Document:

Exhibit 4.5

 

 

THIS
INSTRUMENT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). IT MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON
RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

SENIOR
SECURED PROMISSORY NOTE

Date
of Issuance

$[
] November 22, 2021

FOR
VALUE RECEIVED, EXPION360 INC., a Nevada corporation (the “Company”), hereby promises to pay to the order
of [ ] (together with its permitted successors and assigns, hereinafter referred to as the “Holder”), the principal
sum of [ ] Dollars ($[ ]) together with interest thereon from the date of this note (this “Note”). Interest shall
accrue on the unpaid principal balance of this Note at an aggregate rate of fifteen percent (15%) per annum (with a minimum of one year
of interest) from the Closing Date, of which (i) interest at the rate of ten percent (10%) per annum shall accrue from the Closing Date
and be paid to Holder within ten (10) days of the first day of each calendar month until this Note is paid in full (“Monthly
Interest”) and (ii) interest at the rate of five percent (5%) shall accrue from the Closing Date, compound annually, and be
due and payable in arrears to the Holder on the Maturity Date (as defined below) (the “Deferred Interest” and together
with the Monthly Interest, the “Total Interest”). This Note is issued pursuant to that certain Subscription Agreement
of even date herewith, by and between the Company and the other parties thereto (the “Subscription Agreement”), and
capitalized terms not defined herein will have the meanings set forth in the Subscription Agreement. The Note is secured pursuant to
the terms of an Amended and Restated Security Agreement (the “Security Agreement”).

1.               
Payment. All payments will be made in lawful
money of the United States of America by same day wire transfer of immediately available funds to an account designated by Holder in
writing to the Company at least five (5) Business Days prior to the date of any payment. Payment will be credited first to accrued interest
due and payable, with any remainder applied to principal. The principal and interest may be prepaid as provided in the Subscription Agreement.

2.               
Maturity Date. Unless prepaid as provided in
the Subscription Agreement, the aggregate unpaid principal amount of this Note, plus all accrued and unpaid Total Interest thereon, and
all other amounts payable under this Note shall be due and payable on the earlier of: (a) May 15, 2023, (b) the closing of a Qualified
Subsequent Financing and (c) the closing of a Change of Control (any such date, the “Maturity Date”). The parties
may adjust or extend the Maturity Date by written agreement.

3.               
Security. This Note is a general secured obligation
of the Company, as set forth in the Security Agreement.

4.               
Remedies. If any Event of Default occurs and
continues for a period of (a) ten (10) days, in the case of an Economic Default, or (b) thirty (30) days, in the case of a Non-Economic
Default, after written notice thereof given by the Holder to the Company, then the Holder shall, by written election, elect to either
(i) declare the Note immediately due and payable, or (ii) continue to hold the Note with the rate of Total Interest increased by 3% (from
15% to 18%), which includes an increase from 10% to 12% for the Monthly Interest and an increase from 5% to 6% for the Deferred Interest,
for so long as the Event of Default shall remain uncured.

5.               
Amendments and Waivers; Resolutions of Dispute; Notice.
The amendment or waiver of any term of this Note, the resolution of any controversy or claim arising out of or relating to this Note,
and the provision of notice between the Company and the Holder will be governed by the terms of the Subscription Agreement.

6.               
Successors and Assigns. This Note applies to,
inures to the benefit of, and binds the respective successors and assigns of the parties hereto. Any transfer of this Note may be affected
only pursuant to the Subscription Agreement and by surrender of this Note to the Company and reissuance of a new note to the transferee.

    	 

    	 

    

7.               
Limitation on Interest. In no event will any
interest charged, collected, or reserved under this Note exceed the maximum rate then permitted by applicable law, and if any payment
made by the Company under this Note exceeds such maximum rate, then such excess sum will be credited by the Holder as a payment of principal.

8.               
Governing Law. This Note will be governed by
and construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision
or rule (whether of the State of Oregon or any other jurisdiction).

9.               
Approval. The Company hereby represents that
Company’s execution of this Note has been duly approved based upon a reasonable belief that the principal provided hereunder is
appropriate for the Company after reasonable inquiry concerning the Company’s financing objectives and financial situation. In
addition, the Company hereby represents that it intends to use the principal of this Note primarily for the operations of its business,
and not for any personal, family, or household purpose or for the repayment of any other debt.

NOTWITHSTANDING
ANYTHING TO THE CONTRARY SET FORTH HEREIN, THIS NOTE AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY AND RIGHT TO PAYMENTS HEREUNDER
ARE SENIOR IN ALL RESPECTS AND SHALL BE SUBJECT TO ALL PROVISIONS OF THE SUBSCRIPTION AGREEMENT, OF WHICH SECTION 7 IS INCORPORATED HEREIN
BY THIS REFERENCE, AND TO THE EXTENT OF ANY CONFLICT OR INCONSISTENCY, THE PROVISIONS OF THE SUBSCRIPTION AGREEMENT SHALL CONTROL.

[Signature
Page Follows]

    	 

    	 

    

The
undersigned expressly waives any presentment, demand, protest, notice of default, notice of intention to accelerate, notice of acceleration
or notice of any other kind except as expressly provided in the Subscription Agreement.

EXPION360
INC. 

		By:	

		Name:	

		Title:	

AGREED
AND ACKNOWLEDGED:

		HOLDER:	

		By:	

		Name:	

		Title:Exhibit
10.4

 

Consent
to be Named as a Director Nominee

 

In
connection with the filing by Expion360 Inc. (the “Company”) of the Registration Statement on Form S-1 (the “Registration
Statement”) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”),
I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in
the Registration Statement and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to
the Registration Statement and all amendments and supplements thereto.

 

	Date: March 30, 2022	By:	/s/ David Hendrickson
	 	 	David HendricksonExhibit
10.5

 

Consent
to be Named as a Director Nominee

 

In
connection with the filing by Expion360 Inc. (the “Company”) of the Registration Statement on Form S-1 (the “Registration
Statement”) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”),
I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in
the Registration Statement and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to
the Registration Statement and all amendments and supplements thereto.

 

	Date: March 30, 2022	By:	/s/ George Lefevre
	 	 	George LefevreExhibit
10.6

 

Consent
to be Named as a Director Nominee

 

In
connection with the filing by Expion360 Inc. (the “Company”) of the Registration Statement on Form S-1 (the “Registration
Statement”) with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”),
I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of the Company in
the Registration Statement and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to
the Registration Statement and all amendments and supplements thereto.

 

 

	Date: March 30, 2022	By:	/s/ Steven M. Shun
	 	 	Steven M. ShunExhibit
10.7

 

SECURITY
AGREEMENT

 

THIS
SECURITY AGREEMENT, dated
as of November
22, 2021
(this “Agreement”),
is made
by Expion360 Inc.,
a Nevada corporation (“Grantor”),
in favor of the Lenders
set forth on the
signature page hereto
(each, a “Lender”
and collectively the
“Lenders”).

 

RECITALS

 

A.                
The Lenders and
Grantor are parties to that certain Subscription Agreement
dated November 22, 2021 (as amended, supplemented,
restated or otherwise modified from time to time, the “Loan
Agreement”) pursuant to which the Lenders
agreed to purchase Senior Secured Promissory Notes from the
Grantor in the aggregate principal amount
of up to $1,600,000 (the “Loan”).

 

B.                 
The Loan is
presently evidenced by
those certain Senior Secured
Promissory Notes in
the aggregate principal
amount of up to $1,600,000
of even
date hereof
(the “Notes”).

 

C.                 
Under the
terms of
the Loan
Agreement, Grantor is
required to
grant to
Lenders under the Notes
a security interest,
subject and subordinate only
to security interests expressly permitted
by the Loan Agreement,
in and to
the Collateral hereinafter described.

 

D.                
This Agreement
is given
by Grantor in
favor of
the Lenders for
the ratable benefit of
the Lenders to secure
the payment
and performance
of all
of the Secured Obligations.

 

Accordingly,
the parties
hereto agree as
follows:

 

ARTICLE
1 DEFINITIONS

 

1.1
Terms. The following
terms herein
used shall
have the following
meanings (such definitions
to be
equally applicable to
the singular
and plural
forms thereof):

 

“Collateral”
is defined
in Section
2.1.

 

“Contract"
means, collectively, all
sale, service, performance,
equipment lease contracts, agreements and
grants and
all other contracts, agreements
or grants (in
each case, whether
written or oral, or third party
or intercompany),
between Grantor and any
third party,
and all assignments,
amendments, restatements,
supplements, extensions, renewals, replacements or
modifications thereof.

 

“Event
of
Default”
means the failure
to pay
when due, whether at stated maturity,
by acceleration
or otherwise,
any of
the Secured
Obligations or any other
“Event of
Default” as
defined in
the Loan
Agreement.

 

“Lien”
means any
pledge, assignment, hypothecation,
mortgage, security interest,
deposit arrangement, option, conditional sale
or title retaining contract,
sale and leaseback
transaction, financing statement filing,
lessor’s or
lessee’s interest
under any lease, subordination
of any claim or right, or any
other type of lien, charge, encumbrance,
preferential arrangement or
other claim or right.

 

“Obligors”
is defined
in Section
3.6.

 

“Receivables”
means all accounts,
payment intangibles, chattel
paper and instruments.

     

     

    

“Secured
Obligations” means
any and all obligations
of Grantor
under the Notes
and all obligations
of Grantor
under the Loan
Agreement or any
other loan document associated with the Notes, of
any kind or
nature, howsoever created
or evidenced
and whether
now or hereafter
existing, direct or indirect,
absolute or contingent,
joint and/or several, secured
or unsecured,
arising by
operation of
law or
otherwise, and whether
incurred by
Grantor as
principal, surety,
endorser, guarantor,
accommodation party
or otherwise,
including without limitation
all principal and all interest (including any interest accruing subsequent to
any petition filed by
or against Grantor
or any
of them
under the U.S.
Bankruptcy Code, whether
or not
an allowed claim), indemnity
and reimbursement obligations,
charges, expenses, fees, attorneys’
fees and disbursements and
any other
amounts owing thereunder.

 

“UCC”
means the
Uniform Commercial Code
as in effect
from time to time
in the State
of Nevada;
provided, that if, with respect
to any
UCC financing
statement or by
reason of
any provisions of
law, the
perfection or
the effect
of perfection
or non-perfection
of the
security interests granted
to Lenders
is governed
by the Uniform
Commercial Code as
in effect in
a jurisdiction
of the United
States other than Nevada, then “UCC” means the Uniform
Commercial Code as
in effect from time to time
in such other jurisdiction
for purposes of
any UCC financing statement
relating to such perfection
or effect of
perfection or non-perfection.

 

1.2               
Loan Agreement
Definitions. Unless
otherwise defined herein or the
context otherwise requires,
terms used in this
Agreement, including its preamble and recitals, have the
meanings provided in
the Loan Agreement.

 

1.3               
UCC Definitions. Unless
otherwise defined herein or in
the Loan Agreement or
the context otherwise
requires, and whether
or not
capitalized, terms for which
meanings are provided in Article
8 or Article
9 of the UCC are
used in this Agreement, including its
preamble and recitals, with such meanings. Without limiting the
foregoing, accounts, chattel paper, commercial
tort claims, certificated security, control, deposit
accounts, documents, farm products, fixtures, electronic
chattel paper, equipment, general intangibles, goods, instruments, inventory, investment
property, letter-of-credit rights, negotiable instruments, payment intangibles,
securities and software, whether or not
capitalized, shall have the
meanings ascribed thereto in the UCC.

 

ARTICLE
2

GRANT
OF SECURITY INTEREST

 

2.1
Grant of Security Interest. To
secure the
prompt and
complete payment of
all Secured
Obligations, for value
received and pursuant to the
Loan Agreement, Grantor hereby
grants, assigns and transfers
to Lenders
a security interest
in and to
all of the
Grantor’s assets, including but
not limited to the
following list of described
assets whether now owned or
existing or hereafter
acquired or arising and wherever located (all
of which is
herein collectively called the
“Collateral”):

 

(a)               
all Accounts; all Payment Intangibles; all Property; all
Deposit Accounts and any and all monies credited by or due from any financial institution
or any other depository; all additional amounts due to Grantor from any Account Debtors
relating to the Accounts; all Contract rights, rights of payment earned under a Contract right, Instruments
(including promissory notes), Chattel Paper (including electronic chattel paper), letters of credit, and money; all Supporting
Obligations of the foregoing; all real and personal property of third parties in which Grantor
has been granted a lien or security interest as security for the payment or enforcement of Accounts; and

 

(b)               
all proceeds and products of subsection (a) of this Section 2.1 in whatever
form, including: cash, deposit accounts (whether or not comprised solely of proceeds),
certificates of deposit, insurance proceeds, negotiable instruments and other instruments for the payment of money, chattel paper, security
agreements, documents, and tort claim proceeds.

  

 

ARTICLE
3 

REPRESENTATIONS
AND
COVENANTS

 

Grantor
further represents, warrants, covenants and agrees with Lenders as follows:

 

3.1              
Ownership of Collateral;
Security Interest Priority. At the
time any Collateral becomes subject to a security
interest of Lenders hereunder, unless Lenders shall otherwise consent, Grantor shall
be deemed to have represented and warranted
that (a) Grantor is the lawful owner of
such Collateral or has the power to transfer
the Collateral and have the right and authority to subject the same to the
security interest of Lenders; and (b)
none of the Collateral is subject to any Lien
other than that in favor of Lenders and there
is no effective financing statement or other
filing covering any of the Collateral on file
in any public office, other than in favor
of Lenders. This Agreement creates in favor
of Lenders a valid security
interest in the Collateral, which security interest, upon filing
of financing statements in the appropriate
offices in the locations listed on Schedule
3.1, will be perfected and
of first priority for security interests that
may be perfected by the
filing of a financing statement, enforceable
against Grantor and all third parties and securing the payment
of the Secured Obligations. Grantor authorizes
Lenders to file financing statements describing the Collateral as reasonably
determined by Lenders and if requested
will execute and deliver to Lenders
all documents and take such other actions as may from
time to time be reasonably requested by Lenders
in order to maintain a first
perfected security interest in, and if applicable, possession and control of, the Collateral.
Grantor will keep the Collateral free at all times from
any and all Liens. Grantor will
not, without the prior written consent of
Lenders, which will not be unreasonably
withheld or delayed sell, lease, license, transfer,
assign or otherwise dispose, or permit
or suffer to be sold,
leased, licensed, transferred, assigned or otherwise disposed, any of the Collateral,
except for any assets permitted to be
sold, leased, licensed, transferred, assigned or otherwise
disposed under the Loan Agreement, subject to the terms
of the Loan Agreement or sales in the
ordinary course of business. Subject to any
limitations in the Loan Agreement, Lenders
or their attorneys may after a prior
written notice and on regular business hours
inspect the Collateral and for such purpose may enter upon any and all premises where
the Collateral is or might be
kept or located.

     

     

    

 

		3.2	Perfection
                                            of
                                            Security Interest and Further
                                            Assurances.

 

(a)               
The Grantor hereby irrevocably authorizes the Lenders
at any time and from time to time
to file in any relevant jurisdiction any financing
statements and amendments thereto that contain the information required by Article
9 of the UCC of each
applicable jurisdiction for the filing of any financing
statement or amendment relating to the Collateral,
including any financing or continuation statements
or other documents for the purpose
of perfecting, confirming, continuing, enforcing or
protecting the security interest granted
by the Grantor hereunder, without the signature
of the Grantor where
permitted by law, including the filing of
a financing statement describing the Collateral as all
assets now owned or hereafter acquired
by the Grantor, or words of
similar effect. The Grantor
agrees to provide all information required
by the Lenders pursuant to this Section promptly
to the Lenders upon request.

 

(b)               
The Grantor hereby further authorizes the Lenders to file
with the United States Patent and Trademark
Office and the United States Copyright Office (and any successor
office and any similar office in any state
of the United States or
in any other country) this Agreement, any necessary security agreements and other documents
for the purpose of perfecting, confirming, continuing, enforcing or
protecting the security interest granted
by the Grantor hereunder, without the signature
of the Grantor where
permitted by law.

 

(c)               
 The Grantor agrees that at any time and from
time to time, at the expense of
the Grantor, the Grantor will promptly execute
and deliver all further instruments and documents,
obtain such agreements from third parties, and take all further action, that may
be necessary or desirable, or
that the Lenders may reasonably request, in order
to create and/or maintain the validity, perfection
or priority of and protect
any security interest granted or purported
to be granted hereby or to enable the
Lenders to exercise and enforce its rights
and remedies hereunder or under any other agreement
with respect to any Collateral.

 

3.3              
Names; Locations. Grantor represents and warrants
that Schedule 3.3 sets forth the
following for Grantor: (a) the jurisdiction in which
Grantor is located for purposes of Sections
9-301 and 9-307 of the UCC; (b) the address
of Grantor’s chief executive office; (c) each trade name or other
name (other than its name set forth on
the signature page hereto) used by Grantor;
and (d) Grantor’s federal taxpayer identification number (and, during the four months
preceding the date hereof, Grantor has not had any other federal taxpayer identification
number) and state organizational number. During the past four months
preceding the date hereof, Grantor has not
been known by any legal name different
from the one set
forth on the signature page hereto, nor has Grantor
been the subject of any merger or other
corporate reorganization during the past five years. The name
set forth on the signature page is the
true and correct name of Grantor.
Grantor will not change its name or place of incorporation
or organization or
federal taxpayer identification number except upon 30 days’ prior
written notice to Lenders.

 

3.4              
Taxes, Etc. Grantor will pay
any taxes, assessments and similar imposts and charges,
that are now or hereafter may become
a Lien upon any of the Collateral,
in accordance with the terms and requirements of the Loan
Agreement.

 

3.5              
Maintenance of Collateral.
Grantor shall preserve and maintain all rights of
Grantor and Lenders in all
Collateral, and will not subordinate, supplement or otherwise
modify any claim or right of Grantor
with respect to any Collateral, or permit,
consent or suffer to occur any
of the foregoing, if the effect thereof is to impair,
or is in any manner adverse to, the rights or
interests of Lenders without the prior written
consent of Lenders.

 

3.6              
Special Rights Regarding Receivables. Lenders or
any of their agents may, at any time
and from time to time in its sole
discretion upon the existence of any Event
of Default, verify, directly with each Person
(collectively, the “Obligors”) that owes any Receivables
to Grantor, the Receivables in any reasonable
manner. Lenders or any of their agents
may, at any time from time to time
after and during the continuance of
an Event of Default,
notify the Obligors of the security interest
of Lenders in the
Collateral and/or direct such Obligors that all payments in connection with such obligations
and the Collateral be made directly to Lenders
in Lenders’ names. If Lenders or
any of their agents shall collect such obligations
directly from the Obligors, Lenders or any of
their agents shall have the right to resolve
any disputes relating to returned goods directly
with the Obligors in such manner and on such
terms as Lenders or any of their agents shall
deem appropriate. Grantor directs and authorizes any and all
of its present and future Obligors to comply
with requests for information from Lenders, Lenders’ designees and agents
and/or auditors, relating to any and all business transactions between Grantor
and the Obligors. Grantor further directs and authorizes all of its
Obligors upon receiving a notice or request
sent by Lenders or Lenders’
agents or designees to pay directly
to Lenders any and all sums
of money or proceeds now or hereafter
owing by the Obligors to Grantor, and
any such payment shall act as a discharge of
any debt of such Obligor to Grantor
in the same manner as if such payment had been made
directly to Grantor. Grantor agrees to take any and
all action as Lenders may reasonably request to assist
Lenders in exercising the rights described
in this Section.

     

     

    

 

ARTICLE
4 REMEDIES

 

4.1   
General Remedies. Upon the occurrence
and during the continuance of any Event
of Default, Lenders shall have and may exercise
any one or more of the rights and remedies
provided to Lenders under this Agreement,
the Loan Agreement or any
of the other loan documents or provided
by law, including but not limited to all of
the rights and remedies of a secured
party under the UCC, and Grantor hereby agrees
to assemble the Collateral and make
it available to Lenders at a place
to be designated by Lenders that is
reasonably convenient to both parties, authorizes
Lenders to take possession of the
Collateral with or without demand and
in accordance with applicable law and
to sell and dispose of the same at public
or private sale and to apply
the proceeds of such sale to the
costs and expenses thereof (including reasonable attorneys’ fees and disbursements,
incurred by Lenders) and then
to the payment and satisfaction of the
Secured Obligations. Any requirement of reasonable
notice shall be met if any Lender
sends such notice to Grantor, by registered or
certified mail, at least 10 days prior
to the date of sale,
disposition or other event giving rise to a required
notice. Any Lender may be the purchaser at any such sale.
Grantor expressly authorizes such sale or sales of the Collateral
in advance of and to the exclusion of
any sale or sales
of or other realization upon any other collateral
securing the Secured Obligations. No Lender shall have any obligation to preserve
rights against prior parties, and no Lender shall
have any obligation to clean-up or otherwise
prepare the Collateral for sale. Grantor hereby waives
as to Lenders any right of subrogation
or marshaling of such Collateral and
any other collateral for the Secured Obligations.
To this end, Grantor hereby expressly agrees that any such collateral or
other security of Grantor
or any other party that Lenders may hold
may be dealt
with in all respects and particulars as though this Agreement were not in existence.
The parties hereto further agree that public sale of the Collateral
by auction conducted in any county in
which any Collateral is located
or in which Lenders or Grantor
does business after advertisement of the time and place thereof shall, among
other manners of public and private sale, be deemed to be a commercially
reasonable disposition of the Collateral. Grantor
shall be liable for any deficiency remaining
after disposition of the Collateral. Lenders
may comply with any applicable state or federal
law requirements in connection with a disposition
of the Collateral and compliance will
not be considered to adversely
affect the commercial reasonableness of any sale
of the Collateral. Lenders may specifically
disclaim any warranties of title
or the like. If any
Lender sells any of the Collateral
upon credit, Grantor will be credited
only with payments actually made by the purchaser,
received by Lenders and applied to the indebtedness
of such purchaser. In the event any such
purchaser fails to pay for the
Collateral, Lenders may resell the collateral and Grantor shall be credited
with the proceeds of sale.

 

		4.2	Special
                                            Remedies Concerning Certain Collateral.

 

(a)               
Upon the occurrence and during
the continuance of any Event of
Default, Grantor shall, if requested to
do so in writing, and to the extent
so requested, promptly collect and enforce payment of
all amounts due Grantor on account of,
in payment of, or in connection
with, any of the Collateral, hold all payments
in the form received by Grantor as trustee
for Lenders, without commingling with any funds belonging to Grantor,
and forthwith deliver all such payments
to Lenders with endorsement to Lenders’ order
of any checks or
similar instruments.

 

(b)               
Upon the occurrence and during
the continuance of any Event of
Default, Grantor shall, if requested
to do so, and to the
extent so requested, notify all Obligors and other
Persons with obligations to Grantor on
account of or in connection
with any of the Collateral of the security
interest of Lenders in the
Collateral and direct such account debtors
and other Persons that all payments in connection
with such obligations and the Collateral be made directly to Lenders. Any Lender itself
may, upon
the occurrence and during the continuance
of an Event of Default, so notify
and direct any such account debtor or
other Person that such payments are to be made
directly to Lenders.

 

(c)               
Upon the occurrence and during the continuance
of an Event of Default,
for purposes of assisting Lenders in exercising their rights
and remedies provided to Lenders under this
Agreement, Grantor (i) hereby irrevocably constitutes and appoints Lenders as its
true and lawful attorney, for and in Grantor’s
name, place and stead, to collect, demand,
receive, sue for, compromise, and give good
and sufficient releases for, any monies due or to become
due on account of, in payment of,
or in connection with the Collateral, (ii)
hereby irrevocably authorizes any Lender to endorse
the name of Grantor, upon any checks,
drafts, or similar items that
are received in payment of,
or in connection with, any of the Collateral,
and to do all things necessary in order
to reduce the same to money, (iii) with respect
to any Collateral, hereby irrevocably assents to all
extensions or postponements of the time
of payment thereof or
any other indulgence in connection therewith,
to each substitution, exchange or release
of Collateral, to the addition or release
of any party primarily or secondarily liable,
to the acceptance of partial payments thereon
and the settlement, compromise or adjustment
(including adjustment of insurance payments)
thereof, all in such manner and at such time or
times as Lenders shall
deem advisable and (iv) hereby irrevocably authorizes each Lender
to notify the post office authorities to
change the address for delivery of Grantor’s
mail to an address designated by such Lender,
and such Lender may receive, open and dispose
of all mail addressed to Grantor. Notwithstanding
any other provisions of this Agreement, it is
expressly understood and agreed that such Lender
shall have no duty, and shall not be
obligated in any manner, to make
any demand or to make any inquiry as
to the nature or sufficiency
of any payments received by it or to
present or file any
claim or take any other action to collect
or enforce the payment of
any amounts due or to
become due on account of or in connection
with any of the Collateral.

 

ARTICLE
5 MISCELLANEOUS

 

5.1              
Remedies Cumulative. No right or remedy conferred
upon or reserved to Lenders under this
Agreement, the Loan Agreement or any
other loan document is intended to be exclusive
of any other
right or remedy, and every
right and remedy shall be cumulative
in addition to every other right or
remedy given hereunder or now or hereafter
existing under any applicable law. Every right and remedy
of Lenders under this Agreement, the Loan Agreement
or any other loan document or under
applicable law may be exercised from time to time
and as often as may be deemed
expedient by Lenders. To the extent that
it lawfully may, Grantor agrees that it will not at any time insist upon, plead,
or in any manner whatever claim or
take any benefit
or advantage of any applicable present
or future stay, extension or moratorium
law, that may affect observance or performance
of any provisions of this Agreement,
the Loan Agreement or
any other loan document; nor will it claim,
take or insist upon any benefit
or advantage of any present or future
law providing for the valuation or appraisal
of any security for its obligations under this Agreement, the Loan
Agreement or any other loan document prior to any
sale or sales thereof that may be made
under or by virtue of any instrument governing
the same; nor will Grantor, after any such sale or sales,
claim or exercise any right,
under any applicable law to redeem any
portion of such security
so sold.

     

     

    

 

5.2              
Conduct No Waiver. No waiver of default shall
be effective unless in writing executed by
each Lender and waiver of any default
or forbearance on the part of any Lender
under such Lender’s Note in enforcing
any of its rights under this Agreement shall
not operate as a waiver of any other default
or of the same default on a future occasion
or of such right.

 

5.3              
Governing Law; Consent to Jurisdiction. This Agreement is a contract
made under, and shall be governed by
and construed in accordance with, the law of
the State of Nevada
applicable to contracts
made and to be performed
entirely within such State and without giving effect to choice
of law principles of such
State. Grantor agrees that any legal action or
proceeding with respect to this Agreement
or the transactions contemplated hereby may be brought
in any court of the
State of Nevada, or in any court
of the United States of America
sitting in Nevada, and Grantor hereby submits
to and accepts generally and unconditionally
the jurisdiction of those courts with respect
to its person and property. Nothing
in this paragraph shall affect the right of
Lenders to serve process in any other
manner permitted by law or limit the right of
Lenders to bring any such
action or proceeding against Grantor or
its property in the courts of any other
jurisdiction. Grantor hereby irrevocably waives any objection to the laying
of venue of any such suit or proceeding
in the above described courts. The headings
of the various subdivisions hereof are for convenience
of reference only and shall in no way
modify any of the terms or provisions
hereof.

 

5.4              
Notices. All notices,
demands, requests, consents and other communications
hereunder shall be delivered in the manner
described in the Loan Agreement.

 

5.5              
Rights Not Construed
as Duties. Lenders neither assume
nor shall they have any duty
of performance or
other responsibility under any contracts in which
Lenders have or obtain a security
interest hereunder beyond the exercise of
reasonable care. If Grantor fails to perform
any agreement contained herein, Lenders may but is in no way
obligated to perform, or cause performance
of, such agreement, and the reasonable expenses of Lenders incurred in connection
therewith shall be payable by Grantor
under Section 5.8. The powers conferred on Lenders
hereunder are solely to protect their interests
in the Collateral and shall not impose
any duty upon Lenders to exercise any
such powers. Except for the safe custody of
any Collateral in Lenders’ possession,
a duty to exercise reasonable care, and accounting for monies
actually received by it hereunder, Lenders shall have no duty
as to any Collateral or as to the taking
of any necessary steps to preserve rights against prior
parties or any other rights pertaining
to any Collateral. Lenders shall be
deemed to have exercised reasonable care in the custody
and preservation of the Collateral
in their possession if the Collateral
is accorded treatment substantially equal to that
which is reasonable and customary in the industry
for lenders.

 

5.6              
Amendments. None of the
terms and provisions of this Agreement
may be modified or
amended in any way except by an instrument
in writing executed by Grantor and Lenders.

 

5.7              
Severability. If any
one or more provisions of this Agreement
should be invalid, illegal or unenforceable
in any respect, the
validity, legality and enforceability
of the remaining provisions contained
herein shall not in any
way be affected, impaired, prejudiced or
disturbed thereby, and
any provision hereunder found partially
unenforceable shall be interpreted to
be enforceable to
the fullest extent
possible.

 

		5.8	Expenses.

 

(a)               
Grantor will, upon demand, jointly and severally,
pay to Lenders an amount of any and all reasonable
and documented expenses, including the reasonable fees and disbursements of its
counsel and of any experts and agents, that
Lenders may incur in connection with (i) the
administration of this Agreement, (ii) the custody,
preservation, use or operation of, or
the sale of, collection from
or other realization upon, any of the
Collateral, (iii) the exercise or enforcement
of any of the
rights of Lenders hereunder or under the Loan
Agreement or any other loan document, or (iv)
the failure of Grantor to perform or observe
any of the provisions hereof.

 

(b)               
Grantor agrees to hold harmless and indemnify
Lenders from and against any and all claims,
losses and liabilities actually incurred or suffered
growing out of or resulting from this Agreement
(including, without limitation, enforcement of this Agreement), except claims, losses
or liabilities resulting from Lenders’ gross negligence, breach of this
Agreement, or willful misconduct.

     

     

    

 

5.9              
Successors and Assigns; Termination. This Agreement shall create a continuing,
absolute, unconditional and irrevocable security interest in the Collateral and shall
be binding upon Grantor,
its successors and assigns, and inure, together with the rights and remedies
of Lenders hereunder, to the benefit
of Lenders and their respective successors, transferees
and assigns. Upon the irrevocable payment
in full in immediately available funds of
all of the
Secured Obligations and the termination of all
commitments to lend and letters of credit outstanding
under this Agreement, the Loan Agreement or any
other loan document, the security interest
granted hereunder shall terminate and all rights
to the Collateral shall revert to Grantor.

 

5.10          
Evidence of Secured Obligations.
Lenders’ books and records
showing the Secured Obligations
shall be admissible in
any action or proceeding,
shall be binding upon
each Grantor for the purpose
of establishing the
Secured Obligations due from Grantor
and shall constitute prima
facie proof, absent manifest
error, of the Secured Obligations of
Grantor to Lenders.

 

5.11          
Waiver of Jury
Trial. Lenders, in accepting this Agreement, and Grantor,
after consulting or having had the opportunity to consult
with counsel, knowingly, voluntarily and intentionally waive any right any of
them may have to a trial
by jury in any litigation based upon or arising
out of this Agreement or any related instrument
or agreement or any
of the transactions contemplated by
this Agreement or any
course of conduct, dealing, statements (whether
oral or written) or
actions of any of
them. Neither Lenders nor Grantor shall seek to consolidate,
by counterclaim or otherwise,
any such action in which a jury trial
has been waived with any other action in which
a jury trial cannot be
or has not been waived. These provisions shall not be deemed
to have been modified in any respect
or relinquished by either Lenders, on the one
hard, or Grantor, on the
other hand, except by a written instrument executed by
all of them.

 

5.12          
Limitations on Damages.
To the extent not prohibited by applicable
law, each party hereto hereby knowingly, voluntarily, intentionally, and irrevocably waives any right
such party may have to claim or recover
in any dispute or controversy any special,
exemplary, punitive, or consequential damages, or damages
other than or in addition to actual
damages; provided, however, that the limitations set forth in this Section
5.12 shall not apply to the grossly negligent acts
or omissions or willful misconduct
of either party in performing its obligations under this
Agreement.

 

[Signature
Page Follows]

    	 

    	 

    

DocuSign
Envelope ID: B28F4726-FC82-4BDF-A538-7DA8AB8B438F

 

 

 

 

IN
WITNESS WHEREOF,
Grantor has caused this
Security Agreement to
be duly
executed as of
the day and year first set
forth above.

 

 

EXPION360
INC.

 

 

 

 

By:
John Yozamp

Its:
Chief Executive Officer

 

 

 

Accepted
and Agreed:

 

Donald
A. Foss Revocable Living Trust Dated January 1981, as
Lender

 

 

 

By:
_____________

 Name:
Don Foss

Title:
Trustee

 

 

Victor
Henry David Trione, As Lender

 

 

 

Seven
Hills Healthcare Advisors LLC Defined Benefit Pension Plan,
as Lender

 

 

 

By:
___________________

Name: Ananth S. Bhogaraju

Title:
Trustee

 

 

Park
Family Trust Est Aug 29, 2012, As
Lender

 

 

 

By:
___________________

Name:
Howard Park

Title:
Trustee

    	 

    	 

    

DocuSign
Envelope ID: 92FBEDC8-EA61-4839-848C-400BDE8DE76C

 

 

 

 

IN
WITNESS WHEREOF,
Grantor has caused this
Security Agreement to
be duly
executed as of
the day and year first set
forth above.

 

 

EXPION360
INC.

 

 

 

 

By:
John Yozamp

Its:
Chief Executive Officer

 

 

 

Accepted
and Agreed:

 

Donald
A. Foss Revocable Living Trust Dated January 1981, as
Lender

 

 

 

By:
__________________

Name: Don Foss

Title:
Trustee

 

 

Victor
Henry David Trione, As Lender

 

 

 

 

Seven
Hills Healthcare Advisors LLC Defined Benefit Pension Plan,
as Lender

 

 

 

By: ________________

Name: Ananth S. Bhogaraju

Title:
Trustee

 

 

Park
Family Trust Est Aug 29, 2012, As
Lender

 

 

 

By:
_______________________

Name:
Howard Park

Title:
Trustee

     

     

    

DocuSign
Envelope ID: A425529E-F7CD-469B-836D-F8A9F32F14B0

 

 

 

 

IN
WITNESS WHEREOF,
Grantor has caused this
Security Agreement to
be duly
executed as of
the day and year first set
forth above.

 

 

EXPION360
INC.

 

 

 

 

By:
John Yozamp

Its:
Chief Executive Officer

 

 

 

Accepted
and Agreed:

 

Donald
A. Foss Revocable Living Trust Dated January 1981, as
Lender

 

 

 

By:
_________________

Name:
Don Foss

Title:
Trustee

 

 

Victor
Henry David Trione, As Lender

 

 

 

Seven
Hills Healthcare Advisors LLC Defined Benefit Pension Plan,
as Lender

 

 

 

By:
____________________

Name: Ananth S. Bhogaraju

Title:
Trustee

 

 

Park
Family Trust Est Aug 29, 2012, As
Lender

 

 

 

By:
______________________

Name:
Howard Park

Title:
Trustee

     

     

    

DocuSign
Envelope ID: 03F96607-5C89-491C-B676-26B87369C7E1

 

 

 

 

IN
WITNESS WHEREOF,
Grantor has caused this
Security Agreement to
be duly
executed as of
the day and year first set
forth above.

 

 

EXPION360
INC.

 

 

 

 

By:
John Yozamp

Its:
Chief Executive Officer

 

 

 

Accepted
and Agreed:

 

 

 

 

 

 

By:
_______________________

Name:

Title:

     

     

    

SCHEDULE
3.1 TO
SECURITY AGREEMENT

 

Locations
Where
Financing Statements
Are to
Be Filed

 

Nevada

     

     

    

SCHEDULE
3.3 TO
SECURITY AGREEMENT

 

List
of Names
and Locations

 

		1.	Jurisdiction
                                            in which
                                            located for purposes of Sections 9-301
                                            and 9-307 of the UCC:
                                            Nevada

 

		2.	Address
                                            of
                                            chief
                                            executive office:

 

		3.	Trade
                                            names:

 

		4.	Federal
                                            Tax Identification No.:

 

		5.	State
                                            Control No.:

 

 

Effective
October 28, 2021, Yozamp
Products, LLC, an Oregon limited liability company, converted into a Nevada corporation
with the name of Expion360 Inc., which
was the resulting entity of the
conversion.

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