Document:

Exhibit
10.1

 

Page:
1  Deal Application ID : 120949

 

 

 

Powered
By

Libertas
Funding LLC

 

382
Greenwich Avenue Suite 2 Second Floor Greenwich CT 06830

 

AGREEMENT
OF SALE OF FUTURE RECEIPTS

 

This
AGREEMENT OF SALE OF FUTURE RECEIVABLES (this “Agreement”) dated as of 12/24/2018, is made by and between
Libertas Funding LLC., a Connecticut limited liability company as purchaser (“Purchaser”), the merchant
whose name, address and other pertinent information is set forth below, as seller (“Merchant”), and
the individual owner/guarantor of the Merchant whose name, address and other pertinent information are set forth below (“Guarantor”).

 

Merchant
Information

 

	Merchant
    Legal Name: SPECTRUM GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications,
    Inc., ADEX Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc	DBA
    Name:
	 	FEIN:
    26-0592672, 204709198,
	Entity
    Type: CORPORATION	660761546,
    592405537, 133741300,
	 	043702683
	State
    Of Incorp: FL	Bank
    Name:
	Address:
    300 CROWN OAK CENTRE DR, LONGWOOD, FL, 32750	Phone:
    4072600231

 

OWNER/GUARANTOR
INFORMATION (referred to individually or collectively as the (“Owner”)

 

	Name
    of Owner Guarantor: ROGER PONDER	Cell
    Phone: 4072600231	Social
    Security #: 264045880
	Home
    Address: 134 VARSITY CIRCLE ALTAMONTE SPRINGS FL 32714	City/State:
    ALTAMONTE SPRINGS / FL	Zip
    Code: 32714
	Ownership
    %: 50	Email:
    rponder@spectrumgs.com	 

 

	Name
    of Owner Guarantor(2): KEITH HAYTER	Cell
    Phone: 3214396756	Social
    Security #: 625241649
	Home
    Address: 501 BLUFF OAK CT APOPKA FL 32712	City/State:
    APOPKA / FL	Zip
    Code: 32712
	Ownership
    %: 50	Email:
    khayter@spectrumgs.com	 

  

Background

 

WHEREAS,
Merchant is an entity engaged in the business that it currently conducts and is willing to sell to Purchaser a certain portion
of Merchant’s future receivables (such portion, the “Sold Future Receipts”); and

 

WHEREAS,
Purchaser is an entity engaged in the business of purchasing future receivables and is willing to purchase from Merchant the
Sold Future Receipts; and

 

     

    Page: 2 Deal Application ID : 120949

    

 

WHEREAS,
Purchaser is an entity engaged in the business of purchasing future receivables and is willing to purchase from Merchant the
Sold Future Receipts; and

 

WHEREAS,
Guarantor is an individual who, as an owner, officer or manager of Merchant, will derive substantial benefit from Merchant
selling the Sold Future Receipts to Purchaser and who is willing to guaranty to Purchaser Merchant’s performance in accordance
with the provisions of this Agreement

 

NOW,
THEREFORE, for good and valuable consideration, the mutual receipt of which and sufficiency is hereby acknowledged, the parties
to this Agreement agree to the foregoing and as follows.

 

KEY
BUSINESS TERMS AND DEFINITIONS:

 

	Sold
    Amount of Future Receipts	$1,460,000.00	The
    dollar value of the Sold Future Receipts that Merchant agrees to sell to Purchaser.
	Purchase
    Price	$1,000,000.00	The
    total amount that Purchaser agrees to pay for the Sold Amount of Future Receipts.
	Future
    Receipts	$3,397,141.09	All
    sums due to Merchant by its customers/clients/vendees as payment for the Merchant’s sale of goods and services in the
    ordinary course of Merchant’s business from and after the date when the Purchase Price is paid to Merchant irrespectively
    of how such sums is paid over and delivered to Merchant (in the form of cash, check, credit, credit card charge, debit card
    payment, ACH or any other form of funds transfer or payment.)
	Direct
    Payments to Third Parties/Renewals	$0.00	Paid
    to Other Funders.
	Total
    Amount Sent to Merchant	$980,000.00	Net
    of Discount and Direct Payments to 3rd Parties:
	Specified
    Percentage	20%	An
    agreed upon percentage of the Daily weekly Future Receipts that Merchant shall deliver to Purchaser until the entire Sold
    Amount of Future Receipts is delivered to Purchaser in accordance with this Agreement.
	Discount
    Factor	1.46	The
    risk adjustment to the Amount Sold that determines the Futures Receivables Discount
	weekly
    Delivery	$31,601.75	A
    dollar amount that Merchant and Purchaser agree to be a good faith approximation of the Specified Percentage of weekly Future
    Receipts as of the date of this Agreement, based upon the information provided by Merchant to Purchaser concerning Merchant’s
    most recent accounts receivables.
	Origination
    Fees	$20,000.00	The
    amount Purchaser will withhold from the Purchase Price which represents the due diligence and costs of the Purchaser in performing
    its analysis for this agreement.
	Early
    Delivery Discount	1.15
    @ 1 months 

    1.2 @ 2 months 

    1.25 @ 3 months	Discount
    Paid to Merchant for delivering Future Receivables Early
	Estimated
    Term of this Agreement	11
    Month(s)	The
    estimated Term of this Agreement is the period commencing on the date when the Purchase Price is paid to Merchant (the “Commencement
    Date”) and expiring on the date when the Sold Amount of Future Receipts is delivered to Purchaser in full.
	
	Business
    Day	 	Monday
    through Friday during the Term of this Agreement except the days when the banking institutions in the state where the Merchant’s
    business is located are closed for holidays and do not process ACH transfers.

  

Note:
The bold type terms in the tables above and below shall constitute defined terms with respect to this Agreement. PLEASE NOTE THAT
THE PURCHASER WILL NOT REMIT MORE THAN THE EXPECTED DAILY REMITTANCE PER DAY WITHOUT THE CONSENT OF THE MERCHANT.

 

I.
SALE OF FUTURE RECEIPTS; PAYMENT OF PURCHASE PRICE:

 

1.
Sale of Future Receipts. Merchant hereby sells, assigns, transfers and conveys (hereinafter, the “Sale”)
unto Purchaser all of Merchant’s right, title and interest in to the Specified Percentage of the Future Receipts until the
Sold Amount of Future Receipts is delivered by Merchant to Purchaser; to have and hold the same unto Purchaser, its successors
and assigns, forever. This Sale of the Sold Future Receipts is made without express or implied warranty to Purchaser of collectability
of the Sold Future Receipts by Purchaser and without recourse against Merchant except as specifically set forth in this Agreement.
By virtue of this Agreement, Merchant transfers to Purchaser full and complete ownership of the Sold Future Receipts and Merchant
retains no legal or equitable interest therein.

 

2. Payment
of Purchase Price.

 

		a.	In
                                         consideration of the transfer by Merchant to Purchaser of the Sold Future Receipts, Purchaser
                                         agrees to pay to Merchant the Purchase Price; subject to the immediately following subsection
                                         (b) and the satisfactory completion of Purchaser’s due diligence (in its discretion),
                                         the Purchase Price shall be turned over and delivered to Merchant immediately after the
                                         date of this Agreement.

			Agreement
and such reduction shall not in any way or form shall modify or reduce Merchant’s obligations under this Agreement.

		c.	In
                                         the event the amount of the Purchase Price is reduced by the amount of Prior Debt, any
                                         and all references in this Agreement to the Purchase Price shall mean “the Purchase
                                         Price as reduced by the Prior Debt, if any.”

 

     

    Page: 3 Deal Application ID : 120949

    

 

II.
DELIVERY OF SOLD AMOUNT OF FUTURE RECEIPTS:

 

3.
Daily Deliveries. The Sold Amount of Future Receipts shall be delivered to Purchaser in equal amounts of Daily Delivery.
The Daily Deliveries shall be made on each on each and every Business Day starting on the Commencement Date, which is the date
in which the Purchaser sets forth that Daily Deliveries are scheduled to begin. It should be noted that the Commencement Date
shall be established by the Purchaser and shall be with no later than 15 days following the date in which the Purchase Price (less
the Origination Fees) are sent to the Merchant. The amount of the Daily Delivery is subject to Merchant’s right for adjustment
and/or reconciliation set forth in this Agreement. The last Daily Delivery shall be made when the Sold Amount of Future Receipts
and other amounts due to Purchaser under this Agreement (if any) are delivered to Purchaser in full.

 

4.
Method of Delivery of Sold Amount of Future Receipts. Purchaser shall have the right, at its sole and absolute discretion,
to choose among the following three methods of delivery of the Daily Delivery to Purchaser:

 

	 	a.	Directly from the
    Merchant’s Approved Bank Account (as such term is defined below) by daily debiting the amount of Daily Delivery via
    ACH debit (“Direct Debit”); or

	 	b.	From the Merchant’s Approved Credit Card
    Processor (as such term is defined below) by instructing such Approved Credit Card Processor to remit daily the amount of
    Daily Delivery to Purchaser (“Credit Card Split”); or

	 	c.	From a special
    bank account established jointly by Purchaser and Merchant whereby all Future Receipts shall be deposited into such bank account
    during the term of this Agreement in accordance with a lockbox arrangement among Merchant, Purchaser and a banking institution
    chosen by Purchaser and Purchaser daily debiting the amount of Daily Delivery from such bank account (the “Lockbox
    Arrangement”).

 

At
any time during the term of this Agreement, Purchaser may change the method by which it will accept the Daily Delivery by providing
Merchant with written instructions of a new method of delivery of Daily Delivery to Purchaser.

 

5. Approved
Bank Account and Credit Card Processor. During the term of this Agreement, Merchant shall: (i) deposit all Future Receipts
into one (and only one) bank account which bank account shall be preapproved by Purchaser (the “Approved Bank Account”),
(ii) use one (and only one) credit card processor which processor shall be preapproved by Purchaser (the “Approved Credit
Card Processor”) and (iii) deposit all credit card receipts into the Approved Bank Account. In the event the Approved
Bank Account or Approved Credit Card Processor shall become unavailable or shall cease providing services to Merchant during the
term of this Agreement, prior to the first date of such unavailability or cessation of services, Merchant shall arrange for another
Approved Bank Account or Approved Credit Card Processor, as the case may be.

 

6.
Authorization of Direct Debit, Credit Card Split and Lockbox Arrangement.

 

	 	a.	Merchant hereby
    authorizes Purchaser to initiate Direct Debit by way of electronic checks or ACH debits from the Approved Bank Account in
    the amount of Daily Delivery each Business Day until Purchaser receive the full Sold Amount of Future Receipts; Merchant shall
    provide Purchaser with all access code(s) for the Approved Bank Account.

	 	b.	Merchant hereby
    authorizes Purchaser to initiate Credit Card Split by making the necessary arrangement with the Approved Credit Card Processor
    for remittance of the Daily Delivery each Business Day until the Purchaser receives the full Sold Amount of Future Receipts;
    Merchant shall provide Purchaser with all access code(s) for the Approved Credit Card Processor.

	 	c.	Merchant hereby
    authorizes Purchaser to initiate a Lockbox Arrangement and to instruct Merchant’s Approved Credit Card Processor and
    Merchant’s invoiced customers/clients/vendees to deposit all sums due to Merchant from each of those parties directly
    to the special bank account established in accordance with the Lockbox Arrangement; If required, Merchant shall enter into
    a lockbox agreement with Purchaser and the banking institution chosen by Purchaser for the purpose of establishing such bank
    account.

 

7. Third
Party Appointment and Authorization. By signing below, Merchant acknowledges that the Purchaser may, at any time, at Purchaser’s
sole discretion, and without prior notice, appoint a third party, including but not limited to its wholly owned subsidiaries,
including, without limitation, Kinetic Direct Funding, LLC. (herein referred to as the “Servicing Agent”) to perform
any, or all, of the actions authorized by the ACH Authorization and the Agreement. Merchant further agrees and acknowledges that
Servicing Agent shall have all of the same rights, responsibilities, and authorizations granted to Purchaser by the ACH Authorization
and the Agreement. For purposes of clarity, any Servicing Agent may perform any and all activities to service the Agreement, including
the collection of Funds Arising from Future Receipts (as set forth above), as if it was the Purchaser.

 

     

    Page: 4 Deal Application ID : 120949

    

 

8.
Fees Associated with Debiting Approved Bank Account. It shall be Merchant’s exclusive responsibility to pay
to its banking institution and/or Purchaser’s banking institution directly (or to compensate Purchaser, in case it is charged)
all fees, charges and expenses incurred by either Merchant or Purchaser due to rejected electronic checks or ACH debit attempts,
overdrafts or rejections by Merchant’s banking institution of the transactions contemplated by this Agreement.

 

9.
Read Only Access to the Approved Bank and Credit Card Accounts. Merchant hereby agrees that during the term of this
Agreement Purchaser shall have the right to perform ongoing read only electronic monitoring of transactions occurring in the Approved
Bank Account and Merchant’s account with the Approved Credit Card Processor (the “Approved Credit Card Account”).
Merchant agrees to provide Purchaser all required online access codes for the Approved Bank Account and the Approved Credit Card
Account. If Purchaser’s electronic (online) access to Merchant’s Approved Bank Account or the Approved Credit Card
Account is disabled for any reason, Merchant shall immediately and diligently undertake all steps required from it to restore
Purchaser’s access to both Approved Bank Account and Approved Credit Card Account. Merchant’s failure to comply with
the provisions of this Section 8 shall constitute Merchant’s material breach of its obligations under this Agreement.

 

III.
MERCHANT’S RIGHT FOR RECONCILIATION AND ADJUSTMENT:

 

10.
Merchant’s Right for Reconciliation of Daily Deliveries.

 

	 	a.	If any time during
    the term of this Agreement Merchant will experience sporadic increase or decrease in its daily receipts, Merchant shall have
    the right, at its sole and absolute discretion, but subject to the provisions of Section 10 below, to request retroactive
    reconciliation of the Merchant’s actual daily receipts for one full calendar month immediately preceding the day when
    such request for reconciliation is received by Purchaser (each such calendar month, a “Reconciliation Month”).

	 	b.	Such reconciliation
    (the “Reconciliation”) of Merchant’s daily receipts for a Reconciliation Month shall be performed
    by Purchaser within five (5) Business Days following its receipt of the Merchant’s request for reconciliation by either
    crediting or debiting the difference back to or from the Approved Bank Account so that the total amount debited by Purchaser
    from the Approved Bank Account during the Reconciliation Month at issue equal the Specific Percentage of the Future Receipts
    that Merchant collected during the Reconciliation Month at issue.

	 	c.	The parties acknowledge
    and agree that one or more Reconciliation procedures performed by Purchaser may reduce the actual Daily Delivery amount during
    the Reconciliation Month in comparison to the one set forth in preamble of this Agreement, and, as the result of such reduction,
    the term of this Agreement during which Purchaser will be debiting the Approved Bank Account may extend substantially.

 

11.
Request for Reconciliation Procedure.

 

	 	a.	It shall be Merchant’s
    sole responsibility and the right hereunder to initiate Reconciliation of Merchant’s actual receipts during any Reconciliation
    Month by sending a request for reconciliation to Purchaser.

	 	b.	Any such request for Reconciliation of the Merchant’s
    daily receipts for a specific Reconciliation Month shall be in writing, shall include a copy of Merchant’s bank statement
    and a credit card processing statement for the Reconciliation Month at issue, and shall be received by Purchaser via email
    customer.service@libertasfunding.com within five (5) Business Days after the last day of the Reconciliation Month at issue
    (time being of the essence as to the last day of the period during which such demand for reconciliation shall be received
    by Purchaser).

	 	c.	Purchaser’s
    receipt of Merchant’s request for Reconciliation after the expiration of the Five-Business-Day period following the
    last day of the Reconciliation Month for which such reconciliation is requested nullifies and makes obsolete Merchant’s
    request for Reconciliation for that specific Reconciliation Month.
	 	d.	Merchant shall
    have the right to request Reconciliation as many times during the term of this Agreement as it deems proper, and Purchaser
    shall comply with such request, provided that:

		i.	Each
                                         such request is made in accordance with the terms of this Section 10.

		ii	If
                                         a request for Reconciliation is made after the expiration of the term of this Agreement
                                         and, as the result of such Reconciliation, the total amount actually debited by Purchaser
                                         from the Approved Bank Account will become less than the Sold Amount of Future Receipts,
                                         then and in such event the term of this Agreement shall automatically be extended until
                                         the time when the total amount actually debited from Approved Bank Account pursuant to
                                         this Agreement shall become equal to the Sold Amount of Future Receipts.

		iii.	In
                                         the event after the last day of the term of this Agreement Merchant will determine in
                                         good faith that the actual amount debited by Purchaser from the Approved Bank Account
                                         pursuant to this Agreement is greater than the Sold Amount of Future Receipts, then and
                                         in such event Merchant shall have the right to request final Reconciliation within five
                                         (5) Business Days following the expiration date of the term of this Agreement (time being
                                         of the essence) and Purchaser shall honor such request within five (5) Business Days
                                         following the day of its receipt of such request. It shall be noted that if Purchaser
                                         receives funds that it is not entitled to, then the Purchaser shall be required to return
                                         those funds to the Merchant without request by the Merchant for reconciliation as set
                                         forth above.

 

     

    Page: 5 Deal Application ID : 120949

    

 

		e.	Nothing
                                         set forth in Sections 9 or 10 of this Agreement shall be deemed to provide Merchant with
                                         the right to interfere with Purchaser’s right and ability to debit the Approved
                                         Bank Account while the request for Reconciliation of Merchant’s receipts is pending
                                         or until the Sold Amount of Future Receipts is delivered to Purchaser in full.

 

12.
Adjustment of Daily Delivery.

 

	 	a.	If any time during
    the term of this Agreement Merchant will experience steady increase or decrease in its daily receipts, Merchant shall have
    the right, at its sole and absolute discretion, but subject to the provisions of Section 12 below, to request modification
    (“Adjustment”) of the amount of the Daily Delivery that Merchant is obligated to deliver daily to Purchaser
    in accordance with the provisions of Section 3 above. Such Adjustment shall become effective as of the date it is granted
    and the new adjusted amount of the Daily Delivery (the “Adjusted Daily Delivery”) shall replace and supersede
    the amount of the Daily Delivery set forth in the preamble of this Agreement.
	 	b.	The Adjustment
    of the Daily Delivery shall be performed by Purchaser within five (5) Business Days following its receipt of the Merchant’s
    request for Adjustment by modifying daily amounts that shall be debited from the Approved Bank Account until the Sold Amount
    of Future Receipts is delivered in full. Notwithstanding anything to the contrary set forth in Sections 11 and 12 hereof,
    no Adjustment shall take place until and unless Reconciliation for at least one (1) Reconciliation Month takes place resulting
    in reduction of the total amount debited from Merchant’s Approved Bank Account during the Reconciliation Month by at
    least 20% in comparison to the amount that would have been debited during that month without Reconciliation.

	 	c.	The parties acknowledge
    and agree that one or more Adjustments performed pursuant to this Agreement may substantially extend the term of this Agreement
    and the period during which Purchaser will be debiting the Approved Bank Account.

 

13.
Request for Adjustment Procedure.

  

		a.	It
                                         shall be Merchant’s sole responsibility and the right to initiate the Adjustment
                                         by sending a request for Adjustment to Purchaser.

		b.	A
                                         request for Adjustment (an “Adjustment Request”) shall be in writing,
                                         shall include copies of: (i) Merchant’s three (3) consecutive bank statements of
                                         the Approved Bank Account and credit card processing statements immediately preceding
                                         the date of Purchaser’s receipt of the Adjustment Request, and (ii) Merchant’s
                                         bank statements and credit card processing statements previously provided by Merchant
                                         to Purchaser based upon which statements the amount of Daily Delivery set forth in preamble
                                         to this Agreement (or the then current Adjusted Daily Delivery, as the case may be) was
                                         determined, and shall be received by Purchaser by email at customer.service@libertasfunding.com
                                         within five (5) Business Days after the date that is the later of the last day of the
                                         latest bank statement enclosed with the Adjustment Request and the last date of the latest
                                         card processing statement enclosed with the Adjustment Request (time being of the essence
                                         as to the last day of the period during which an Adjustment Request shall be received
                                         by Purchaser).

		c.	Purchaser’s
                                         receipt of a Merchant’s Adjustment Request after the expiration of the above referenced
                                         Five-Business-Day period nullifies and makes obsolete such Adjustment Request.

		d.	Merchant
                                         shall have the right to request Adjustment of the Daily Delivery (or Adjusted Daily Delivery,
                                         as the case may be) as many times during the term of this Agreement as it seems proper,
                                         and Purchaser shall comply with such request, provided that:

		i.	Each
                                         such request for Adjustment is made in accordance with the terms of this Section 12.

		ii.	A
                                         request for Adjustment shall not be made after the expiration of the term of this Agreement.

		e.	Nothing
                                         set forth in Sections 11 or 12 of this Agreement shall be deemed to provide Merchant
                                         with the right to interfere with Purchaser’s right and ability to debit the Approved
                                         Bank Account while the request for Adjustment is pending or until the Sold Amount of
                                         Future Receipts is delivered to Purchaser in full.

 

IV.
RISK SHARING ACKNOWLEDGMENTS AND AGREEMENTS:

 

14.
Both Merchant and Purchaser Acknowledge and Agree that:

 

	 	a.	The Sold Amount of Future Receipts represents
    a portion of Merchant’s Future Receipts.

	 	b.	This Agreement
    consummates the sale of the Sold Amount of Future Receipts at a discount, not borrowing funds by Merchant from Purchaser.
    Purchaser does not charge Merchant and will not collect from Merchant any interest on the monies spent on the purchase of
    the Sold Amount of Future Receipts. The period of time that it will take Purchaser to collect the Sold Amount of Future Receipts
    is not fixed, is unknown to both parties as of the date of this Agreement and will depend on how well or not well Merchan’s
    business will be performing following the date hereof. As an extreme example, in the event Merchant’s business ceases
    to exist after Purchaser’s payment of the Purchase Price and purchase of the Sold Amount of Future Receipts for reason
    outside Merchant’s control, Purchaser may never recover any moneys spent on such purchase without recourse.

 

     

    Page: 6 Deal Application ID : 120949

    

 

	 	c.	The amount of the Daily Delivery set forth in
    preamble to this Agreement is calculated based upon the information concerning an average amount of daily receipts collected
    by Merchant’s business immediately prior to the date of this Agreement which information was provided by Merchant to
    Purchaser.

	 	d.	The amounts of Merchant’s future daily
    receipts may increase or decrease over time.

	 	e.	If, based upon
    the Reconciliation and/or the Adjustment procedures described above, it will be determined that the actual daily amounts of
    the Specified Percentage of the Future Receipts get reduced in comparison to the amount of the Daily Delivery as of the date
    of this Agreement set forth in the preamble of this Agreement, and in comparison to the amount that both Merchant and Purchaser
    may have anticipated or projected because Merchant’s business has slowed down, or if the full Sold Amount of Future
    Receipts is not remitted because Merchant’s business went bankrupt or otherwise ceased operations in the ordinary course
    of business(but not due to Merchant’s willful mishandling of its business), and Merchant shall have not breached this
    Agreement, Merchant would not owe anything to Purchaser and would not be in breach of or in default under this Agreement.

 

15.
Purchaser’s Risk Acknowledgments. Purchaser agrees to purchase the Sold Amount of Future Receipts knowing
the risks that Merchant’s business may slow down or fail, and Purchaser hereby assumes these risks based exclusively upon
the information provided to it by Merchant and related to the business operations of Merchant’ business prior to the date
hereof and upon Merchant’s representations, warranties and covenants contained in this Agreement that are designed to give
Purchaser a reasonable and fair opportunity to receive the benefit of its bargain. Furthermore, Purchaser hereby acknowledges
and agrees that Merchant shall be excused from performing its obligations under this Agreement in the event Merchant’s business
ceases its operations exclusively due to the following reasons (collectively, the “Valid Excuses”):

 

		i.	adverse
                                         business conditions that occurred for reasons outside Merchant’s control and not
                                         due to Merchant’s willful or negligent mishandling of its business;

		ii.	loss
                                         of the premises where Merchant’s business operates (but not due to Merchant’s
                                         violation of its obligations to its landlord);

		iii.	bankruptcy
                                         of Merchant;

		iv.	natural
                                         disasters or similar occurrences beyond Merchant’s control.

 

16. Not
a Loan. Merchant and Purchaser agree that the Purchase Price is paid to Merchant in consideration for the ownership of
the Sold Amount of Future Receipts and that payment of the Purchase Price by Purchaser is not intended to be, nor shall it be
construed as, a loan from Purchaser to Merchant that requires absolute and unconditional repayment on a maturity date, and Guarantor
waives any claims or defenses of usury in any action arising out of this Agreement.. To the contrary, Purchaser’s ability
to receive the Sold Amount of Future Receipts pursuant to this Agreement, and the date when the Sold Amount of Future Receipts
is delivered to Purchaser in full (if ever) are subject to and conditioned upon performance of Merchant’s business.

 

V.
MERCHANT’S OBLIGATIONS, REPRESENTATIONS, WARRANTIES AND COVENANTS:

 

17. Merchant
represents, warrants and covenants that the following statements are valid, true and correct as of the date of this Agreement
and unless expressly stated otherwise shall remain valid, true and correct during the term of this Agreement:

 

		a.	Use
                                         of Purchase Price. Merchant hereby acknowledges that it fully understands that:
                                         (i) Purchaser’s ability to receive the Sold Amount of Future Receipts is contingent
                                         upon Merchant’s continued operation of its business and successful generation of
                                         the Future Receipts until the Sold Amount of Future Receipts is delivered to Purchaser
                                         in full; (ii) that in the event of decreased efficiency or total failure of Merchant’s
                                         business Purchaser’s receipt of the full or any portion of the Sold Amount of Future
                                         Receipts may be delayed indefinitely. Based upon the forgoing, Merchant agrees to use
                                         the Purchase Price exclusively for the benefit and advancement of Merchant’s business
                                         operations and for no other purpose.

		b.	Merchant
                                         Shall Not. During the term of this Agreement, without first obtaining Purchaser’s
                                         consent, Merchant shall not:

		i.	Change
                                         or close the Approved Bank Account or change or terminate the Approved Processor.

		ii.	Open
                                         and deposit Future Receipts into a bank account different from the Approved Bank Account.

		iii.	Add
                                         a credit card processor in addition to the Approved Processor.

		iv.	Sell
                                         Merchant’s business (as an entity or its assets) to a third party.

		v.	Disconnect
Purchaser’s bank monitoring software.

		vi.	Sell
                                         Future Receipts to a third party.

		vii.	Breach,
                                         or deviate from strict performance of, any and all other obligations of Merchant under
                                         this Agreement.

		c.	Financial
Condition and Financial Information. Merchant’s bank and financial statements, copies of which have been furnished
to Purchaser, and future statements which may be furnished hereafter pursuant to this Agreement or upon Purchaser’s request,
fairly represent the financial condition of Merchant as of the dates such statements are issued, and prior to execution of the
Agreement there have been no material adverse changes, financial or otherwise, in such condition, operation or ownership of Merchant.
Merchant has a continuing, affirmative obligation to advise Purchaser of any material adverse change in its financial condition,
operation or ownership. Purchaser may request statements at any time during the term of this Agreement and Merchant shall provide
them to Purchaser within Five (5) Business Days. Merchant’s failure to do so is a material breach of this Agreement.

 

     

    Page: 7 Deal Application ID : 120949

    

 

		d.	Governmental
Approvals. Merchant is in compliance and, during the term of this Agreement, shall be in compliance with all laws and
has valid permits, authorizations and licenses to own, operate and lease its properties and to conduct the business in which it
is presently engaged.

	 	e.	Good Standing.
    Merchant is a corporation/limited liability company/limited partnership/other type of entity that is in good standing
    and duly incorporated or otherwise organized and validly existing under the laws of its jurisdiction of incorporation or organization
    and has full power and authority necessary to carry its business as it is now being conducted.

	 	f.	Authorization.
    Merchant has all requisite power to execute, deliver and perform this Agreement and consummate the transactions contemplated
    hereunder; entering into this Agreement will not result in breach or violation of, or default under, any agreement or instrument
    by which Merchant is bound or any statute, rule, regulation, order or other law to which Merchant is subject, nor require
    the obtaining of any consent, approval, permit or license from any governmental authority having jurisdiction over Merchant.
    All organizational and other proceedings required to be taken by Merchant to authorize the execution, delivery and performance
    of this Agreement have been taken. The person signing this Agreement on behalf of Merchant has full power and authority to
    bind Merchant to perform its obligations under this Agreement.

	 	g.	Accounting Records and Tax Returns.
    Merchant will treat receipt of the Purchase Price and delivery of the Sold Future Receipts in a manner evidencing sale
    of its future receipts in its accounting records and tax returns and further agrees that Purchaser is entitled to audit Merchant’s
    accounting records upon reasonable Notice in order to verify compliance. Merchant hereby waives any rights of privacy, confidentiality
    or taxpayer privilege in any litigation or arbitration arising out of this Agreement in which Merchant asserts that this transaction
    is anything other than a sale of future receipts.

	 	h.	Taxes; Workers Compensation Insurance.
    Merchant will promptly pay, when due, all taxes, including without limitation, income, employment, sales and use taxes,
    imposed upon Merchant’s business by law, and will maintain workers compensation insurance required by applicable governmental
    authorities.

		i.	Business
Insurance. Merchant will maintain general liability and business-interruption insurance naming Purchaser as loss payee
and additional insured in the amounts and against risks as are satisfactory to Purchaser and shall provide Purchaser proof of
such insurance upon request.

		j.	Electronic
Check Processing Agreement. Merchant shall not change its processor, add terminals, change its financial institution or
bank account(s) or take any other action that could have any adverse effect upon Merchant’s obligations or impede Purchaser’s
rights under this Agreement, without Purchaser’s prior written consent.

		k.	No
Diversion of Future Receipts. Merchant shall not allow any event to occur that would cause a diversion of any portion
of Merchant’s Future Receipts from the Approved Bank Account without first obtaining Purchaser’s approval of such
diversion.

		l.	Change
of Name or Location. Merchant shall not conduct Merchant’s businesses under any name other than as disclosed to
the Processor and Purchaser and will not change any of its places of business without first obtaining Purchaser’s written
consent.

	 	m.	Prohibited
    Business Transactions: Merchant shall not: (i) transfer or sell all or substantially all of its assets without first
    obtaining Purchaser’s consent; or (ii) make or send notice of its intended bulk sale or transfer.

	 	n.	No Closing of Business. Merchant
    will not sell, dispose, transfer or otherwise convey all or substantially all of its business or assets without first: (i)
    obtaining the express written consent of Purchaser, and (ii) providing Purchaser with a written agreement of a purchaser or
    transferee of Merchant’s business or assets assuming all of Merchant’s obligations under this Agreement pursuant
    to documentation satisfactory to Purchaser. Merchant represents that it has no current plans to close its business either
    temporarily (for renovations, repairs or any other purpose), or permanently. Merchant agrees that until Purchaser shall have
    received all of the Sold Amount of Future Receipts, Merchant will not voluntarily close its business on a permanent or temporarily
    basis for renovations, repairs, or any other purposes. Notwithstanding the foregoing, Merchant shall have the right to close
    its business temporarily if such closing is necessitated by a requirement to conduct renovations or repairs imposed upon Merchant’s
    business by legal authorities having jurisdiction over Merchant’s business (such as from a health department or fire
    department) or if such closing is necessitated by circumstances outside Merchant’s reasonable control. Prior to any
    such temporary closure of its business, Merchant shall provide Purchaser ten (10) Business Days advance notice.

		o.	No
                                         Pending Bankruptcy. As of the date of Merchant’s execution of this Agreement,
                                         Merchant is not insolvent, has not filed, and does not contemplate filing, any petition
                                         for bankruptcy protection under Title 11 of the United States Code and there has been
                                         no involuntary bankruptcy petition brought or pending against Merchant. Merchant represents
                                         that it has not consulted with a bankruptcy attorney on the issue of filing bankruptcy
                                         within six months immediately preceding the date of this Agreement.

		P.	Estoppel
Certificate. Merchant will at any time, and from time to time, upon at least one (1) day’s prior notice from Purchaser
to Merchant, execute, acknowledge and deliver to Purchaser and/or to any other person or entity specified by Purchaser in its
notice, a statement certifying that this Agreement is unmodified and in full force and effect (or, if there have been modifications,
that the same is in full force and effect as modified and stating the modification(s) and stating the date(s) on which the Sold
Amount of Future Receipts or any portion thereof has been delivered.

	 	q.	Working Capital
    Funding. Merchant shall not further encumber the Future Receipts, without first obtaining written consent of Purchaser.

 

     

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	 	r.	Unencumbered Future Receipts.
    Merchant has and will continue to have good, complete and marketable title to all Future Receipts, free and clear of any and
    all liabilities, liens, claims, changes, restrictions, conditions, options, rights, mortgages, security interests, equities,
    pledges and encumbrances of any kind or nature whatsoever or any other rights or interests other than by virtue or entering
    into this Agreement.

		s.	Business
Purpose. Merchant is entering into this Agreement solely for business purposes and not as a consumer for personal, family
or household purposes.

		t.	No
Default Under Contracts with Third Parties. Merchant’s execution of and/or performance of its obligations under
this Agreement will not cause or create an event of default by Merchant under any contract, which Merchant is or may become a
party to.

	 	u.	Right of
    Access. In order to ensure Merchant’s compliance with the terms of this Agreement, Merchant hereby grants Purchaser
    the right to enter, without notice, the premises of Merchant’s business for the purpose of inspecting and checking Seller’s
    transaction processing terminals to ensure the terminals are properly programmed to submit and or batch Merchant’s daily
    receipts to the Processor and to ensure that Merchant has not violated any other provision of this Agreement. Furthermore,
    Merchant hereby grants Purchaser and its employees and consultants access to Merchant’s employees and records and all
    other items of property located at the Merchant’s place of business during the term of this Agreement. Merchant hereby
    agrees to provide Purchaser, upon request, all and any information concerning Merchant’s business operations, banking
    relationships, names and contact information of Merchant’s suppliers, vendors and landlord(s), to allow Purchaser to
    interview any of those parties.

	 	v.	Phone Recordings
    and Contact. Merchant agrees that any call between Merchant and Purchaser and its owners, managers, employees and
    agents may be recorded and/or monitored. Furthermore, Merchant acknowledges and agrees that: (i) it has an established business
    relationship with Purchaser, its managers, employees and agents (collectively, the “Purchaser Parties”) and that
    Merchant may be contacted by any of the Purchaser Parties from time-to-time regarding Merchant’s performance of its
    obligations under this Agreement or regarding other business transactions; (ii) it will not claim that such communications
    and contacts are unsolicited or inconvenient; and (iii) that any such contact may be made by any of the Purchaser Parties
    in person or at any phone number (including mobile phone number), email addresses, or facsimile number belonging to Merchant’s
    office, or its owners, managers, officers, or employees.

	 	w.	Knowledge
    and Experience of Decision Makers. The persons authorized to make management and financial decisions on behalf Merchant
    with respect to this Agreement have such knowledge, experience and skill in financial and business matters in general and
    with respect to transactions of a nature similar to the one contemplated by this Agreement so as to be capable of evaluating
    the merits and risks of, and making an informed business decision with regard to, Merchant entering into this Agreement.

	 	x.	Merchant’s
    Due Diligence. The person authorized to sign this Agreement on behalf of Merchant: (i) has received all information
    that such person deemed necessary to make an informed decision with respect to a transaction contemplated by this Agreement;
    and (ii) has had unrestricted opportunity to make such investigation as such person desired pertaining to the transaction
    contemplated by this Agreement and verify any such information furnished to him or her by Purchaser.

		y.	Arm-Length
Transaction. The person signing this Agreement of behalf of Merchant: (a) has read and fully understands content of this
Agreement; (b) has consulted to the extent he/she wished with Merchant’s own counsel in connection with the entering into
this Agreement; (c) he or she has made sufficient investigation and inquiry to determine whether this Agreement is fair and reasonable
to Merchant, and whether this Agreement adequately reflects his or her understanding of its terms.

			No
Reliance on Oral Representations. This Agreement contains the entire agreement between Merchant and Purchaser with respect
to the subject matter of this Agreement and supersedes each course of conduct previously pursued or acquiesced in, and each oral
agreement and representation previously made, by Purchaser or any of the Purchaser Parties with respect thereto (if any), whether
or not relied or acted upon. No course of performance or other conduct subsequently pursued or acquiesced in, and no oral agreement
or representation subsequently made, by the Purchaser Parties, whether or not relied or acted upon, and no usage of trade, whether
or not relied or acted upon, shall amend this Agreement or impair or otherwise affect Merchant’s obligations pursuant to
this Agreement or any rights and remedies of the parties to this Agreement.

 

VI.
PLEDGE OF SECURITY:

 

18.
Acknowledgment of Security Interest and Security Agreement. The Future Receipts sold by Merchant to Purchaser pursuant
to this Agreement are “accounts” or “payment intangibles” as those terms are defined in the Uniform Commercial
Code as in effect in the state in which the Merchant is located (the “UCC”) and such sale shall constitute and shall
be construed and treated for all purposes as a true and complete sale, conveying good title to the Future Receipts free and clear
of any liens and encumbrances, from Merchant to Purchaser. To the extent the Future Receipts are “accounts” or “payment
intangibles” then (i) the sale of the Future Receipts creates a security interest as defined in the UCC; (ii) this Agreement
constitutes a “security agreement” under the UCC; and (iii) Purchaser has all the rights of a secured party under
the UCC with respect to such Future Receipts. Merchant further agrees that, with or without an Event of Default, Purchaser may
notify account debtors, or other persons obligated on the Future Receipts, on holding the Future Receipts of Merchant’s
sale of the Future Receipts and may instruct them to make payment or otherwise render performance to or for the benefit of Purchaser.

 

     

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19.
Financing Statements. Merchant authorizes Purchaser to file one or more UCC-1 forms consistent with the UCC to give
notice that the Sold Amount of Future Receipts is the sole property of Purchaser. The UCC filing may state that such sale is intended
to be a sale and not an assignment for security and may state that Merchant is prohibited from obtaining any financing that impairs
the value of the Sold Amount of Future Receipts or Purchaser’s right to collect same. Merchant authorizes Purchaser to debit
the Approved Bank Account for all costs incurred by Purchaser associated with the filing, amendment or termination of any UCC
filings.

 

20.
Security. As security for the prompt and complete performance of any and all liabilities, obligations, covenants
or agreements of Merchant under this Agreement, now or hereafter arising from, out of or relating to this Agreement, whether direct,
indirect, contingent or otherwise (hereinafter referred to collectively as the “Merchant Obligations”), Merchant
hereby pledges, assigns and hypothecates to Purchaser and grants to Purchaser a continuing, perfected and first priority lien
upon and security interest in, to and under all of Merchant’s right, title and interest in and to the following (collectively,
the “Collateral”), whether now existing or hereafter from time to time acquired:

 

		a.	all
accounts, including without limitation, all deposit accounts, accounts-receivable, and other receivables, chattel paper, documents,
equipment, general intangibles, instruments, and inventory, as those terms are defined by Article 9 of the Uniform Commercial
Code (the “UCC”), now or hereafter owned or acquired by Merchant; and

		b.	all
Merchant’s proceeds, as that term is defined by Article 9 of the UCC.

 

21.
Termination of Pledge. Upon the performance by Merchant in full of the Merchant Obligations, the security interest
in the Collateral pursuant to this Pledge shall automatically terminate without any further act of either party being required,
and all rights to the Collateral shall revert to Merchant. Upon any such termination, Purchaser will execute, acknowledge (where
applicable) and deliver such satisfactions, releases and termination statements, as Merchant shall reasonably request.

 

22.
Representations with Respect to Collateral. Merchant hereby represents and warrants to Purchaser that: the execution,
delivery and performance by Merchant of this Pledge, and the remedies in respect of the Collateral under this Pledge (i) have
been duly authorized; (ii) do not require the approval of any governmental authority or other third party or require any action
of, or filing with, any governmental authority or other third party to authorize same (other than the filing of the UCC l’s);
(iii) do not and shall not (A) violate or result in the breach of any provision of law or regulation, any order or decree of any
court or other governmental authority, (B) violate, result in the breach of or constitute a default under or conflict with any
indenture, mortgage, deed of trust, agreement or any other instrument to which Merchant is a party or by which any of Merchant’s
assets (including, without limitation, the Collateral) are bound.

 

23.
Further Assurances. Upon the request of Purchaser, Merchant, at Merchant’s sole cost and expense, shall execute
and deliver all such further UCC-1s, continuation statements, assurances and assignments of the Collateral and consents with respect
to the pledge of the Collateral and the execution of this Pledge, and shall execute and deliver such further instruments, agreements
and other documents and do such further acts and things, as Purchaser may request in order to more fully effectuate the purposes
of this Pledge and the assignment of the Collateral and obtain the full benefits of this Pledge and the rights and powers herein
created.

 

24.
Attorney-in-fact. Merchant hereby authorizes Purchaser at any time to take any action and to execute any instrument,
including without limitation to file one or more financing statements and/or continuation statements, to evidence and perfect
the security interest created hereby and irrevocably appoints Purchaser as its true and lawful attorney-in-fact, which power of
attorney shall be coupled with an interest, with full authority in the place and stead of Merchant and in the name of Merchant
or otherwise, from time to time, in Purchaser’s sole and absolute discretion, including without limitation (a) for the purpose
of executing such statements in the name of and on behalf of Merchant, and thereafter filing any such financing and/or continuation
statements and (b) to receive, endorse and collect all instruments made payable to Merchant.

 

VII.
EVENTS OF DEFAULT AND REMEDIES:

 

25.
Events of Default by Merchant. The occurrence of any of the following events shall constitute an “Event
of Default” by Merchant:

 

	 	a.	Merchant
    shall violate any term, condition or covenant in this Agreement for any reason whatsoever other than as the result of Merchant’s
    business ceases its operations exclusively due to any of the Valid Excuses.

	 	b.	Any
    representation or warranty by Merchant or Guarantor made in this Agreement shall prove to have been incorrect, false or misleading
    in any material respect when made.

	 	c.	Merchant
    shall default under any of the terms, covenants and conditions of any other agreement with Purchaser (if any).
	 	d.	Merchant uses
    multiple depository accounts without obtaining prior written consent of Purchaser in each instance.
	 	e.	Merchant fails
    to deposit any portion of its Future Receipts into the Approved Bank Account;

 

     

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	 	f.	Merchant
    changes the Approved Bank Account or Approved Processor without obtaining prior written consent of Purchaser in each instance;

	 	g.	Merchant
    interferes with Purchaser’s collection of Daily Deliveries (or Adjusted Daily Deliveries, as the case may be.)
	 	h.	Merchant fails
    to provide timely notice to Purchaser such that in any given calendar month there are four or more ACH transactions attempted
    by Purchaser that are rejected by Merchant’s bank.

 

26.
Events of Default by Guarantor. The occurrence of any of the following events shall constitute an Event of Default
by Guarantor:

 

	 	a.	Guarantor
    shall violate any term, condition or covenant in this Agreement applicable to Guarantor.

	 	b.	Any
    representation or warranty by Guarantor or Merchant made in this Agreement shall prove to have been incorrect, false or misleading
    in any material respect when made.

 

27.
Default Under this Agreement. In case any Event of Default occurs and is not waived by Purchaser, Purchaser may
declare Merchant and/or Guarantor in default under this Agreement by sending a default notice to Merchant and/or Guarantor, as
the case may be.

 

28.
Merchant’s Obligations Upon Default. Upon receipt of such default notice, Merchant shall immediately deliver
to Purchaser the portion of the Sold Amount of Future Receipts that remain undelivered at the time of such default notice together
with all other Fees (as such term is defined below) that Merchant may owe to Purchaser pursuant to this Agreement (the sum of
the then undelivered portion of the Sold Amount of Future Receipts and the Fees hereinafter shall referred to the “Adjusted
Sold Amount of Future Receipts.”) In addition, Merchant shall also pay to Purchaser, as additional damages, any reasonable
expenses incurred by Purchaser in connection with recovering the monies due to Purchaser from Merchant pursuant to this Agreement,
including without limitation the costs of retaining collection firms and reasonable attorneys’ fees and disbursements (collectively,
“Reasonable Damages”). The parties agree that Purchaser shall not be required to itemize or prove its
Reasonable Damages and that the fair value of the Reasonable Damages shall be calculated fifteen percent (15%) of the Adjusted
Sold Amount of Future Receipts at the time of default

 

29.
Remedies Upon Default. Upon occurrence of an Event of Default, Purchaser may immediately proceed to protect and
enforce its rights under this Agreement against Merchant and/or Guarantor by:

 

	 	a.	Enforcing
    its rights as a secured creditor under the Uniform Commercial Code including, without limitation, notifying any account debtor(s)
    of Merchant of Purchaser’s security interest;

	 	b.	Enforcing
    Guarantor’s personal guaranty of performance provisions of this Agreement against the Guarantor(s) without first seeking recourse
    from Merchant;

	 	c.	Filing
    the affidavit of confession of judgment (the “Affidavit”) executed by the Guarantor(s), individually and
    on Merchant’s behalf, in connection with this Agreement in the amount of the undelivered portion of the Sold Amount
    of Future Receipts, plus the Reasonable Damages, enter the judgment with the Clerk of the Court, without notice, and execute
    thereon;
	 	d.	Notifying
Merchant’s credit card processor of Merchant’s default under this Agreement and to direct such credit card processor to transfer
to Purchaser of all or any portion of the amounts received by such credit card processor on behalf of Merchant.

		e.	Commencing
a suit in equity or by action at law, or both, whether for the specific performance of any covenant, agreement or other provision
contained herein, or to enforce the discharge of Merchant’s and Guarantor’s obligations hereunder or any other legal
or equitable right or remedy including without limitation Purchaser’s rights of a secured party under the UCC.

 

30.
Remedies are not Exclusive. All rights, powers and remedies of Purchaser in connection with this Agreement may be
exercised at any time after the occurrence of any Event of Default, and are cumulative and not exclusive, and shall be in addition
to any other rights, powers or remedies provided to Purchaser by law or equity.

 

31.
Power of Attorney. Each Merchant and Guarantor irrevocably appoints Purchaser and its representatives as their respective
agents and attorneys-in-fact with full authority to take any action or execute any instrument or document to do the following:
(A) to settle all obligations due to Purchaser from any credit card processor and/or account debtor(s) of Merchant; (B) upon occurrence
of an Event of Default under this Agreement, to perform any and all such obligations of Merchant under this Agreement, including
without limitation (i) to obtain and adjust insurance; (ii) to collect monies due or to become due under or in respect of any
of the Collateral; (iii) to receive, endorse and collect any checks, notes, drafts, instruments, documents or chattel paper in
connection with clause (i) or clause (ii) above; (iv) to sign Merchant’s name on any invoice, bill of lading, or assignment
directing customers or account debtors to make payment directly to Purchaser; and (v) to file any claims or take any action or
institute any proceeding against Merchant and/or Guarantor which Purchaser may deem necessary for the collection of any portion
of the undelivered Sold Amount of Future Receipts from the Collateral, or otherwise to enforce its rights under this Agreement.

 

     

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VIII.
ADDITIONAL TERMS:

 

32.
Additional Fees. In addition to all other sums due to Purchaser under this Agreement, Merchant shall pay to Purchaser
(the sum of all such charges, hereinafter, the “Fee”):

 

	 	a.	$
    30,000.00 upon entering into this Agreement as reimbursement of Purchaser’s costs associated with entering into this Agreement
    (the cost of due diligence on the Merchant’s business, financial and legal due diligence, etc.)

	 	b.	$35
    in each and every instance when delivery of the Daily Delivery to Purchaser has failed due to the insufficient funds in the
    Merchant’s Approved Account.

	 	c.	$100
    in each and every instance when Merchant blocks Purchaser’s access (or otherwise prevents Purchaser from accessing) Merchant’s
    bank accounts.

	 	d.	$2,500
    in each and every instance when, upon occurrence of an Event of Default, Purchaser shall have agreed to waive Merchant’s default.

 

33.
Merchant Deposit Agreement. Merchant shall execute an agreement with Purchaser that would authorize Purchaser to
arrange for electronic fund transfer services and/or “ACH” payments of Daily Delivery from the Approved Bank Account.
Merchant shall provide Purchaser and/or its authorized agent with all information, authorizations and passwords necessary to verify
Merchant’s receivables, receipts and deposits into the Approved Bank Account. Merchant shall authorize Purchaser and/or
it’s agent to deduct daily the amounts of Daily Delivery to Purchaser from settlement amounts which would otherwise be due
to Merchant from electronic check transactions and to pay such amounts to Purchaser by permitting Purchaser to withdraw the Daily
Delivery from such account. The authorization shall be irrevocable.

 

34.
Financial Condition. Merchant and its Guarantor(s) authorize Purchaser and its agents to investigate their financial
responsibility and history, and will provide to Purchaser any bank or financial statements, tax returns, etc., as deems necessary
prior to or at any time after execution of this Agreement. A photocopy of this authorization will be deemed as acceptable for
release of financial information. is authorized to update such information and financial profiles from time to time as it deems
appropriate.

 

35.
Transactional History. Merchant shall execute written authorization(s) to their bank(s) to provide Purchaser with
Merchant’s banking and/or credit-card processing history.

 

36.
Indemnification. Merchant and its Guarantor(s) jointly and severally indemnify and hold harmless Approved Processor,
its officers, directors and shareholders against all losses, damages, claims, liabilities and expenses (including reasonable attorney’s
fees) incurred by Approved Processor resulting from (a) claims asserted by Purchaser for monies owed to Purchaser from Merchant
and (b) actions taken by Approved Processor in reliance upon information or instructions provided by Purchaser.

 

37.
No Liability. In no event shall Purchaser be liable for any claims asserted by Merchant or its Guarantor under any
legal theory for lost profits, lost revenues, lost business opportunities, exemplary, punitive, special, incidental, indirect
or consequential damages, each of which is waived by Merchant and Guarantor(s).

 

38.
Right to Cancel.

 

	I.	Notwithstanding
anything to the contrary set forth in this Agreement, Purchaser shall have the right to cancel this agreement any time prior to
its delivery of the Purchase Price to Merchant and, upon such cancellation, this Agreement shall become null and void and the
parties shall have no obligation to, or rights against, each other, except that all sums delivered by Merchant to Purchaser on
account of entering into this Agreement shall be promptly returned to Merchant.

 

	II.	Notwithstanding
anything to the contrary set forth in this Agreement, in the event Merchant has not been in default under this Agreement, Merchant
shall have the right to cancel this Agreement any time until the midnight of the second (2nd) Business Day following the date
of its receipt of the Purchase Price by notifying Purchaser of such cancellation by notice sent in accordance with this Agreement.
Upon timely delivering such cancellation notice to Purchaser, and further provided that Merchant has otherwise complied with the
provisions of this Agreement, Merchant shall refund the entire amount of the Purchase Price back to Purchaser within five (5)
Business Days following the date of Merchant’s receipt of the Purchase Price. Upon such refund of the Purchase Price back
to Purchaser, this Agreement shall become null and void and the parties shall have no remaining obligations to or rights against
each other except that Purchaser shall have the right to keep, as fair and adequate compensation for its costs of entering into
this Agreement with Merchant, the entire amount of Daily Deliveries as well as the origination fee (as set forth above) received
by Purchaser prior to the date when this Agreement is terminated.

 

     

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IX.
GUARANTY OF PERFORMANCE OF MERCHANT’S OBLIGATIONS:

 

39.
Guarantor’s Representations. Guarantor represents and warrants to Purchaser that:

 

		a.	Guarantor is an owner, officer, or manager of Merchant
and will directly benefit from Purchaser and Merchant entering into the Agreement.

 

		b.	It
understands and acknowledges that Purchaser is not willing to enter into the Agreement unless Guarantor irrevocably, absolutely
and unconditionally guarantees prompt and complete performance of any and all liabilities, obligations, covenants or agreements
of Merchant under this Agreement, now or hereafter arising from, out of or relating to this Agreement, whether direct, indirect,
contingent or otherwise (hereinafter referred to collectively as the “Merchant Obligations”).

 

40. Guaranty
of Merchant’s Obligations. Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Purchaser
prompt, full, faithful and complete performance and observance of all of Merchant’s Obligations; and Guarantor unconditionally
covenants to Purchaser that if default or breach shall at any time be made by Merchant in the Merchant’s Obligations, Guarantor
shall or perform (or cause to be performed) the Merchant’s Obligations and pay all damages and other amounts stipulated
in this Agreement with respect to the non-performance of the Merchant’s Obligations, or any of them.

 

41.
Guarantor’s Other Agreements. Guarantor will not dispose, convey, sell or otherwise transfer, or cause Merchant
to dispose, convey, sell or otherwise transfer, any material business assets of Merchant without the prior written consent of
Purchaser, which consent may be withheld for any reason, until Purchaser’s receipt of the entire Sold Amount of Future Receipts.
Guarantor shall pay to Purchaser upon demand all expenses (including, without limitation, reasonable attorneys’ fees and
disbursements) incurred as the result of, or incidental to, or relating to, the enforcement or protection of Purchaser’s
rights against Merchant and Guarantor under the Agreement. This Guaranty is binding upon Guarantor and Guarantor’s heirs,
legal representatives, successors and assigns and shall inure to the benefit of and may be enforced by the successors an assigns
of Purchaser. The obligation of Guarantor shall be unconditional and absolute, regardless of the unenforceability of any provision
of any agreement between Merchant and Purchaser, or the existence of any defense, setoff or counterclaim, which Merchant may assert.
Purchaser is hereby authorized, without notice or demand and without affecting the liability of Guarantor hereunder, to at any
time renew or extend Merchant’s obligations under the Agreement or otherwise modify, amend or change the terms of the Agreement.

 

42.
Two Or More Guarantors. If there is more than one Guarantor, the reference to the “Guarantor” in this
Agreement shall mean the reference to each of the parties comprised Guarantor and the obligations of the Guarantors hereunder
shall be joint and several.

 

43.
Waiver; Remedies. No failure on the part of Purchaser to exercise, and no delay in exercising, any right under this
Guaranty shall operate as a waiver, nor shall any single or partial exercise of any right under this Guaranty preclude any other
or further exercise of any other right. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies
provided by law or equity. In the event that Merchant fails to perform any obligation under the Agreement, Purchaser may enforce
its rights under this Guaranty without first seeking to obtain performance for such default from Merchant or any other guarantor.

 

44.
Acknowledgment of Purchase. Guarantor acknowledges and agrees that the Purchase Price paid by Purchaser to Merchant
in exchange for the Sold Amount of Future Receipts is a payment of an adequate consideration and is not intended to be treated
as a loan or financial accommodation from Purchaser to Merchant. Guarantor specifically acknowledges Purchaser is not a lender,
bank or credit card processor, and that Purchaser has not offered any loans to Merchant, and Guarantor waives any claims or defenses
of usury in any action arising out of this Agreement. Guarantor acknowledges the Purchase Price paid to Merchant is good and valuable
consideration for the sale of the Sold Amount of Future Receipts.

 

45.
Severability. If for any reason any court of competent jurisdiction finds any provisions of this Agreement
applicable to the Guarantor to be void or voidable, the parties agree that the court may reform such provision(s) to render the
provision(s) enforceable ensuring that the restrictions and prohibitions contained in those provisions shall be effective to the
fullest extent allowed under applicable law.

 

46.
Opportunity for Attorney Review. Guarantor represents that he/she has carefully read this Agreement and has, or
had an opportunity to, consult with his or her attorney. Guarantor understands the contents of this Agreement, signs it as his
or her free act and deed, and agrees to be bound by the provisions hereof.

 

X.
MISCELLANEOUS:

 

47.
Modifications; Agreements. No modification, amendment, waiver or consent of any provision of this Agreement shall
be effective unless the same shall be in writing and signed by all parties.

 

48.
Assignment. Purchaser may assign, transfer or sell its rights or delegate its duties hereunder, either in
whole or in part without prior notice to the Merchant or the Guarantor. Neither Merchant nor Guarantor shall have the right to
assign their respective rights or obligations under this Agreement without first obtaining Purchaser’s written consent.

 

     

    Page: 13 Deal Application ID : 120949

    

 

49.
Notices. All notices, requests, consent, demands and other communications hereunder shall be delivered by
certified mail, return receipt requested, to the respective parties to this Agreement at the addresses set forth in this
Agreement and shall become effective as of the date of receipt or declined receipt.

 

50.
Waiver Remedies. No failure on the part of any party to exercise, and no delay in exercising, any right under this
Agreement, shall operate as a waiver thereof, nor shall any single or partial exercise of any right under this Agreement preclude
any other or further exercise thereof or the exercise of any other right. The remedies provided hereunder are cumulative and not
exclusive of any remedies provided by law or equity.

 

51.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and permitted assigns.

 

52.
Governing Law, Venue and Jurisdiction. This Agreement shall be governed by and construed exclusively in accordance
with the laws of the State of New York, without regards to any applicable principles of conflicts of law. Any lawsuit, action
or proceeding arising out of or in connection with this Agreement shall be instituted exclusively in any court sitting in New
York State, (the “Acceptable Forums”). Each party signing this Agreement agrees that the Acceptable Forums
are convenient, and irrevocably submits to the jurisdiction of the Acceptable Forums and waives any and all objections to inconvenience
of the jurisdiction or venue. Should a proceeding be initiated in any other forum, the parties waive any right to oppose any motion
or application made by either party to transfer such proceeding to an Acceptable Forum.

 

53.
Survival of Representation, etc. All representations, warranties and covenants herein shall survive the execution
and delivery of this Agreement and shall continue in full force until all obligations under this Agreement shall have been complied
with and satisfied in full and this Agreement shall have terminated.

 

54.
Severability. In case any of the provisions in this Agreement is found to be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of any other provision contained herein shall not in any way be affected
or impaired.

 

55.
Entire Agreement. Any provision hereof prohibited by law shall be ineffective only to the extent of such prohibition
without invalidating the remaining provisions hereof. This Agreement and all amendments, riders and exhibits thereon (if any)
embody the entire agreement between Merchant, Guarantor and Purchaser and supersede all prior agreements and understandings relating
to the subject matter hereof.

 

56.
JURY TRIAL WAIVER. THE PARTIES HERETO WAIVE TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER
ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART OR THE ENFORCEMENT HEREOF.
THE PARTIES HERETO ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY AFTER
EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS.

 

57.
CLASS ACTION WAIVER. THE PARTIES HERETO WAIVE ANY RIGHT TO ASSERT ANY CLAIMS AGAINST ANY OTHER PARTY TO THIS AGREEMENT,
AS A REPRESENTATIVE OR MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW AGAINST PUBLIC
POLICY. TO THE EXTENT ANY PARTY IS PERMITTED BY LAW OR COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST THE
OTHER, THE PARTIES HEREBY AGREE THAT: (1) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS’ FEES OR COSTS
ASSOCIATED WITH PURSUING THE CLASS OR REPRESENTATIVE ACTION (NOTWITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT TO THE CONTRARY);
AND (2) THE PARTY WHO INITIATES OR PARTICIPATES AS A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR OTHERWISE PARTICIPATE IN ANY
RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION.

 

     

    Page: 14 Deal Application ID : 120949

    

 

58.
ARBITRATION. THE PARTIES ACKNOWLEDGE AND AGREE THAT EACH PURCHASER, MERCHANT, AND ANY GUARANTOR SHALL HAVE THE RIGHT
TO REQUEST THAT ALL DISPUTES AND CLAIMS ARISING OUT OF OR RELATING TO THE CONSTRUCTION AND INTERPRETATION OF THIS AGREEMENT ARE
SUBMITTED TO ARBITRATION. THE PARTY SEEKING ARBITRATION SHALL FIRST SEND A WRITTEN NOTICE OF INTENT TO ARBITRATE TO ALL OTHER
PARTIES, BY CERTIFIED MAIL. UPON SENDING OF SUCH NOTICE, A PARTY REQUESTING ARBITRATION MAY COMMENCE AN ARBITRATION PROCEEDING
WITH THE AMERICAN ARBITRATION ASSOCIATION (“AAA”) OR NATIONAL ARBITRATION FORUM (“NAF”). EACH MERCHANT,
GUARANTOR AND PURCHASER SHALL PAY THEIR OWN ATTORNEYS’ FEES INCURRED DURING THE ARBITRATION PROCEEDING. THE PARTY INITIATING
THE ARBITRATION SHALL PAY ANY ARBITRATION FILING FEE, ADMINISTRATION FEE AND ARBITRATOR’S FEE.

 

59.
RIGHT TO OPT OUT OF ARBITRATION. SELLER AND GUARANTOR(S) MAY OPT OUT OF THE ARBITRATION PROVISION ABOVE. TO OPT OUT
OF THE ARBITRATION CLAUSE, SELLER AND EACH GUARANTOR MUST SEND BUYER A NOTICE THAT THE SELLER AND EACH GUARANTOR DOES NOT WANT
THE CLAUSE TO APPLY TO THIS AGREEMENT. FOR ANY OPT OUT TO BE EFFECTIVE, SELLER AND EACH GUARANTOR MUST SEND AN OPT OUT NOTICE
TO THE FOLLOWING ADDRESS BY REGISTERED MAIL, WITHIN 14 DAYS AFTER THE DATE OF THIS AGREEMENT: Libertas Funding LLC. — ARBITRATION
OPT OUT, 382 Greenwich Avenue Suite 2 Second Floor Greenwich CT 06830, ATTENTION: [Customer Service].

 

60.
Captions. The captions in this Agreement are inserted for convenience of reference only and in no way define,
describe or limit the scope or intent of this contract or any of the provisions hereof.

 

61.
Counterparts and Facsimile Signatures. This Agreement can be signed in one or more counterparts, each of which shall
constitute an original and all of which when take together shall constitute one and the same agreement. Signatures delivered via
facsimile and/or via Portable Digital Format (PDF) shall be deemed acceptable for all purposes, including without limitation the
evidentially purposes.

 

The
balance of this page is left intentionally blank

 

     

    Page: 15 Deal Application ID : 120949

    

 

	MERCHANT:
    SPECTRUM GLOBAL SOLUTIONS INC., AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX
    Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc (legal name of the business)	 	OWNER/GUARANTOR
    #1
	 	 	 	 	 
	By:	/s/
    Roger Ponder	 	/s/
    Roger Ponder
	Name:	Roger
    Ponder	 	Name:	Roger
    Ponder
	Title:	CEO	 	SSN:	###-##-####
	FEIN:	260592672	 	 	 
	 	 	 	 	 
	Libertas Funding LLC.	 	OWNER/GUARANTOR
    #2
	 	 	 	 	 
	By:	 	 	/s/ Keith Hayter
	Name:	Randy
    Saluck	 	Name:	Keith
    Hayter
	Title:	CEO,
    Libertas Funding LLC.	 	SSN:	###-##-####

 

     

    Page: 16 Deal Application ID : 120949

    

 

	SUPREME
    COURT OF THE STATE OF NEW YORK COUNTY OF ERIE	 	 
	 	 	 
	 X	 	 
	Libertas
    Funding LLC.	 	AFFIDAVIT
    OF
	 	 	 
	PLAINTIFF,	 	CONFESSION
    OF
	 	 	 
	-
    AGAINST -	 	JUDGEMENT

 

ROGER
PONDER

	SPECTRUM
    GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp., ADEX
    Puerto Rico, LLC., Telnet Solutions, Inc	Index
    No.

 

	Defendant.	 	 
	 	 	 
	/s/ Roger Ponder	X	 
	 	 	 	 
	STATE
    OF	FLORIDA	)	 
	 	 	 	 
	COUNTRY OF 	SEMINOLE	).ss:	 

 

ROGER
PONDER being duly sworn, deposes and says:

 

		1.	I
am a principle owner and an officer of SPECTRUM GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical
Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc (“Merchant Defendant”), a CORPORATION
located at: 300 CROWN OAK CENTRE DR LONGWOOD FL 32750 and as such I have the authority to act on behalf of Merchant Defendants,
and have been authorized by Merchant Defendant to execute this affidavit of confession.

 

	 	2.	I
    reside at 134 VARSITY CIRCLE ALTAMONTE SPRINGS FL 32714, in the county of SEMINOLE

 

	 	3.	I,
    Individually and on behalf of the Merchant Defendant consent to the jurisdiction of the this court.

 

	 	4.	Merchant
    Defendant hereby confesses judgment herein and authorizes entry of judgment in favor of Plaintiff and against Defendants in
    the Federal District Court of the Southern District of New York, any Supreme Court within the State of New York, Supreme Court
    of the State of New York County of Kings, Supreme court State of New York County of Queens, Supreme Court of the State of
    New York County of Rockland, Supreme Court of the State of New York County of Orange, Supreme Court of the State of New York
    County of Erie in the principal sum of $1,460,000.00, less any payments made pursuant to the Merchant Agreement plus simple
    interest thereon at the annual rate of 12% from the date of default until repayment in full, plus costs and disbursements,
    plus legal fees to Plaintiff calculated at twenty five (25%) of the total of aforesaid sums.

 

	 	5.	In
    addition, I hereby Confess judgment individually and personally, jointly and severally, and authorizes entry of judgment in
    favor of Plaintiff and against Defendants in the Federal District Court of the Southern District of New York, any Supreme
    Court within the State of New York, Supreme Court of the State of New York County of Kings, Supreme court state of New York
    County of Queens, Supreme Court of the State of New York County of Rockland, Supreme Court of the State of New York County
    of Orange, Supreme Court of the State of New York County of Erie in the principal sum of $1,460,000.00, less any payments
    made pursuant to the Merchant Agreement plus simple interest thereon at the annual rate of 12% from the date of default until
    repayment in full, plus costs and disbursements, plus legal fees to Plaintiff calculated at twenty five (25%) of the total
    of aforesaid sums.

 

     

    Page: 17 Deal Application ID : 120949

    

    

		6.	This
confession of judgment is for a debt justly due to the Plaintiff arising from Defendants’ failure to pay to Plaintiff, Merchant
upon by Merchant Agreement, dated 12/24/2018, of which supporting documents include a Personal Guarantee and a UCC-I financing
statement(s).

 

		7.	Merchant
Defendant and I herby agree that the execution and delivery of this Affidavit of Confession of Judgment and any entry of judgment
thereon shall be without prejudice to any and all rights of Plaintiff, which reserves all of its rights and remedies against Defendants.

 

		8.	If
for any reason entry of judgment in the above specified amount or execution on the same is outside the jurisdiction of this Court,
merchant Defendant and I hereby consent to the Personal jurisdiction, entry of judgment and execution thereon in any State or
Federal Court of the United States of America.

 

	BY:

                                                                                                                

        X /s/
        Roger Ponder SIGN HERE

        ROGER
        PONDER, individually, and on behalf of

        SPECTRUM
        GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp.,
        ADEX Puerto Rico, LLC., Telnet Solutions, Inc

 

Sworn
to before me this

28 day of DECEMBER, 2018

 

	State of
    FLORIDA	

 

X
/s/ Jeffrey W. DuBay

NOTARY
PUBLIC SIGNATURE

Notary
Name (If not on stamp): ______________________

 

Commission
Expiration Date (if not on stamp): ______________________

 

Commission
Number (If not on stamp): ______________________

 

	NOTARY
    STAMP	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

     

    Page: 18 Deal Application ID : 120949

    

 

	SUPREME
COURT OF THE STATE OF NEW YORK

COUNTY OF Orange	 	 
	 	 	 
	 X	 	 
	Libertas
    Funding LLC.	 	AFFIDAVIT
    OF
	 	 	 
	PLAINTIFF,	 	CONFESSION
    OF
	 	 	 
	-
    AGAINST -	 	JUDGEMENT

    

KEITH
HAYTER

 

	SPECTRUM GLOBAL SOLUTIONS
    INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc	Index No. 

  

	Defendant.		 
	 	 	 
	/s/
    Keith Hayter	X	 
	 	 	 	 
	STATE
    OF	FLORIDA	)	 
	 	 	 	 
	COUNTRY OF 	ORANGE	).ss:	 

                                                     

KEITH
HAYTER being duly sworn, deposes and says:

 

		1.	I
am a principle owner and an officer of SPECTRUM GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical
Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc (“Merchant Defendant”), a CORPORATION
located at: 300 CROWN OAK CENTRE DR LONGWOOD FL 32750 and as such I have the authority to act on behalf of Merchant Defendants,
and have been authorized by Merchant Defendant to execute this affidavit of confession.

 

		2.	I
reside at 501 BLUFF OAK CT APOPKA FL 32712, in the county of ORANGE

 

		3.	I,
Individually and on behalf of the Merchant Defendant consent to the jurisdiction of the this court.

 

		4.	Merchant
Defendant hereby confesses judgment herein and authorizes entry of judgment in favor of Plaintiff and against Defendants in the
Federal District Court of the Southern District of New York, any Supreme Court within the State of New York, Supreme Court of
the State of New York County of Kings, Supreme court State of New York County of Queens, Supreme Court of the State of New York
County of Rockland, Supreme Court of the State of New York County of Orange, Supreme Court of the State of New York County of
Erie in the principal sum of $1,460,000.00, less any payments made pursuant to the Merchant Agreement plus simple interest thereon
at the annual rate of 12% from the date of default until repayment in full, plus costs and disbursements, plus legal fees to Plaintiff
calculated at twenty five (25%) $1,642,500.00 of the total of aforesaid sums.

 

		5.	In
addition, I hereby Confess judgment individually and personally, jointly and severally, and authorizes entry of judgment in favor
of Plaintiff and against Defendants in the Federal District Court of the Southern District of New York, any Supreme Court within
the State of New York, Supreme Court of the State of New York County of Kings, Supreme court state of New York County of Queens,
Supreme Court of the State of New York County of Rockland, Supreme Court of the State of New York County of Orange, Supreme Court
of the State of New York County of Erie in the principal sum of $1,460,000.00, less any payments made pursuant to the Merchant
Agreement plus simple interest thereon at the annual rate of 12% from the date of default until repayment in full, plus costs
and disbursements, plus legal fees to Plaintiff calculated at twenty five (25%) $1,642,500.00 of the total of aforesaid sums.

 

     

    Page: 19 Deal Application ID : 120949

    

 

		6.	This
confession of judgment is for a debt justly due to the Plaintiff arising from Defendants’ failure to pay to Plaintiff, Merchant
upon by Merchant Agreement, dated 12/24/2018, of which supporting documents include a Personal Guarantee and a UCC-1 financing
statement(s).

 

		7.	Merchant
Defendant and I herby agree that the execution and delivery of this Affidavit of Confession of Judgment and any entry of judgment
thereon shall be without prejudice to any and all rights of Plaintiff, which reserves all of its rights and remedies against Defendants.

 

		8.	If
for any reason entry of judgment in the above specified amount or execution on the same is outside the jurisdiction of this Court,
merchant Defendant and I hereby consent to the Personal jurisdiction, entry of judgment and execution thereon in any State or
Federal Court of the United States of America.

 

	BY:

                                                                                                                                                                                                                   

        X
        /s/         Keith Hayter SIGN HERE

        KEITH
        HAYTER, individually, and on behalf of

        SPECTRUM
        GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp.,
        ADEX Puerto Rico, LLC., Telnet Solutions, Inc

  

Sworn
to before me this

28 day
of DECEMBER, 2018

 

	State of
    FLORIDA	

 

X
/s/ Jeffrey W. DuBay

NOTARY
PUBLIC SIGNATURE

Notary
Name (If not on stamp): ______________________

 

Commission
Expiration Date (if not on stamp): ______________________

 

Commission
Number (If not on stamp): ______________________

 

	NOTARY
    STAMP	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

  

     

    Page: 20 Deal Application ID : 120949

    

 

ADDENDUM
TO CONTRACT

Addendum
to Merchant Agreement

 

This
is an addendum (“Addendum”) to that certain merchant agreement (the “Merchant Agreement”) entered into
by and among Libertas Funding LLC. (the “Purchaser”), ROGER PONDER (the “Owner”) and SPECTRUM GLOBAL SOLUTIONS
INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC.,
Telnet Solutions, Inc (the “Seller”) dated as of 12/24/2018.

 

WHEREAS,
the Purchaser, the Owner and Seller wish to modify the Merchant Agreement as set forth herein.

 

Now therefore, for good and valuable
consideration, the parties agree as follows:

 

		a.	The
Owner and the Seller are hereafter referred to collectively as the Merchant (the “Merchant”)

		b.	Except
as provided below, it is understood and agreed that the Merchant may settle this Merchant Agreement in full by paying Purchaser
the pre-payment Amount before the end of the relevant month, as set forth below, less the amount of any purchase payments made
prior to the pre-payment date, plus any unpaid fees or charges. Month 1 begins on the first Monday following the date on which
Purchaser distributed the advance proceeds to SPECTRUM GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC,
Tropical Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc.

		c.	In
the event Seller chooses not to execute this addendum Buyer will be entitled to the full purchased amount to settle in full Sellers
obligation under the Merchant Agreement.

		d.	Except
as provided in this addendum, all terms and conditions of the Merchant Agreement and the Supplement shall remain in full force
and effect.

		e.	This
addendum shall be bound by the laws of the state of New York

 

Borrower
shall have no right to prepay this Advance if:

 

		●	The
                                         agreement and payments have previously been modified,

		●	There
                                         has been a forbearance in payments,

		●	There
                                         has been a breach of the Purchase Agreement,

		●	If
                                         any funds used for the prepayment come from another funding company, whether in the form
                                         of a business loan or a merchant cash advance.

 

	Prepayment Term	 	Accepted Prepayment Amount	 
	1 Months	 	$	1,150,000.00	 
	2 Months	 	$	1,200,000.00	 
	3 Months	 	$	1,250,000.00	 

 

All
other terms of the referenced contract remain unchanged.

 

By
their signatures below the parties agreed to be bound by this addendum.

 

     

    Page: 21 Deal Application ID : 120949

    

 

	ACCEPTED AND AGREED:	 	ACCEPTED AND AGREED:
	 	 	 
	Purchaser: Libertas Funding LLC.	 	Seller: SPECTRUM GLOBAL SOLUTIONS
    INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC.,
    Telnet Solutions, Inc
	 	 	 
	By:	X          	 	By:	X
    /s/ Roger Ponder
	 	Name: 	Randy
    Saluck	 	 	Name:
    	Roger Ponder
	 	Title: 	CEO,
    Libertas Funding LLC.	 	 	Title:
    	CEO
	 	 	 	 	 
	 	 	 	 	By:
    	X /s/
    Roger Ponder
	 	 	 	 	 	Owner 1: ROGER PONDER
	 	 	 	 	 
	 	 	 	 	By:
    	X
    /s/ Keith Hayter
	 	 	 	 	 
	Owner
2: KEITH HAYTER

 

     

    Page: 22 Deal Application ID : 120949

    

 

ADDENDUM
TO CONTRACT

 

Addendum
to Merchant Agreement 120949

 

Estimated
Weekly Delivery: $31,601.75

 

This
is an addendum (“Addendum”) to that certain merchant agreement 120949 (the “Agreement”) entered into by
and among Libertas Funding LLC. (the “Purchaser”), ROGER PONDER (the “Owner”) and SPECTRUM GLOBAL SOLUTIONS
INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC.,
Telnet Solutions, Inc (the “Seller”) dated as of 12/24/2018.

 

WHEREAS,
the Purchaser, the Owner and Seller wish to modify the Merchant Agreement as set forth herein.

 

Now
therefore, for good and valuable consideration, the parties agree as follows:

 

A.
The Seller and the Guarantor (hereafter collectively referred to as the “Merchant”) hereby authorize Purchaser
to execute the transactions detailed below in section E (Weekly Purchase Program).

 

B.
The Merchant understands that all transactions described in this Addendum will be executed for remittance of the receivables
purchase detailed in the Merchant Agreement.

 

C.
Except as provided in this Addendum, all terms and conditions of the Agreement shall remain in full force and effect. All
capitalized terms not defined in this Addendum shall have the meaning as set forth in the Merchant Agreement.

 

D.
Upon execution of Merchant Agreement, the Merchant agrees to be bound by the purchase program detailed in section E below.

 

E.
Weekly Purchase Program.

 

a.
In order to maintain a stable and predictable cash flow, the Merchant has advised Purchaser that it seeks to participate in Purchasers
optional Weekly Purchase Program pursuant to which, in lieu of Purchaser debiting the Daily Delivery on a daily basis from the
Merchant’s bank account via the ACH network, Purchaser and its agents will initiate Weekly ACH payments from Merchants bank
account in a designated amount (Estimated Weekly Delivery) on the same Weekday each week until the Purchased Amount is received.

 

b.
Accordingly, as is set forth in the Agreement, the Merchant hereby authorizes Purchaser and its agents to initiate ACH payments
in the amount(s) determined in accordance with this Addendum and the Agreement until the Purchaser has received an amount equal
to the Purchased Amount, plus any additional fees incurred, and authorizes all applicable third parties to provide to the Purchaser
and its agents all information necessary to permit such third parties to determine the amount to be paid to the Merchant and initiate
such ACH payments. The Merchant shall effectuate the foregoing through an ACH Authorization, as set forth in the Agreement.

 

c.
Purchaser shall initiate each weekly ACH payment from the Account in the amount that is the estimated weekly amount (the “Estimated
Weekly Delivery”), as set forth above. The Estimated Weekly Delivery represents an amount that is five (5) times the Daily
Delivery that is set forth in the Agreement.

 

d.
No less than every two (2) months after the funding of the Purchase Price to Merchant (each such time period, a Calculation Period),
either Purchaser or Merchant may give written notice to the other party providing an adjustment in the Estimated Weekly Delivery
based upon the daily average receivables and/or weekly average receivables during the preceding Calculation Period.

 

e.
The first weekly delivery by the Merchant of the first Estimated Weekly Amount payment (the “First Delivery”) to the
Purchaser will be made on or before the business day that is one week after Purchaser provides the amount of funds representing
the Purchased Amount (as set forth above) to the Merchant. All following Weekly Deliveries by the Merchant to the Purchaser will
be made on the same weekday as the First Delivery.

 

     

    Page: 23 Deal Application ID : 120949

    

 

f.
In the event that the weekly remittance should fall on a bank holiday Buyer will take the weekly remittance on the 1st business
day prior to the respective holiday.

 

g.
In the event of a missed remittance of the Estimated Weekly Amount, the Merchant acknowledges Purchaser’s right to receive
daily remittances and revert the ACH schedule for the Daily Delivery as set forth in the Agreement on the 1st business day after
the missed remittance.

 

F.
This Addendum shall be governed by the laws of the State of New York

 

G.
This Addendum may only be modified in writing by Purchaser and Merchant.

 

By
their signatures below the parties agreed to be bound by this addendum.

 

	ACCEPTED AND AGREED:	 	ACCEPTED AND AGREED:
	 	 	 
	Purchaser: Libertas Funding LLC.	 	Seller: SPECTRUM GLOBAL SOLUTIONS
    INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp., ADEX Puerto Rico, LLC.,
    Telnet Solutions, Inc
	 	 	 
	By:	            	 	By:	/s/ Roger Ponder
	 	Name: 	Randy
    Saluck	 	 	Name: 	Roger Ponder
	 	Title: 	CEO,
    Libertas Funding LLC.	 	 	Title: 	CEO
	 	 	 	 	 
	 	 	 	 	By: 	/s/ Roger Ponder
	 	 	 	 	 	Owner 1: ROGER PONDER
	 	 	 	 	 
	 	 	 	 	By: 	/s/ Keith Hayter
	 	 	 	 	 
	Owner
2: KEITH HAYTER

 

     

    Page: 24 Deal Application ID : 120949

    

 

 

ADDENDUM
TO CONTRACT 

Addendum
to Merchant Agreement 120949

 

Purchase
Price: $1,000,000.00    Purchased Amount: $1,460,000.00

 

This
is an addendum (“Addendum”) to that certain merchant agreement 120949 (the “Merchant Agreement”) entered
into by and among Libertas Funding LLC (the “Purchaser”), Roger Ponder and Keith Hayter (the “Owner”)
and Spectrum Global Solutions Inc, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX Corp.,
ADEX Puerto Rico, LLC, Telnet Solutions, Inc (the “Seller”), hereafter referred to collectively as (the “Merchant”),
dated as of December 24st, 2018.

 

WHEREAS,
the Purchaser, the Owner and Seller wish to modify the Merchant Agreement as set forth herein. For good and valuable consideration,
the parties agree as follows:

 

		1.	Merchant’s
                                         payment per the Merchant Agreement is set at a weekly payment of $31,601.75. Per this
                                         addendum, Seller will remit $30,000 for the first 6 weekly payments. For the 7th
                                         weekly payment Seller shall be debited $41,212.25, which will catch Seller up to
                                         expected term of the advance. Other than this adjustment, Seller will maintain the expected
                                         term of the advance as set forth in the Merchant Agreement.

 

		2.	This
Addendum modifies the Merchant Agreement as set forth above. All other terms and conditions of the Merchant Agreement shall remain
in full force and effect.

 

By
their signatures below the parties agreed to be bound by this addendum.

 

	ACCEPTED AND AGREED:	 	ACCEPTED AND AGREED:
	 	 	 
	Purchaser: Libertas Funding LLC.	 	Seller:
    SPECTRUM GLOBAL SOLUTIONS INC, AW Solutions, Inc., AW Solutions Puerto Rico, LLC, Tropical Communications, Inc., ADEX
    Corp., ADEX Puerto Rico, LLC., Telnet Solutions, Inc
	 	 	 
	 	 	Owner: Roger Ponder and Keith Hayter
	 	 	 
	By:	/s/ Nicholas Patrick Reed	 	By:	X
    /s/ Roger Ponder
	 	Name: 	Nicholas Patrick Reed	 	 	Name: 	Roger
    M Ponder
	 	Title: 	Director, Credit	 	 	Title: 	CEO
	 	 	 	 	 
	 	 	 	By:	/s/
    Keith Hayter
	 	 	 	 	Name: 	Keith
W. Hayter
	 	 	 	 	Title: 	PRESIDENTExhibit 10.2

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this
“Agreement”) is made and entered into as of January 4, 2019, by and among InterCloud
Systems, Inc., a Delaware corporation (the “Seller”); TNS, Inc. (aka Telnet Solutions) (the
“Company”), and Spectrum Global Solutions, Inc., a Nevada corporation
(“Buyer”). Buyer, the Seller and the Company are each a “Party” to this
Agreement and are sometimes referred to hereinafter collectively as the “Parties.”

 

RECITALS

 

A. The
Seller owns all of the issued and outstanding capital stock of the Company.

 

B. The
Seller desires to sell to Buyer, and Buyer wishes to purchase from the Seller, all of the issued and outstanding capital stock
of the Company (the “Shares”), subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants, agreements, representations, and warranties contained in this Agreement, the Parties agree as follows:

 

1. PURCHASE AND
SALE OF THE SHARES.

 

		1.1	Purchase and Sale of the Shares. Subject to the terms and conditions set forth in this Agreement,
at the Closing (as defined below), the Seller shall sell and transfer to Buyer, and Buyer shall purchase and receive from the Seller,
all of the Shares, free and clear of any liens or encumbrances other than those imposed by applicable securities laws, those incurred
by Buyer or those imposed by this Agreement or the other agreements, instruments or documents contemplated by this Agreement (collectively
with this Agreement, the “Transaction Documents”).

 

		1.2	Consideration. In consideration for the Shares, Buyer, in addition to the obligations and
covenants of Buyer set forth in this Agreement, shall deliver to the Seller:

 

		1.2.1	$980,000 in cash due upon execution hereof (disbursed according to Schedule A);
	 	 	 

		1.2.2	A one year Seller’s Note for $620,000; and

 

     

     

    

 

		1.3	The business is being purchased as a going concern with no adjustments for outstanding liabilities,
cash, or accounts receivables.

 

2.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Seller represents and warrants to Buyer that:

 

		2.1	Organization, Standing, and Qualification of the Company. TNS, Inc. is a corporation duly
organized, validly existing and in good standing under the laws of the State of Illinois, and has all necessary corporate power
to own its properties and to carry on its business as now owned and operated by it.

 

		2.2	Ownership of the Company.

 

		2.2.1	Capital Structure. TNS, Inc.’s issued and outstanding capital stock consists of [    ] shares of common stock, which constitute one hundred percent 100% of the issued and outstanding capital stock of that Company
in all classes whatsoever and there are no other issued or outstanding shares of the Company.

 

		2.2.2	Validity. The Shares are validly issued, fully paid and non-assessable and have been issued
in full compliance with all federal and state securities laws.

 

		2.2.3	Dilution. Other than as expressly contemplated by the Transaction Documents, there are no
outstanding subscriptions, options, rights, warrants, convertible securities, or other agreements or commitments obligating the
Company to issue any additional capital stock.

 

		2.3	No Litigation. There is no claim, suit, action, litigation, arbitration or administrative
or other legal proceeding (each, an “Action”) pending or, to the Seller and Company’s knowledge,
threatened against the Company which relates to, or would reasonably be expected to prohibit or materially impair, the consummation
of the transactions contemplated by this Agreement or the other Transaction Documents.

 

		2.4	Authority; Binding Agreement. The Seller and Company have the requisite power and authority
to enter into this Agreement and to perform all of its obligations and consummate the transactions contemplated hereby. The Seller
has taken all necessary and appropriate corporate actions to authorize, execute and deliver this Agreement and to consummate the
transactions contemplated hereby. This Agreement and each of the other Transaction Documents executed and delivered to Buyer by
the Company constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles.

 

    2

     

    

  

		2.5	No Conflicts. The execution, delivery and performance of this Agreement by the Company and
the consummation of the transactions contemplated hereby will not (i) conflict with or result in a breach or violation of any term
or provision of, or constitute a default under, the certificate of incorporation or bylaws of the Company or (ii) violate or conflict
with any, law, order, agreement or other obligation to which the Company is subject or bound, except in the case of clause (ii)
for such conflicts or violations which do not have and would not reasonably be expected to have, individually or in the aggregate,
a material and adverse effect on the Company or its ability to consummate the transactions contemplated by the Transaction Documents.

 

		2.6	Absence of Brokers. The Company has not engaged the services of any broker or finder in
connection with the consummation of the transactions contemplated by this Agreement, and upon consummation of the transactions
contemplated hereby, no fee or payment shall be due to any brokers or finders engaged by the Company.

 

		2.7	Material Changes; Undisclosed Events, Liabilities or Developments. Other than as set forth
in the SEC Reports or on Schedule 2.7 hereto, (i) there has been no event, occurrence or development that, individually
or in the aggregate, has had, or that would reasonably be expected to result in a Material Adverse Effect on the Company, (ii)
the Company does not have any material liabilities of a type that would be required to be set forth on a balance sheet prepared
in accordance with U.S. generally accepted accounting principles or disclosed in the footnotes thereto, and (iii) the Company has
not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made
any agreements to purchase or redeem any shares of its capital stock. For purposes of this Agreement, “Material Adverse
Effect” shall mean, with respect to any person, a material and adverse effect on (i) the business, operations, properties,
or financial condition of such person and its subsidiaries taken as a whole or (ii) the ability of such person and its subsidiaries
to enter into and perform its obligations under this Agreement.

 

		2.8	Compliance. The Company is not: (i) in default under or in violation of (and, to the knowledge
of the Company, no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default
by the Company under), nor has the Company received written notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of
its properties is bound (whether or not such default or violation has been waived); (ii) in
violation of any judgment, decree or order of any court, arbitrator or other governmental authority; or (iii) in violation of any
statute, rule, ordinance or regulation of any governmental authority applicable to the Seller and Company, including without limitation
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product
quality and safety and employment and labor matters; except in each case of clauses (i) through (iii) as, individually or in the
aggregate, has not had, and would not reasonably be expected to result in, a Material Adverse Effect on the Company.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE SELLER.The Seller represents and warrants to Buyer that:

 

		3.1	Title to Outstanding Shares. Seller has good and marketable title to, and is the sole and
exclusive owner, beneficially and of record, of, the Shares owned by Seller, free and clear of any liens or encumbrances other
than those imposed by applicable securities laws, those incurred by Buyer or those imposed by the Transaction Documents.

 

    3

     

    

 

		3.2	No Litigation. There is no Action pending or, to Seller’s knowledge, threatened against
Seller which relates to, or would reasonably be expected to prohibit or materially impair, the consummation of the transactions
contemplated by this Agreement or the other Transaction Documents.

 

		3.3	Authority; Binding Agreement. Seller has the requisite power and authority to enter into
this Agreement and to perform all of its obligations and consummate the transactions contemplated hereby. Seller has taken all
necessary and appropriate organizational actions to authorize, execute and deliver this Agreement and to consummate the transactions
contemplated hereby. This Agreement and each of the other Transaction Documents executed and delivered to Buyer by Seller constitutes
a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

 

		3.4	No Conflicts. The execution, delivery and performance of this Agreement by Seller and the
consummation of the transactions contemplated hereby will not (i) conflict with or result in a breach or violation of any term
or provision of, or constitute a default under, the governing documents of Seller or (ii) violate or conflict with any, law, order,
agreement or other obligation to which Seller is subject or bound, except in the case of clause (ii) for such conflicts or violations
which do not have and would not reasonably be expected to have, individually or in the aggregate, a material and adverse effect
on the Seller or Seller’s ability to consummate the transactions contemplated by the Transaction Documents.

 

		3.5	Absence of Brokers. Seller has not engaged the services of any broker or finder in connection
with the consummation of the transactions contemplated by this Agreement, and upon consummation of the transactions contemplated
hereby, no fee or payment shall be due from the Seller to any brokers or finders engaged by Seller. Seller shall indemnify Buyer
to the extent any such fee may be payable.

 

4.
BUYER’S REPRESENTATIONS AND WARRANTIES. Buyer represents and warrants to the Seller and Company that:

 

		4.1	Organization, Standing and Qualification of Buyer. Buyer is a corporation duly organized,
validly existing and in good standing under the laws of Nevada, and has all necessary corporate power to own its properties and
to carry on its business.

 

		4.2	Authority; Binding Agreement. Buyer has the requisite power and authority to enter into
this Agreement and to perform all of its obligations and consummate the transactions contemplated hereby. Buyer has taken all necessary
and appropriate corporate actions to authorize, execute and deliver this Agreement and to consummate the transactions contemplated
hereby. This Agreement and each of the other Transaction Documents executed and delivered to the Seller and Company by Buyer constitutes
a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

 

		4.3	No Conflicts. The execution, delivery and performance of this Agreement by Buyer and the
consummation of the transactions contemplated hereby will not (i) conflict with or result in a breach or violation of any term
or provision of, or constitute a default under, the certificate of incorporation or bylaws of Buyer or (ii) violate or conflict
with any, law, order, agreement or other obligation to which Buyer is subject
or bound, except in the case of clause (ii) for such conflicts or violations which do not have and would not reasonably be expected
to have, individually or in the aggregate, a material and adverse effect on Buyer or its ability to consummate the transactions
contemplated by the Transaction Documents.

 

    4

     

    

 

		4.4	No Litigation. There is no Action pending or, to Buyer’s knowledge, threatened against
Buyer which relates to, or would reasonably be expected to prohibit or materially impair, the consummation of the transactions
contemplated by this Agreement or the other Transaction Documents.

 

		4.5	Securities Laws Representations. Buyer understands that the Shares have not been registered
under the Securities Act of 1933, as amended (the “1933 Act”), or under any applicable state securities
laws, and that neither the Seller nor the Company have any obligation to register or qualify the Shares or the offer of the Shares
to Buyer. Buyer is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated by the Securities
and Exchange Commission (the “SEC”) under the Securities Act. Buyer further acknowledges and agrees that
the offer and sale of the Shares to Buyer hereunder is exempt from any such registration requirements. Buyer understands that the
Shares cannot be sold, assigned, or otherwise transferred unless they are subsequently registered under the 1933 Act and any applicable
state securities laws or if an exemption from such registration or qualification is then available, and is aware that an investment
in the Seller and Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. Buyer
agrees to comply with all securities laws and regulations governing this transaction and any future disposition or transfer of
the securities so that Buyer does not cause, directly or indirectly, this transaction to violate any applicable securities laws.
Buyer is acquiring the Shares solely for the purpose of investment and not with a view to, or for offer or sale in connection with,
any distribution thereof other than in compliance with applicable securities laws.

 

		4.6	Absence of Brokers. Buyer has not engaged the services of any broker or finder in connection
with the consummation of the transactions contemplated by this Agreement, and upon consummation of the transactions contemplated
hereby, no fee or payment shall be due to any brokers or finders engaged by Buyer.

 

		4.7	SEC Filings. Buyer has filed (giving effect to any permitted extensions) all forms, reports,
schedules, statements, registration statements, prospectuses and other documents required to be filed or furnished by Buyer with
the SEC under the 1933 Act and/or the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
together with any amendments, restatements or supplements thereto (collectively, the “SEC Reports”),
except where such failure to timely file, individually or in the aggregate, has not had, and would not reasonably be expected to
result in, a Material Adverse Effect on Buyer. The SEC Reports, including any financial statements and notes contained or incorporated
by reference therein, (i) were prepared in all material respects in accordance with the requirements of the Securities Act and
the Exchange Act, as the case may be, and the rules and regulations thereunder and (y) did not, as of their respective effective
dates (in the case of SEC Reports that are registration statements filed pursuant to the requirements of the Securities Act) and
at the time they were filed with the SEC (in the case of all other SEC Reports) contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein, in the
light of the circumstances under which they were made, not misleading.

 

		4.8	Material Changes; Undisclosed Events, Liabilities or Developments. Other than as set forth
in the SEC Reports, (i) there has been no event, occurrence or development that, individually or in the aggregate, has had, or
that would reasonably be expected to result in a Material Adverse Effect on Buyer and (ii) Buyer has not declared or made any dividend
or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem
any shares of its capital stock.

 

    5

     

    

 

		4.9	Compliance. Other than as disclosed in the SEC Reports that are generally available to the public on EDGAR, Buyer and its subsidiaries are not: (i) in default under or in violation of (and, to the knowledge of Buyer, no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by Buyer or its subsidiary under), nor has Buyer or its subsidiary received written notice of a claim that Buyer or its subsidiary is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which any of them is a party or by which any of them or any of their properties are bound (whether or not such default or violation has been waived); (ii) in violation of any judgment, decree or order of any court, arbitrator or other governmental authority; or

                                                                                 

                                                                                (i) in violation of any statute, rule, ordinance or regulation of any governmental authority applicable to Buyer and its subsidiaries, including, without limitation, all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters; except in each case of clauses

                                                                                 

                                                                                (i) through (iii) as, individually or in the aggregate, has not had, and would not reasonably be expected to result in, a Material Adverse Effect on Buyer.

 

5. CLOSING.

 

		5.1	Closing Time and Place. The closing of this transaction shall occur at the offices of Pryor
Cashman LLP, 7 Times Square, New York, NY 10036, or such other place as the Parties may agree upon on or about January 2, 2019
(the “Closing”).

 

		5.2	Closing Deliveries by Buyer. At the Closing, Buyer shall deliver to the Seller the following
items:

 

		5.2.1	Cash and Promissory Note in the aggregate amount of $1,600,000; and

 

		5.2.2	a transition services agreement substantially in the form of that previously had between the parties
in connection with the purchase of ADEX Corp.

 

		5.3	Closing Deliveries by the Seller and Company. At the Closing, the Seller and Company shall
deliver to Buyer the following items:

 

		5.3.1	Transfer of Shares. The original stock certificate for the Shares (or an affidavit of lost
certificate duly executed by the applicable Seller), along with a stock power, duly executed by Seller, to transfer the Shares
to Buyer.

 

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		5.3.2	Banking Agreements. The Seller and Company shall have delivered duly executed banking agreements
reflecting the change in ownership and control as reasonably required to ensure uninterrupted business operations and affairs.

 

		5.3.3	Transition Services Agreement. The Buyer and Seller shall enter into a transition services
agreement

 

6.  ADDITIONAL
COVENANTS.

 

		6.1.1	During the period from the date the of Agreement and until Closing the Parties hereby agree that,
the Seller and Company shall not (and Seller shall not cause or permit the Seller and Company to):

 

		(i)	hire or fire any executive officers or senior management of the Company;

 

		(ii)	amend, waive or otherwise change, in any respect, the Seller and Company’s certificate of
incorporation or bylaws;

 

		(iii)	issue, sell, assign, transfer, encumber, hypothecate or otherwise dispose of any equity interests
of the Company or options, warrants or securities or rights to acquire or convert into equity interests of the Company;

 

		(iv)	sell, assign, transfer, license, encumber, hypothecate or otherwise dispose of any material assets
of the Company outside of the ordinary course of business;

 

		(v)	pay or set aside any dividend or other distribution (whether in cash, equity or property or any
combination thereof) in respect of its shares, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire
any of its securities;

 

		(vi)	acquire, including by merger, consolidation, acquisition of stock or assets, or any other form
of business combination, any corporation, partnership, limited liability company, other business organization or any division thereof,
or any material amount of assets outside the ordinary course of business;

 

		(vii)	incur, create, assume, prepay or otherwise become liable for any indebtedness, make a loan or advance
to or investment in any third party, or guarantee or endorse any Indebtedness, liability or obligation of any person;

 

		(viii)	sweep or disburse any cash of the Company for any purpose other than payment of ordinary course
operating expenses of the Company;

 

		(ix)	terminate, waiver or assign any material rights under any material contracts of the Seller and
Company;

 

		(x)	waive, release, assign, settle or compromise any Action (including any Action, relating to this
Agreement or the transactions contemplated hereby);

 

		(xi)	enter into, amend, waive or terminate (other than terminations in accordance with their terms)
any contract or transaction with Buyer or its affiliates (other than the Seller and Company) or any stockholder, officer, director,
employee or independent contractor of any of the foregoing or any of their respective immediately family members; or

 

		(xii)	agree, authorize or commit to do any of the foregoing actions.

 

    7

     

    

 

		6.2	Resignation of Officers and Directors. Simultaneously upon the closing of the sale of the
Company to Buyer, the resignation of each of the pre-sale officers and directors of the Company shall become effective.

 

		6.3	Cooperation; Further Assurances. The Parties shall cooperate with each other, provide each
other and make such filings or reports, upon request and to the extent reasonably practicable, with such assistance and information
relating to the Seller and Company, which is reasonably necessary in relation to any accounting or regulatory matter, including
the preparation of any financial statements, any audit, or any action or investigation initiated or threatened by any third party,
including any governmental authority. Each Party agrees to execute further instruments as may be reasonably necessary to carry
out this Agreement and the transactions contemplated hereby, provided the Party requesting such further action shall bear all related
costs and expenses.

 

7.  MISCELLANEOUS

 

		7.1	Disclosures to Third Parties. All information concerning the transactions contemplated by
this Agreement is confidential business information and shall not be disclosed to third parties without the prior written approval
of Buyer and Seller, except as may be required by applicable law or regulation (including SEC or stock exchange requirements).
Subject to the foregoing, all Parties shall take reasonable precautions to assure that all such information remains confidential.

 

		7.2	Expenses. Subject to Section 7.11, the Parties agree to bear their respective expenses,
including, but not limited to, accounting, legal and other professional fees, incurred with respect to this Agreement and the transactions
contemplated by it.

 

		7.3	Assignment. Except as provided herein, the rights and obligations of the Parties under this
Agreement may not be assigned or delegated without the written consent of the Seller and Buyer (such consent not to be unreasonably
withheld, delayed or conditioned). Any attempt to so transfer same without such consent shall be null and void ab initio. 

 

		7.4	Binding Effect; No Third Parties. This Agreement shall be binding on, and shall inure to
the benefit of the Parties and their respective heirs, legal representatives, successors and any permitted assigns. Except as expressly
provided in this Agreement, nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies
under or by reason of this Agreement on any person other than the Parties and their respective successors and permitted assigns.

 

		7.5	Entire Agreement. This Agreement and the other Transaction Documents together constitute
the entire agreement between the Parties pertaining to the subject matter hereof, and supersede and terminate any prior agreements
between the Parties (written or oral) with respect to the subject matter hereof.

 

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		7.6	Amendment; Waiver. This Agreement may not be amended, modified or supplemented except by
an instrument in writing signed by Buyer and Seller. No provision of this Agreement may be waived orally or by any act or failure
to act on the part of a Party, but only by an agreement in writing signed by the Party against whom enforcement of any such waiver
is sought. Neither the failure nor any delay by any Party in exercising any right, power or privilege under this Agreement will
operate as a waiver of such right, power or privilege, and single or partial exercise of any such right, power or privilege will
preclude any other or further exercise of such right, power or privilege or the exercise of any other right, power or privilege.

 

		7.7	Notices. Any notices, waivers or other communications given under this Agreement shall be
in writing and shall either be served personally or delivered by first class U.S. Mail (certified or registered), postage prepaid,
or by nationally recognized overnight carrier, such as FedEx, with postage prepaid and certified return receipt. Notices may also
effectively be given by facsimile or email with affirmative confirmation of receipt, provided, that a copy of any notice so transmitted
shall also be mailed in the same manner as required for a mailed notice. Notices shall be deemed to be received (i) upon receipt
when served personally, (ii) one (1) business day following deposit for overnight delivery with a nationally recognized overnight
carrier, such as FedEx, with postage prepaid and certified return receipt, (iii) three (3) business days following deposit in first
class U.S. Mail (certified or registered), postage prepaid or (iv) upon affirmative acknowledgement of receipt if sent by facsimile
or email. Notices shall be sent to the Parties at their respective addresses shown below. A Party may change its address for notice
by giving written notice to all other Parties in accordance with this Section.

 

	 	
        If to Buyer, to:

         

        Spectrum Global Solutions, Inc. 

300 Crown Oak Centre Dr.

        Longwood, Florida 32750 

Attention: Roger Ponder, CEO 

Email:
        rponder@spectrumgs.com

        Facsimile: (407) 

260-0749 

Telephone: 

407) 260-0231
	
        with a copy (which shall not constitute notice) to:

         

        Pryor Cashman 

LLP 7 Times 

Square

        New York, NY 10036

        Attention: M. Ali Panjwani, Esq.

        Email: ali.panjwani@pryorcashman.com 

Facsimile: (212) 798-6319

        Telephone: (212) 326-0820

	 	
        If to the Seller to:

         

        InterCloud Systems Inc. 1030 

Broad Street, Suite 102,

        Shrewsbury, NJ 07702

         

        Attention: Daniel Sullivan, CAO 

Email: dsullivan@intercloudsys.com
        

Telephone: 732-898-6320
	
        with a copy (which shall not constitute notice) to:

         

        Dealy Silberstein & Braverman, 

LLP 225 Broadway, Suite 1405

        New York, NY 10007

        Attention: Milo Silberstein, Esq. 

Email: msilberstein@dsblawny.com
        

Facsimile: (212) 385-2117

        Telephone: (212) 385-0066

 

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		7.8	Governing Law and Venue. This Agreement shall be construed in accordance with, and governed
by, the laws of the State of New York (without giving effect to its choice of law principles). Each Party hereto (a) irrevocably
submits to the exclusive jurisdiction and venue of any state or federal court located within New York County in the State of New
York (or any appellate courts thereof) in connection with any Action arising out of or relating to this Agreement or the transactions
contemplated hereby (a “Proceeding”), (b) agrees that service of any process, summons, notice or document
by U.S. registered mail to such Party’s respective address set forth in Section 7.7 shall be effective service of process
for any Proceeding with respect to any matters to which it has submitted to jurisdiction in this Section 7.8, and (c) waives and
covenants not to assert or plead, by way of motion, as a defense or otherwise, in any such Proceeding, any claim that it is not
subject personally to the jurisdiction of such court, that the Proceeding is brought in an inconvenient forum, that the venue of
the Proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and hereby
agrees not to challenge such jurisdiction or venue by reason of any offsets or counterclaims in any such Proceeding. Each Party
hereto agrees that a final judgment in any such Proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law or in equity.

 

		7.9	Waiver
                                         of Jury Trial.
                                         Each Party hereby
                                         knowingly, voluntarily and intentionally waives
                                         the right it may have to a trial by jury in respect to any Proceeding
                                         based hereon, or arising out of, under,
                                         or in connection with this Agreement
                                         and any agreement contemplated to be executed in connection herewith, or
                                         any course of conduct, course of dealing,
                                         statements (whether
                                         verbal or written) or actions of any Party
                                         in connection with such agreements, in each case
                                         whether now existing or hereafter arising and whether in tort, contract
                                         or otherwise. Each Party
                                         acknowledges that it has been informed by the other Parties
                                         that this Section 7.9 Constitutes
                                         a material inducement upon which they are relying and will rely in entering into this
                                         Agreement. Any
                                         Party may file an original counterpart or a copy
                                         of this Section 7.9 With
                                         any court as written evidence of the consent of each Party
                                         to the waiver of its right to trial by jury.

 

		7.10	Remedies. Except as specifically set forth in this Agreement, any Party having any rights
under any provision of this Agreement will have all rights and remedies set forth in this Agreement and all rights and remedies
which such Party may have been granted at any time under any other contract or agreement and all of the rights which such Party
may have under any applicable law. Except as specifically set forth in this Agreement, any such Party will be entitled to (a) enforce
such rights specifically, without posting a bond or other security or proving damages or that monetary damages would be inadequate,
(b) to recover damages by reason of a breach of any provision of this Agreement and (c) to exercise all other rights granted by
applicable law. The exercise of any remedy by a Party will not preclude the exercise of any other remedy by such Party.

 

		7.11	Professional Fees and Costs. If any Proceeding is brought or undertaken to enforce this
Agreement, or because of an alleged dispute, breach or default in connection with any of the provisions of this Agreement, then
the successful or prevailing Party or Parties in such undertaking shall be entitled to recover reasonable attorney’s and
other professional fees and other costs incurred in such Proceeding in addition to any other relief to which such Party may be
entitled. The Parties intend this provision to be given the most liberal construction possible and to apply to any circumstances
in which such Party reasonably incurs expenses.

 

		7.12	Severability. In case any one or more of the provisions contained in this Agreement should
be held invalid, illegal or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions
will not in any way be affected or impaired. Any illegal or unenforceable term will be deemed to be void and of no force and effect
only to the minimum extent necessary to bring such term within the provisions of applicable law and such term, as so modified,
and the balance of this Agreement will then be fully enforceable. The Parties will substitute for any invalid, illegal or unenforceable
provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose
of such invalid, illegal or unenforceable provision.

 

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		7.13	Interpretation. The headings of the Sections of this Agreement are included for purposes
of convenience only, and shall not affect the construction or interpretation of any of its provisions. When required by the context
of this Agreement, each number (singular and plural) shall include all numbers, and each gender shall include all genders. Any
reference to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise. Whenever the words “include,” “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation,” and the words “herein,”
“hereto” and “hereby” and other words of similar import in this Agreement shall be deemed in each case
to refer to this Agreement as a whole and not to any particular portion of this Agreement. For purposes of this Agreement, the
term: (i) “business day” is understood to mean any day other than a Saturday, Sunday or other day on which commercial
banks located in the City of New York are authorized or permitted by law to close; (ii) “person” shall refer to any
individual, corporation, partnership, trust, limited liability Seller and Company or other entity or association, including any
governmental or regulatory body, whether acting in an individual, fiduciary or any other capacity; (iii) “affiliate”
shall mean, with respect to any specified person, any other person or group of persons acting together that, directly or indirectly,
through one or more intermediaries controls, is controlled by or is under common control with such specified person (where the
term “control” (and any correlative terms) means the possession, direct or indirect, of the power to direct or cause
the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or
otherwise); and (iv) “subsidiary” means, with respect to any person, any corporation, partnership, association or other
business entity of which (A) if a corporation, a majority of the total voting power of shares of stock entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that person or one or more of the other subsidiaries of that person or a combination thereof,
or (B) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interests
thereof is at the time owned or controlled, directly or indirectly, by any person or one or more subsidiaries of that person or
a combination thereof (for purposes hereof, a person or persons will be deemed to have a majority ownership interest in a partnership,
association or other business entity if such person or persons will be allocated a majority of partnership, association or other
business entity gains or losses or will be or control the managing director, managing member, general partner or other managing
person of such partnership, association or other business entity). For purposes of this Agreement, the term “knowledge”
will mean, (i) as applied to any natural person, the actual present knowledge of such person, or (ii) as applied to any entity,
including Buyer and the Seller and Company, the actual present knowledge of the executive officers of such person.

 

		7.14	Advice of Professionals; Negotiated Terms. Each Party has had the opportunity to be advised
by legal counsel and other professionals in connection with this Agreement, and each Party has obtained such advice as each Party
deems appropriate. The Parties agree that the terms and conditions of this Agreement are the result of negotiations between the
Parties and that this Agreement shall not be construed in favor of or against any Party by reason of the extent to which any Party
or its professionals participated in its preparation.

 

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		7.15	Access to Records after Closing. Each Party agrees to preserve all records relating to the
transactions contemplated by this Agreement for six (6) years after the Closing. Upon reasonable notice, subject to Section 7.1,
each Party shall allow representatives of the others access to such records and the making of copies thereof during regular business
hours at such Party’s place of business solely with respect to this Section 7.15 for the following purposes: (i) to gather
information for preparing tax returns; (ii) to verify any of the representations or warranties contained in this Agreement, or
confirm compliance with any of the covenants contained in this Agreement; or (iii) to comply with any audit, request, subpoena,
or other investigative demand by any government authority.

 

		7.16	Indemnification of Buyer. Seller will indemnify and hold Buyer and its directors, officers,
shareholders, members, partners, employees and agents (and any other persons with a functionally equivalent role of a person holding
such titles notwithstanding a lack of such title or any other title), each person who controls the Buyer (within the meaning of
Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members,
partners or employees (and any other persons with a functionally equivalent role of a person holding such titles notwithstanding
a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from
any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party
may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants, or agreements
made by each of Seller and the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against
the Purchaser Parties in any capacity, or any of them or their respective affiliates, by any stockholder of the Company who is
not an affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is based upon a breach of such Purchaser Party’s representations, warranties, or covenants under the Transaction
Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such
Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which constitutes fraud, gross negligence,
willful misconduct or malfeasance). If any action shall be brought against any Purchaser Party in respect of which indemnity may
be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Seller in writing, and the Seller shall have
the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to such Purchaser Party. Any Purchaser
Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has
been specifically authorized by the Seller in writing, (ii) the Seller has failed after a reasonable period of time to assume such
defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any
material issue between the position of the Seller and the position of such Purchaser Party, in which case the Seller shall be responsible
for the reasonable fees and expenses of no more than one such separate counsel. The Seller will not be liable to any Purchaser
Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Seller’s prior written consent,
which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or
liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants, or agreements
made by such Purchaser Party in this Agreement or in the other Transaction Documents. The indemnification required by this Section
7.16 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills
are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar
right of any Purchaser Party against the Seller or others and any liabilities the Seller may be subject to pursuant to law.

 

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		7.17	Representation of Seller and the Seller and Company. The Parties agree that, notwithstanding
the fact that Pryor Cashman LLP (“PC”) has represented the Buyer in connection with this Agreement, and
has also represented the Seller in connection with matters other than the transaction that is the subject of this Agreement prior
to the Closing, PC will be permitted in the future, after the Closing, to represent any of the Seller or their affiliates in connection
with matters in which such persons are adverse to the Buyer and Company or any of its affiliates, including any disputes arising
out of, or related to, this Agreement. Buyer hereby agrees, in advance, to waive (and to cause its affiliates to waive) any actual
or potential conflict of interest that may hereafter arise in connection with PC’s future representation of any of the Seller
or their affiliates in which the interests of such person are adverse to the interests of the Seller and Company, Buyer or any
of their respective affiliates, including any matters that arise out of this Agreement or that are substantially related to this
Agreement or to any prior representation by PC of the Seller and Company or any of its affiliates. The Parties acknowledge and
agree that, for the purposes of the attorney-client privilege, the Buyer, and not the Seller or Company or their respective directors,
officers or employees, shall be deemed the client of PC with respect to the negotiation, execution and performance of this Agreement.

 

		7.18	Counterparts. This Agreement may be executed simultaneously in one or more counterparts,
including by facsimile, pdf or other electronic document transmission, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

{Remainder of
Page Intentionally Left Blank; Signature Page Follows}

 

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IN WITNESS WHEREOF, the Parties to this
Agreement have duly executed this Agreement, and made it effective as of the date first written above.

 

	BUYER:	 	COMPANY:
	 	 	 	 	 
	Spectrum Global Solutions, Inc.	 	TNS, Inc.
	 	 	 	 	 
	By:	/s/ Keith Hayter	 	By:	/s/ Daniel Sullivan
	Name: Keith Hayter	 	Name: Daniel Sullivan
	Title: President	 	Title: Chief Financial Officer
	 	 	 	 
	 	 	 	SELLER:
	 	 	 	 
	 	 	 	InterCloud Systems, Inc.
	 	 	 	 	 
	 	 	 	By: 	/s/ Daniel Sullivan
	 	 	 	Name: Daniel Sullivan
	 	 	 	Title:  Chief Accounting Officer

 

{Signature Page to Stock Purchase
Agreement}

 

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Schedule A

 

Disbursement Schedule

  

    Sch. 1-1

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