Document:

Business Loan Agreement

 Exhibit 10.14 
 BUSINESS LOAN AGREEMENT 
  

															
	 Principal

$2,000,000.00
	  	
Loan Date

9-19-2012
	  	
Maturity

10-30-2013
	  	Loan No 0909122289	  	
Call/Coll

7000
	  	
Account

11538-01
	  	
Officer

TRICH
	  	Initials
	References in
the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “ * * *” has been omitted due to text length limitations.

  

							
	Borrower:	  	 Nolte Associates Inc., a California
 corporation
 200 South Park Road, Suite 350 Hollywood,

FL 95833
	  	Lender:	  	 Torrey Pines Bank

Carmel Valley Administrative Office

12220 El Camino Real, Suite 110
 San
Diego, CA 92130
 (858) 523-4630

  
  

THIS BUSINESS LOAN AGREEMENT dated September 19, 2012, is made and executed between Nolte Associates, Inc., a California corporation
(“Borrower”) and Torrey Pines Bank (“Lender”) on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial
accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower’s
representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans
shall be and remain subject to the terms and conditions of this Agreement. 
 TERM. This Agreement shall be effective as of
September 19, 2012, and shall continue in full force and effect until such time as all of Borrower’s Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys’ fees, and other fees and
charges, or until such time as the parties may agree in writing to terminate this Agreement. 
 CONDITIONS PRECEDENT TO EACH ADVANCE.
Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related
Documents. 
 Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note;
(2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender’s Security Interests; (4) evidence of insurance as required below;
(5) guaranties; (6) subordinations; (7) together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender’s counsel. 

Borrower’s Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified
resolutions, duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may
require. 
 Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which
are then due and payable as specified in this Agreement or any Related Document. 
 Representations and Warranties. The
representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct. 

No Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under
this Agreement or under any Related Document. 
 REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the
date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists: 

Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized,
validly existing, and in good standing under and by virtue of the laws of the State of California. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings,
governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a
material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which it is presently engaged or presently proposes to engage. Borrower maintains its
principal office at 2495 Natomas Park Drive, 4th Floor,
Sacramento, CA 95833. Unless Borrower has designated otherwise in writing, this is the principal office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in
the location of Borrower’s state of organization or any change in Borrower’s name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 2

  

 
regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower’s business activities.

 Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed
business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None. 
 Authorization. Borrower’s execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower and do not conflict
with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower’s articles of incorporation or organization, or bylaws, or (b) any agreement or other instrument binding upon Borrower or
(2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower’s properties. 

Financial Information. Each of Borrower’s financial statements supplied to Lender truly and completely disclosed
Borrower’s financial condition as of the date of the statement, and there has been no material adverse change in Borrower’s financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has
no material contingent obligations except as disclosed in such financial statements. 
 Legal Effect. This Agreement
constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.

 Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower’s financial statements
or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower’s properties free and clear of all Security Interests, and has not
executed any security documents or financing statements relating to such properties. All of Borrower’s properties are titled in Borrower’s legal name, and Borrower has not used or filed a financing statement under any other name for at
least the last five (5) years. 
 Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing,
Borrower represents and warrants that: (1) During the period of Borrower’s ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance
by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture,
storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of
any kind by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws.
Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by
Lender shall be at Borrower’s expense and for Lender’s purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties
contained herein are based on Borrower’s due diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution in
the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may
directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the
Collateral. The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected
by Lender’s acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise. 
 Litigation and
Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect
Borrower’s financial condition or properties, other than litigation, claims, or other events, if any, that have been disclosed to and acknowledged by Lender in writing. 
 Taxes. To the best of Borrower’s knowledge, all of Borrower’s tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other
governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided. 

Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security
Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower’s Loan and Note, that would be prior or that may in any way be superior to
Lender’s Security Interests and rights in and to such Collateral. 

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 3

  

 Binding Effect. This Agreement, the Note, all Security Agreements (if any), and
all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms. 

AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 

Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower’s
financial condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower
or the financial condition of any Guarantor. 
 Financial Records. Maintain its books and records in accordance with GAAP,
applied on a consistent basis, and permit Lender to examine and audit Borrower’s books and records at all reasonable times. 

Financial Statements. Furnish Lender with the following: 
 Annual Statements. As soon as available, but in no event later than one-hundred-twenty (120) days after the end of each fiscal year, Borrower’s balance sheet and income statement for the
year ended, prepared by Borrower. 
 Additional Requirements. 

Interim Statements. As soon as available, but in no event later than sixty (60) days after each period end, Borrower’s quarterly
financials, accounts receivable and accounts payable agings and a work in progress report. 
 Borrower to cause Guarantor, NV5
Holdings, inc., a Delaware corporation to provide Lender with the following: 
 Annual Statements. As soon as available, but in
no event later than one-hundred twenty (120) days after the end of each fiscal year, Guarantor’s balance sheet and income statement audited by a certified public accountant satisfactory to Lender. Guarantor to provide consolidating
schedules of balance sheet and statement of operations used for the consolidated financial statement. 
 All financial reports
required to be provided under this Agreement shall be prepared in accordance with GAAP, applied on a consistent basis, and certified by Borrower as being true and correct. 
 Additional Information. Furnish such additional information and statements, as Lender may request from time to time. 
 Insurance. Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower’s properties and operations, in form,
amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that
coverages will not be cancelled or diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by
any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender’s loss payable or
other endorsements as Lender may require. 
 Insurance Reports. Furnish to Lender, upon request of Lender, reports on each
existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties
insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more
often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower. 

Guaranties. Prior to disbursement of any Loan proceeds, furnish executed guaranties of the Loans in favor of Lender, executed by
the guarantors named below, on Lender’s forms, and in the amounts and under the conditions set forth in those guaranties. 
  

					
	 Names of Guarantors
	  	Amounts	 
	 Wright Family Trust dated December 12, 1990
	  	 	Unlimited	  
	 Dickerson Wright
	  	 	Unlimited	  
	 NV5, Inc., a Delaware corporation
	  	 	Unlimited	  
	 NV5 Holdings, Inc., a Delaware corporation
	  	 	Unlimited	  

 Subordination. Prior to disbursement of any Loan proceeds, deliver to Lender a subordination
agreements on Lender’s forms, executed by Borrower’s creditors named below, subordinating all of Borrower’s indebtedness to such creditors, or such lesser amounts as may be agreed to by Lender in writing, and any security interests in
collateral securing that indebtedness to the Loans and security interests of Lender. 

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 4

  

					
	 Name of Creditor
	  	Total Amount
of Debt	 
	 Metzger Family Revocable Trust/U/A 4/5/02
	  	$	441,228.37	  
	 William J. Miller
	  	$	61,362.02	  
	 Douglas L. Aylsworth
	  	$	97,928.76	  
	 George B. Otte
	  	$	31,355.32	  
	 Dallen Family Trust
	  	$	75,315.79	  
	 The Clark Trust
	  	$	142,827.62	  
	 Linda Hoffmann
	  	$	125,749.69	  
	 Roger L. Miller
	  	$	34,643.85	  
	 Parker Family Trust
	  	$	21,188.93	  
	 Parker Family Trust
	  	$	94,347.78	  
	 Stephani Owens
	  	$	10,387.46	  
	 Kurkjian Revocable Trust
	  	$	263,766.40	  
	 Presser Family Trust dated January 10, 2007
	  	$	83,667.40	  
	 William Ishmael
	  	$	107,672.82	  
	 William Ishmael
	  	$	203,531.52	  

 Other Agreements. Comply with all terms and conditions of all other agreements, whether now or
hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements. 
 Loan Proceeds. Use all Loan proceeds solely for Borrower’s business operations, unless specifically consented to the contrary by Lender in writing, 

Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all
assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that, if unpaid, might become
a lien or charge upon any of Borrower’s properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment tax, charge, levy, lien or claim so long as (1) the legality of the same shall
be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower’s books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP.

 Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this
Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender. Borrower shall notify Lender immediately in writing of any default in connection with any agreement. 

Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the present
executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner. 

Environmental Studies. Promptly conduct and complete, at Borrower’s expense, all such investigations, studies, samplings and
testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation,
order or directive, at or affecting any property or any facility owned, leased or used by Borrower. 
 Compliance with
Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower’s properties, businesses and operations, and to the use or
occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals,
so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender’s sole opinion, Lender’s interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety
bond, reasonably satisfactory to Lender, to protect Lender’s interest. 
 Inspection. Permit employees or agents of
Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower’s other properties and to examine or audit Borrower’s books, accounts, and records and to make copies and memoranda of Borrower’s
books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third
party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records it may request, all at Borrower’s expense. 

Compliance Certificates. Unless waived in writing by Lender, provide Lender at least annually, with a certificate executed by
Borrower’s chief financial officer, or other officer or person acceptable to Lender, certifying that the representations and warranties set forth in this Agreement are true and correct as of the date of the certificate and further certifying
that, as of the date of the certificate, no Event of Default exists under this Agreement. 
 Environmental Compliance and
Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower’s part or on the part of any

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 5

  

 
third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in
compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice,
summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrower’s part in connection with any environmental activity
whether or not there is damage to the environment and/or other natural resources. 
 Additional Assurances. Make, execute
and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the
Loans and to perfect all Security Interests. 
 LENDER’S EXPENDITURES. If any action or proceeding is commenced that would
materially affect Lender’s interest in the Collateral or if Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower’s failure to discharge or pay when due any amounts
Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower’s behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or
paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender
for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender’s option, will
(A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the
remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note’s maturity. 

NEGATIVE COVENANTS. Borrower covenants and agrees with Lender that while this Agreement is in effect, Borrower shall not, without the prior
written consent of Lender: 
 Indebtedness and Liens. (1) Except for trade debt incurred in the normal course of
business and indebtedness to Lender contemplated by this Agreement, create, incur or assume indebtedness for borrowed money, including capital leases, (2) sell, transfer, mortgage, assign, pledge, lease, grant a security interest in, or
encumber any of Borrower’s assets (except as allowed as Permitted Liens), or (3) sell with recourse any of Borrower’s accounts, except to Lender. 
 Continuity of Operations. (1) Engage in any business activities substantially different than those in which Borrower is presently engaged, (2) cease operations, liquidate, merge,
transfer, acquire or consolidate with any other entity, change its name, dissolve or transfer or sell Collateral out of the ordinary course of business, or (3) pay any dividends on Borrower’s stock (other than dividends payable in its
stock), provided, however that notwithstanding the foregoing, but only so long as no Event of Default has occurred and is continuing or would result from the payment of dividends, if Borrower is a “Subchapter S Corporation” (as defined in
the Internal Revenue Code of 1986, as amended), Borrower may pay cash dividends on its stock to its shareholders from time to time in amounts necessary to enable the shareholders to pay income taxes and make estimated income tax payments to satisfy
their liabilities under federal and state law which arise solely from their status as Shareholders of a Subchapter S Corporation because of their ownership of shares of Borrower’s stock, or purchase or retire any of Borrower’s outstanding
shares or alter or amend Borrower’s capital structure. 
 Loans, Acquisitions and Guaranties. (1) Loan, invest
in or advance money or assets to any other person, enterprise or entity, (2) purchase, create or acquire any interest in any other enterprise or entity, or (3) incur any obligation as surety or guarantor other than in the ordinary course
of business. 
 Agreements. Enter into any agreement containing any provisions which would be violated or breached by the
performance of Borrower’s obligations under this Agreement or in connection herewith. 
 CESSATION OF ADVANCES. If Lender has made
any commitment to make any Loan to Borrower, whether under this Agreement or under any other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds if: (A) Borrower or any Guarantor is in default under the
terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or
similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower’s financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any
Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor’s guaranty of the Loan or any other loan with Lender. 
 DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 
 Payment Default. Borrower fails to make any payment when due under the Loan. 

Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this
Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower. 

False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf
under this Agreement or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 6

  

 Insolvency. The dissolution or termination of Borrower’s existence as a
going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy
or insolvency laws by or against Borrower. 
 Defective Collateralization. This Agreement or any of the Related Documents
ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. 
 Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower
or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith
dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or
a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
 Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the
validity of, or liability under, any Guaranty of the Indebtedness. 
 Change in Ownership. Any change in ownership of
twenty-five percent (25%) or more of the common stock of Borrower. 
 Adverse Change. A material adverse change
occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired. 
 Right to Cure. If any default, other than a default on Indebtedness, is curable and if Borrower or Grantor, as the case may be, has not been given a notice of a similar default within the preceding
twelve (12) months, it may be cured if Borrower or Grantor, as the case may be, after Lender sends written notice to Borrower or Grantor, as the case may be, demanding cure of such default: (1) cure the default within fifteen
(15) days; or (2) if the cure requires more than fifteen (15) days, immediately initiate steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter continue and complete all
reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. 
 EFFECT OF AN EVENT OF DEFAULT. If any
Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate
(including any obligation to make further Loan Advances or disbursements), and, at Lender’s option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of
Default of the type described in the “Insolvency” subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in
equity, or otherwise. Except as may be prohibited by applicable law, all of Lender’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of
any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender’s right to declare a default and to exercise its rights and remedies. 

NO EVENT OF DEFAULT. There shall not exist at the time of any Advance a condition that with notice or the passing of time would constitute as
Event of Default under this Agreement or under any Related Document. 
 NOTICE OF CLAIMS AND LITIGATION. Borrower shall promptly inform
Lender in writing of (1) all material adverse change in Guarantor(s) financial condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any
Guarantor which could materially affect the financial condition of the Borrower or the financial condition of any Guarantor. 
 FINANCIAL
STATEMENT CERTIFICATIONS. The undersigned hereby certifies to Torrey Pines Bank (“Bank”) that all financial information (“information”) submitted to Bank now and at all times during the terms of this loan does, and will,
fairly and accurately represent the financial condition of the undersigned, all Borrowers and Guarantors. Financial information includes, but is not limited to all Business Financial Statements (including Interim and Year-End financial statements
that are company prepared and/or CPA prepared), Business Income Tax Returns, Borrowing Base Certificates, Accounts Receivable and Accounts Payable Agings, Personal Financial Statements and Personal Income Tax Returns. The undersigned understands
that the Bank will rely on all financial information, whenever provided, and that such information is a material inducement to Bank to make, to continue to make, or otherwise extend credit accommodations to the undersigned. The undersigned covenants
and agrees to notify Bank of any adverse material changes in her/his/its financial condition in the future. The undersigned further understands and acknowledges that there are criminal penalties for giving false financial information to federally
insured financial institutions. 
 DEPOSIT PROVISION. At all times, Borrower and Guarantors combined must maintain a minimum deposit
balance with Torrey Pines Bank of not less than $500,000.00. If said deposit relationship is out of compliance, then the interest rate margin or minimum interest rate will increase by 1.00%, whichever is greater. 

ADDITIONAL COVENANTS. 
 CESSATION OF
ADVANCES. Sentence (B) is hereby modified as follows: Borrower or 60 days after Guarantor dies, Guarantor becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt.

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 7

  

 DEFAULT: 
 Events Affecting Guarantor. The paragraph is hereby modified as follows: Any of the preceding events occurs with respect to any Guarantor of any of the indebtedness, or 60 days after any Guarantor
dies, or Guarantor becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the indebtedness. 

Right to Cure. The words “fifteen (15) days” is hereby replaced by “thirty (30) days”. 

OUT OF DEBT PROVISION. Borrower agrees to maintain a Zero ($0) principal balance on this line of credit for a period of not less than thirty
consecutive days, at any time prior to the stated maturity or annual review date. 
 DEBT TO TANGIBLE NET WORTH. Guarantor to maintain a
maximum Debt to Tangible Net Worth of 2.30 to 1.00, to be measured using annual audited financial statements of Guarantor, NV5 Holdings, Inc., a Delaware corporation. 
 MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement: 
 Amendments. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or
amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. 
 Attorneys’ Fees; Expenses. Borrower agrees to pay upon demand all of Lender’s costs and expenses, including Lender’s attorneys’ fees and Lender’s legal expenses, incurred
in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender’s attorneys’
fees and legal expenses whether or not there is a lawsuit, including attorneys’ fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated
post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by the court. 
 Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement. 

Consent to Loan Participation. Borrower agrees and consents to Lender’s sale or transfer, whether now or later, of one or more
participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender
may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation
interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have
all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that it may have now or later against Lender or against any
purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower’s obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan.
Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender. 

Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of California without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of California. 
 Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of San Diego County, State of California. 

No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in
writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a
waiver of Lender’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor,
shall constitute a waiver of any of Lender’s rights or of any of Borrower’s or any Grantor’s obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by
Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. 

Notices. Any notice required to be given under this Agreement shall be given in writing and shall be effective when actually
delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered
mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the
notice is to change the party’s address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower’s current 

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 8

  

 
address. Unless otherwise provided or required by law, if there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers. 

Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable
as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and
enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect
the legality, validity or enforceability of any other provision of this Agreement. 
 Subsidiaries and Affiliates of
Borrower. To the extent the context of any provisions of this Agreement makes it appropriate, including without limitation any representation, warranty or covenant, the word “Borrower” as used in this Agreement shall include all of
Borrower’s subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower’s subsidiaries
or affiliates. 
 Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this
Agreement or any Related Documents shall bind Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower’s rights under this
Agreement or any interest therein, without the prior written consent of Lender. 
 Survival of Representations and
Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower
to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to
Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redacted by Borrower at the time each Loan Advance is made and shall remain in full force and effect until such time as Borrower’s Indebtedness shall be
paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur. 

Time is of the Essence. Time is of the essence in the performance of this Agreement. 

DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated
to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may
require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to
them in accordance with generally accepted accounting principles as in effect on the date of this Agreement: 
 Advance.
The word “Advance” means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement. 

Agreement. The word “Agreement” means this Business Loan Agreement, as this Business Loan Agreement may be amended or
modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time. 

Borrower. The word “Borrower” means Nolte Associates, Inc., a California corporation and includes all co-signers and
co-makers signing the Note and all their successors and assigns. 
 Collateral. The word “Collateral” means all
property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage,
collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract,
lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise. 
 Environmental Laws. The words “Environmental Laws” mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the
environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the Superfund Amendments and Reauthorization Act of
1986, Pub. L. No. 99-499 (“SARA”), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., Chapters 6.5 through 7.7 of
Division 20 of the California Health and Safety Code, Section 25100, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. 
 Event of Default. The words “Event of Default” mean any of the events of default set forth in this Agreement in the default section of this Agreement. 

GAAP. The word “GAAP” means generally accepted accounting principles. 

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 9

  

 Grantor. The word “Grantor” means each and all of the persons or
entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest. 
 Guarantor. The word “Guarantor” means any guarantor, surety, or accommodation party of any or all of the Loan. 
 Guaranty. The word “Guaranty” means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note. 

Hazardous Substances. The words “Hazardous Substances” mean materials that, because of their quantity, concentration or
physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The
words “Hazardous Substances” are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term “Hazardous
Substances” also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos. 

Indebtedness. The word “Indebtedness” means the indebtedness evidenced by the Note or Related Documents, including all
principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents. 
 Lender. The word “Lender” means Torrey Pines Bank, its successors and assigns. 
 Loan. The word “Loan” means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation
those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time. 
 Note. The word “Note” means the Promissory Note in the original amount of $2,000,000.00, dated July 7, 2010, and a Change In Terms Agreement dated June 16, 2011, and a Change In
Terms Agreement dated August 22, 2011, and a Change In Terms Agreement dated March 14, 2012, and a Change In Terms Agreement dated September 19, 2012, from Borrower to Lender, together with all renewals of, extensions of,
modifications of, refinancings of, consolidations of, and substitutions for the Promissory Note or Agreement. 
 Permitted
Liens. The words “Permitted Liens” mean (1) liens and security interests securing Indebtedness owed by Borrower to Lender; (2) liens for taxes, assessments, or similar charges either not yet due or being contested in good
faith; (3) liens of materialmen, mechanics, warehousemen, or carriers, or other like liens arising in the ordinary course of business and securing obligations which are not yet delinquent; (4) purchase money liens or purchase money
security interests upon or in any property acquired or held by Borrower in the ordinary course of business to secure indebtedness outstanding on the date of this Agreement or permitted to be incurred under the paragraph of this Agreement titled
“Indebtedness and Liens”; (5) liens and security interests which, as of the date of this Agreement, have been disclosed to and approved by the Lender in writing; and (6) those liens and security interests which in the aggregate
constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower’s assets. 
 Related
Documents. The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all
other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan. 

Security Agreement. The words “Security Agreement” mean and include without limitation any agreements, promises,
covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest. 

Security Interest. The words “Security Interest” mean, without limitation, any and all types of collateral security,
present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment trust,
conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise. 

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS
DATED SEPTEMBER 19, 2012. 
 BORROWER: 

NOLTE ASSOCIATES, INC, A CALIFORNIA 

CORPORATION, 

			
		
	By:	 	 /s/ Dickerson Wright

		 	 Dickerson Wright, CEO of Nolt Associates, Inc.,

a California corporation

 BUSINESS LOAN AGREEMENT 

					
	Loan No: 0909122289	 	(continued) 	 	 Page
 10

  

			
	LENDER:
	
	TORREY PINES BANK
		
	By:	 	 /s/ Teofla Rich

		 	Authorized SignerStock Purchase Agreement

 Exhibit 10.15 
 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (the
“Agreement”) is made and entered into as of August 3, 2010 (the “Effective Date”), by and between GEORGE S. NOLTE. JR., an individual resident of the State of California (“George Nolte”), and GEORGE S.
NOLTE, JR. AND JACQUELINE A. NOLTE, AS TRUSTEES OF THE NOLTE FAMILY TRUST u/t/a dated March 28, 1989, as amended and restated August 20, 2001 (the “Trust”) (George Nolte and the Trust are collectively referred to herein as,
the “Seller”), and VERTICAL V, INC., a Delaware corporation (“Buyer”). 
 RECITALS 

WHEREAS, Seller, Buyer and the Company (as hereinafter defined) executed a term sheet dated May 19, 2010 (the “Term
Sheet”) regarding the terms of Buyer’s purchase from the Trust, all 133,252 shares of common stock owned by the Trust (the “Purchased Shares”) of NOLTE ASSOCIATES, INC., a California corporation (the “Company”);

 WHEREAS, this Agreement is intended to set forth the parties’ agreement regarding the terms and conditions under
which Seller agrees to sell, and Buyer agrees to purchase, the Purchased Shares. 
 NOW, THEREFORE, in consideration of
the premises and the mutual covenants of the parties hereinafter expressed and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

1. Purchase and Sale. In exchange for the Purchase Price (as hereinafter defined) and subject to the terms and conditions hereof,
Seller agrees to sell, assign, transfer, convey and deliver to Buyer on the Closing Date (as hereinafter defined), and Buyer agrees to purchase and accept delivery from Seller on the Closing Date, the Purchased Shares, free and clear of all liens,
claims, charges, restrictions, equities or encumbrances of any kind. 
 2. Purchase Price and Payment. The purchase price
(the “Purchase Price”) of the Purchased Shares shall be Three Million Eight Hundred Twelve Thousand Three Hundred Thirty Nine and 72/100 Dollars ($3,812,339.72), which equates to Twenty Eight and 61/100 Dollars ($28.61) per share. The
Purchase Price shall be payable as follows: (i) at Closing, an amount equal to Four Hundred Seventy Six Thousand Five Hundred Forty Two and 47/100 ($476,542.47) (the “Closing Payment”), and (ii) the remaining portion of the
Purchase Price shall be payable in the form of a promissory note (the “Promissory Note”) from Buyer which provides for payments to Seller on terms substantially similar to the terms of the Buy-Sell Agreement if he sold the Purchased Shares
to the Company as of the Closing Date. The Promissory Note shall be substantially in the same form as the attached Exhibit “A” and by this reference incorporated herein and shall provide for the following terms in addition to those
indicated above: (i) the Company shall be a guarantor and shall provide a guaranty substantially in the form attached hereto as Exhibit “B” and by this referenced incorporated herein, (ii) no security shall be provided,
(iii) the payments due Seller under the Note shall be subordinated to Buyer’s and the Company’s obligations to their lender incurred with respect to Buyer’s stock purchase from the Company as described in the Term Sheet, and
(iv) such other terms as are customary for promissory notes of this type. Buyer shall pay the Closing Payment at Closing by wire transfer based on wire instructions provided by Seller to Buyer prior to Closing. 

3. Closing Date. The closing of the transaction provided for herein (the “Closing”) shall take place by the exchange of
the documents, instruments, agreements and other items described in 

  
 1 

 Section 4 and Section 5 hereof and shall be on August 3, 2010, or such later date as the
Buyer designates to permit Buyer to coordinate the Closing with Buyer’s separate stock purchase closing with the Company, but in any event not later than September 1, 2010 (the “Closing Date”), unless otherwise mutually agreed to
in writing by the parties hereto. 
 4. Deliveries By Seller. At the Closing, Seller shall deliver the following to
Buyer: 
 (a) Purchased Shares. All stock certificates representing the Purchased Shares, together with all necessary
stock transfer tax stamps and duly executed stock powers transferring same. 
 (b) Board of Directors Consent. A written
consent of the board of directors of the Company consenting to the transfer of the Purchased Shares contemplated by this Agreement consistent with Section 1.2 of that certain Fourth Amended and Restated Buy-Sell Agreement of Nolte Associates,
Inc., dated October 1, 2007, as amended (the “Buy-Sell Agreement”). 
 (c) Non-Solicitation Agreement. A
non-solicitation agreement between Seller and the Company in substantially the same form attached hereto as Exhibit “C” and by its reference incorporated herein which is similar in terms to Section 14.9 of the Buy-Sell Agreement,
provided the term of Seller’s obligations under such agreement shall be five (5) years. 
 (d) Consulting
Agreement. A consulting agreement (the “Consulting Agreement”) in substantially the same form attached hereto as Exhibit “D” and by this reference incorporated herein which provides for the Company providing for Seller’s
engagement as a consultant with the Company for a period of two (2) years (the “Initial Consulting Term”) at an annual salary of $36,000, payable in equal monthly installments, and that Seller’s title shall be “Chairman
Emeritus”. After the Initial Consulting Term the Consulting Agreement shall continue on a month-to-month basis subject to the same terms and conditions. Seller shall have such duties under the Consulting Agreement as may from time to time be
mutually agreed to by Seller and the Company. 
 (e) Written Resignation. Seller shall execute a written resignation of
all officer positions with the Company and its subsidiaries, and as a member of the board of the directors of the Company and all its subsidiaries. 
 (f) Other Documents. All other agreements, certificates, instruments and documents reasonably requested by Buyer in order to fully consummate the transactions contemplated hereby and carry out the
purposes and intent of this Agreement. 
 5. Delivery by Buyer. At the Closing, Buyer shall deliver the following to
Seller: 
 (a) Purchase Price. Buyer shall fund the Closing Payment portion of the Purchase Price consistent with the
terms of Section 2 above, and Buyer shall execute and deliver to Seller the Promissory Note. 
 (b) Other Documents.
All other agreements, certificates, instruments and documents reasonably requested by Seller in order to fully consummate the transactions contemplated hereby and carry out the purposes and intent of this Agreement. 

(c) Board of Directors Consent. A written consent of the board of directors of Buyer authorizing the purchase of the Purchased
Shares. 

  
 2 

 6. Limited Representations from Buyer Regarding the Company. The Term Sheet requires
the parties to execute a stock purchase agreement containing customary representations and warranties, covenants and indemnities. Buyer agrees for purposes of this Agreement that he is making the same representations to Seller that may be negotiated
under the terms of the stock purchase agreement between Buyer and the Company (the “Company Stock Purchase Agreement”). Except as otherwise set forth in this Agreement, Buyer agrees to purchase the Purchased Shares from Seller without
Seller making any representations or warranties of any type concerning the financial condition, current operations or future prospects of the Company. 
 7. Release of Parties. 
 (a) Seller’s Release. Seller hereby
releases, acquits and forever discharges the Company, Buyer and any and all of their respective officers, directors, agents, servants, employees, attorneys, representatives, shareholders, beneficiaries, successors, and assigns (collectively referred
to as the “Company Released Parties”) from any and all claims, contingent claims, counter-claims, third-party claims, liabilities, demands, losses, judgments, actions, suits, causes of action, accounting rights, damages, punitive damages,
and interests, direct or derivative, known or unknown, choate or inchoate, and whether or not the Company Released Parties and/or any of them are at fault, that Seller had, now has, may have at any time in the future, or claims to have or have had,
from the beginning of the world through and including the Closing Date of this Agreement, as a result of, concerning arising from or with respect to the Purchased Shares or the Seller’s sale thereof or Seller’s employment with the Company,
provided however Seller shall be entitled to enforce the terms of this Agreement and the Promissory Note against the Company and the Buyer. 
 (b) Buyer’s and Company’s Release. Buyer and Company hereby release, acquit and forever discharge Seller and any and all of his respective agents, servants, employees, attorneys,
representatives, beneficiaries, successors, and assigns (collectively referred to as the “Seller Released Parties”) from any and all claims, contingent claims, counter-claims, third-party claims, liabilities, demands, losses, judgments,
actions, suits, causes of action, accounting rights, damages, punitive damages, and interests, direct or derivative, known or unknown, choate or inchoate, and whether or not the Seller Released Parties and/or any of them are at fault, that Buyer and
Company had, now has, may have at any time in the future, or claims to have or have had, from the beginning of the world through and including the Closing Date of this Agreement, as a result of, concerning arising from or with respect to the
Purchased Shares or the Seller’s sale thereof or Seller’s employment with the Company. Notwithstanding the foregoing, nothing in this Section 7(b) shall be a release with regard to the Seller Released Parties as to this Agreement, the
Non-Solicitation Agreement and/or the Consulting Agreement, nor shall this Section 7(b) limit Buyer’s ability to enforce, as against Seller Release Parties, the terms of this Agreement, the Non-Solicitation Agreement and/or the Consulting
Agreement, as the case may be. 
 (c) Waiver of Unknown Claims. Each party hereto waives any and all rights in connection
with the matters released in Section 7(a) and 7(b) above, which each may have under the provisions of California Civil Code § 1542 or any comparable federal or state statute or rule of law. California Civil Code §1542 provides:

 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT
THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR 

  
 3 

 8. Representations and Warranties of Seller. Seller hereby represents and warrants to
Buyer that each of the following statements is true and correct on the date hereof and shall be so true and correct on the Closing Date: 
 (a) Title to Purchased Shares. The Trust owns, possesses, controls and has good, valid and marketable title to the Purchased Shares, free and clear of all liens, claims and rights of others, except
for any rights created pursuant to the Stockholders’ Agreement. After Closing, Buyer shall have good, valid and marketable title to the Purchased Shares, free and clear of any liens, claims and rights of others, except for any rights created
pursuant to the Buy-Sell Agreement. The Purchased Shares represent all of the capital stock of the Company owned by Seller. Seller hold no warrants, options or other stock purchase rights to purchase shares of capital stock of the Company or which
can be converted into capital stock of the Company. 
 (b) Power of Seller. Seller has the necessary power and authority
to enter into and perform the obligations hereunder. 
 (c) Broker. Seller has not retained any broker, finder or agent
or agreed to pay any brokerage fees, finders fees or commissions with respect to the transactions contemplated herein. 
 (d)
Purchase Price. Seller has negotiated the Purchase Price as part of an arms-length transaction and acknowledges that the Purchase Price is fair and reasonable. 
 9. Representations and Warranties of Buyer. Buyer hereby represents and warrants to Seller that each of the following statements is true and correct on the date hereof and shall be so true and
correct on the Closing Date: 
 (a) Brokers. Buyer has not retained any broker, finder or agent or agreed to pay any
brokerage fees, finders fees or commissions with respect to the transactions contemplated herein. 
 (b) Power of Buyer.
Buyer has the necessary power and authority to enter into and perform the obligations hereunder. 
 (c) No Distribution.
Buyer is purchasing the Purchased Shares for his own account, for investment and not for distribution or resale to others. 

(d) Purchase for Own Account. The Purchased Shares are being acquired for investment for Buyer’s own account and not for any
other person or entity, and for investment purposes only and without any view to distribute, resell or otherwise transfer the same. 
 (e) Accredited Investor. Buyer is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended. 

(f) No General Solicitation. Buyer acknowledges that the offer and sale of the Purchased Shares was not made by any general
solicitation or by means of general advertising. 
 (g) Representations and Warranties. All of the representations and
warranties of Buyer set forth in this Agreement and the Company Stock Purchase Agreement are true and correct, and Seller is entitled to rely on the truth and correctness of such representations and warranties in connection with the purchase and
sale of the Purchased Shares contemplated hereby. 

  
 4 

 (h) Purchase Price. Buyer has negotiated the Purchase Price as part of an arms-length
transaction and acknowledges that the Purchase Price is fair and reasonable. 
 10. Conditions Precedent. 

(a) Seller’s Obligations. Buyer’s obligation to consummate the transactions contemplated by this Agreement shall be
subject to the satisfaction of each of the following conditions, except to the extent that such satisfaction is waived by Buyer in writing: 
 (i) All representations and warranties made by Seller in this Agreement shall be true and correct in all material respects on the date hereof, and shall be true and correct in all material respects on the
Closing Date as though such representations and warranties were again made on the Closing Date. 
 (ii) Seller shall have duly
performed or complied with all of the material obligations under this Agreement to be performed or complied with by Seller on or prior to the Closing Date. 
 (b) Buyer’s Obligations. Seller’s obligation to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction of each of the following conditions, except
to the extent that such satisfaction is waived by Seller in writing: 
 (i) All representations and warranties made by Buyer in
this Agreement shall be true and correct in all material respects on the date hereof, and shall be true and correct in all material respects on the Closing Date as though such representations and warranties were again made on the Closing Date.

 (ii) Buyer shall have duly performed or complied with all of the material obligations under this Agreement to be performed
or complied with by Buyer on or prior to the Closing Date. 
 11. Severability. In the event that any one or more
provisions of this Agreement shall be deemed to be illegal or unenforceable, such illegality or unenforceability shall not affect any of the remaining legal and enforceable provisions hereof, which shall be construed as if such illegal or
unenforceable provisions had not been inserted. 
 12. Further Assurances. At and after the Closings, each of Seller and
Buyer shall execute and deliver such additional instruments and documents as the other may reasonably request in order to carry into effect the transactions contemplated hereby. 

13. Notices. Any notice required or permitted to be delivered pursuant to the terms of this Agreement shall be considered to have
been sufficiently delivered within three (3) days of the date placed in the U.S. Mail if mailed by U.S. Mail, certified or registered, postage prepaid, or on the same day sent by telecopy provided such is sent on a business day and the sender
has received confirmation of the delivery of such telecopy, or one (1) business day after being entrusted for delivery with a reputable overnight courier service, and addressed as set forth below the signature of the party to whom notice is
being given, or to such other address as the parties may from time to time designate by notice in writing to the other party. 

14. Headings. The headings used herein are used for convenience of reference only and shall not constitute a part of this
Agreement. References to “Sections,” “schedules” and “exhibits” are 

  
 5 

 references to the Sections, schedules and exhibits to this Agreement. References to this
“Agreement” are references to this Agreement together with all documents, schedules and exhibits executed together herewith. 
 15. Benefit. This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of Seller and Buyer. Nothing in this Agreement, whether express or implied, is intended to
confer any rights or remedies on any persons other than the parties hereto and their successors and assigns, except that the representations and warranties set forth herein as well as the provisions of Sections 6 & 7 shall inure to the benefit
of the Company and Seller, as the case may be, and the provisions of Section 7 shall also inure to the benefit of the other Company Released Parties and Seller Released Parties, as the case may be. 

16. Governing Law. This Agreement shall be governed by California law, without regard to its principles of conflict of laws.
Jurisdiction and venue for any proceeding regarding this Agreement shall be in San Francisco County, California. 
 17.
Expenses. Each party shall bear its own costs and expenses in connection with the negotiation, execution and performance of this Agreement. 
 18. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 19. Assignment. Neither party may assign its rights under this Agreement or delegate its duties hereunder without the
prior written consent of the other party. 
 20. Entire Agreement. This Agreement, together with the schedules and
exhibits hereto, and the other documents, instruments and agreements executed by Buyer in connection herewith, set forth the entire understanding and agreement between the parties hereto and shall supersede and take the place of any other instrument
purporting to be an agreement between the parties hereto relating to the transactions contemplated hereby. The parties have not relied upon any promises, representations, warranties, agreements, covenants or undertakings other than those expressly
set forth or referred to herein. 
 21. Amendment. No changes of or modifications or additions to this Agreement shall be
valid unless the same shall be in writing and signed by the parties hereto. 
 22. Litigation. If any litigation arises
relating to this Agreement, the prevailing party shall be entitled to recover from the other party reasonable attorney’s fees and court costs, including the attorney’s fees and costs incurred on any appeal and any fees and costs associated
with the collection thereof. 
 23. Interpretation. This Agreement shall not be construed more strictly against one party
than against the other merely because it may have been prepared by counsel for one of the parties, it being recognized that all parties have contributed substantially and materially to its preparation. 

24. No Waiver. No waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party
against whom it is asserted and any such written waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have their duly authorized representative to executed
this Agreement below. 
  

									
	SELLER:	 	 	 	 BUYER:

Vertical V, Inc.

					
	By:	 	/s/ George S. Nolte, Jr.	 		 	By:	 	/s/ Dickerson Wright
	Name: George S. Nolte, Jr., individually
	 		 	 Name: Dickerson Wright
 Title: Chief Executive Officer

			
	Address for Notices:	 		 	Address for Notices:
			
	9785 Powerhouse Road
 Newcastle, CA 95658
	 		 	 Vertical V, Inc.

200 South Park Road

	Fax:	 	 	 		 	Suite 350
		 		 		 	 Hollywood, FL 33021-8798
 Attn: CEO and General Counsel
 Fax: 354-495-2101

  

			
	SELLER:
	
	 The Nolte Family Trust
 u/t/a dated March 28, 1989, as amended and restated August 20, 2001

		
	By:	 	 /s/ George S. Nolte, Jr.

	 Name: George S. Nolte, Jr., as Trustee

		
	 By:
	 	 /s/ Jacqueline A. Nolte

	 Name: Jacqueline A. Nolte, as Trustee

	
	 Address for Notices:

	
	 9785 Powerhouse Road

	 Newcastle, CA 95658

	 Fax:
	 	 
		 	

 Joinder by Company: 
 The Company joins in the execution and delivery of this Agreement for the purpose of acknowledging and agreeing to the terms applicable to the Company. 

Nolte Associates, Inc. 
  

			
	By:	 	/s/ Kenneth A. Rudolph
	 Name: Kenneth A. Rudolph
 Title: President

  
 7 

 EXHIBIT “A” 

Form of Promissory Note 

  
 8 

 PROMISSORY NOTE 

 

			
	$3,335,797.26	  	August 3, 2010

Executed at San Diego, California 
 FOR VALUE RECEIVED, the undersigned, VERTICAL V, INC., a Delaware corporation (“Buyer”), promises to pay to the order of GEORGE S. NOLTE, JR. AND JACQUELINE A. NOLTE, as
Trustees of The Nolte Family Trust u/t/a dated March 28, 1989, as amended and restated August 20, 2001 (“Seller”), at 9785 Powerhouse Road, Newcastle, California 95658, or at such other place as Seller may designate in
writing to Buyer, the principal sum of Three Million Three Hundred Thirty Five Thousand Seven Hundred Ninety Seven and 26/100 DOLLARS ($3,335,797.26) of United States funds, as set forth below. 

I. Defined Terms. All capitalized terms used herein shall have the meanings ascribed to them in the Stock Purchase
Agreement, dated August 3, 2010, by and between Buyer and Seller (the “Stock Purchase Agreement”), except to the extent such capitalized terms are otherwise defined or limited herein. 

II. Payment of Principal and Interest. On each Payment Date (as defined below) through and including
the Maturity Date (as defined below), Buyer shall make quarterly payments of principal and interest based on the Applicable Interest Rate. For the quarterly payments payable on each Payment Date during the calendar year in which the Closing Date
occurs, the amount of each quarterly payment of principal and interest will be calculated as a fully-amortized loan to be paid over twenty-eight (28) quarters (the “Pay-out Period”). For the quarterly payments payable on each Payment
Date during each subsequent calendar year, the quarterly equal payments of principal and interest for each such year shall be recalculated annually on January 1s of each calendar year to be the amount that would be sufficient to repay in full the unpaid principal amount owed as of
the last day of the previous calendar year through the remaining term of this Note, plus interest at the Applicable Interest Rate, in equal quarterly payments. For all years after the year in which the Closing Date occurs, the annual process of
recalculating the amount of principal and interest paid will occur as set forth above and continue until all outstanding principal, accrued and unpaid interest and costs and expenses due Seller under this Promissory Note are paid in full. In any
event, on the Maturity Date, the loan evidenced herein shall mature and all outstanding principal, accrued and unpaid interest and costs and expenses due Seller under this Promissory Note shall be due and payable to Seller. Interest shall be
computed on the basis of a 360 day year for the actual number of days elapsed in the period. Buyer may prepay the amounts due hereunder at any time without penalty. Payments will be credited first to costs of collection and other charges for which
Buyer is responsible pursuant to this Promissory Note, and the remainder to the outstanding principal due under this Promissory Note. 
 As used herein the following terms shall have the following meanings: (a) “Applicable Interest Rate” shall mean a per annum interest rate which is equal to the sum of (1) the
“prime” rate as of the last day of the previous calendar year as published in The Wall Street Journal, adjusted on January 1 of each calendar year, plus (2) one percentage point (1%); provided, however, in no event
shall the Applicable Interest Rate be more than the lesser of (i) seven percent (7%) per annum, or (ii) the then prevailing maximum legal rate of interest for loans similar to the loan evidenced by this Promissory Note; (b)
“Calendar Quarter” shall mean January 1 to March 31, April 1 to June 30, July 1 to September 30, and October 1 to December 31; (c) “Maturity Date” shall mean July 29, 2017;
and (d) “Payment Date” shall mean the respective quarterly payment due dates commencing on the last day of the Calendar Quarter following the Calendar Quarter in which the Closing Date occurs and continuing on the last day of each Calendar
Quarter thereafter until (and including) the Maturity Date. 
 III. Conversion of Principal to Buyer Shares. In
the event that the Buyer’s shares shall be Registered under the Securities Act, then at any time within ninety (90) days thereafter, Seller may deliver a written notice to Buyer requesting that Buyer convert all or a portion of the
outstanding principal hereunder into shares of common stock in Buyer (“Shares”), subject to the following limitations: (i) no more than twenty five (25%) percent of then original principal amount of this Note can be converted,
and (ii) any additional principal over the limitation in (i) may only be converted at the absolute discretion of the Buyer. If such limitations are satisfied, Buyer shall within fifteen (15) days after receiving such notice

  
 Page 1 of 4

 issue Shares to Seller on a conversion ratio equal to the product of (i) the amount of principal to be
converted, divided by (ii) the reported final per share trading price of Buyer’s shares two (2) business days prior the conversion date. Upon conversion of any principal due hereunder to Shares, such principal amount shall be deemed
paid in full and extinguished. Following conversion of the principal hereunder, Buyer will deliver to the applicable holder a certificate or certificates representing the number of Shares being acquired upon such conversion. In exchange, Seller
shall deliver the original Promissory Note and shall accept in return a replacement promissory note substantially the same as this Note, with the principal amortization modified to reflect the then outstanding principal amount which shall be
amortized over the remaining original term of this Note. For purposes hereof, the following definitions shall apply: (i) “Registered” means a registration effected by preparing and filing a registration statement under the Securities Act,
as amended, and the declaration or ordering of effectiveness of such registration statement. (ii) “Securities Act” means the Securities Act of 1933, as amended. Seller acknowledges that Seller must bear the economic risk of investing in
the Shares for an indefinite period of time because the Shares will not have been Registered under the Securities Act, and the Buyer is under no obligation to register the Shares. Seller must hold the Shares until they are subsequently registered
under the Securities Act or Seller can transfer them under an exemption from such registration. Seller must acquire the Shares solely for Seller’s own account for investment purposes and not with a view toward, or for resale in connection with,
any “distribution”, as that term is used in the Securities Act. 
 IV. Default; Remedies. 

Any one or more of the following shall constitute a default (“Default”) under this Promissory Note if not cured within the cure
period referenced in the applicable subparagraph: 
 (a) Failure of Buyer to pay the outstanding principal due under this
Promissory Note on the due dates therefor. 
 (b) Failure of Buyer to pay the amount of any costs, expenses or fees (including
reasonable attorneys’ fees and expenses at the pre-trial, trial and appellate levels) of Seller as required by any provision of this Promissory Note, and the failure to cure such default within ten (10) days after written notice of such
default from Seller. 
 (c) The institution of any bankruptcy, reorganization or insolvency proceedings against Buyer or the
appointment of a receiver or a similar official with respect to all or a substantial part of the properties of Buyer and a failure to have such proceedings dismissed or such appointment vacated within a period of sixty (60) days. 

(d) The institution of any voluntary bankruptcy, reorganization or insolvency proceedings by Buyer or the appointment of a receiver or a
similar official with respect to all or a substantial part of the properties of Buyer at the instance of Buyer. 
 (e) Buyer
(i) assigns, sells, or transfers in one or a series of transactions substantially all of the Purchased Shares to a person or entity not controlled by Buyer, (ii) assigns, sells or transfers in one or a series of transactions beneficial
ownership of securities possessing more than 50% of the total combined voting power of Buyer’s outstanding securities to a person or entity not controlled by Buyer, or (iii) merges or consolidates with any entity that is not controlled by
Buyer. 
 If a Default shall occur and be continuing then Seller shall be entitled to all remedies available to Seller under
California law or applicable law (without regard to its principles of conflict of laws), and Seller shall have the right of offset described below. If a Default has occurred and is continuing, Seller at his option may accelerate Buyer’s
obligation to pay principal and interest hereunder. No action or notice shall be required from Seller to accelerate the obligations hereunder, and the obligations hereunder shall automatically accelerate in the event of a default under items (c),
(d) or (e) in the definition of a Default above. 
 If a Default has occurred and is continuing, and Buyer fails to
make any payment due to Seller under this Promissory Note, whether by acceleration, or otherwise, then Seller shall be entitled to offset the amount due Seller against any amounts due from Seller to Buyer. 

  
 Page 2 of 4

 Buyer hereby expressly waives notice of default, presentment or demand for prepayment,
demand, notice of nonpayment or dishonor, protest and notice of protest, or any other notice or demand. 
 V.
Guaranty. All obligations of Buyer under this Promissory Note are guaranteed by a Guaranty dated of even date herewith executed and delivered by Nolte Associates, Inc., a California corporation (the “Company”) in favor of
Seller. 
 VI. Subordination. The indebtedness evidenced by this instrument is subordinated to (i) the prior
payment of the Superior Indebtedness (as defined in that certain Subordination Agreement dated August 3, 2010, among Buyer, as borrower, Seller, as creditor, and Torrey Pines Bank, as lender, and all amendments, replacements, modifications and
restatements thereof, the “Subordination Agreement”), and (ii) any other bank debt of Nolte Associates, Inc. or Buyer, including any bank debt refinancing or replacing the Superior Indebtedness referenced in (i) above. Seller
agrees to execute and deliver the Subordination Agreement and any other subordination agreement required by any bank providing financing to Buyer or Nolte Associates, Inc. 

VII. General Provisions. 
 No delay or omission on the part of Seller in exercising his rights under this Promissory Note, or course of conduct relating thereto, shall operate as a waiver of such rights or any other right of
Seller, nor shall any waiver by Seller, of any such right or rights on any one occasion be deemed a bar to, or waiver of, the same right or rights on any future occasion. 
 Buyer promises to pay all costs of collection, including reasonable attorneys’ fees incurred by Seller in connection with the enforcement or presentation of any of Seller’s rights or remedies
hereunder or any motion, proceeding or other activity of any kind in connection with a bankruptcy proceeding or case arising out of or relating to any petition under Title 11 of the United States Code, as the same shall be in effect from time to
time or any similar law. 
 Time is of the essence of this Promissory Note. 

This Promissory Note shall be governed by, and construed and enforced in accordance with, the laws of the State of California, without
regard to its principles of conflict of laws. To the fullest extent permitted by law, Buyer and Seller hereby (a) submit to the jurisdiction of the State of California and United States courts for the California judicial circuit and the federal
district, respectively, wherein lies San Francisco County, California, for purposes of any legal action or proceeding brought under or in connection with this Promissory Note, (b) agree that exclusive venue of any such action or proceeding
shall be in San Francisco County, California and (c) waive any claim that the same is an inconvenient forum. 
 Anything
herein to the contrary notwithstanding, if during any period for which interest is computed hereunder, the amount of interest computed on the basis provided for in this Promissory Note, together with all fees, charges and other payments which are
treated as interest under applicable law, as provided for herein or in any other document executed in connection herewith, would exceed the amount of such interest computed on the basis of the Highest Lawful Rate, Buyer shall not be obligated to
pay, and the Seller shall not be entitled to charge, collect, receive, reserve or take interest in excess of the Highest Lawful Rate and, during any such period, the interest payable hereunder shall be computed on the basis of the Highest Lawful
Rate. As used herein, “Highest Lawful Rate” means the maximum non-usurious rate of interest, as in effect from time to time, which may be charged, contracted for, reserved, received or collected by Seller in connection with this Promissory
Note under applicable law. 
 [Remainder of page intentionally blank] 

  
 Page 3 of 4

 IN WITNESS WHEREOF, the undersigned, has executed this Promissory Note as of the day
and year first above written. 
  

			
	Vertical V, Inc.
		
	 By:
	 	 
	 Name: Dickerson Wright

	 Title: Chief Executive Officer

  
 Page 4 of 4

 EXHIBIT “B” 

Form of Guaranty 

  
 9 

 GUARANTY 
 The undersigned (“Guarantor”) hereby absolutely, irrevocably and unconditionally guaranties (as primary obligor and not merely as surety) to the Seller (as defined below) under that certain
Promissory Note dated as of August 3, 2010, in the principal amount of Three Million Three Hundred Thirty Five Thousand Seven Hundred Ninety Seven and 26/100 Dollars ($3,335,797.26) (the “Note”) by VERTICAL V, INC., a Delaware
corporation (“Buyer”) to the order of GEORGE S. NOLTE, JR., an individual, and GEORGE S. NOLTE, JR., AS TRUSTEE OF THE NOLTE FAMILY TRUST U/T/A DATED AUGUST 20, 2001 (collectively, together with any subsequent holder hereof,
“Seller”), the full and prompt payment (whether at stated maturity, by acceleration, or otherwise) and performance of any and all indebtedness of Buyer to Seller, whether now existing or hereafter incurred, under the Note, including,
without limitation, (a) all principal, interest, fees, reasonable attorneys’ fees, liabilities for costs and expenses and other indebtedness, obligations and liabilities of Buyer to Seller at any time created or arising in connection with
the Note or any amendment, extension, renewal, or modification thereto or substitution therefor; and (b) all costs, expenses and fees, including but not limited to court costs and reasonable attorneys’ fees and paralegal fees, arising in
connection with, or as a consequence of the non-payment, non-performance or non-observance by Buyer or Guarantor of all amounts, indebtedness, obligations and liabilities of Buyer to Seller described in this paragraph. Capitalized terms used and not
defined herein shall have the meanings ascribed thereto in the Note. 
 Guarantor agrees that the obligations hereunder are
independent of and in addition to the undertakings of Buyer pursuant to the Note. A separate action may be brought to enforce the provisions hereof against Guarantor, whether or not Buyer, or any other guarantor, is a party in any such action. Buyer
and/or Guarantor and/or any other guarantor may be sued together, or any of them may be sued separately without first or contemporaneously suing the other. 
 All notices under this Guaranty shall be in writing and shall be deemed to have been given within three (3) days of the date placed in the U.S. Mail if mailed by U.S. Mail, certified or registered,
postage prepaid, or on the same day sent by telecopy provided such is sent on a business day and the Seller has received confirmation of the delivery of such telecopy, or one (1) business day after being entrusted for delivery with a reputable
overnight courier service, and addressed to Guarantor as set forth below its signature to this Guaranty. Guarantor may change the address to which notices shall be directed by giving three (3) business days written notice of such change to
Seller. 
 This Guaranty shall be governed by and construed in accordance with the laws of the State of California, without
regard to principles of conflicts of law. Jurisdiction and venue for any proceeding regarding this Guaranty shall be in San Francisco County, California. 
 [signature page to follow] 

  
 1 

 IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of August 3,
2010. 
  

			
	NOLTE ASSOCIATES, INC., a California
corporation
		
	By:	 	 
	 Name: Kenneth Rudolph
 Title: President

	
	 Address for Notices:

2495 Natomas Park Drive, Fourth Floor

Sacramento, CA 95833
 Attn: President

Facsimile: (916) 641-9222

  
 2 

 EXHIBIT “C” 

Form of Non-Solicitation Agreement 

  
 10 

 NON-SOLICITATION AGREEMENT 

THIS NON-SOLICITATION AGREEMENT (this “Agreement”) is made and entered into as of August 3, 2010 by and between
NOLTE ASSOCIATES, INC., a California corporation (the “Company”), and GEORGE S. NOLTE. JR., an individual resident of the State of California (“Seller”). 

W I T N E S S E T H: 
 WHEREAS, the Company, Seller and VERTICAL V, INC., a Delaware corporation (“Buyer”) have entered into that certain Stock Purchase Agreement (the “Stock Purchase Agreement”), regarding
the terms of Buyer’s purchase from Seller of all of the shares of capital stock owned by Seller of the Company (the “Shares”); and 
 WHEREAS, as a material inducement to Buyer to enter into the Stock Purchase Agreement, Seller has agreed to enter into this Agreement on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 
  

	1.	Definitions. All capitalized terms used herein shall have the same meanings as used in the Stock Purchase Agreement, unless otherwise defined in this Agreement.

  

	2.	Non-Solicitation. Seller agrees that, for a period of five (5) years after the Closing Date of the sale, assignment, transfer, conveyance and delivery to
Buyer of the Shares under the Stock Purchase Agreement (the “Non-Solicitation Period”), Seller shall not, directly or indirectly, without the prior written consent of the Company: (i) solicit or attempt to solicit any client of the
Company to terminate or modify its client contract with the Company or to become a client of any other firm; or (ii) solicit or attempt to solicit any person who is engaged as an employee or otherwise by the Company to terminate or modify his
or her employment or other engagement with the Company. For purposes of this Section 2, the term “client” shall be determined as of the first day of the Non-Solicitation Period and shall mean those individuals or entities:
(A) with whom the Company is negotiating to perform work, (B) for whom the Company is then performing work, or (C) for whom the Company has performed any work within the two (2) year period immediately preceding the
Non-Solicitation Period. In the event that Seller violates this Section, the Purchase Price shall be reduced as follows. For all Shares that were owned by Seller as of July 8, 2005, the Purchase Price per Share shall be the lesser of:
(A) the price established as of the fiscal year ending September 30, 2004 under the Buy-Sell Agreement; and (B) the valuation calculated pursuant to Article 5 of the Buy-Sell Agreement. For all Shares purchased after July 8,
2005, the Purchase Price per Share shall be the lesser of: (C) the price Seller paid for the Shares; and (D) the valuation calculated pursuant to Article 5 of the Buy-Sell Agreement. 

 

	3.	Reasonableness. The parties acknowledge that the provisions of this Agreement are reasonable and necessary for the protection and benefit of the Company and its
business. 

  

	4.	Severability. The provisions of this Agreement, as well as the period of time and types and scope of restrictions of Seller’s activities specified herein,
are intended to be divisible; and in the event any provision herein shall be deemed invalid or unenforceable in any respect, as to period of time, business or activities, the remaining provisions shall not thereby be affected, but shall remain in
full force and effect; and this Agreement shall be deemed to be amended without further action by the parties hereto to the extent necessary to render it valid or enforceable. 

 

	5.	Damages. In recognition of the possibility that any violation by Seller of the terms, provisions and conditions contained herein may cause irreparable or
indeterminate damage or injury to the Company, the exact amount of which will be impossible to ascertain, the Company shall be entitled as a matter or right to obtain a decree of specific performance of the terms hereof or an injunction from any
court of competent jurisdiction restraining any violation or threatened violation 

  
 1 

 
of this Agreement. Such right to specific performance or an injunction or restraining order, however, shall be cumulative and in addition to, and not in limitation of, any other rights or
remedies the Company may have for damages, to protect its rights, or otherwise. 
  

	6.	Entire Agreement. This Agreement together with any other agreements entered into contemporaneously herewith constitutes and represents the entire agreement
between the parties hereto and supersedes any prior understandings or agreements, written or verbal, between the parties hereto respecting the subject matter herein. This Agreement may be amended, supplemented, modified or discharged only upon an
agreement in writing executed by all the parties hereto. 

  

	7.	Waiver. The failure or delay of the Company at any time to require Seller to perform under this Agreement, even if the Company is aware of Seller’s breach,
shall not affect the Company’s right to require performance at a later time. Any waiver by the Company of any breach of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of this Agreement. No notice to or
demand on Seller shall, of itself, entitle Seller to any other or further notice or demand in similar or other circumstances. 

  

	8.	Notices. Any notice required or permitted to be delivered pursuant to the terms of this Agreement shall be considered to have been sufficiently delivered within
three (3) days of the date placed in the U.S. Mail if mailed by U.S. Mail, certified or registered, postage prepaid, or on the same day sent by telecopy provided such is sent on a business day and the sender has received confirmation of the
delivery of such telecopy, or one (1) business day after being entrusted for delivery with a reputable overnight courier service, and addressed as set forth below the signature of the party to whom notice is being given, or to such other
address as the parties may from time to time designate by notice in writing to the other party. 

  

	9.	Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors and permitted assigns.
In addition, the Company’s successors and permitted assigns shall be third party beneficiaries of the Company’s rights under this Agreement. 

  

	10.	Litigation/Attorney’s Fees. Should any party hereto institute any action or proceeding in court or otherwise to enforce or interpret this Agreement by
reason of or with respect to an alleged breach of any provision hereof, the prevailing party shall be entitled to receive from the non-prevailing party such amount as the court may judge to be reasonable attorneys’ and paralegals’ fees for
the services rendered to the prevailing party in such action or proceeding (including such costs and fees incurred in any appeal), plus the prevailing party’s costs and expenses therein, regardless of whether such action or proceeding is
prosecuted to judgment. 

  

	11.	Governing Law. This Agreement shall be governed by California law. Jurisdiction and venue for any proceeding regarding this Agreement shall be in San Francisco
County, California. 

  

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

 [Signatures on Next Page] 

  
 2 

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

					
	NOLTE ASSOCIATES, INC.
			
	By:	 	  	 	  
	Name:	 	 	 	 
	Title:	 	 	 	 
		
	Address for Notices:	 	 
	
	 
	
	 
	Fax:	 	 	 	 
	
	 
	Name: George S. Nolte, Jr.
		
	Address for Notices:	 	 
	
	 
	
	 
	Fax:	 	 	 	 

 SIGNATURE PAGE FOR NON-SOLICITATION AGREEMENT 

  
 3 

 EXHIBIT “D” 

Form of Consulting Agreement 

  
 11 

 CONSULTING AGREEMENT 

THIS CONSULTING AGREEMENT (this “Agreement”) is made and entered into as of August 3, 2010 by and between Nolte
Associates, Inc., a California corporation (the “Company”), and George S. Nolte, Jr., a resident of the State of California (the “Consultant”). 
 RECITALS 
 WHEREAS, concurrent with the execution of this Agreement,
Vertical V, Inc., a Delaware corporation (“VV”), the Company and Consultant, among others closed on that certain Stock Purchase Agreement, dated as of August 3, 2010 (the “Stock Purchase Agreement”), pursuant to which VV
acquired the capital stock of the Company owned by Consultant; 
 WHEREAS immediately preceding the Stock Purchase Agreement,
Consultant was a shareholder and director of the Company; 
 WHEREAS, the Consultant has extensive knowledge about the
customers, suppliers, personnel, business practices, procedures and other matters pertaining to the Business of Nolte Associates, and the Company desires to maintain, on a formal basis, access to the knowledge, information, contacts and expertise of
the Consultant; 
 WHEREAS, the Company desires to retain the Consultant as a consultant to the Company with respect to the
Business, and the Consultant desires to accept such engagement with the Company, upon the terms and conditions set forth herein; and 
 WHEREAS, the Stock Purchase Agreement provides that the closing of the transactions contemplated thereunder are contingent upon the concurrent execution and delivery of this Agreement by the Consultant
and the Company. 
 NOW, THEREFORE, for and in consideration of the recitals set forth above, the mutual covenants and
agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged by all of the parties hereto, the parties intending to be legally bound, agree as follows: 

The foregoing recitals are hereby fully incorporated herein by reference and made a part of the terms of this Agreement. 

Section 1. Definitions. Capitalized terms not expressly defined in this Agreement shall have the meaning set forth in the
Stock Purchase Agreement. VV and its affiliates are collectively referred to herein as the “Vertical Group.” The term “Affiliate” means any person controlling, controlled by or under common control with any other Person.

 Section 2. Representations and Warranties of the Consultant. The Consultant hereby represents and warrants to the
Company that (a) this Agreement is the legal, valid and binding obligation of the Consultant and is enforceable against the Consultant in accordance with its terms; and (b) the execution and delivery by the Consultant of this Agreement do
not, and the 

  
 -1-

 performance by the Consultant of the Services (as defined herein) and of the Consultant’s other
obligations hereunder will not, with or without the giving of notice or the passage of time, or both (i) violate any judgment, writ, injunction or order of any court, arbitrator, governmental agency or quasi-governmental agency applicable to
the Consultant; or (ii) conflict with, result in the breach of any provision of, or the termination of, or constitute a default under, any agreement to which the Consultant is a party or by which the Consultant is or may be bound. 

Section 3. Representations of the Company. The Company hereby represents and warrants to the Consultant that this Agreement:
(a) has been duly authorized, executed and delivered by the Company and (b) is the legal, valid and binding obligation of the Company and is enforceable against the Company in accordance with its terms. 

Section 4. Obligations of the Consultant; Taxes. 
 4.1 The Consultant shall make himself available to consult with the Company and its affiliates on a regular basis as the Company may request with respect to matters involving customers and potential
customers, business practices, business opportunities, personnel, customer and potential customer visits, business planning and other matters relating to the Business (collectively, the “Services”), will hold the title of “Chairman
Emeritus” of Nolte, and serve as an advisory board member to the Vertical Group executive committee. Notwithstanding the foregoing, the Consultant will not be required to devote more time to the performance of Services hereunder as the parties
may mutually agree. The Consultant shall comply with all policies of the Company. 
 4.2 The Consultant acknowledges and agrees
that the Consultant shall be responsible for filing all tax returns, tax declarations and tax schedules, and for the payment of all taxes required, when due, with respect to any and all compensation earned by the Consultant under this Agreement. The
Company will neither pay nor withhold any employment or other taxes with respect to the compensation it pays the Consultant. Rather, the Company will report the amounts it pays the Consultant on IRS Form 1099, to the extent required to do so under
applicable provisions of the Internal Revenue Code of 1986, as amended. 
 Section 5. Consulting Fee and Expenses.

 5.1 Compensation. The Company shall pay the Consultant a fee (the “Consulting Fee”) of Thirty Six Thousand
Dollars ($36,000.00) per year during the term of this Agreement, as full compensation for the Services rendered by the Consultant. The Consulting Fee shall be payable monthly. 
 5.2 Expense Reimbursement. The Company shall reimburse the Consultant for all reasonable out-of-pocket expenses (including, without limitation, telephone, fax and travel expenses) incurred by the
Consultant at the request of the Company during the performance of the Services; provided, however, that such reimbursement shall be made on the basis of actual costs incurred as evidenced by receipts provided by the Consultant to the Company.

 5.3 No Other Compensation. The Consultant shall not be entitled to any bonus or other compensation from the Company,
or be entitled to participate in any insurance 

 
program or other benefit plan, program or arrangement offered by the Company, Vertical or their respective affiliates to their employees. 

Section 6. Term and Termination. The Company shall engage the Consultant, and the Consultant shall serve the Company, for a
period beginning on the date of this Agreement and ending on August 3, 2012 (the “Term”). The Term may be extended only upon the mutual written agreement of the parties hereto on a month to month basis. This Agreement may be
terminated at anytime upon the mutual written agreement of the parties, or at any time after the second anniversary of this Agreement upon at least thirty (30) days prior written notice of the Company to the Consultant. 

Section 7. Relationship of the Parties. The Services being performed by the Consultant under this Agreement shall be
performed by the Consultant as an independent contractor. This Agreement shall not be construed to create in any way whatsoever a partnership relationship or an employer/employee relationship between the Consultant and the Company or any of its
affiliates. The Consultant shall not have any power or authority to bind the Company and/or any of its affiliates, and the Consultant shall not be deemed to be the agent of the Company or any of its affiliates and shall not act for or on behalf of
any of them, except as may be expressly authorized in writing by an executive officer of the Company. In performing the Services, the Consultant shall not identify himself as an employee of the Company or any of its affiliates. 

Section 8. Stock Purchase Agreement. 
 8.1 Relationship to Stock Purchase Agreement. The parties acknowledge that they have separately entered into a Stock Purchase Agreement and that such Stock Purchase Agreement also contains various
restrictive covenants agreed to by the Consultant in his capacity as an owner of a business being acquired by Vertical (the “Stock Purchase Agreement Covenants”) as opposed to those set forth herein in his capacity as a consultant of the
Company. The parties agree that the covenants set forth in this Agreement is independent and supplemental to the Stock Purchase Agreement Covenants and are not intended to limit in any way the enforcement of such Stock Purchase Agreement Covenants,
nor are such Stock Purchase Agreement Covenants intended in any way to limit the enforcement of the covenants in this Agreement. 
 Section 9. Dispute Resolutions. 
 9.1 Any dispute or controversy
between Company and Consultant relating to this Agreement shall be settled by binding arbitration before a single arbitrator in Sacramento, California pursuant to the Commercial Arbitration Rules of the American Arbitration Association
(“AAA”). Each party shall bear its own costs, expenses and fees, including, without limitation, attorneys’ fees and experts’ fees with respect to such arbitration. The parties shall share equally the fees of the arbitrator and
the AAA. The arbitration proceedings, as well as all evidence and the dispute presented therein, shall be strictly confidential; provided, however, that judgment upon any resulting arbitration award may be entered in any court of competent
jurisdiction. 

 9.2 Consultant hereby irrevocably consents to, and unconditionally waives any objection to,
the exclusive personal jurisdiction and venue of the aforesaid courts, and waives any claim that the aforesaid courts constitute an inconvenient forum and any right to trial by jury. If such judicial proceeding are instituted, the parties agree that
such proceedings shall be not be stayed pending the outcome of any arbitration proceeding hereunder. Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury
in connection with any litigation arising out of or relating to this Agreement. 
 Section 10. Miscellaneous.

 10.1 Notices. All notices, demands or other communications required or provided hereunder shall be in writing and
shall be deemed to have been given and received when delivered in person or transmitted by facsimile transmission with confirmed receipt to the respective party, or three days after dispatch by certified mail, postage prepaid, addressed to the
respective party at the address set forth below or at such other addresses as such parties may designate by notice to the other party in accordance with the provisions of this Section 10.1: 

 

			
	 If to Company:
	  	Mr. Dickerson Wright, CEO
		  	 Nolte Associates, Inc.
 200
South Park Road, Suite 350
 Hollywood, Florida 33021
 Facsimile: (954) 495-2101

		
	 With copy to:
	  	Richard Tong, Esq.
		  	 Nolte Associates, Inc.
 200
South Park Road, Suite 350
 Hollywood, Florida 33021
 Facsimile: (954) 495-2101

		
	 If to Consultant:
	  	George Nolte
		  	 9785 Powerhouse Road

Newcastle, CA 95658

 10.2 Governing Law. This Agreement shall be governed by, construed and applied, and all disputes
related to or arising from this Agreement shall be resolved, in accordance with, the internal laws of the State of California without giving effect to conflict of law principals thereof. 

10.3 Severability. If any provision of this Agreement is held invalid or unenforceable, the remainder shall nevertheless remain in
full force and effect, if any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. 

 10.4 Entire Agreement. This Agreement represents the entire understanding of the
parties with respect to the subject matter hereof and supersedes and replaces in its entirety all prior agreements and understandings, oral or written, between Consultant and the Company and/or any member of the Vertical Group with respect to the
subject matter hereof. No other representations, promises, agreements or understandings regarding the subject matter hereof shall be of any force or effect unless in writing, executed by the party to be bound, and dated subsequent to the date
hereof. 
 10.5 Mergers and Consolidation; Assignability. If the Company, or any Successor Company, as defined in this
Section 10.5, shall at any time be merged or consolidated into or with any other corporation or corporations, or if substantially all of the assets of the Company or any such Successor Company shall be sold or otherwise transferred to another
corporation, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the continuing corporation or the corporation resulting from such merger or consolidation or the corporation to which such assets shall be sold or
transferred (“Successor Company”) and any such assignment of this Agreement shall be binding upon, and this Agreement shall continue to inure to the benefit of, Consultant. This Agreement may be assigned without Consultant’s consent
to any member of the Vertical Group in connection with the underwritten public offering of the securities of such member. Without Consultant’s prior written consent, except as provided in the two foregoing sentences, this Agreement shall not be
assignable by the Company or by any Successor Company. This Agreement shall not be assignable by Consultant and any purported assignment of rights or delegation of duties under this Agreement by Consultant shall be void. 

10.6 Amendment. This Agreement may not be canceled, changed, modified, or amended orally, and no cancellation, change,
modification or amendment hereof shall be effective or binding unless in a written instrument signed by the Company and Consultant. A provision of this Agreement may be waived only by a written instrument signed by the party against whom or which
enforcement of such waiver is sought. 
 10.7 No Waiver. The failure at any time either of the Company or Consultant to
require the performance by the other of any provision of this Agreement shall in no way affect the full right of such party to require such performance at any time thereafter, nor shall the waiver by either the Company or Consultant of any breach of
any provision of this Agreement be taken or held to constitute a waiver of any succeeding breach of such or any other provision of this Agreement. 
 10.8 Counterparts. This Agreement may be executed in two or more counterparts and each such counterpart shall be deemed to be an original instrument, including facsimile signatures, but all such
counterparts together shall constitute one and the same instrument. 
 10.9 Headings. The headings contained in this
Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement. 
 10.10
Additional Obligations. Both during and after the Term, Consultant shall, upon reasonable notice, furnish the Company with such information as may be in Consultant’s 

 
possession and cooperate with the Company, as may reasonably be requested by the Company (and, after the Term, with due consideration for Consultant’s obligations with respect to any new
employment or business activity) in connection with any litigation in which the Company or any Affiliate is or may become a party. The Company shall reimburse Consultant for all reasonable expenses incurred by Consultant in fulfilling
Consultant’s obligations under this Section 10.10. The Company shall use its reasonable efforts to assure that requests for Consultant’s assistance under this Section 10.10 do not interfere with Consultant’s obligations to
any subsequent employer. 
 10.11 No Conflict. Consultant represents and warrants that Consultant is not subject to any
agreement, order, judgment, or decree of any kind that would prevent Consultant from entering into this Agreement or performing fully Consultant’s obligations hereunder. Consultant acknowledges being instructed: (a) that it is the
Company’s policy not to seek access to or make use of trade secrets or confidential business information belonging to other persons or organizations, including but not limited to competitors or former employers; and (b) that Consultant
should not, under any circumstances, reveal to the Company or any member of the Vertical Group or make use of trade secrets or confidential business information belonging to any other person or organization. Consultant represents and warrants that
Consultant has not violated and shall not violate such instructions. 
 10.12 Survival. Consultant’s obligations as
set forth in Section 8 represent independent covenants by which Consultant is and shall remain bound notwithstanding any breach or claim of breach by the Company, and shall survive the termination or expiration of this Agreement. 

[Remainder of this page intentionally left blank; signature page follows.] 

 IN WITNESS WHEREOF the parties hereto have duly executed and delivered this Agreement to be
effective as of the date first written above. 
  

			
	CONSULTANT:
		
	By:	 	 
	 Name: GEORGE S. NOLTE, JR.

	
	COMPANY:
	
	 NOLTE ASSOCIATES, INC.

		
	By:	 	 
	Name:	 	 
	Title:

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