Document:

GAN
LIMITED

2020 EQUITY INCENTIVE PLAN

 

STOCK UNIT AGREEMENT

 

The Company hereby awards Stock
Units to the Participant named below. The terms and conditions of the Stock Award are set forth in this cover sheet and the attached
Stock Unit Agreement (together, this “Agreement”) and in the GAN Limited 2020 Equity Incentive Plan as it may
be amended from time to time. Unless otherwise defined in this Agreement, certain capitalized terms used in this cover sheet and
Agreement are defined in the 2020 Equity Incentive Plan.

 

Date of Award: 

 

Name of Participant:

 

Number of Stock Units Awarded:

 

Fair Market Value of a Share on Date of Award: $_____.___

 

Vesting Calculation Date: __________________, [YEAR]

 

Vesting Schedule:

 

Subject to all the
terms of this Agreement and your continuous Service through the applicable dates of vesting, you will become incrementally vested
as to 25% of the total Number of Stock Units Awarded, as shown above, on each of the first four anniversaries of the Vesting Calculation
Date. OR [INSERT OTHER VEST SCHEDULE] In all cases, the resulting aggregate number of vested Shares will be rounded down to the
nearest whole number. Upon termination of your Service at any time and for any reason or no reason, all of your then unvested Stock
Units shall be forfeited to the Company without consideration as of your Termination Date. No partial vesting credit will be provided
no matter when your Termination Date occurs.

 

By signing this cover sheet,
you agree to all of the terms and conditions described in this Agreement and in the Plan. You are also acknowledging receipt of
this Agreement and a copy of the Plan and the Plan’s prospectus. Any inconsistency between this Agreement and the Plan shall
be resolved by reference to the Plan.

 

	Participant:	 
	 	(Signature)
	 	 
	Company:	 
		(Signature)
	 	 
	Title:
    	 
	Attachment	 

 

    	 	-1-	 

     

    

 

GAN
LIMITED

2020 EQUITY INCENTIVE PLAN

 

STOCK UNIT AGREEMENT

 

	1.	The Plan and Other
    Agreements	 	
        The text of the Plan is incorporated in this
        Agreement by this reference. You and the Company agree to execute such further instruments and to take such further action as may
        reasonably be necessary to carry out the intent of this Agreement.

         

        This Agreement and the Plan constitute the entire
        understanding between you and the Company regarding this Award of Stock Units. Any prior agreements, commitments or negotiations
        concerning this Award are superseded.

	 	 	 	 
	2.	Award of Stock Units	 	The Company awards you the number of Stock Units shown on the cover sheet of this Agreement. The Award is subject to the terms and conditions of this Agreement and the Plan. The Company will not issue any Shares if the issuance of such Shares at that time would violate any law or regulation.
	 	 	 	 
	3.	Vesting and Settlement	 	
        This Award will vest according to the Vesting
        Schedule described in the cover sheet of this Agreement. To the extent a Stock Unit becomes vested and subject to your satisfaction
        of any tax withholding obligations as discussed below, each vested Stock Unit will entitle you to receive one Share which will
        be distributed to you on the applicable scheduled vesting date set forth in the first sentence of the Vesting Schedule section
        in the cover sheet to this Agreement. Issuance of such Shares shall be in complete satisfaction of such vested Stock Units. Such
        settled Stock Units shall be immediately cancelled and no longer outstanding and you shall have no further rights or entitlements
        related to those settled Stock Units.

         

        The Company has established an Securities
Trading Policy (as such policy may be amended from time to time, the “Policy”) relative to trading while in
possession of material, undisclosed information. The Policy prohibits officers, directors, employees, and consultants of the Company
and its subsidiaries from trading in securities of the Company during certain “Blackout Periods” as described in the
Policy. If a scheduled settlement date for Shares falls on a day during such a Blackout Period, then the Shares that would otherwise
have been settled on such date shall instead be issued to you on the earlier of March 15th of the year following the
year of vesting or the second business day after the last day of the Blackout Period applicable to the Shares.

	 	 	 	 
	4.	Transfer of Award	 	You cannot gift, transfer, assign, alienate, pledge, hypothecate, attach, sell, or encumber this Award. If you attempt to do any of these things, this Award will immediately become invalid. You may, however, dispose of this Award in your will or it may be transferred by the laws of descent and distribution. Regardless of any marital property settlement agreement, the Company is not obligated to recognize your spouse’s interest in your Award in any other way.

 

    	 	-2-	 

     

    

 

	5.	Leaves of Absence	 	
        For purposes of this Award, your Service does
        not terminate when you go on a bona fide leave of absence that was approved by the Company in writing, if the terms of the
        leave of absence provide for Service crediting, or when Service crediting is required by applicable law. Your Service terminates
        in any event when the approved leave of absence ends unless you immediately return to active work.

         

        The Company determines which leaves of absence
        count for this purpose (along with determining the effect of a leave of absence on vesting of the Award), and when your Service
        terminates for all purposes under the Plan.

	 	 	 	 
	6.	Shareholder Rights	 	
        As a holder of Stock Units, you shall have no
        rights other than those of a general creditor of the Company. Subject to the terms of this Agreement, a holder of outstanding Stock
        Units has none of the rights and privileges of a shareholder of the Company. Without limiting the generality of the foregoing,
        a holder of outstanding Stock Units has no right to vote or to receive dividends (if any) on the shares represented by such Stock
        Units. Subject to the terms and conditions of this Agreement, Stock Units create no fiduciary duty of the Company to you and only
        represent an unfunded and unsecured contractual obligation of the Company. The Stock Units shall not be treated as property or
        as a trust fund of any kind.

         

        You, or your estate, shall have no rights as
        a shareholder of the Company with regard to the Award until you have been issued the applicable Shares by the Company and have
        satisfied all other conditions specified in the Plan. No adjustment shall be made for cash or stock dividends or other rights for
        which the record date is prior to the date when such applicable Shares are issued, except as provided in the Plan.

	 	 	 	 
	7.	Taxes and Withholding	 	
        You will be solely responsible
        for payment of any and all applicable taxes, including without limitation any penalties or interest based upon such tax obligations,
        associated with this Award.

         

        The delivery to you of any
        Shares underlying vested Stock Units will not be permitted unless and until you have satisfied any withholding or other taxes that
        may be due. Any such tax withholding obligations may be settled in the Company’s discretion by the Company withholding and
        retaining a portion of the Shares from the Shares that would otherwise be deliverable to you under the vesting Stock Units as provided
        in the next two sentences. Such withheld Shares will be applied to pay the withholding obligation by using the aggregate fair market
        value of the withheld Shares as of the date of settlement. You will be delivered the net amount of vested Shares after the
        Share withholding has been effected and you will not receive the withheld Shares. The Company will not deliver any fractional number
        of Shares.

 

    	 	-3-	 

     

    

 

	8.	Code Section 409A	 	This Award will be administered and interpreted to comply with Code Section 409A. The provisions of the Plan concerning Code Section 409A will apply to this Award to the extent needed.
	 	 	 	 
	9.	Restrictions on Resale	 	
        By signing this Agreement,
        you agree not to sell, transfer, dispose of, pledge, hypothecate, make any short sale of, or otherwise effect a similar transaction
        of any Shares acquired under this Award (each a “Sale Prohibition”) at a time when applicable laws, regulations
        or Company or underwriter trading policies prohibit the sale or disposition of Shares.

         

        The Company shall have the
        right to designate one or more periods of time, each of which generally will not exceed one hundred eighty (180) days in length
        (provided however, that such period may be extended in connection with the Company’s release (or announcement of release)
        of earnings results or other material news or events), and to impose a Sale Prohibition, if the Company determines (in its sole
        discretion) that such limitation(s) is/are needed in connection with a public offering of Shares or to comply with an underwriter’s
        request or trading policy, or could in any way facilitate a lessening of any restriction on transfer pursuant to the Securities
        Act or any state securities laws with respect to any issuance of securities by the Company, facilitate the registration or qualification
        of any securities by the Company under the Securities Act or any state securities laws, or facilitate the perfection of any exemption
        from the registration or qualification requirements of the Securities Act or any applicable state securities laws for the issuance
        or transfer of any securities. The Company may issue stop/transfer instructions and/or appropriately legend any stock certificates
        issued pursuant to this Award in order to ensure compliance with the foregoing.

         

        If the sale of Shares acquired
        under this Award is not registered under the Securities Act, but an exemption is available which requires an investment representation
        or other representation and warranty, you shall represent and agree that the Shares being acquired under this Award are being acquired
        for investment, and not with a view to the sale or distribution thereof, and shall make such other representations and warranties
        as are deemed necessary or appropriate by the Company and its counsel.

         

        You may also be required,
        as a condition of this Award, to enter into any Company shareholder agreement or other agreements that are applicable to shareholders.

	 	 	 	 
	10.	Clawback Policy	 	You expressly acknowledge and agree to be bound by Section 14(e) of the Plan, which contains provisions addressing the Company’s policy on recoupment of equity or other compensation.

 

    	 	-4-	 

     

    

 

	11.	No Retention Rights	 	Your Award or this Agreement does not give you the right to be retained by the Company Group in any capacity. The Company Group reserves the right to terminate your Service at any time and for any reason.
	 	 	 	 
	12.	Extraordinary Compensation	 	This Award and the Shares subject to the Award are not intended to constitute or replace any pension rights or compensation and are not to be considered compensation of a continuing or recurring nature, or part of your normal or expected compensation, and in no way represent any portion of your salary, compensation or other remuneration for any purpose, including but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.
	 	 	 	 
	13.	Adjustments	 	In the event of a stock split, a stock dividend or a similar change in the Company stock, the number of outstanding Stock Units covered by this Award may be adjusted (and rounded down to the nearest whole number) pursuant to the Plan. Your Stock Units shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
	 	 	 	 
	14.	Legends	 	
        All certificates or book entries
        representing the Shares issued under this Award may, where applicable, have endorsed thereon the following notations or legends
        and any other notation or legend the Company determines appropriate:

         

        “THE SHARES
        REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN
        AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS
        ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE
        HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”

         

        “THE SHARES
        REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR QUALIFIED UNDER THE SECURITIES LAWS
        OF ANY STATE, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR
        QUALIFICATION UNDER APPLICABLE STATE LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION
        OR QUALIFICATION IS NOT REQUIRED.”

 

    	 	-5-	 

     

    

 

	15.	Applicable Law	 	This Agreement will be interpreted and enforced under the laws of the state of New York without reference to the conflicts of law provisions thereof.
	 	 	 	 
	16.	Regulatory Compliance	 	The issuance of Shares pursuant to this Agreement shall be subject to full compliance with all applicable requirements of law and the requirements of any stock exchange or interdealer quotation system upon which the Shares may be listed or traded.
	 	 	 	 
	17.	Binding Effect; No Third Party Beneficiaries	 	This Agreement shall be binding upon and inure to the benefit of the Company and you and any respective heirs, representatives, successors and permitted assigns. This Agreement shall not confer any rights or remedies upon any person other than the Company and you and any respective heirs, representatives, successors and permitted assigns. The parties agree that this Agreement shall survive the settlement or termination of the Award.
	 	 	 	 
	18.	Notice	 	Any notice to be given or delivered to the Company relating to this Agreement shall be in writing and addressed to the Company at its principal corporate offices. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the Company. Any notice to be given or delivered to you relating to this Agreement may be delivered by electronic form including without limitation by email (including prospectuses required by the SEC) as well as all other documents that the Company is required to deliver to its security holders (including annual reports and proxy statements). The Company may also deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the Company.
	 	 	 	 
	19.	Voluntary Participant	 	You acknowledge that you are voluntarily participating in the Plan.
	 	 	 	 
	20.	No Rights to Future Awards	 	Your rights, if any, in respect of or in connection with this Award or any other Awards are derived solely from the discretionary decision of the Company to permit you to participate in the Plan and to benefit from a discretionary future Award. By accepting this Award, you expressly acknowledge that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Awards to you or benefits in lieu of any other Awards even if Awards have been granted repeatedly in the past. All decisions with respect to future Awards, if any, will be at the sole and absolute discretion of the Committee.
	 	 	 	 
	21.	Future Value	 	The future value of the underlying Shares is unknown and cannot be predicted with certainty. If the underlying Shares do not maintain or increase their value after the Date of Award, the Award could have little or no value. If you obtain Shares under this Award, the value of the Shares acquired upon settlement may subsequently increase or decrease in value, and could decrease to a value less than the taxes payable upon settlement. 

 

    	 	-6-	 

     

    

 

	22.	No Advice Regarding Award	 	The Company has not provided any tax, legal or financial advice, nor has the Company made any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
	 	 	 	 
	23.	No Right to Damages	 	You will have no right to bring a claim or to receive damages if any portion of the Award is cancelled or expires. The loss of existing or potential profit in the Award will not constitute an element of damages in the event of the termination of your Service for any reason, even if the termination is in violation of an obligation of the Company Group to you.
	 	 	 	 
	24.	Data Privacy	 	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by the Company for the exclusive purpose of implementing, administering and managing your participation in the Plan. You understand that the Company holds certain personal information about you, including, but not limited to, name, home address and telephone number, date of birth, gender, social security or insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, cancelled, purchased, exercised, vested, unvested or outstanding in your favor for the purpose of implementing, managing and administering the Plan (“Data”). You understand that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere and that the recipient country may have different data privacy laws and protections than your country. You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom you may elect to deposit any Shares acquired under the Plan.
	 	 	 	 
	25.	Other Information	 	You agree to receive shareholder information, including copies of any annual report, proxy statement and periodic report, from the Company’s website, if the Company wishes to provide such information through its website. You acknowledge that copies of the Plan, Plan prospectus, Plan information and shareholder information are also available upon written or telephonic request to the Plan’s administrator.
	 	 	 	 
	26.	Further Assistance	 	You agree to provide assistance reasonably requested by the Company in connection with actions taken by you while providing services to the Company, including but not limited to assistance in connection with any lawsuits or other claims against the Company arising from events during the period in which you rendered service to the Company.

 

    	 	-7-	 

     

    

 

	27.	Legal Compliance	 	The Company Group is not responsible for your legal compliance requirements relating to this Award, including, but not limited to, tax reporting.
	 	 	 	 
	28.	Additional Conditions	 	If the Company shall determine, in its sole discretion, that the consent or approval of any governmental authority is necessary or desirable as a condition to the payment of benefits to you pursuant to the Plan, such payment shall not occur until such registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company.
	 	 	 	 
	29.	Enforcement	 	The Company will be entitled to enforce its rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights to which it may be entitled. You agree and acknowledge that money damages may not be an adequate remedy for breach of the provisions of this Agreement and that the Company may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. 
	 	 	 	 
	30.	Nondisclosure of Confidential Information	 	You acknowledge that the businesses of the Company is highly competitive and that the Company’s strategies, methods, books, records, and documents, technical information concerning their products, equipment, services, and processes, procurement procedures and pricing techniques, the names of and other information (such as credit and financial data) concerning former, present or prospective customers and business affiliates, all comprise confidential business information and trade secrets which are valuable, special, and unique assets which the Company uses in their business to obtain a competitive advantage over competitors. You further acknowledge that protection of such confidential business information and trade secrets against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. You acknowledge that by reason of your duties to and association with the Company, you have had and will have access to and have and will become informed of confidential business information which is a competitive asset of the Company. You hereby agree that you will not, at any time during or after employment, make any unauthorized disclosure of any confidential business information or trade secrets of the Company, or make any use thereof, except in the carrying out of services responsibilities. You shall take all necessary and appropriate steps to safeguard confidential business information and protect it against disclosure, misappropriation, misuse, loss and theft. Confidential business information shall not include information in the public domain (but only if the same becomes part of the public domain through a means other than a disclosure prohibited hereunder). The above notwithstanding, a disclosure shall not be unauthorized if (i) it is required by law or by a court of competent jurisdiction or (ii) it is in connection with any judicial, arbitration, dispute resolution or other legal proceeding in which your legal rights and obligations as a service provider or under this Agreement are at issue; provided, however, that you shall, to the extent practicable and lawful in any such events, give prior notice to the Company of your intent to disclose any such confidential business information in such context so as to allow the Company an opportunity (which you will not oppose) to obtain such protective orders or similar relief with respect thereto as may be deemed appropriate. Any information not specifically related to the Company would not be considered confidential to the Company. In the event of any conflict in terms between this Section 30 and the terms of any Company confidentiality or proprietary information agreement you have executed, the terms of such other confidentiality or proprietary information agreement shall prevail and govern.

 

    	 	-8-EX-10.1

 Exhibit 10.1 

Silicon Valley Bank 

U.S. Small Business Administration 

Paycheck Protection Program 

Note 
  

					
	SBA Loan No.	  	54827471-07
	SBA Loan Name	  	Borrower Legal Name    	  	Myomo, Inc.
	 	  	 DBA

    
	  	 
	 	 
	Date	  	4/24/2020
	 	 
	Loan Amount	  	$1,077,590
	 	 
	Interest Rate	  	1.0% per annum
	 	 
	Borrower	  	Myomo, Inc.
	 	 
	Operating Company	  	Not applicable
	 	 
	Lender	  	Silicon Valley Bank

  

	1.	 PROMISE TO PAY. 

In return for the Loan, Borrower promises to pay to the order of Lender the amount of $1,077,590 Dollars, interest on the unpaid principal balance, and all
other amounts required by this Note. 
  

	2.	 DEFINITIONS. 

“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note. 

“CARES Act” means the Coronavirus Aid, Relief, and Economic Security Act. 

“Guarantor” means each person or entity that signs a guarantee of payment of this Note. 

“Loan” means the loan evidenced by this Note. 

“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral. 

“Paycheck Protection Program” means loan program created by Section 1102 of the CARES Act. 

  
 1 

 “Per Annum” means for a year deemed to be comprised of 360 days. 

“SBA” means the Small Business Administration, an Agency of the United States of America. 

 

	3.	 PAYMENT TERMS: Borrower must make all payments at the place Lender designates. The payment terms for this Note
are: 

  

	A.	 Conditions Precedent to Disbursement of Loan Proceeds. 

Before the funding of the Loan, the following conditions must be satisfied: 

 

	 	1.	 Lender has approved the request for the Loan. 

 

	 	2.	 Lender has received approval from SBA to fund the Loan. 

 

	B.	 No Payments During Deferral Period. There shall be no payments due by Borrower during the six-month
period beginning on the date of this Note (the “Deferral Period”). However, during the Deferral Period interest will accrue at the Interest Rate on the unpaid principal balance computed on the basis of the actual number of days elapsed in
a year of 360 days. 

  

	C.	 Principal and Interest Payments. Commencing one month after the expiration of the Deferral Period, and
continuing on the same day of each month thereafter until the Maturity Date, Borrower shall pay to Lender monthly payments of principal and interest, each in such equal amount required to fully amortize the principal amount outstanding on the Note
on the last day of the Deferral Period by the Maturity Date. 

  

	D.	 Maturity Date. On the date which is twenty-four (24) months from the date of this Note (the
“Maturity Date”), Borrower shall pay to Lender any and all unpaid principal plus accrued and unpaid interest plus interest accrued during the Deferral Period. This Note will mature on the Maturity Date. 

 

	E.	 Not a Business Day. If any payment is due on a date for which there is no numerical equivalent in a
particular calendar month then it shall be due on the last day of such month. If any payment is due on a day that is a Saturday, Sunday or any other day on which California chartered banks are authorized to be closed, the payment will be made on the
next business day. 

  

	F.	 Payment Allocation. Payments shall be allocated among principal and interest at the discretion of Lender
unless otherwise agreed or required by applicable law (including the CARES Act). Notwithstanding, in the event the Loan, or any portion thereof, is forgiven pursuant to the Paycheck Protection Program under the federal CARES Act, the amount so
forgiven shall be applied to principal. 

  

	F.	 Prepayments. Borrower may prepay this Note at any time without payment of any penalty or premium.

  
 2 

	G.	 Borrower Certifications. 

Borrower certifies to Lender as follows: 
  

	 	1.	 Current economic uncertainty makes this Loan necessary to support the ongoing operations of Borrower.

  

	 	2.	 Loan funds will be used by Borrower to retain its workers and maintain its payroll or make its mortgage
payments, lease payments, and utility payments. 

  

	 	3.	 For the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower did not
receive, and agrees it will not apply for or receive, another loan under the Paycheck Protection Program. 

  

	 	4.	 Borrower was in operation on February 15, 2020 and (i) had employees for whom it paid salaries and
payroll taxes or (ii) paid independent contractors as reported on a 1099-Misc. 

  

	 	5.	 Borrower has reviewed and understands Sections 1102 and 1106 of the CARES Act and the related guidelines and
has completed the Application, including Borrower’s eligibility in conformity with those provisions. 

  

	 	6.	 Borrower has taken its “affiliates” (as defined by the SBA) into account when determining the number
of employees and the total amount of loans permitted under the Paycheck Protection Program. 

  

	 	7.	 Borrower is a small business concern or is otherwise eligible to receive a covered loan. 

 

	 	8.	 The person who has completed and signed the application, this Note and the Loan Documents has been validly
authorized by Borrower to enter into borrowings on behalf of Borrower. 

  

	H.	 Agreements. 

Borrower understands and agrees, and waives and releases Lender, its affiliates and their respective directors, officers, agents and employees, as follows:

  

	 	1.	 The Loan will be made under the SBA’s Paycheck Protection Program. Accordingly, this Note and the other
Loan Documents must be submitted to and approved by the SBA. There is limited funding available under the Paycheck Protection Program and accordingly, all applications submitted will not be approved by the SBA. 

 

	 	2.	 Lender is participating in the Payroll Protection Program to help businesses impacted by the economic impact
from COVID-19. However, Lender anticipates high volumes and there may be processing delays and system failures along with other issues that interfere with submission of Borrower’s application to SBA. Lender does not represent or guarantee that
it will submit the application while SBA funding remains available under the Payroll Protection Program or at all. Borrower hereby agrees that Lender is not responsible or liable to Borrower or any of its affiliates (i) if the Lender does not
submit Borrower’s application to the SBA until after the date that SBA stops approving 

  
 3 

	 	
applications under the Paycheck Protection Program, for any reason or (ii) if the application is not processed by Lender. Borrower forever releases and waives any claims against Lender, its
affiliates and their respective directors, officers, agents and employees concerning failure to obtain the Loan. This release and waiver applies to, but is not limited to, any claims concerning Lender’s (i) pace, manner or systems for
processing or prioritizing applications, or (ii) representations by Lender regarding the application process, the Paycheck Protection Program, or availability of funding. This agreement to release and waiver supersedes any prior communications,
understandings, agreements or communications on the issues set forth herein. 

  

	 	3.	 Forgiveness of the Loan is only available for principal that is used for the limited purposes that expressly
qualify for forgiveness under SBA requirements, and that to obtain forgiveness, Borrower must request forgiveness from the Lender, provide documentation in accordance with the SBA requirements, and certify that the amounts Borrower is requesting to
be forgiven qualify under those requirements. Borrower also understands that Borrower shall remain responsible under the Loan for any amounts not forgiven, and that interest payable under the Loan will not be forgiven, but that the SBA may pay the
Loan interest on forgiven amounts. 

  

	 	4.	 Forgiveness of the Loan is not automatic and Borrower must request forgiveness of the Loan from Lender.
Borrower is not relying on Lender for its understanding of the requirements for forgiveness such as eligible expenditures, necessary records/documentation, or possible reductions due to changes in number of employees or compensation. Borrower agrees
that will consult the SBA’s program materials and consult with its own counsel regarding the criteria forgiveness. 

  

	 	5.	 The Loan Documents are subject to review, and Borrower may not receive the Loan. The Loan also remains subject
to availability of funds under the SBA’s Payment Protection Program, and to the SBA issuing an SBA loan number. 

  

	 	6.	 Borrower’s liability under this Note will continue with respect to any amounts SBA may pay Bank based on
an SBA guarantee of this Note. Any agreement with Bank under which SBA may guarantee this Note does not create any third party rights or benefits for Borrower and, if SBA pays Bank under such an agreement, SBA or Bank may then seek recovery from
Borrower of amounts paid by SBA. 

  

	 	7.	 Lender reserves the right to modify the Note Amount based on documentation received from Borrower.

  

	 	8.	 Borrower’s execution of this Note has been duly authorized by all necessary actions of its governing body.
The person signing this Note is duly authorized to do so on behalf of Borrower. 

  

	 	9.	 This Note shall not be governed by any existing or future credit agreement or loan agreement with Lender. The
liabilities guaranteed pursuant to any existing or future guaranty in favor of Lender shall not include this Note. The liabilities secured by any existing or future security instrument in favor of Lender shall not include the Loan.

  
 4 

	 	10.	 The proceeds of the Loan will be used to retain workers and maintain payroll or make mortgage interest
payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule. Borrower understands that if the funds are knowingly used for unauthorized purposes, the federal government may hold Borrower legally liable,
such as for charges of fraud. 

 Electronic Execution of Loan Documents. 

The words “execution,” “signed,” “signature” and words of like import in this Note and any Loan Document shall be deemed to
include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case
may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 
  

	4.	 DEFAULT: 

Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company: 

 

	 	A.	 Fails to do anything required by this Note and other Loan Documents; 

 

	 	B.	 Defaults on any other loan with Lender; 

 

	 	C.	 Does not preserve, or account to Lender’s satisfaction for, any of the Collateral or its proceeds;

  

	 	D.	 Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;

  

	 	E.	 Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or
SBA; 

  

	 	F.	 Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect
Borrower’s ability to pay this Note; 

  

	 	G.	 Fails to pay any taxes when due; 

 

	 	H.	 Becomes the subject of a proceeding under any bankruptcy or insolvency law; 

 

	 	I.	 Has a receiver or liquidator appointed for any part of their business or property; 

 

	 	J.	 Makes an assignment for the benefit of creditors; 

 

	 	K.	 Has any adverse change in financial condition or business operation that Lender believes may materially affect
Borrower’s ability to pay this Note; 

  

	 	L.	 Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s
prior written consent; or 

  
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	 	M.	 Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s
ability to pay this Note. 

  

	5.	 LENDER’S RIGHTS IF THERE IS A DEFAULT. 

Without notice or demand and without giving up any of its rights, Lender may: 
  

	 	A.	 Require immediate payment of all amounts owing under this Note; 

 

	 	B.	 Collect all amounts owing from any Borrower or Guarantor; 

 

	 	C.	 File suit and obtain judgment. 

 

	 	D.	 Take possession of any Collateral; or 

 

	 	E.	 Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

  

	6.	 LENDER’S GENERAL POWERS. 

Without notice and without Borrower’s consent, Lender may: 
  

	 	A.	 Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;

  

	 	B.	 Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan
Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs. If
Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance; 

  

	 	C.	 Release anyone obligated to pay this Note; 

 

	 	D.	 Compromise, release, renew, extend or substitute any of the Collateral; and 

 

	 	E.	 Take any action necessary to protect the Collateral or collect amounts owing on this Note.

  

	7.	 WHEN FEDERAL LAW APPLIES; GOVERNING LAW; FORUM SELECTION. 

When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local
procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note,
Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law. 

  
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	8.	 SUCCESSORS AND ASSIGNS. 

Under this Note, Borrower and Operating Company includes its successors, and Lender includes its successors and assigns. 

 

	9.	 GENERAL PROVISIONS. 

  

	 	A.	 All individuals and entities signing this Note are jointly and severally liable. 

 

	 	B.	 Borrower waives all suretyship defenses. 

 

	 	C.	 Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender
to acquire, perfect, or maintain Lender’s liens on Collateral. 

  

	 	D.	 Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender
may delay or forgo enforcing any of its rights without giving up any of them. E. Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note. 

 

	 	E.	 If any part of this Note is unenforceable, all other parts remain in effect. 

 

	 	F.	 To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including
presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not
obtain the fair market value of Collateral at a sale. 

  

	10.	 STATE-SPECIFIC PROVISIONS: 

If the SBA is not the holder, this Note shall be governed by and construed in accordance with the laws of the State of California where the main office of
Lender is located. MATTERS REGARDING INTEREST TO BE CHARGED BY LENDER AND THE EXPORTATION OF INTEREST SHALL BE GOVERNED BY FEDERAL LAW (INCLUDING WITHOUT LIMITATION 12 U.S.C. SECTIONS 85 AND 1831(u) AND THE LAW OF THE STATE OF CALIFORNIA. Borrower
agrees that any legal action or proceeding with respect to any of its obligations under this Note may be brought by Lender in any state or federal court located in the State of California, as Lender in its sole discretion may elect. Borrower submits
to and accepts in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of those courts. Borrower waives any claim that the State of California is not a convenient forum or the proper venue for any such suit, action
or proceeding. The extension of credit that is the subject of this Note is being made by Lender in California. 

  
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	11.	 BORROWER’S NAME(S) AND SIGNATURE(S). 

BORROWER CERTIFIES THAT THE INFORMATION PROVIDED IN THIS APPLICATION AND THE INFORMATION PROVIDED IN ALL SUPPORTING DOCUMENTS AND FORMS IS TRUE AND ACCURATE IN
ALL MATERIAL RESPECTS. BORROWER UNDERSTANDS THAT KNOWINGLY MAKING A FALSE STATEMENT TO OBTAIN A GUARANTEED LOAN FROM SBA IS PUNISHABLE UNDER THE LAW, INCLUDING UNDER 18 USC 1001 AND 3571 BY IMPRISONMENT OF NOT MORE THAN FIVE YEARS AND/OR A FINE OF
UP TO $250,000; UNDER 15 USC 645 BY IMPRISONMENT OF NOT MORE THAN TWO YEARS AND/OR A FINE OF NOT MORE THAN $5,000; AND, IF SUBMITTED TO A FEDERALLY INSURED INSTITUTION, UNDER 18 USC 1014 BY IMPRISONMENT OF NOT MORE THAN THIRTY YEARS AND/OR A FINE OF
NOT MORE THAN $1,000,000. 
 By signing below, each individual or entity becomes obligated under this Note as Borrower. 

 

							
		 		 	BORROWER:
		 		 		 	
		 		 	By:	 	 /s/ David Henry

		 		 	Name:	 	David Henry
		 		 	Title:	 	Authorized Signer
		 		 	Date:	 	4/24/2020

  
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