim or encumbrance on any Company asset.

 

c.               Ownership.  Sellers own all right, title and interest in and to the shares of the Company’s stock that they are transferring to Purchaser pursuant to this Agreement and such shares are not subject to any liens, judgements, pledges, agreements, options or other restrictions on transfer other than the restrictions set forth in the Shareholder Agreements. Individual Sellers’ stock and MVI’s stock together represent 100% of the outstanding capital stock of Company and there are no other shares of capital stock or any other securities or instruments convertible, exercisable or exchangeable for or into shares of Capital stock of the

 

 

Company in existence. No Seller or any other person or entity holds any other interest or any option or right to acquire any capital stock of Company.

 

d.              No Litigation or Regulatory Action. There are no claims, actions, causes of action, demands, lawsuits, inquiries, audits, notices of violation, litigation, summons, subpoenas, or investigations of any nature, whether at law or in equity pending or, to Sellers’ knowledge, threatened against or by the Company relating to or potentially affecting Company’s business or Sellers’ stock.  No approval from, nor any filing, with, any governmental authority or any other person is required in connection with the execution, delivery or performance by the Company or any of the Sellers of this Agreement or in order to consummate the transactions contemplated in this Agreement (including with respect to the licenses and registrations set out in EXHIBIT D).

 

e.               Material Contracts.  Each of the material contracts relating to the Company are attached to this Agreement as EXHIBIT C.  Except as set forth on EXHIBIT C, Company is not in material default of any material contract.

 

f.                Third-Party Service Providers. Sellers will provide commercially reasonable efforts to maintain and support the ongoing efforts of the Company through any third-party service providers such Sellers directly or indirectly control, including, but not limited to the Richard Beckstrand Employees’ Credit Union.

 

g.               Licenses and Registrations. Company has provided a list, attached hereto as EXHIBIT D, of all licenses or registrations either obtained or in the process of being obtained and that, to the best of Sellers’ knowledge, are sufficient to conduct the Company’s business. Furthermore, Company has provided Purchaser a memo from outside counsel advising Company on the appropriateness of Company’s license and registration strategy and related matters.

 

h.              Absence of Undisclosed Liabilities. The Company has no material liabilities (matured or unmatured, fixed or contingent), which are not fully reflected or provided for on the balance sheet of the Company as of the Closing Date, or any material loss contingency, whether or not required by GAAP to be shown on the balance sheets, except obligations to perform under commitments incurred in the ordinary course of business pursuant to the disclosed material contracts.

 

i.                  Compliance with Laws. Company is in compliance with all laws, rules and regulations applicable to its business.

 

j.                 Sufficiency of Assets.  At the Closing, the Company will have good and valid title to its properties and assets (including intellectual property, trade secrets and know-how) free and clear of all liens.  Such assets and properties, when taken together with the properties and assets and rights available to the Purchaser and its affiliated entities pursuant to the License Agreement between the Company, Purchaser, MVI and Medici Land Governance, Inc. dated August 30, 2018 (“IP Cross License”), will constitute all the properties, assets, interests in properties

 

 

and rights necessary to permit the Company to carry on its business after the Closing substantially as conducted prior to the Closing.

 

k.              Intellectual Property.  Included in EXHIBIT E is a true and complete list and summary description of all patents, trademarks, service marks, trade names, copyrights and rights or licenses to use the same, and any and all applications therefor, presently owned or held by the Company. The Company has not received any formal or informal notice of infringement or other complaint that the Company’s operations traverse or infringe rights of others, nor does the Company have any reason to believe that there has been any such infringement.  Except with respect to the IP Cross License, no Seller, associate of any Seller nor any other employee of the Company owns nor holds, directly or indirectly, any interests in any patents, trademarks, service marks, trade names, trade secrets, copyrights, licenses, inventions, any and all applications therefor, or any other proprietary rights used or currently contemplated to be used by the Company.

 

l.                  Taxes. All taxes due and owing by Sellers have been, or will be, timely paid. No extensions or waivers of statutes of limitations have been given or requested with respect to any taxes of Company. All tax returns required to be filed by Company for any tax periods prior to Closing have been, or will be, timely filed. Such tax returns are, or will be, true, complete, and correct in all respects.

 

m.          Employees and Consultants. Company has provided a list, attached hereto as Exhibit F, of all employees or consultants currently working for Company including their titles and base salaries and Company represents and warrants there are no agreements, promises, arrangements, understandings, or commitments to provide additional compensation to such workers other than the base salaries or as otherwise disclosed on Exhibit F.

 

n.              Privacy and Data Security. To the Individual Sellers’ knowledge, there have been no security breaches relating to, violations of any security policy regarding, or any unauthorized access to, any proprietary data or information of the Company or any security breaches by the Company relating to, violations by the Company of any security policy regarding, or any unauthorized access by the Company to, any proprietary data or information of any third party used by the Company in connection with the business.

 

4.              Mutual Waiver of Rights. MVI is the majority owner of Purchaser and desires that Individual Sellers and Purchaser consummate the transactions contemplated by this Agreement.  Individual Sellers have agreed to the transactions set forth in this Agreement and MVI’s sale of MVI’s ownership interests in the Company to Purchaser.  Accordingly, each of MVI and Individual Sellers does hereby waive all rights that each may have to participate in or object to any of the transactions contemplated by this Agreement or the Note pursuant to the Shareholder Agreements.

 

 

5.              Miscellaneous.

 

a.              Governing Law. This Agreement shall be governed by and construed under the laws of the State of Utah without giving effect to conflict of law principles thereof. The parties agree that any action brought by either party under or in relation to this Agreement, including without limitation to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction and venue of, any state or federal court located in Utah.

 

b.              Entire Agreement; Amendment. This Agreement, including the MVI Purchase Price Documents, constitutes the full and entire understanding and agreement between the parties with regard to the subjects hereof.  No party shall be liable for or bound to any other in any manner by any oral or written representations or agreements except as specifically set forth herein.  This Agreement may not be amended or modified except with a written document referencing this Agreement and signed by both Sellers and Purchaser.

 

c.               Notices. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail with receipt acknowledged by recipient, or (c) one (1) business day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.

 

All communications shall be sent to Individual Sellers at:

 

6322 South 3000 East, Suite 160

Cottonwood Heights, Utah 84121

Attn: Steven Hopkins

Email: steve.hopkins@beckstrand.com

 

and to Purchaser at:

 

29 Broadway

New York, NY  10006

Attn: Alan Konevsky

Email: akonevsky@tzero.com

 

or MVI at:

 

799   West Coliseum Way

Midvale, Utah 84047

Attn: Stanton Huntington

Email: stantonhuntington@overstock.com

 

or at such other address or electronic mail address as the Individual Sellers, Purchaser or MVI may designate by ten (10) days advance written notice to the other parties hereto.

 

 

[signature page follows]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date and year first above written.

 

	
 
    	
 
    
	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
tZERO   Group, Inc.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Saum Noursalehi
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
Chief   Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
MVI:
    
	
 
    	
 
    
	
 
    	
Medici   Ventures, Inc.,
    
	
 
    	
a   Delaware corporation
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/Jonathan   E. Johnson III
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INDIVIDUAL   SELLERS:
    
	
 
    	
 
    
	
 
    	
Richard   N. Beckstrand,
    
	
 
    	
an   individual
    
	
 
    	
 
    
	
 
    	
/s/   Richard N. Beckstrand
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Steven   Hopkins,
    
	
 
    	
an   individual
    
	
 
    	
 
    
	
 
    	
/s/   Steven Hopkins
    

 

 

EXHIBIT A

 

CONVERTIBLE PROMISSORY NOTE

 

2

 

THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGISTRATION OR QUALIFICATION UNDER ANY APPLICABLE STATE SECURITIES LAWS OR (B) AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO TZERO THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED PURSUANT TO AN EXEMPTION UNDER SUCH ACT AND SECURITIES LAWS.

 

tZERO Group, Inc.

CONVERTIBLE PROMISSORY NOTE

 

	
US $4,000,000
    	
 
    	
December    ,   2018
    

 

FOR VALUE RECEIVED, tZERO Group, Inc., a Delaware corporation (“tZERO”), hereby unconditionally promises to pay to the order of Medici Ventures, Inc. (the “Lender”), in lawful money of the United States and in immediately available funds, the principal amount of Four Million U.S. Dollars (US$4,000,000) (the “Principal Amount”), together with accrued and unpaid interest thereon calculated as set forth in Section 3 (collectively, the “Loan Balance”), which shall be due and payable on the date and in the manner set forth in this Convertible Promissory Note (this “Note”).

 

1.                                      MATURITY DATE.

 

Unless repaid in full or converted in full pursuant to Section 4, the then-outstanding Loan Balance shall be due and payable on demand on or after December 31, 2020 (the “Maturity Date”). Unless and until Lender makes such demand, this Note shall remain outstanding and continue to accrue interest at the rate set forth herein, subject to all of the terms and conditions hereof including those relating to conversion into equity securities.

 

2.                                      PAYMENTS.

 

Subject to Section 4 below, interest shall accrue on this Note as set forth in Section 3 but shall not be due and payable until the Maturity Date.  No portion of the Loan Balance may be repaid by tZERO prior to the Maturity Date without the prior written consent of Lender, provided that all payments on this Note shall be applied first to accrued interest and thereafter to the outstanding Principal Amount.  Notwithstanding the foregoing, the entire unpaid Principal Amount of this Note, together with accrued and unpaid interest thereon, shall become immediately due and payable upon the insolvency of tZERO, the commission of any act of bankruptcy by tZERO, the execution by tZERO of a general assignment for the benefit of creditors, the filing by or against tZERO of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition without dismissal for a period of ninety (90) days or more or the

 

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appointment of a receiver or trustee to take possession of the property or assets of tZERO.  Payments under this Note shall be made in lawful money of the United States by wire transfer or other form of immediately available funds acceptable to the Lender at the address of the Lender set forth on the signature page to the Agreement or at such other place as the Lender shall have designated in writing.

 

3.                                      INTEREST RATE.

 

Interest shall accrue from the date of this Note on the unpaid Principal Amount on a simple interest per annum basis at a rate equal to four percent (4%) per annum.  Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed.

 

4.                                      CONVERSION.

 

4.1                                  Automatic Conversion.  This Note shall automatically convert, upon the closing of tZERO’s next issuance of stock for the principal purpose of raising capital resulting in net proceeds (individually or in the aggregate) to tZERO of at least Two Million U.S. Dollars (US$2,000,000) (excluding any amounts received in connection with the conversion of the Note and any other convertible securities) (a “Qualifying Financing”), into that whole number of shares of the type of stock issued in the Qualifying Financing “Automatic Conversion Shares”) equal to the number obtained by dividing the then-outstanding Loan Balance by eighty percent (80%) of the price per share of stock paid by investors in the Qualifying Financing.

 

In the event of the conversion of this Note pursuant to this Section 4.1:  (i) the Lender agrees to surrender this Note for conversion at the closing of the Qualifying Financing and to execute all reasonably necessary documents in connection with the conversion of this Note (including any definitive purchase agreement) that are executed by the investors in the Qualifying Financing; and (ii) tZERO shall, at its sole cost and reasonably promptly following such delivery, issue and deliver certificates representing the number of fully paid and non-assessable Automatic Conversion Shares and shall pay to the Lender cash in an amount equal that portion of the Loan Balance, if any, that would otherwise convert into a fractional Automatic Conversion Share pursuant to this Section 4.1.

 

4.2                                  Optional Conversion at or after Maturity Date.  Notwithstanding anything to the contrary set forth herein, in the event that, on or prior to the Maturity Date shall there occur no (i) Qualifying Financing or (ii) Change in Control, then tZERO shall have the option at the Maturity Date to convert the then-outstanding Loan Balance of the Note into shares of tZERO common stock at a price per share determined by Houlihan Lokey or another independent third-party appraiser reasonably approved by Lender in an independent valuation of tZERO.

 

In the event of the conversion of this Note pursuant to this Section 4.2:  (i) the Lender agrees to surrender this Note for conversion and to execute all reasonably necessary documents in connection with the conversion of this Note; and (ii) tZERO shall at its sole cost and reasonably promptly following such delivery, issue and deliver certificates

 

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representing the number of fully paid and non-assessable shares of common stock and shall pay to the Lender cash in an amount equal to that portion of the Loan Balance, if any, that would otherwise convert into a fractional share of tZERO common stock pursuant to this Section 4.2.

 

4.3                                  Authorization of Securities.  tZERO shall take all action necessary and appropriate to designate and authorize a sufficient number of Automatic Conversion Shares (and common stock issuable upon conversion of Automatic Conversion Shares), and common stock, as applicable, to be issued in the event of a conversion pursuant to this Section 4.

 

5.                                      CHANGE IN CONTROL.

 

Upon the occurrence of a Change in Control (other than in connection with or resulting from a Qualifying Financing), Lender shall receive immediate payment in an amount equal to one point two five (1.25) times the outstanding Loan Balance. “Change in Control” shall mean (i) the acquisition by any person of beneficial ownership through a purchase, merger or other acquisition transaction or series of transactions, of equity securities/interests of tZERO entitling that person to exercise fifty percent (50%) or more of the total voting power of all equity securities/interests entitled to vote generally in elections of directors, or (ii) any conveyance, transfer, sale, lease or other disposition of all or substantially all of tZERO’s assets to another person.

 

6.                                      TRANSFER.

 

The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties.  Notwithstanding the foregoing, the Lender may not assign, pledge or otherwise transfer this Note, except to a controlled affiliate, without the prior written consent of tZERO.  Subject to the preceding sentence, this Note may be transferred only upon surrender of this Note for registration of transfer, accompanied by a duly executed written instrument of transfer in form satisfactory to tZERO.  Thereupon, a new note for the same principal amount and interest will be issued to, and registered in the name of, the transferee.  Interest and principal shall be paid solely to the registered holder of this Note, and such payment shall constitute full discharge of tZERO’s obligation to pay such interest and principal.

 

7.                                      ASSIGNMENT BY tZERO.

 

Neither this Note nor any of the rights, interests or obligations hereunder may be assigned, by operation of law or otherwise, in whole or in part, by tZERO without the prior written consent of the Lender.

 

8.                                      GOVERNING LAW.

 

This Note shall be governed by, and construed and enforced in accordance with, the laws of the State of Utah, without reference to conflict of law or choice of law principles that would cause the application of laws of any other jurisdiction.

 

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9.                                      LOST, DESTROYED OR MUTILATED NOTE.

 

Upon receipt by tZERO of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any note exchanged for it, and indemnity satisfactory to tZERO (in case of loss, theft or destruction) or surrender and cancellation of such Note (in the case of mutilation), tZERO will, at its expense, make and deliver in lieu of such Note a new note of like tenor.

 

10.                               NO IMPAIRMENT.

 

Subject to Section 11, tZERO will not, by amendment of its Articles of Organization or through reorganization, consolidation, merger, dissolution, sale of assets or another voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Lender of this Note against impairment.

 

11.                               WAIVERS; MODIFICATIONS; AMENDMENTS.

 

The terms or provisions of this Note may be waived, modified and amended in writing by mutual agreement of the parties.

 

12.                               COUNTERPARTS.

 

This Note may be executed in one or two counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[Signature page immediately follows this page.]

 

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IN WITNESS WHEREOF, tZERO has caused this CONVERTIBLE PROMISSORY NOTE  to be issued on the date first written above.

 

	
 
    	
tZERO   Group, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
 
    

 

 

Signature Page to Convertible Promissory Note

 

 

EXHIBIT B

 

ASSIGNMENT OF INTELLECTUAL PROPERTY

 

 

ASSIGNMENT OF KEY RECOVERY IP

 

Bitsy, Inc., a Utah corporation (“Bitsy”) does hereby assign to Medici Ventures, Inc., a Delaware corporation (“MVI”) all of its right title and interest in and to (1) United States Provisional Patent Application Serial No. 62/618,077 filed on January 17, 2018 and titled “MULTI-SIGNATURE (MULTI-SIG) WITH THREE KEYS REQUIRING TWO OF THREE KEYS TO ACCESS CRYPTOCURRENCY WALLET AND STORING KEYS WITH USER, TRUSTED 3RD PARTY, AND EXCHANGE”; (2) United States Provisional Patent Application Serial No. 62/663,921 filed on April 27, 2018 and titled “MULTI-APPROVAL CRYPTOCURRENCY SYSTEM REQUIRING M OF N KEYS TO ACCESS AND RESTORE CRYPTOCURRENCY WALLET”; and (3) United States Provisional Patent Application Serial No. 62/663,922 filed on April 27, 2018 and titled “MULTI-APPROVAL CRYPTOCURRENCY SYSTEM REQUIRING M OF N KEYS TO ACCESS AND RESTORE CRYPTOCURRENCY WALLET”, together with the inventions disclosed and/or claimed therein in the United States of America and in all foreign countries, and in and to any and all non-provisional applications, continuations, divisionals, continuations-in-part, international applications filed under the Patent Cooperation Treaty (PCT), foreign counterparts, re-examination, re-issues or extensions thereof and any patents issuing on any of the foregoing (the “KRS Patents”).  Bitsy retains the rights given to all parties to that certain License Agreement dated as of August 30, 2018  (“License Agreement”) by and among Bitsy, MVI, tZERO.com, Inc. (and tZERO Group, Inc. (“tZERO”) as successor in interest to tZERO.com, Inc.), and Medici Land Governance, Inc. (“MLG”) (collectively, the “Parties”), including rights to a perpetual, worldwide, non-exclusive, irrevocable, royalty-free, fully paid-up, non-transferable, non-assignable, non-sublicensable, right and license to use, modify, and create derivative works of the Intellectual Property currently owned and/or created on or prior to December 31, 2018 by Bitsy, MLG, tZERO, and/or MVI.  As used herein, the term “Intellectual Property” shall have the meaning ascribed to it in the License Agreement (which term shall include, for the avoidance of doubt, the KRS IP, as defined below). Bitsy hereby also agrees to complete the key recovery system code and any related documentation required to operate the Bitsy wallet with key recovery (“KRS Code”, and, together with the KRS Patents, “KRS IP”) in an expeditious manner and hereby irrevocably grants, assigns, and conveys all right, title and interest in the KRS Code and all intellectual property rights therein, except for those retained by the Parties pursuant to the License Agreement, to MVI and its successors and assigns. Upon completion of the KRS Code, Bitsy will deliver the KRS Code to MVI in a manner agreed upon by Bitsy and MVI.

 

Furthermore, the Parties:  (1) acknowledge this assignment of the KRS IP to MVI; (2) agree that the License Agreement permits each licensee to use the Intellectual Property to create, enhance and commercialize new or existing products or services created using, including or otherwise depending on or relating to such Intellectual Property; and (3) agree the restriction on sublicensing in the License Agreement shall not apply to a licensee’s use and sublicense of the Intellectual Property if the Intellectual Property is not the sole or dominant feature of licensee’s commercially available product or service.

 

Any sale or transfer of the Intellectual Property by its owner subsequent to execution of this assignment shall not affect the rights of the licensees under the License Agreement and this assignment.

 

[signature page follows]

 

 

[signature page to Assignment of Key Recovery IP]

 

 

	
BITSY:
    	
 
    	
MVI:
    
	
 
    	
 
    	
 
    
	
Bitsy, Inc.,
    	
 
    	
Medici   Ventures, Inc.
    
	
a   Utah corporation
    	
 
    	
a   Delaware corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Its:
    	
 
    	
 
    	
 
    	
Its:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
tZERO:
    	
 
    	
MLG:
    
	
 
    	
 
    	
 
    
	
tZERO   Group, Inc.
    	
 
    	
Medici   Land Governance, Inc.
    
	
a   Delaware corporation
    	
 
    	
a   Delaware public benefit corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Its:
    	
 
    	
 
    	
 
    	
Its:Exhibit 10.1

 

transfer
agency and registrar services agreement

 

This
Transfer Agency and Registrar Services Agreement (this “Agreement”), dated as of December 28, 2018 (the
“Effective Date”), is entered into by and between Runway Growth Credit Fund Inc., a Maryland corporation (the
“Company”), and American Stock Transfer & Trust Company, LLC,
a New York limited liability trust company (“AST”; together with the Company, the “Parties”;
each, the “Party”).

 

1.            Appointment
of AST as Transfer Agent and Registrar.

 

(a)          The
Company hereby appoints AST, and AST hereby accepts such appointment, to act as sole transfer agent and registrar (the “Transfer
Agent”) for the common stock of the Company and for any other securities of the Company as requested in writing by the
Company from time to time (the “Shares”). AST shall perform only those duties and obligations that are specifically
set forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against AST.

 

(b)          On
or immediately after the Effective Date, the Company shall deliver to AST the following: (i) forms of outstanding stock certificates
of the Company (the “Stock Certificates”) approved and authorized by the board of directors of the Company (the
“Board”) and certified by the corporate secretary or similar authorized officers of the Company; (ii) incumbency
certificates of the officers of the Company who are authorized to (x) execute Stock Certificates and/or (y) deliver written instructions
and requests on behalf of the Company to AST; (iii) copies of the organizational documents of the Company, certified by the corporate
secretary or similar authorized officers of the Company; (iv) a sufficient supply of blank Stock Certificates executed by (or bearing
the facsimile signature of) the officers of the Company who are authorized to execute Stock Certificates and, if required, bearing
the Company’s corporate seal; (v) a schedule that lists the class of the Shares, the par value of the Shares, and the number
of authorized Shares; and (vi) all documentation or information reasonably requested by AST that is required by bank regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without
limitation the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act
of 2001, as amended. The Company authorizes AST to use Stock Certificates bearing the signature of an authorized officer of the
Company who at the time of use is no longer an officer.

 

(c)          The
Company shall promptly advise AST in writing of any change in the capital structure of the Company, and the Company shall promptly
provide AST with resolutions of the Board authorizing any recapitalization of the Shares or change in the number of issued or authorized
Shares. Further, the Company shall advise AST reasonably promptly of any amendment or supplement to any information or materials
provided by the Company to AST and shall provide such amendment or supplement to AST as soon as practicable.

 

(d)          [The
Company hereby authorizes AST to establish a program (the “DRS Sale Program”) through which a holder of one
or more Shares (each, a “Shareholder”) may elect to sell any Shares held in book-entry form through the Direct
Registration System. The Company shall not be charged by AST for establishing or administering the DRS Sale Program, and AST shall
be entitled to charge a transaction fee as set forth on Schedule 2 to any Shareholder that elects to sell Shares through
the DRS Sale Program. The Company hereby appoints AST, and AST hereby accepts such appointment, to act as the administrator of
the DRS Sale Program.]

 

     

     

    

  

2.            Term.
The initial term of this Agreement shall be five (5) years from the date hereof, and this Agreement shall automatically renew for
additional five-year successive terms (each, a “Term”) without further action of the Parties, unless written
notice is provided by either Party at least ninety (90) days prior to the end of the initial or any subsequent five-year period.
The Term shall be governed by this Section, notwithstanding the cessation of active trading of the Shares.

 

3.            Fees;
Expenses.

 

(a)          As
consideration for the services listed on Schedule 1 (the “Services”), the Company shall pay to AST the
fees set forth on Schedule 2 (the “Fees”). If the Company requests that AST provide additional services
not contemplated hereby, the Company shall pay to AST fees for such services at AST’s reasonable and customary rates, such
fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time
(the “Additional Service Fee”; together with the Fees, the “Service Fees”).

 

(b)          The
Company shall reimburse AST for all reasonable and documented expenses incurred by AST (including, without limitation, reasonable
and documented fees and disbursements of counsel) in connection with the Services (the “Expenses”); provided,
however, that AST shall receive written approval from the Company for any out-of-pocket expenses exceeding $2,500. The Company
agrees to pay all Service Fees and Expenses within thirty (30) days following receipt of an invoice from AST.

 

(c)          The
Company agrees and acknowledges that AST may adjust the Service Fees annually, on or about each anniversary date of this Agreement,
by the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published
by the U.S. Department of Labor, Bureau of Labor Statistics, plus three percent (3%).

 

(d)          Upon
termination of this Agreement for any reason, AST shall assist the Company with the transfer of records of the Company held by
AST. AST shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery
of such records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received
after the termination of this Agreement (the “Record Transfer Services”).

 

4.            Representations
and Warranties.

 

(a)          The
Company represents and warrants to AST that (i) it is duly organized and validly existing and in good standing under the laws of
the state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions
contemplated hereby; (iii) the execution, delivery and performance of this Agreement and the transactions contemplated hereby have
been duly authorized by all necessary action on the part of the Company; and (iv) this Agreement has been duly executed and delivered
and is the legally valid and binding obligation of the Company, enforceable against the Company in accordance with the Agreement’s
terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles (whether enforcement is sought by proceeding in equity or at law).

 

(b)            AST
represents and warrants to the Company that: (i) it is a limited liability trust company duly organized and validly existing and
in good standing under the laws of the State of New York; (ii) it is duly qualified to carry on its business in the State of New
York; (iii) it is empowered under applicable laws and by its governing documents to enter into and perform this Agreement; (iv)
all requisite corporate proceedings required by said governing instruments and applicable law have been taken to authorize it to
enter into and perform this Agreement, and this Agreement has been duly executed and delivered, and is enforceable against AST
in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or limiting creditors’ rights generally or by equitable principles (whether enforcement is sought by proceeding in equity
or at law); and (v) it is duly registered as a transfer agent under the Securities and Exchange Act of 1934, as amended (the “Exchange
Act”), and is in compliance with its obligations under the Exchange Act and the rules and regulations thereunder.

 

    -2-

     

    

  

(c)          All
Shares issued and outstanding as of the date hereof, or to be issued during the Term, are or shall be duly authorized, validly
issued, fully paid and non-assessable. All such Shares are or shall be duly registered under the Securities Act of 1933, as amended
(the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(d)          Any
Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction
that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange
Act, and such Shares bear or shall bear the applicable restrictive legends. Upon any issuance or transfer of such Shares, the Company
shall deliver to AST a legal opinion in form and substance reasonably satisfactory to AST.

 

5.            Reliance.

 

(a)          AST
shall be entitled to assume the validity of the issuance, presentation or transfer of a Stock Certificate, the genuineness of any
endorsement(s), the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or
transfer of such Stock Certificate; provided, however, that AST may delay or decline to issue or transfer a Stock
Certificate if it determines in good faith and in its sole discretion that it is in the Company’s and/or AST’s best
interests to receive evidence or written assurance of the validity of the issuance, presentation or transfer of the Stock Certificate,
the authority of its presenter(s) or the collection or payment of any charges or taxes relating to the issuance or transfer.

 

(b)          AST
shall not be responsible for any transfer or issuance of Shares that has not been effected by AST.

 

(c)          AST
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing
or other instruction, including, but not limited to, oral instruction, certificate, instrument, opinion, notice, letter, stock
power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to be an
authorized officer, agent or employee of the Company, unless, prior thereto the Company has advised AST in writing that AST must
act and rely only on written instructions of certain authorized officers of the Company; (ii) any statement of fact contained in
any such writing or instruction which AST in good faith believes to be accurate; (iii) other authenticity and genuineness of any
signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to, any certificate, instrument,
opinion, notice, letter, stock power, affidavit or other document or security; and (iv) the conformity to original of any copy.
AST may act and rely on the advice, opinions or instructions received from the Company’s legal counsel. In the event that
the Company or its legal counsel is unavailable or does not respond to AST’s requests for legal advice, AST may seek the
advice of AST’s own legal counsel (including its internal legal counsel), and AST shall be entitled to act and rely on the
advice, opinion or instruction of such counsel, which shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by AST pursuant to such advice, opinion or instruction. Without limiting the foregoing, AST shall
be entitled to use and rely upon any instructions of the Company without responsibility for independent verification thereof and
shall not assume responsibility for the accuracy or completeness of such instructions.

 

    -3-

     

    

  

(d)          AST
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing
or other instruction believed by AST in good faith to have been furnished by or on behalf of a Shareholder, including, but not
limited to, any oral instruction, certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or
security; (ii) any statement of fact contained in any such writing or instruction which AST in good faith believes to be accurate;
(iii) the apparent authority of any Person to act on behalf of a Shareholder as having actual authority to the extent of such apparent
authority; (iv) the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including,
but not limited to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security;
and (v) on the conformity to original of any copy. AST is authorized to reject any transfer request that fails to satisfy AST’s
internal procedures relating to the transfer of Shares. Without limiting the foregoing, AST shall be entitled to use and rely upon
any instructions of a Shareholder or its representatives without responsibility for independent verification thereof and shall
not assume responsibility for the accuracy or completeness of such instructions.

 

(e)          AST
may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any guaranty
of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents
Medallion Program or other comparable signature guarantee program or insurance program; or (ii) any instructions received through
the Depository Trust Company’s Direct Registration System/Profile service.

 

(f)           AST
shall promptly notify the Company upon receipt of a Stock Certificate that is not reflected in AST’s records. If the Company
and AST are unable to account for such Stock Certificate, within sixty (60) days of such determination, the Company shall in its
sole discretion (a) increase the number of issued Shares or (b) acquire and cancel a number of Shares to account for such Stock
Certificate.

 

6.            Lost,
Stolen or Destroyed Certificates. AST shall not be obligated to issue a replacement certificate for any Stock Certificate reported
to have been lost, stolen or destroyed, unless AST shall have received from the applicable Shareholder: (a) an affidavit of loss;
(b) an indemnity bond in form and substance reasonably satisfactory to AST; and (c) payment of all applicable processing fees;
provided that, upon the Company’s written request, AST may, in its sole discretion, accept an indemnification letter
from the Company in lieu of an indemnity bond.

 

7.            Unclaimed
Property.

 

(a)          To
the extent required by applicable unclaimed property laws or if requested by the Company, AST will
provide, or cause to be provided, unclaimed property reporting services for unclaimed property that may be deemed abandoned or
otherwise subject to unclaimed property law. Such services may include (without limitation)
(i) identification of unclaimed or abandoned property, (ii) preparation of unclaimed or abandoned property reports, (iii) delivery
of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due diligence
notifications, (v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services
as may reasonably be necessary to comply with unclaimed property laws or regulations. The Company shall assist and cooperate with
AST as reasonably necessary in connection with the performance of the services described in this Section. AST shall assist
the Company in responding to (x) inquiries from state unclaimed property departments regarding reports filed by or on behalf of
the Company or (y) requests for the confirmation of names of owners of unclaimed or abandoned property. 

 

    -4-

     

    

  

(b)           The
Company acknowledges and agrees that AST may use a shareholder locating service provider (the “Locating Service Provider”)
to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing
the escheatment of applicable Shares and related unclaimed or abandoned property. The Company shall not be charged by AST or the
Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x)
to contact AST at no charge other than at AST’s applicable fees or (y) to utilize the services of the Locating Service Provider
for a fee, which shall not exceed the maximum fee allowed under the applicable state’s unclaimed property rules.

 

8.             Confidentiality.

 

(a)           
“Confidential Information” means, as to the Disclosing Party (as defined below) and, if applicable, its Affiliates:
(i) information concerning the business of the Disclosing Party and, if applicable, its Affiliates (including, without limitation,
business, financial, technical, and other information marked or designated by such Party as “confidential” or “proprietary”,
historical financial statements, financial projections and budgets, audits, tax returns and accountants’ materials, historical,
current and projected sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans,
publications, and customer agreements); (ii) information that, by the nature of the circumstances surrounding the disclosure, ought
in good faith to be treated as confidential; (iii) information, including account information, relating to the shareholders of
the Disclosing Party; and (iv) all notes, analyses, compilations, studies, summaries and other material prepared by the Receiving
Party (as defined below), its Affiliates, employees, agents, and representatives containing or based, in whole or in part, on any
or all of the foregoing; provided that Confidential Information shall not include any information that (x) is or becomes
(through no improper action or inaction of the Receiving Party) generally available to the public; (y) was rightfully disclosed
to the Receiving Party by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently
developed by the Receiving Party without reference to or use of any Confidential Information.

 

(b)        
“Affiliates” means, as to a specified Person, another Person that directly, or indirectly, controls or is controlled
or is under common control with the specified Person; “Person” means any corporation, limited liability company,
partnership or other legal entity; and “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power,
by contract or otherwise. “Controlling” and “controlled” shall have corresponding meanings.

 

(c)          Each
Party (the “Receiving Party”) acknowledges that it may acquire or have access to Confidential Information of
the other Party (the “Disclosing Party”) in connection with the Services or this Agreement. The Receiving Party
shall not disclose Confidential Information to any other Person, and shall not use Confidential Information for any purposes other
than in connection with the performance of its obligations under this Agreement; provided that the Receiving Party shall
be permitted to disclose Confidential Information (i) pursuant to the order of any court or administrative agency or in any pending
legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the
advice of counsel (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to
inform the Disclosing Party promptly thereof prior to disclosure; provided, however, that this clause shall
not require AST to notify the Company of its receipt of any subpoena, summons, or other legal process relating to wage garnishment,
tax levy or domestic matter proceedings filed against or by a Shareholder); or (ii) upon the request or demand of any regulatory
authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and
not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure). The Receiving Party shall
safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature
and in any event with not less than a reasonable degree of care.

 

    -5-

     

    

  

(d)          Upon
the termination of this Agreement or upon the Disclosing Party’s written request, the Receiving Party shall, at the Disclosing
Party’s option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or
other materials derived from the Confidential Information, and copies thereof, and shall delete and purge permanently all copies
and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving Party
shall, within fifteen (15) days from the termination of this Agreement or such request, provide the Disclosing Party with a certificate
signed by an authorized officer of the Receiving Party confirming that the Receiving Party has fulfilled its obligations under
this clause. Notwithstanding the foregoing, upon notice to the Disclosing Party, the Receiving Party may keep a copy of
the Confidential Information after termination of this Agreement to the extent necessary for audit and/or regulatory purposes or
to the extent required under applicable law.

 

9.            Termination.

 

(a)          Either
Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be cured
or, if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching Party’s receipt
of written notice of such breach (the “Cure Period”). If the Company is the breaching Party, then, during
the Cure Period, upon written notice to the Company, AST may suspend the Services without terminating the Agreement. During the
period of suspension of Services, AST shall have no obligation to act as Transfer Agent, it being understood that such suspension
shall not affect AST’s rights and remedies hereunder.

 

(b)          Either
Party may terminate this Agreement, effective upon written notice to the other Party, if the other Party (i) becomes insolvent
or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any
proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within seven (7) business days
or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes any
corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee,
custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion
of its property or business.

 

(c)          The
expiration or termination of this Agreement, for any reason,
shall not release either Party from any obligation or liability to the other Party, including any payment and delivery obligation,
that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination
of the Agreement; or (iii) otherwise survives the expiration or termination
of this Agreement. Following the termination of
this Agreement, AST shall promptly invoice the Company for any outstanding Service Fees and Expenses due and owing under this Agreement,
and the Company shall pay all such Service Fees and Expenses to AST in accordance with the payment terms set forth in this Agreement.

 

(d)          If
the Company terminates this Agreement pursuant to Sections 2 or 9(a), then the Company shall pay to AST (i) all amounts
outstanding under this Agreement as of the date of such termination and (ii) AST’s then-customary fees for Record Transfer
Services. If the Company terminates this Agreement for any reason other than pursuant to Sections 2 or 9(a), then
the Company shall pay to AST (x) all outstanding Service Fees and Expenses as of the date of such termination, (y) the Service
Fees that would otherwise have accrued during the remainder of the then-current Term, and (z) AST’s then-customary fees for
Record Transfer Services.

 

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10.          Limitations
on Liability.

 

(a)          To
the fullest extent permitted by applicable law, no Party shall be liable to any other Party on any theory of liability for any
special, indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated
savings).

 

(b)          AST’s
liability arising out of or in connection with the Services shall not exceed the aggregate amount of all Service Fees paid under
this Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such
liability.

 

11.          Indemnity.

 

(a)          The
Company hereby agrees to indemnify and hold harmless AST and its Affiliates and its and their officers, directors, employees, advisors,
agents, other representatives and controlling persons (each, an “Indemnified Person”) from and against any and
all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject
arising out of or in connection with this Agreement and the Services or any claim, litigation, investigation or proceeding relating
to any of the foregoing (each, a “Proceeding”), regardless of whether any such Indemnified Person is a party
thereto or whether a Proceeding is brought by a third party or by the Company or any of its Affiliates, and to reimburse each such
Indemnified Person upon demand for any reasonable, documented legal or other out-of-pocket expenses incurred in connection with
investigating or defending any of the foregoing by one counsel to the Indemnified Persons taken as a whole and, in the case of
aconflict of interest, one additional counsel to the affected Indemnified Persons taken as a whole; provided that the foregoing
indemnity shall not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent
they have resulted from the willful misconduct, bad faith or gross negligence of such Indemnified Person (as determined by a court
of competent jurisdiction in a final and non-appealable decision).

 

(b)          AST
agrees to notify the Company promptly of the assertion of any Proceeding against any Indemnified Person; and the Company agrees
to notify AST promptly of the assertion of any Proceeding against the Company, or any of its officers, directors, employees, advisors,
agents, other representatives and controlling persons in connection with the Services, in which event AST agrees to assume sole
responsibility of promptly notifying any of the relevant Indemnified Persons of any such assertion. At the Company’s election,
unless there is a conflict of interest, the defense of the Indemnified Persons shall be conducted by the Company’s counsel.
Notwithstanding the foregoing, AST may employ separate counsel to represent it or defend AST or an Indemnified Person in such Proceeding,
and the Company will pay any reasonable, documented legal or other out-of-pocket expenses of counsel if AST or such Indemnified
Person reasonably determines, based on the advice of its legal counsel, that there are defenses available to AST or such Indemnified
Person that are different from, or in addition to, those available to the Company, or if an actual or potential conflict of interest
between AST or the Indemnified Person and the Company makes representation by the Company’s counsel not advisable; provided
that, unless there is an actual or potential conflict of interest, the Company will not be required to pay the fees and expenses
of more than one separate counsel for all Indemnified Persons in any jurisdiction in any single Proceeding. In any Proceeding the
defense of which the Company assumes, the Indemnified Persons shall be entitled to participate in such Proceeding and retain its
own counsel at such Indemnified Person’s own expense.

 

(c)          The
Company shall not be liable for any settlement of any Proceedings effected without its consent (which consent shall not be unreasonably
withheld, conditioned or delayed), but if settled with the Company’s written consent or if there is a final judgment for
the plaintiff in any such Proceedings, the Company agrees to indemnify and hold harmless each Indemnified Person from and against
any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with clause
(a) above. The Company shall not, without the prior written consent of an Indemnified Person (which consent shall not be unreasonably
withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings
in respect of which indemnity could have been sought hereunder by such Indemnified Person, unless (i) such settlement includes
an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability
on claims that are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of
fault, culpability or a failure to act by or on behalf of any Indemnified Person.

 

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12.          Force
Majeure. AST shall not be liable for failure or delay in the performance of the Services if such failure or delay is due to
causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane
or other natural disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war,
rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government
sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service or any
other force majeure event.

 

13.          Notices.
Any notice, report or payment required or permitted to be given or made under this Agreement by one Party to the other shall be
in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by
one Party to the other):

 

If to the Company:

 

Runway Growth Credit Fund, Inc.

205 N. Michigan Avenue

Suite 2400

Chicago, IL 60601

Attention: Thomas Raterman

Email: tr@runwaygrowth.com

 

With a copy to:

 

Eversheds Sutherland
(US) LLP

700 6th Street NW

Suite 700

Washington, DC 20001

Attention: Stephani
Hildebrandt

Email: stephanihildebrandt@eversheds-sutherland.com

 

If to AST:

 

American Stock Transfer
& Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Relationship
Management

 

With a copy to:

 

American Stock Transfer
& Trust Company, LLC

48 Wall Street, 22nd
Floor

New York, New York
10005

Attention: Legal Department

Email: legalteamAST@astfinancial.com

 

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15.          Miscellaneous.

 

(a)          The
Company acknowledges and agrees that (i) nothing herein shall be construed as creating any agency, partnership, joint venture or
other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the Company waives, to the fullest
extent permitted by law, any claims that it may have against AST for breach of fiduciary duty or alleged breach of fiduciary duty
and agrees that AST shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim.

 

(b)          This
Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to its conflicts
of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in
the United States District Court for the Southern District of New York or any court of the State of New York of competent jurisdiction
located in such District. Service of any process by registered mail addressed to each party at the respective address above shall
be effective service of process against such party for any suit, action or proceeding brought in any such court. Each Party (i)
waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Agreement or the Services in any New York State
court or in any such Federal court; (ii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such suit, action or proceeding in any such court; and (iii) agrees that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT
BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.

 

(c)          The
compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing law, and waiver of jury trial provisions
contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver
of any provision hereof shall be effective unless in writing and signed by the Parties and then only in the specific instance and
for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters
contemplated hereby and sets forth the entire understanding of the Parties with respect thereto. This Agreement and the obligations
hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent
not to be unreasonably withheld, delayed or conditioned); provided that AST may assign this Agreement or any rights granted
hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a
Person that acquires all or substantially all of the business or assets of AST whether by merger, acquisition, or otherwise.

 

(d)          This
Agreement may be executed in any number of counterparts and by different Parties in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery
of an executed counterpart of a signature page of this Agreement by facsimile transmission or in “.pdf” or
“.tif” form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision
of this Agreement shall be held illegal or invalid by any court, this Agreement shall be construed and enforced as if such provision
had not been contained herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law. 

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK.]

 

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IN WITNESS WHEREOF, each Party has caused
this Agreement to be duly executed as of the date first above written. 

 

	AMERICAN STOCK TRANSFER &	 	RUNWAY GROWTH CREDIT FUND INC.
	TRUST COMPANY, LLC	 	 
	 	 	 	 	 
	By: 	/s/ Carlos Pinto	 	By: 	 /s/ Thomas B. Raterman
		Name: Carlos Pinto	 	 	Name: Thomas B. Raterman
		Title: Senior Vice President	 	 	Title: Chief Financial Officer

 

    -10-

     

    

  

Schedule 1

 

Services

 

Capitalized
terms used herein and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, AST will provide
the following services:

 

ACCOUNT
MAINTENANCE AND RECORDKEEPING

		·	Open new accounts, consolidate and close Shareholder accounts

		·	Annual record storage services (subject to additional fee)

		·	Maintain all Shareholder accounts

		·	Process address changes, including seasonal addresses

		·	Place, maintain and remove stop transfers

		·	Post all debit and credit certificate transactions

		·	Perform social security solicitation

		·	Handle shareholder and broker inquiries, including internet correspondence

		·	Respond to requests for audit confirmations

		·	Monthly report for all classes of securities in Microsoft Word and
HTML formats (Excel format is subject to an additional fee)

 

STOCK
AUDIT / CONTROL BOOK FUNCTIONS

		·	Maintain accurate records of outstanding Shares

		·	Respond to requests for audit confirmations

		·	Provide web access to the total outstanding Share balances 

 

CERTIFICATE
AND SECURITY ISSUANCE FUNCTIONS

		·	Process all routine transfers

		·	Post all debit and credit certificate transactions

		·	Issue Stock Certificates

		·	Create book entry Direct Registration System (“DRS”)
positions

		·	Participate in the DRS profile system, allowing broker “sweeps”
of registered positions

		·	Interface electronically with DTC/CEDE & CO.

		·	Mail newly-issued certificates/DRS advices to Shareholders

		·	Replace lost or stolen Stock Certificates upon Shareholder request

		·	Issue and register all Stock Certificates

		·	Issue shares upon exercise of stock options.

		·	Process legal transfers and transactions requiring special handling

		·	Provide, upon request, access to daily reports of processed transfers

 

		REPORTING	

		·	Furnish, upon request, unlimited Shareholder list, sorted by Company-designated
criteria

 

LISTS
AND MAILINGS 

		·	Enclose multiple proxy cards to same household in one envelope, if
applicable (subject to additional fee)

		·	Monitor and suppress undeliverable mail until correct address is located

		·	Furnish shareholder lists, in any sequence

 

    -11-

     

    

  

		·	Provide geographical detail reports of all stocks issued/surrendered
over a specific period

		·	Provide mailing labels

 

WEB-BASED
ORIGINAL ISSUANCE (OI) / DWAC SYSTEM 1

		·	Facilitate Deposit/Withdrawal At Custodian (“DWAC”) and original issuances initiated
from the Company’s desktop via Internet

		·	Accept files for original issuances

		·	Allow multiple requests to be submitted on the same form at the same time

		·	Notify the Company via email when matching broker instructions have not been received

		·	Provide designated brokers the ability for brokers to log into the system and track the status
of Company-submitted items

		·	Report daily and monthly transactions via e-mail

		·	Enforce built-in security procedures

 

TECHNOLOGY
AND INTERNET ACCESS

		·	Retrieve account information (including outstanding Stock Certificates and checks) 24 hours a day,
7 days per week

		·	Review frequently asked questions, including transfer requirements and corporate actions data

		·	Download forms (e.g., affidavit of domicile, form W8/W9, letters of transmittal and stock power)

		·	Change account addresses

		·	Replace lost, stolen or uncashed checks

		·	Replace lost, stolen or non-received Stock Certificates

		·	Obtain a duplicate Form 1099

		·	Sign up for electronic delivery (e.g., for proxy materials)

		·	Request a certificate for shares held in book-entry or plan form

		·	Enroll to have dividends directed toward purchase of additional Shares

		·	Send e-mail inquiries concerning Shareholder’s account, or conduct an online chat session
with one of AST’s customer service representatives

 

SHAREHOLDERS
VIA THE INTERACTIVE VOICE RESPONSE (“IVR”)

		·	Obtain account-specific information, including account balance

		·	Execute plan transactions, including sales and certification requests

		·	Request a duplicate Form 1099, with delivery via mail or fax

		·	Request a transfer package via mail or fax

		·	Request forms to effect address changes, check replacements, Stock
Certificate replacements and direct deposit enrollments

		·	Obtain information pertaining to current corporate actions or other
significant Company events

 

SHAREHOLDER
(INQUIRIES)

		·	Distribute “welcome” material to new Shareholders (may
incur reimbursable expenses)

		·	Provide assistance to Shareholders related to their securities holdings
as they initiate account inquiries or perform transactions, including guidance through common transactions and explanations for
transaction rejections and the corrective steps required to complete their request

		·	Provide 24/7 account access via the internet and IVR telephonic system

		·	Provide toll-free number for Shareholder-initiated telephone inquiries
to AST’s call center 

 

 

1 Please note that AST does not charge a fee for
DWAC processing but that the broker may charge fees incurred from receipt of Shares.

 

    -12-

     

    

  

		·	Oversee the fulfillment process for potential investors (if applicable)

 

CLIENT-DESIGNATED
PERSONNEL VIA THE INTERNET

		·	View and download detailed Shareholder data, including: name, address
of record, account number(s), number of Shares held in certificate and book-entry form, historical dividend-related information
and cost basis reporting information

		·	Obtain total outstanding Share balances 

		·	Utilize AST’s reporting tool to generate comprehensive reports
in a real-time environment, with immediate e-mail delivery

		·	Issue stock options and effect delivery through the DWAC system 

		·	Update company profile and corporate information

 

Control
Books Tracking

		·	Receive daily emails of control books information

		·	Review current transactions affecting the number of outstanding Shares in a Company-specified date
range

 

Proxy
Central

		·	Proxy reports (either summarized or detailed) by proposal

		·	Voting status on the 50 largest accounts

		·	Shareholders attending the Company annual meeting 

		·	DTC position listing

		·	Broker voting detail

 

ANNUAL
SHAREHOLDER MEETING 

		·	Process proxy votes for routine/non-routine meetings of the Company

		·	Imprint Shareholders’ name on proxy cards

		·	2Mail material
to Shareholders 

		·	Prepare and transmit daily proxy tabulation reports to the Company
by email

		·	Provide certified Shareholder list in hard copy if requested

		·	Facilitate proxy distribution mailing 

 

DIVIDEND
DISBURSEMENT 

		·	Confirm in writing that the dividend notice was received

		·	Prepare and calculate dividend payments

		·	Coordinate dividend checks and enclosures (if applicable) mailing
to the Shareholders

		·	Furnish one copy of the dividend register, hard copy or CD-ROM (if
requested)

		·	Place stop payment orders on reported lost dividend checks

		·	Issue replacement dividend checks/sales checks

		·	Provide copies of paid dividend checks upon request (subject to additional
fee)

		·	Report annual dividend income to Shareholders on applicable Form 1099

		·	File annual tax information electronically to the Internal Revenue
Service

		·	Withhold and remit backup withholding taxes as required by the Internal
Revenue Service

		·	Withhold foreign tax and file foreign tax reports as required by the
Internal Revenue Service

		·	Maintain custody and control of all undeliverable checks and forward
returned items to Shareholders upon confirmation of a current address

 

 

2 Please note that postage
and processing fees will apply. 

 

    -13-

     

    

 

Unclaimed Property

		·	Analyze and identify unclaimed or abandoned property across each class
of security (if applicable)

		·	Prepare and distribute due diligence notices (may incur reimbursable
expenses) 

		·	Prepare unclaimed or abandoned property reports (including null or
negative reports, if applicable)

		·	Deliver all unclaimed property and reports to the applicable jurisdictions

		·	Respond to shareholder and state inquiries relating to unclaimed property
filings

 

    -14-

     

    

  

Schedule 2

 

Fees

 

	Transfer Agent AND
    Registrar SERVICES	 	 	 	 
	*Monthly Administration Fee	 	$	[●]	 
	*Upon
    Implementation of Quarterly Dividend	 	$	[●]	 
	Unclaimed Property Reporting	 	$	[●]	 
	*Up to 750 registered shareholders (each additional
    class of security $250 per month)	 	 	 	 
	 
	Account Maintenance per Account	 	 	Included	 
	Issuance and Registration of Stock Certificates	 	 	Included	 
	Each Stock Certificate cancelled	 	 	Included	 
	Restricted/Preferred Accounts	 	 	Included	 
	General Written Correspondence	 	 	Included	 
	Shareholder Address Changes	 	 	Included	 
	Customer Service – Telephone	 	 	Included	 
	Research and Responding to Shareholder Inquiries	 	 	Included	 
	Issuance of Restricted Transfers	 	 	Included	 
	Issuance of Stock Option	 	 	Included	 
	3DWAC Transfers (broker fees may apply)	 	 	Included	 
	Non-Routine Transfers (including removal of legends and transfer of applicable Shares)	 	 	Included	 
	Shareholder Internet Access	 	 	Included	 
	Client Internet Access	 	 	Included	 
	4DRS Sale Program – Transaction Fee (to be paid
    by the Shareholder)	 	 	Per transaction	 
	 	 	 	 	 
	SHARE CONVERSION PORTAL	 	$	5,000	  
	 
	ANNUAL MEETING ADministration
    SERVICES	 	 	 	 
	Prepare Full Shareholder List as of Record Date	 	 	Included	 
	Complete Reporting for Proxy Program	 	 	Included	 
	Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket)	 	 	Included	 
	Receive and Scan Returned Proxies	 	 	Included	 
	Tabulate Proxies (Registered and Beneficial Holders – per vote fee applicable)	 	 	Included	 
	Prepare and Verify Final Vote List	 	 	Included	 
	Online access for Company to monitor voting	 	 	Included	 
	Omnibus Download of Proxy from DTC	 	 	Included	 
	Inspector of Election (travel fees will be applied as out-of-pocket expenses)	 	 	Available	 
	Online & Telephonic Voting for Registered Shareholders	 	 	Available	 
	 	 	 	 	 
	MANAGEMENT REPORTING	 	 	 	 
	Standard Reporting Suite	 	 	Included	 
	Online Access to Management Reports	 	 	Included	 
	Report Requirements determined at Conversion	 	 	Included	 

 

 

3 Please note that
AST does not charge a fee for DWAC processing but that the broker may charge fees incurred from receipt of Shares. 

 

4 A transaction fee
of $15.00 plus $0.12 per Share sold will be charged to the Shareholder.

 

    -15-

     

    

 

SPECIAL SERVICES

Services not included herein (including,
without limitation, trustee and custodial services, exchange/tender offer services, stock dividend disbursement services, voluntary
disclosure agreements and audit administration services relating to abandoned or unclaimed property) but requested by the Company
may be subject to additional charges.

 

Out-of-pocket
Expenses

All customary out-of-pocket expenses will
be billed in addition to the foregoing fees. These charges include, but are not limited to, printing and stationery, freight and
materials delivery, postage and handling.

 

The foregoing fees apply to services ordinarily
rendered by AST and are subject to reasonable adjustment based on final review of documents.

 

    -16-

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