Document:

ex_178268.htm

Exhibit 10.1

 

**Information contained in portions of this Exhibit has been redacted because the Company has determined that such information (i) is not material and (ii) would likely cause competitive harm to the Company if it were to be publicly disclosed. Information redacted from this Exhibit has been marked by the following [**].

 

Agreement TGC060217-1a

 

MANUFACTURING AND SUPPLY AMENDING AGREEMENT #1

 

This AMENDING AGREEMENT #1 is effective as of March 16, 2020 (“Amendment Effective Date”) and is made between CBR Systems, Inc., a Delaware corporation having its principal place of business at 11915 La Grange Ave., Los Angeles, CA 90025 (CBR) and ThermoGenesis Corp., having its principal place of business at 2711 Citrus Road, Rancho Cordova, CA 95742 (“Thermo”).

 

(together referred to as the “Parties”)

 

WHEREAS the Parties entered into a Manufacturing and Supply Agreement (the “Original Agreement”) dated as of May 15, 2017;

 

WHEREAS the Parties wish to amend the Original Agreement to provide for specific matters dealing with fees, services and term;

 

NOW THEREFORE, this Amending Agreement #1 witness that, in consideration of the promises, covenants and agreements set out herein, the Parties hereto agree as follows:

 

	
			1.0

				
			CHANGES – The Parties acknowledge that the Original Agreement and this Amending Agreement #1 cumulatively represent the entire Agreement between the Parties (the Agreement”).

			

	 	
			1.1

				
			Section 2.0 - Manufacture.

			

	 	
			1.1.1

				
			The following shall be added to Section 2.7 Supply Security Information: If Thermo is unable to meet CBR’s requirements for the Products, Thermo shall use all commercially reasonable efforts to remedy such shortage, including use of approved third-party manufacturers. If Thermo is unable to remedy the shortage of 100% within 90 days, CBR may, in its sole discretion, choose not to purchase any additional amounts of such Product from Thermo.

			

	 	
			1.1.2

				
			Section 2.9 Safety stock:

			

	 	
			1.1.2.1

				
			Thermo will no longer maintain [**] of Disposables in its inventory in the United States (“Safety Stock”) but rather CBR will purchase a level of safety stock equivalent to a [**] average forecast for each calendar. Safety Stock can be adjusted annually provided written notification is given prior to the end of Q3 of each calendar year.

			

	 	
			1.1.2.2

				
			CBR owned Safety Stock will be stored at Thermo in a separate bin location and Thermo shall fill CBR’s orders for Disposables hereunder by drawing down, on a FIFO basis, the Safety Stock of finished goods inventory maintained pursuant to the above. Title of the Safety Stock shall pass to CBR upon purchase and such shall be physically identified as CBR stock.

			

 

 

 

 

	 	
			1.2

				
			Section 4.5 – Permitted Delays: Subsection (i) shall be deleted as a permitted delay.

			

	 	
			1.3

				
			Section 5.0 - Price: Payment.

			

	 	
			1.3.1

				
			Section 5.3 Invoices

			

	 	
			1.3.1.1

				
			Thermo shall invoice CBR for the product price plus local sales tax as required by law upon shipment of Products under each Purchase Order. Thermo shall invoice CBR for any other amounts due hereunder within five (5) days of the end of the month in which such amounts arose. All invoices shall be sent by mail to Accounts Payable, 111915 La Grange Ave., Los Angeles, CA 90025

			

	 	
			1.3.2

				
			Section 5.5 Payment Terms

			

	 	
			1.3.2.1

				
			Any undisputed amounts due this Agreement shall be payable thirty (30) days from date of receipt by CBR of the invoices. All amounts shall be due and paid in US Dollars. Except for invoices which CBR has successfully disputed, Thermo shall be entitled to interest on late payments from the date on which payment was due. The rate of interest shall be twelve percent (12%) per annum.

			

	 	
			1.3.3

				
			Section 5.6 – The following shall be added to Section 5.6: Thermo shall comply with any relevant sales tax requirements including but not limited to the 2019 requirement under the Supreme Court decision South Dakota v. Wayfair.

			

	 	
			1.4

				
			Section 6. of the Original Agreement is hereby deleted in its entirety and replaced with the following:

			

"Disposables Credit Balance:

CBR shall receive a replacement for each Disposable found to be non-conforming and any other unopened Disposables in the lot as provided for in section 2(d)(i) of the Quality Agreement (“Replacement Disposables”). Replacement Disposables shall be tracked and reconciled between CBR and Thermo at the end of each quarter. Thermo will ship replacements as box quantities and will carry over remaining individual numbers (<24 eaches) to the following quarter.”

	 	
			1.5

				
			The first sentence of Section 8 shall be deleted and replaced with the following: Thermo warrants that the Disposables will meet the Specifications at the time of delivery and until their expiration date.

			

	 	
			1.6

				
			New Section 11.1 (a) is added as follows:

			

11.1 (a) Data Privacy. Thermo shall comply with all applicable federal and state data protection and privacy laws and shall only use data acquired from CBR for the purposes stated in the Original Agreement.

	 	
			1.7

				
			Section 13.3 Indemnification

			

	 	
			1.7.1

				
			The following shall be added to the end of Section 13.3(a) to reflect an additional category of exclusions of indemnification by CBR: “(iii) violation by Thermo of a law, regulation or government order.”

			

 

 

 

 

	 	
			1.7.2

				
			13.3(b) shall be amended to add the following categories to an obligation of indemnification by Thermo: “violation of law, regulation or government order; or a Product’s failure to conform to its Specifications.” Further, Section 13.3(b) shall be amended to reflect that decisions regarding infringing Products shall be made in consultation with CBR.

			

	 	
			1.8

				
			Section 16.1 of the Original Agreement is deleted in its entirety and replaced with the following:

			

	 	
			1.8.1

				
			“Term – This Agreement shall commence as of the Effective Date and shall continue for three (3) years and will automatically renew in one-year increments (Renewal Term) unless either provides written notice of its intention not to renew six (6) months prior to the end of the term or any renewal term.”

			

	 	
			1.9

				
			Section 17 – Miscellaneous

			

	 	
			1.9.1

				
			Section 17.8 Notices – shall be changed to reflect the following:

			

If to Thermo:

ThermoGenesis Corp

Attn: Mindy Wilke-Douglas

2711 Citrus Road

Rancho Cordova, CA 95742

mdouglas@thermogenesis.com

 

If to CBR:

CBR Systems, Inc.

11915 La Grange Ave

Los Angeles, CA 90025

Attention: Robert Casanova

rcasanova@cordblood.com

With copy (which shall not constitute notice) to:

California Cryobank LLC

11915 La Grange Ave.

Los Angeles, CA 90025

Attention: General Counsel

 

	 	
			1.10

				
			Exhibit A – Specifications 

			

	 	
			1.11

				
			Exhibit B – AXP II System Repair Agreement

			

	 	
			1.11.1

				
			This Repair Agreement is effective as of January 15, 2020 (the Effective Date).

			

	 	
			1.11.2

				
			Section 4.4 Loaner Equipment – this section will be deleted

			

	 	
			1.11.3

				
			Appendix A to be replaced in its entirety with the attached Appendix A

			

	 	
			1.12

				
			Exhibit C – Pricing to be replaced in its entirety with the attached Exhibit C

			

	 	
			1.13

				
			Exhibit F - Section 5. b. subsection (i) to be replaced in its entirety with the following:

			

	 	
			1.13.1

				
			Thermo’s cash balance and short-term investments net of dept or borrowed funds that are payable within one year is less than One Million Dollars ($1,000.000) at any month end unless Thermo cures such default within thirty (30) days of the end of such month; or

			

 

 

 

 

	 	
			2.0

				
			EXHIBITS

			

 

[Signature page follows]

 

 

 

 

IN WITNESS WHEREOF, the undersigned have duly executed this Amending Agreement #1 to the Original Agreement as of the Amendment Effective Date.

 

 

 

	
			Cbr Systems, Inc.

				 	
			Thermogenesis Corp.

			
	 	 	 	 	 
	
			 

			By:

				
			/s/ Peter Bawin

				 	
			By:

				
			/s/ Haihong Zhu

			
	
			Name:

				
			Peter Bawin

				 	
			Name:

				
			Haihong Zhu

			
	
			Title:

				
			EVP, Stem Cell

				 	
			Title:

				
			President

			

 

 

 

 

 

Appendix A to Exhibit B AXP II System Repair Agreement

 

	
			Serial Number

				
			Warranty Expiration Date

				
			Description

			
	
			[**]

				
			15-Jan-20

				
			AXP II Device

			
	
			[**]

				
			15-Jan-20

				
			AXP II Device

			
	
			[**]

				
			15-Jan-20

				
			AXP II Device

			
	
			[**]

				
			15-Jan-20

				
			AXP II Device

			
	
			[**]

				
			15-Jan-20

				
			AXP II Device

			
	
			[**]

				
			15-Jan-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			6-Jun-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			
	
			[**]

				
			25-Nov-20

				
			AXP II Device

			

 

 

 

 

Appendix A to Exhibit B AXP II System Repair Agreement (continued)

 

	
			Serial Number

				
			Warranty Expiration Date

				
			Description

			
	
			[**]

				
			15-Jan-20

				
			AXP II Docking Station

			
	
			[**]

				
			15-Jan-20

				
			AXP II Docking Station

			
	
			[**]

				
			15-Jan-20

				
			AXP II Docking Station

			
	
			[**]

				
			15-Jan-20

				
			AXP II Docking Station

			
	
			[**]

				
			15-Jan-20

				
			AXP II Docking Station

			
	
			[**]

				
			6-Jun-20

				
			AXP II Docking Station

			
	
			[**]

				
			6-Jun-20

				
			AXP II Docking Station

			
	
			[**]

				
			6-Jun-20

				
			AXP II Docking Station

			
	
			[**]

				
			9-Aug-20

				
			AXP II Docking Station

			
	
			[**]

				
			9-Aug-20

				
			AXP II Docking Station

			
	
			[**]

				
			9-Aug-20

				
			AXP II Docking Station

			
	
			[**]

				
			9-Aug-20

				
			AXP II Docking Station

			
	
			[**]

				
			21-Oct-20

				
			AXP II Docking Station

			
	
			[**]

				
			25-Nov-20

				
			AXP II Docking Station

			
	
			[**]

				
			25-Nov-20

				
			AXP II Docking Station

			
	
			[**]

				
			25-Nov-20

				
			AXP II Docking Station

			
	
			[**]

				
			25-Nov-20

				
			AXP II Docking Station

			
	
			[**]

				
			25-Nov-20

				
			AXP II Docking Station

			

 

 

 

 

Exhibit C – Pricing

 

	
			Thermo Part Number

				
			Description

				
			Price/each

				
			Price/Box 

			
	
			Disposable Products

				
			 

				
			 

				
			 

			
	
			8-5101

				
			Processing Bag Set

			Box of 24 each

				
			$[**]

				
			$[**]

			
	
			8-5110

				
			QC Bag Set/Disposable Box of 10

				
			$[**]

				
			$[**]

			
	
			8-5124

				
			Freezing/Processing Bag Labels

				
			 

				
			$[**]

			
	
			8-5121

				
			Label Barcode LN2 Canister

				
			 

				
			$[**]

			
	
			Non-Disposables Product

				
			 

				
			 

				
			 

			
	
			8-5100

				
			Start-Up Kit

			- Counterweight (1)

			- Wireless Bar Code Scanner (1)

			- Device Stand (1)

			- Weight Set (1)

			- Xpress tRAK Software (1)

			- Operators Manual (1)

			- Component Retaining Clip Set (1)

				
			$[**]

				
			$[**]

			
	
			80056

				
			AXP II Device

				
			$[**]

				
			$[**]

			
	
			80055

				
			AXP II Docking Station

				
			$[**]

				
			$[**]

			
	
			8-5104

				
			Counter Weight

				
			$[**]

				
			$[**]

			
	
			8-5109

				
			Weight Kit

				
			 

				
			$[**]

			
	
			7-00-186

				
			Weight Compensation Cap

				
			$[**]

				
			$[**]

			
	
			8-5108

				
			Device Stand

				
			$[**]

				
			$[**]

			
	
			8-5120

				
			ABC Switch Box

				
			$[**]

				
			$[**]

			
	
			8-5114

				
			Adapter, Sorvall 11754/11297 Buckets (Pk of 2)

				
			$[**]

				
			$[**]

			
	
			8-5155

				
			Sorvall 11754 Bucket Pads (Pack of 2)

				
			$[**]

				
			$[**]

			
	
			8-5106

				
			Wireless Barcode Scanner

				
			$[**]

				
			$[**]

			
	
			1-03-049

				
			Print Station Barcode Label

				
			$[**]

				
			$[**]

			
	
			710015

				
			Battery Replacement Kit

				
			$[**]

				
			$[**]

			
	
			8-5148

				
			Component Retaining Clip Set

				
			 

				
			$[**]

			
	
			7-00-328

				
			Assembly, Carrier, Freezing Bag, AXP, I. M.

				
			$[**]

				
			$[**]

			
	
			7-00-213

				
			XpressTRAK Software Upgrade

				
			$[**]

				
			$[**]

			
	
			N/A

				
			AXP Device Annual Service per unit

				
			$[**]

				
			 

			
	
			N/A

				
			AXP Docking Station Annual Service per unit

				
			$[**]Exhibit 4.1

 

PROMISSORY NOTE

 

	U.S. $6,465,000.00	March 18, 2020

 

FOR VALUE RECEIVED,
Inpixon, a Nevada corporation (“Borrower”), promises to pay in lawful money of the United States of America
to the order of Iliad Research and Trading, L.P., a Utah limited partnership, or its successors or assigns (“Lender”),
the principal sum of $6,465,000.00, together with all other amounts due under this Promissory Note (this “Note”).
This Note is issued pursuant to that certain Note Purchase Agreement of even date herewith between Borrower and Lender (the “Purchase
Agreement”).

 

1. PAYMENT.
Borrower shall pay to Lender the entire outstanding balance of this Note on or before the date that is twelve (12) months from
the date hereof (the “Maturity Date”). Borrower will make all payments of sums due hereunder to Lender at Lender’s
address set forth in the Purchase Agreement, or at such other place as Lender may designate in writing. Unless otherwise agreed
or required by applicable law, payments will be applied first to any unpaid collection costs and late charges, then to accrued
interest and finally to principal.

 

2. INTEREST.
Interest shall accrue on the outstanding balance of this Note at the rate of ten percent (10%) per annum from the date hereof until
this Note is paid in full. Upon the occurrence of an Event of Default (as defined below), interest shall accrue on the outstanding
balance of this Note at the lesser of the rate of twenty-two percent (22%) per annum or the maximum rate permitted by applicable
law. All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty
(30) day months, shall compound daily and shall be payable in accordance with the terms of this Note.

 

3. ORIGINAL ISSUE
DISCOUNT; TRANSACTION EXPENSES. This Note carries an original issue discount of $1,450,000.00. In addition, Borrower agrees
to pay $15,000.00 to Lender to cover Lender’s legal fees, accounting costs, due diligence, monitoring and other transaction
costs incurred in connection with the purchase and sale of this Note, all of which amounts are included in the initial principal
balance of this Note and are fully earned and payable as of the date hereof.

 

4. PREPAYMENT.
Borrower may pay all or any portion of the amount owed earlier than it is due; provided that in the event Borrower elects
to prepay all or any portion of the outstanding balance, it shall pay to Lender 115% of the portion of the outstanding balance
Borrower elects to prepay. Early payments of less than all principal, fees and interest outstanding will not, unless agreed to
by Lender in writing, relieve Borrower of Borrower’s remaining obligations hereunder.

 

5. REDEMPTIONS.
Beginning on the date that is six (6) months from the date hereof and at the intervals indicated below until this Note is paid
in full, Lender shall have the right to redeem, up to an aggregate of one third (1/3) of the initial principal balance of this
Note each month (each monthly exercise, a “Monthly Redemption Amount”) by providing written notice (each, a
“Monthly Redemption Notice”) delivered to Borrower by facsimile, email, mail, overnight courier, or personal
delivery; provided, however, that if Lender does not exercise any Monthly Redemption Amount in its corresponding
month then such Monthly Redemption Amount shall be available for Lender to redeem in any future month in addition to such future
month’s Monthly Redemption Amount. Upon receipt of any Monthly Redemption Notice, Borrower shall pay the applicable Monthly
Redemption Amount in cash to Lender within five (5) business days of Borrower’s receipt of such Monthly Redemption Notice.

 

     

     

    

 

6. Monitoring
FeeS. Borrower shall be charged a separate fee equal to ten percent (10%) of the outstanding balance on the date that
is six (6) months from the issuance date of this Note to cover Lender’s accounting, legal and other costs incurred in monitoring
this Note based on the then-current outstanding balance of this Note. The foregoing fee shall automatically be added to the outstanding
balance on each applicable date without any further action by either party.

 

7. EVENT OF DEFAULT.
The occurrence of any of the following shall constitute an “Event of Default” under this Note:

 

(a) Failure to Pay.
Borrower shall fail to pay when due, whether at stated maturity, upon acceleration or otherwise, any principal or interest payment,
or any other payment required under the terms of this Note on the date due.

 

(b) Breaches of Covenants.
Borrower or any other person or entity defaults or otherwise fails to observe or perform any covenant, obligation, condition or
agreement of Borrower contained herein or in any other Transaction Document (as defined in the Purchase Agreement), only if such
default or breach remains uncured for a period of at least five (5) Trading Days.

 

(c) Representations
and Warranties. Any representation or warranty made by Borrower to Lender in this Note, the Purchase Agreement, any other Transaction
Document, or any related agreement shall be false, incorrect, incomplete or misleading in any material respect when made or furnished.

 

(d) Voluntary Bankruptcy
or Insolvency Proceedings. Borrower shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator
or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for the benefit of its or
any of its creditors, (iii) be dissolved or liquidated, or (iv) commence a voluntary case or other proceeding seeking
liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any
official in an involuntary case or other proceeding commenced against it.

 

(e) Involuntary Bankruptcy
or Insolvency Proceedings. Proceedings for the appointment of a receiver, trustee, liquidator, or custodian of Borrower or
of all or a substantial part of its property, or an involuntary case or other proceedings seeking liquidation, reorganization,
or other relief with respect to Borrower or its debts under any bankruptcy, insolvency or other similar law now or hereafter in
effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty
(60) days of commencement.

 

    2

     

    

 

(f) Judgment.
A judgment or judgments for the payment of money in excess of the sum of $600,000.00 in the aggregate shall be rendered against
Borrower and either (i) the judgment creditor executes on such judgment or (ii) such judgment remains unpaid or undischarged for
more than sixty (60) days from the date of entry thereof or such longer period during which execution of such judgment shall be
stayed during an appeal from such judgment.

 

(g) Attachment.
Any execution or attachment shall be issued whereby any substantial part of the property of Borrower shall be taken and the same
shall not have been vacated or stayed within thirty (30) days after the issuance thereof.

 

(h) Cross Default.
Borrower breaches or any event of default occurs under any term or provision of any Other Agreement (as defined hereafter). For
purposes hereof, “Other Agreement” means collectively, all existing and future agreements and instruments between,
among or by Borrower, on the one hand, and Lender, on the other hand.

 

8. ACCELERATION;
REMEDIES.

 

(a) At any time following
the occurrence of an Event of Default (other than an Event of Default referred to in Sections 6(d) and 6(e)), Lender may,
by written notice to Borrower, declare all unpaid principal, plus all accrued interest and other amounts due hereunder to be immediately
due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in
Sections 6(d) and 6(e), immediately and without notice, all outstanding unpaid principal, plus all accrued interest
and other amounts due hereunder shall automatically become immediately due and payable, without presentment, demand, protest or
any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding.
In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, Lender may exercise any other
right, power or remedy permitted to it by law, either by suit in equity or by action at law, or both.

 

(b) Upon the occurrence
of a Change in Control (as defined below), and without further notice to Borrower, all unpaid principal, plus all accrued interest,
original issue discount, and other amounts due hereunder, shall become immediately due and payable. For purposes hereof, a “Change
in Control” means a sale of all or substantially all of Borrower’s assets, or a merger, consolidation, or other
capital reorganization of Borrower with or into another company, and does not include a significant equity financing; provided
however that a merger, consolidation, or other capital reorganization in which the holders of the equity of Borrower outstanding
immediately prior to such transaction continue to hold (either by the voting securities remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting
securities of Borrower, or such surviving entity, outstanding immediately after such transaction shall not constitute a Change
in Control.

 

9. UNCONDITIONAL
OBLIGATION; NO OFFSET. Borrower acknowledges that this Note is an unconditional, valid, binding and enforceable obligation
of Borrower not subject to offset, deduction or counterclaim of any kind. Borrower hereby waives any rights of offset it now has
or may have hereafter against Lender, its successors and assigns, and agrees to make all payments due hereunder in accordance with
the terms of this Note.

 

    3

     

    

 

10. NO USURY.
Notwithstanding any other provision contained in this Note or in any instrument given to evidence the obligations evidenced hereby:
(a) the rates of interest and charges provided for herein and therein shall in no event exceed the rates and charges which result
in interest being charged at a rate equaling the maximum allowed by law; and (b) if, for any reason whatsoever, Lender ever receives
as interest in connection with the transaction of which this Note is a part an amount which would result in interest being charged
at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest shall automatically
be applied toward reduction of the unpaid principal balance then outstanding hereunder and not toward payment of interest.

 

11. ATTORNEYS’
FEES. If this Note is placed in the hands of an attorney for collection or enforcement prior to commencing arbitration or legal
proceedings, or is collected or enforced through any arbitration or legal proceeding, or Lender otherwise takes action to collect
overdue amounts due under this Note or to enforce the provisions of this Note, then Borrower shall pay the reasonable costs incurred
by Lender for such collection, enforcement or action including, without limitation, reasonable attorneys’ fees and disbursements.

  

12. GOVERNING LAW;
VENUE. This Note shall be construed and enforced in accordance with, and all questions concerning the construction, validity,
interpretation and performance of this Note shall be governed by, the internal laws of the State of Utah, without giving effect
to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions) that would
cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the Purchase Agreement
to determine the proper venue for any disputes are incorporated herein by this reference.

 

13. ARBITRATION
OF DISPUTES. Borrower agrees that any dispute arising under this Note shall be subject to the Arbitration Provisions (as defined
in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

 

14. WAIVERS.
Borrower hereby waives presentment, notice of nonpayment, notice of dishonor, protest, demand and diligence.

 

15. LOSS OR MUTILATION.
On receipt by Borrower of evidence reasonably satisfactory to Borrower of the loss, theft, destruction or mutilation of this Note
and, in the case of any such loss, theft or destruction of this Note, on delivery of an indemnity agreement reasonably satisfactory
in form and amount to Borrower or, in the case of any such mutilation, on surrender and cancellation of such Note, Borrower at
its expense will execute and deliver, in lieu thereof, a new Note of like amount and tenor.

 

16. NOTICES.
Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices”
in the Purchase Agreement, the terms of which are incorporated herein by this reference.

 

    4

     

    

 

17. AMENDMENT AND
WAIVER. This Note and its terms and conditions may be amended, waived or modified only in writing by Borrower and Lender.

 

18. SEVERABILITY.
If any part of this Note is construed to be in violation of any law, such part shall be modified to achieve the objective of the
parties to the fullest extent permitted and the balance of this Note shall remain in full force and effect.

 

19. ASSIGNMENTS.
Borrower may not assign this Note without the prior written consent of Lender. This Note may be offered, sold, assigned or transferred
by Lender without the consent of Borrower.

 

20. FINAL NOTE.
This Note, together with the other Transaction Documents, contains the complete understanding and agreement of Borrower and Lender
and supersedes all prior representations, warranties, agreements, arrangements, understandings, and negotiations. THIS NOTE, TOGETHER
WITH THE OTHER TRANSACTION DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF ANY ALLEGED PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

 

21. Waiver
of Jury Trial. BORROWER IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS
TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER,
BORROWER ACKNOWLEDGES THAT IT KNOWINGLY AND VOLUNTARILY IS WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

22. TIME IS OF THE
ESSENCE. Time is of the essence of this Note and each and every provision hereof in which time is an element.

 

23. LIQUIDATED DAMAGES.
Lender and Borrower agree that in the event Borrower fails to comply with any of the terms or provisions of this Note, Lender’s
damages would be uncertain and difficult (if not impossible) to accurately estimate because of the parties’ inability to
predict future interest rates and other relevant factors. Accordingly, Lender and Borrower agree that any fees, balance adjustments,
default interest or other charges assessed under this Note are not penalties but instead are intended by the parties to be, and
shall be deemed, liquidated damages.

 

[Remainder of page intentionally left
blank]

 

    5

     

    

 

IN WITNESS WHEREOF,
Borrower has caused this Note to be issued as of the date first set forth above.

 

	 	BORROWER:
	 	 	 
	 	INPIXON
	 	 	 
	 	By: 	/s/ Nadir Ali     
	 	Name:	Nadir Ali  
	 	Title: 	Chief Executive Officer

 

 

[Signature Page to Promissory Note]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]