Document:

CHANGE IN CONTROL

SEVERANCE AGREEMENT

 

This Agreement between Linda M. McKnight
("you") and VERSAR, INC. ("Company") has been entered into as of September 13, 2013. This Agreement promises
you severance benefits if, following a Change of Control, you are terminated without Cause or resign for Good Reason during the
Term of this Agreement. Capitalized terms are defined in the last section of this Agreement.

 

		1.	Purpose 

The Company considers a sound and vital management
team to be essential. Management personnel who become concerned about the possibility that the Company may undergo a Change in
Control may terminate employment or become distracted. Accordingly, the Company’s Board of Directors (the “Board”)
has determined that it is in the best interests of the Company to enter in to this Agreement with You.

 

		2.	Events That Trigger Severance Benefits 

 

		a.	Termination After a Change in Control 

You will receive Severance Benefits
under this Agreement if, during the Term of this Agreement and after a Change in Control has occurred, your employment is terminated
by the Company without Cause (other than on account of your Disability or death) or you resign for Good Reason.

 

		b.	Termination After a Potential Change in Control 

You will receive Severance Benefits
under this Agreement if, during the Term of this Agreement and after a Potential Change in Control has occurred but before a Change
in Control actually occurs, your employment is terminated by the Company without Cause or you resign for Good Reason, but only
if either: (i) you are terminated at the direction of a Person who has entered into an agreement with the Company that will result
in a Change in Control; or (ii) the event constituting Good Reason occurs at the direction of such Person.

 

		c.	Successor Fails to Assume This Agreement 

You will receive Severance Benefits
under this Agreement if, during the Term of this Agreement, a successor to the Company fails to assume this Agreement, as provided
in Section 12(a).

 

		3.	Events That Do Not Trigger Severance Benefits 

You will not be entitled to Severance
Benefits if your employment ends because you are terminated for Cause or on account of Disability or because you resign without
Good Reason, retire, or die. Except as provided in Section 2(c), you will not be entitled to Severance Benefits while you remain
protected by this Agreement and remain employed by the Company, its affiliates, or their successors.

 

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		4.	Termination Procedures 

If you are terminated by the
Company after a Change in Control and during the Term of this Agreement, the Company shall provide you with 30 days' advance written
notice of your termination, unless you are being terminated for Cause. The notice will indicate why you are being terminated and
will set forth in reasonable detail the facts and circumstances claimed to provide a basis for your termination. If you are being
terminated for Cause, your notice of termination will include a copy of a resolution duly adopted by the affirmative vote of not
less than 51% of the entire membership of the Board (at a meeting of the Board called and held for the purpose of considering your
termination (after reasonable notice to you and an opportunity for you and your counsel to be heard before the Board)) finding
that, in the good faith opinion of the Board, Cause for your termination exists and specifying the basis for that opinion in detail.
If you are purportedly terminated without the notice required by this Section, your termination shall not be effective.

 

		5.	Severance Benefits 

 

		a.	In General 

“Severance Benefits”
include all of the benefits set forth in Sections 5(b) through 5(f) of this Agreement.

 

		b.	Lump-Sum Payment in Lieu of Future Compensation 

In lieu of any further cash compensation
for periods after your employment ends, other than cash compensation paid pursuant to any agreement governing the terms of a Change
in Control payable to all similarly situated persons, you will be paid a cash lump sum equal to 2 times your annual base salary
in effect when your employment ends or, if higher, in effect immediately before the Change in Control, Potential Change in Control,
or Good Reason event in connection with which your employment terminated. In addition, and without duplication, you will be paid
a cash lump sum equal to 2 times the higher of the aggregate amounts paid to you (if any) under any existing cash bonus, cash incentive
and/or non-equity incentive compensation plans in the calendar year preceding the calendar year in which your employment ends or
in the calendar year preceding the calendar year in which the Change in Control occurred (or in which the Potential Change in Control
occurred, if benefits are payable under Section 2(b) hereof).

 

		c.	Incentive Compensation 

The Company will pay you a cash
lump sum equal to any unpaid incentive compensation (that is not otherwise paid to you) that you have been allocated or awarded
under any existing bonus, incentive or other programs for performance adopted by the Company for its executive officers and other
key employees and relating to measuring periods completed before you became entitled to Severance Benefits under this Agreement.
All unvested options to purchase Company common stock will immediately vest and remain exercisable for the longest period of time
permitted under the applicable stock option plan. All unvested restricted stock awards and restricted stock unit awards awarded
to you will immediately vest.

 

		d.	Group Insurance Benefit Continuation 

During the period that begins when
you become entitled to Severance Benefits under this Agreement and ends on the last day of the 18th calendar month beginning thereafter,
the Company shall provide, at no cost to you or your spouse or dependents, health and dental insurance benefits (or substantially
similar benefits) it was providing to you and your spouse and dependents immediately before you became entitled to Severance Benefits
under this Agreement. The Company subsidized health and dental insurance coverage shall be treated as satisfying the Company's
COBRA obligations. After this subsidized coverage ends, you, your spouse and dependents may continue any remaining COBRA coverage
at your sole cost and expense.

 

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		e.	Group Benefit Continuation 

During the period that begins when
you become entitled to Severance Benefits under this Agreement and ends on the last day of the 24th calendar month beginning
thereafter, the Company shall provide, at no cost to you or your spouse or dependents, the life, disability and accident benefits
(or substantially similar benefits) it was providing to you and your spouse and dependents before you became entitled to Severance
Benefits under this Agreement (or immediately before a benefit reduction that constitutes Good Reason, if you terminate employment
for that Good Reason).

 

		f.	Officer Benefits

In lieu of the medical benefits
available to the Company’s officers, including without limitation under the Company’s Executive Medical Plan, you will
be entitled to a lump sum payment of $16,000.00.

 

		g.	Medical Benefits

Any additional benefits you are
entitled to under the Company’s Retired Officer Medical Benefit Program.

  

		6.	Time for Payment 

Subject to the provisions of
Section 20 hereof, you will be paid your cash Severance Benefits within five (5) days after the day you become entitled to Severance
Benefits under this Agreement (the “Severance Date”) (e.g., within five (5) days following your termination of employment).
If the amount you are due cannot be finally determined within that period, you will receive the minimum amount to which you are
clearly entitled, as estimated in good faith by the Company. The Company will pay the balance you are due (together with interest
at the rate provided in Internal Revenue Code Section 1274(b)(2)(B)) as soon as the amount can be determined, but in no event later
than thirty (30) days after the Severance Date. If your estimated payment exceeds the amount you are due, the excess will be a
loan to you, which you must repay to the Company within five (5) business days after demand by the Company (together with interest
at the rate provided in Code Section 1274(b)(2)(B)). In no event will any cash Severance Benefits be paid to you later than March
15 of the calendar year following the calendar year in which you become entitled to such Severance Benefits.

 

		7.	Payment Explanation 

When payments are made to you,
the Company will provide you with a written statement explaining how your payments were calculated and the basis for the calculations.
This statement will include any opinions or other advice the Company has received from auditors or consultants as to the calculation
of your benefits. If your benefit is affected by the golden parachute limitation in Section 8, the Company will provide you with
calculations relating to that limitation and any supporting materials you reasonably need to permit you to evaluate those calculations.

 

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		8.	Potential Limitations 

 

		a.	Golden Parachute Limitation 

Your aggregate payments and benefits
under this Agreement and all other contracts, arrangements, or programs shall not exceed the maximum amount that may be paid without
triggering golden parachute penalties under Section 280G and related provisions of the Internal Revenue Code, as determined in
good faith by the Company's independent auditors. The preceding sentence shall not apply to the extent the shareholder approval
requirements of Code Section 280G(b)(5) are satisfied. If your benefits must be reduced to avoid triggering such penalties, the
Company shall reduce your benefits that are not considered deferred compensation subject to Code Section 409A before it reduces
any benefits that are considered deferred compensation subject to Code Section 409A. If an amount in excess of the limit set forth
in this Section is paid to you, you must repay the excess amount to the Company on demand, with interest at the rate provided in
Code Section 1274(b)(2)(B). You and the Company agree to cooperate with each other reasonably in connection with any administrative
or judicial proceedings concerning the existence or amount of golden parachute penalties on payments or benefits you receive.

 

		b.	Section 162(m) Limitation 

To the extent payments or benefits
under this Agreement would not be deductible under Code Section 162(m) if made or provided when otherwise due under this Agreement,
they shall be made or provided later, immediately after Section 162(m) ceases to preclude their deduction, with interest thereon
at the rate provided in Code Section 1274(b)(2)(B).

 

		9.	Disability 

Following a Change in Control,
while you are absent from work as a result of physical or mental illness, the Company will continue to pay you your full salary
and provide you all other compensation and benefits payable to you under the Company's compensation or benefit plans, programs,
or arrangements. These payments will stop if and when your employment is terminated by the Company for Disability as described
in Section 20(h) hereof or at the end of the Term of this Agreement, whichever is earlier. Severance Benefits under this Agreement
are not payable if you are terminated on account of your Disability.

 

		10.	Effect of Reemployment

Your Severance Benefits will
not be reduced by any other compensation you earn or could have earned from another source.

 

		11.	Successors 

 

		a.	Assumption Required 

In addition to obligations imposed
by law on a successor to the Company, during the Term of this Agreement the Company will require any successor to all or substantially
all of the business or assets of the Company expressly to assume and to agree to perform this Agreement in the same manner and
to the same extent that the Company was required to perform. If the Company fails to obtain such an assumption and agreement before
the effective date of a succession, you will be entitled to Severance Benefits as if you were terminated by the Company without
Cause on the effective date of that succession.

 

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		b.	Heirs and Assigns 

This Agreement will inure to the
benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees,
devisees, and legatees. If you die while any amount is still payable to you under this Agreement, that amount will be paid to the
executor, personal representative, or administrator of your estate.

 

		12.	Amendments 

This Agreement may be modified
only by a written agreement executed by you and an authorized officer of the Company.

 

		13.	Governing Law 

This Agreement creates a "top
hat" employee benefit plan subject to the Employee Retirement Income Security Act of 1974, and it shall be interpreted, administered,
and enforced in accordance with that law; the Company is the "plan administrator." To the extent that state law is applicable,
the statutes and common law of the State of Virginia (excluding its choice of laws statutes or common law) shall apply.

 

		14.	Claims 

 

		a.	When Required; Attorneys' Fees 

You do not need to present a formal
claim to receive benefits payable under this Agreement. However, if you believe that your rights under this Agreement are being
violated, you must file a formal claim with the Company in accordance with the procedures set forth in this Section. The Company
will pay your reasonable attorneys' fees and related costs in enforcing your rights under this Agreement.

 

		b.	Initial Claim 

Your claim must be presented to
the Company in writing. Within 30 days after receiving the claim, a claims official appointed by the Company will consider your
claim and issue his or her determination thereon in writing. With your consent, the initial claim determination period can be extended
further. If you can establish that the claims official failed to respond to your claim in a timely manner, you may treat the claim
as having been denied by the claims official.

 

		c.	Claim Decision 

If your claim is granted, the benefits
or relief you are seeking will be provided. If your claim is wholly or partially denied, the claims official shall, within three
days, provide you with written notice of the denial, setting forth, in a manner calculated to be understood by you: (i) the specific
reason or reasons for the denial; (ii) specific references to the provisions on which the denial is based; (iii) a description
of any additional material or information necessary for you to perfect your claim, together with an explanation of why the material
or information is necessary; and (iv) an explanation of the procedures for appealing denied claims. If you establish that the claims
official has failed to respond to your claim in a timely manner, you may treat the claim as having been denied by the claims official.

 

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		d.	Appeal of Denied Claims 

You may appeal the claims official's
denial of your claim in writing to an appeals official designated by the Company (which may be a person, committee, or other entity)
for a full and fair appeal. You must appeal a denied claim within five days after your receipt of written notice denying your claim,
or within 60 days after such written notice was due, if the written notice was not sent. In connection with the appeals proceeding,
you (or your duly authorized representative) may review pertinent documents and may submit issues and comments in writing. You
may only present evidence and theories during the appeal that you presented during the initial claims stage, except for information
the claims official requested you to provide to perfect the claim. You will irrevocably waive any theories you do not in good faith
pursue through the appeal stage, such as by failing to file a timely appeal request.

 

		e.	Appeal Decision 

The decision by the appeals official
will be made within 60 days after your appeal request, unless special circumstances require an extension of time, in which case
the decision will be rendered as soon as possible, but not later than ten days after your appeal request, unless you agree to a
greater extension of that deadline. The appeal decision will be in writing, set forth in a manner calculated to be understood by
you; it will include specific reasons for the decision, as well as specific references to the pertinent provisions of this Agreement
on which the decision is based.

 

		f.	Procedures 

The Company will adopt procedures
by which initial claims and appeals will be considered and resolved; different procedures may be established for different claims.
All procedures will be designed to afford you full and fair consideration of your claim.

 

		g.	Arbitration

In the event that any dispute arises,
following satisfaction of the claim procedures outlined in this Section 14, related to the validity, interpretation, enforcement
or performance of this Agreement, the dispute shall be submitted to binding arbitration in accordance with the Employment Rules
of the American Arbitration Association. The aggrieved party must give written notice of any claim to the other party no later
than the expiration of the statute of limitations (deadline for filing) that the law prescribes for the claim. Otherwise, the claim
shall be void and deemed waived. The arbitrator may award any remedy that would otherwise be available to a court of competent
jurisdiction. The decision of the arbitrator shall be final and binding and shall be fully enforceable in any court having jurisdiction
and venue over the parties. The arbitrator shall have no power to alter, modify, ignore, or otherwise deviate from the express
terms of this Agreement, and the arbitrator shall be bound by controlling law. The arbitrator’s decision shall be provided
to the parties in writing and shall succinctly set forth the arbitrator’s findings of fact, conclusions of law, and remedy,
if any. The cost of such arbitration shall be paid by the Company, except you shall pay an administrative fee equivalent to the
filing fee to initiate a similar claim in the local court of general jurisdiction if you are the party initiating the claim. The
parties hereto agree that any action to compel arbitration pursuant to this Agreement may be brought in the appropriate Virginia
state court, and in connection with such action to compel, the laws of Virginia shall control. Application may also be made to
such court for confirmation of any decision or award of the arbitrator, for an order of enforcement and for any other remedies
which may be necessary to effectuate such decision or award. The parties hereto hereby consent to the jurisdiction of the arbitrator
and of such court and waive any objection to the jurisdiction of such arbitrator and court.

 

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		15.	Limitation on Employee Rights 

This Agreement does not give
you the right to be retained in the service of the Company.

 

		16.	Validity 

The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

 

		17.	Counterparts 

This Agreement may be executed
in several counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument.

 

		18.	Giving Notice 

 

		a.	To the Company 

All communications from you to
the Company relating to this Agreement must be sent to the Company to its principal business office in Springfield, Virginia, in
writing, by registered or certified mail, or delivered personally.

 

		b.	To You 

All communications from the Company
to you relating to this Agreement must be sent to you in writing, by registered or certified mail, or delivered personally, addressed
as indicated at the end of this Agreement.

 

		19.	Previous Change in Control Severance Agreements

This Agreement revises and replaces
in its/their entirety any and all other Change in Control Agreement(s) that may have previously been entered in to between You
and the Company.

 

		20.	Definitions 

 

		a.	Agreement

"Agreement" means this
contract, as amended.

 

		b.	Beneficial Owner 

"Beneficial Owner" has
the meaning set "forth in Rule 13d-3 under the Exchange Act.

 

		c.	Board 

"Board" means the Board
of Directors of the Company.

 

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		d.	Cause 

"Cause" means any of
the following:

 

		(1)	you fail to carry out assigned duties after being given prior warning and an opportunity to remedy
the failure,

 

		(2)	you breach any material term of any employment agreement with the Company,

 

		(3)	you engage in fraud, dishonesty, willful misconduct, gross negligence, or breach of fiduciary duty
(including without limitation any failure to disclose a conflict of interest) in the performance of your duties for the Company,
or

 

		(4)	you are convicted of a felony or crime involving moral turpitude.

 

		e.	Change in Control 

"Change in Control" means
the first of the following to occur after the date of this Agreement:

 

		(1)	Acquisition of Controlling Interest

Any Person becomes the Beneficial
Owner, directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company's
then outstanding securities. In applying the preceding sentence, securities acquired directly from the Company or its affiliates
with the Company's approval by or for the Person shall not be taken into account.

 

		(2)	Change in Board Control

During the term of this Agreement,
individuals who constituted the Board as of the date of this Agreement (or their approved replacements, as defined in the next
sentence) cease for any reason to constitute a majority of the Board. A new director shall be considered an "approved replacement"
director if his or her election (or nomination for election) was approved by a vote of at least two-thirds of the directors then
still in office who either were directors at the beginning of the period or were themselves approved replacement directors; provided
that any individual whose initial assumption of office occurs as a result of an actual or threatened election contest (as the term
is used in Rule 14a-11 of Regulation 14A issued under the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board shall not be considered an “approved replacement”.

 

		(3)	Merger Approved

The shareholders of the Company
approve a merger or consolidation of the Company with any other corporation unless: (a) the voting securities of the Company outstanding
immediately before the merger or consolidation would continue to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 75% of the combined voting power of the voting securities of the Company
or such surviving entity outstanding immediately after such merger or consolidation; and (b) no Person acquires more than 25% of
the combined voting power of the Company's then outstanding securities.

 

		(4)	Sale of Assets

The shareholders of the Company
approve an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets.

 

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		(5)	Liquidation or Dissolution

A complete liquidation or dissolution
of the Company.

 

		(6)	Private Transaction

Any transaction or series of
transactions not covered in paragraphs (1) through (5) above the result of which is the suspension of the Company’s duty
to file reports under the Exchange Act as a result of the remaining number of holders of the Company’s common stock following
such transaction or series of transactions.

 

		f.	Code 

"Code" means the Internal
Revenue Code of 1986, as amended.

 

		g.	Company 

"Company" means Versar,
Inc. and any successor to its business or assets that (by operation of law, or otherwise) assumes and agrees to perform this Agreement.
However, for purposes of determining whether a Change in Control has occurred in connection with such a succession, the successor
shall not be considered to be the Company.

 

		h.	Disability 

"Disability" means that,
due to physical or mental illness which is determined to be total and permanent by a physician selected by the Company or its insurer
and acceptable to you or your legal representative: (i) you have been absent on a full-time basis from your duties with the Company
for 180 consecutive business days; (ii) the Company has notified you more than 30 days prior to your intended termination date
that it intends to terminate you on account of Disability; and (iii) you do not resume the full-time performance of your duties
within 30 days after receiving notice of your intended termination on account of Disability. Following the expiration of the 30
day period specified above, unless you have resumed full- time performance of your duties, your employment with the Company shall
terminate immediately.

 

		i.	Exchange Act 

"Exchange Act" means
the Securities Exchange Act of 1934, as amended.

 

		j.	Good Reason 

"Good Reason" means the
occurrence of any of the following events arising without your consent:

 

		(1)	Demotion

Your duties and responsibilities
are materially and adversely altered from those in effect immediately before the Change in Control (or, with respect to Section
3(b), the Potential Change in Control), or there is a material and adverse change in your reporting responsibilities or in the
size of the budget you administer in effect immediately before the Change in Control (or, with respect to Section 3(b), the Potential
Change in Control), provided that no demotion will be deemed to occur solely as a result of the Company ceasing to be a public
company, a change in your title, or your transfer to an affiliate.

 

		(2)	Pay Cut

Your annual base salary is materially
reduced.

 

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		(3)	Relocation

Your principal office is materially
relocated, which increases your one-way commute to work by more than 50 miles, based on your residence when the transfer was announced.

 

		(4)	Breach of Contract

The Company materially breaches
this Agreement, your employment agreement or any other agreement between you and the Company pursuant to which you perform services
for the Company or compensation and benefits are provided to you.

 

		(5)	Improper Termination

The Company terminates your
employment, other than pursuant to a notice of termination satisfying the requirements of Section 5 hereof.

 

However, an event that is or
would constitute Good Reason shall cease to be Good Reason if: (a) you fail to provide written notice to the Company within 90
days following the initial existence of the event described in paragraphs (1) through (4) above; (b) the Company reverses or otherwise
cures the event within 30 days of receiving such notice; (c) you do not terminate employment within 180 days after the event occurs;
or (d) you were a primary instigator of the Good Reason event and the circumstances make it inappropriate for you to receive
benefits under this Agreement (e.g., you agree temporarily to relinquish your position on the occurrence of a merger transaction
you negotiate). If you have Good Reason to terminate employment, you may do so even if you are on a leave of absence due to physical
or mental illness or any other reason.

 

		k.	Incentive Compensation

“Incentive Compensation”
means the amount of cash and/or securities paid to you under all bonus, incentive or other programs for performance adopted by
the Company for its executive officers and other key employees.

 

		l.	Person 

"Person" has the meaning
given in Section 3(a)(9) of the Exchange Act, as modified and used in Section 13(d) of that Act, and shall include a "group,"
as defined in Rule 13d-5 promulgated thereunder. However, a Person shall not include: (i) the Company or any of its subsidiaries;
(ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries;
(iii) an underwriter temporarily holding securities pursuant to an offering of such securities; or (iv) a corporation owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

		m.	Potential Change in Control 

"Potential Change in Control"
means that any of the following has occurred during the term of this Agreement:

 

		(1)	Agreement Signed

The Company enters into an
agreement that will result in a Change in Control.

 

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		(2)	Notice of Intent to Seek Change in Control

The Company or any Person publicly
announces an intention to take or to consider taking actions that will result in a Change in Control.

 

		(3)	Board Declaration

With respect to this Agreement,
the Board adopts a resolution declaring that a Potential Change in Control has occurred.

 

		n.	Separation from Service

“Separation from Service”
shall have the meaning set forth in Treas. Reg. § 1.409A-1(h).

 

		o.	Severance Benefits 

"Severance Benefits"
means your benefits under Section 6 of this Agreement.

 

		p.	Term of this Agreement 

"Term of this Agreement"
means the period that commences on the date of this Agreement and ends on the

 

(1) subject to the remainder
of this definition, the earlier of (the “Standard Termination Date”):

 

		a.	September 13, 2015; or

		b.	Your ceasing to serve in the position of Senior Vice President, Business Development prior to the
occurrence of a Potential Change in Control or Change in Control; or

		(2)	Notwithstanding paragraph (1) above and subject to paragraph (2) below, after a Potential Change
in Control occurs, the end of the Term of this Agreement shall be deemed to be the later of:

		a.	the Standard Termination Date; or

		b.	the last day of the 6th calendar month beginning after the calendar month in which the relevant
Potential Change in Control occurred during the Term of this Agreement; or

 

		(3)	Notwithstanding paragraphs (1)
and (2) above, after a Change in Control occurs, the end of the Term of this Agreement shall be deemed to be the later of:

 

		a.	the Standard Termination Date; or

		b.	the last day of the 24th calendar month beginning after the calendar month in which the relevant
Change in Control occurred during the Term of this Agreement.

 

		21.	Section 409A

 

		a.	Notwithstanding anything in this Agreement to the contrary, if any amounts that become due under
this Agreement on account of your termination of employment constitute “nonqualified deferred compensation” within
the meaning of Code Section 409A, payment of such amounts shall not commence until you incur a Separation from Service.

 

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		b.	Notwithstanding any provision to the contrary in this Agreement (other than Section 21(c) below)
no payments to which you become entitled under this Agreement shall be made or paid to you prior to the earlier of (1) the expiration
of the six-month period measured from the date of your Separation from Service with the Company or (2) the date of your death,
if you are deemed at the time of the Separation from Service a “specified employee” within the meaning of Code Section
409A, and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2).
Upon expiration of the applicable deferral period, all payments deferred pursuant to this Section 21(b) shall be paid to you in
a lump sum, and any remaining payments due under this Agreement shall be paid in accordance with the remaining payment dates specified
herein.

 

		c.	The six-month holdback set forth in Section 21(b) above shall not be applicable to any cash Severance
Benefits under Section 6 that are paid to you by March 15 of the calendar year following the calendar year in which you become
entitled to Severance Benefits.

 

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IN WITNESS WHEREOF, the parties
have executed this Agreement as of the date set forth above.

 

	Date	September 13, 2013	 	By: Versar, Inc.
	 	 	 	/s/ Anthony L. Otten
	 	 	 	Anthony L. Otten
	 	 	 	Chief Executive Officer
	 	 	 	 
	Date	September 13, 2013	 	/s/ Linda M. McKnight
	 	 	 	Linda M. McKnight

 

Company notices to you shall be addressed
as follows (or in any other manner you notify the Company to use):

 

	 	6610-M Nelties Lane
	 	 
	 	Alexandria, VA  22315

 

    	- 13 -ASSET
PURCHASE AGREEMENT

 

AMERICAN FOOD TRUCK GROUP LLC

 

as Buyer

 

AND

 

THE GRILLED CHEESE TRUCK, INC. 

  

as Seller

 

Dated as of September 12, 2013

 

 

    	 

    	 

    

 

	ARTICLE 1    DEFINITIONS	4
	1.1   	Certain Defined Terms	8
	1.2   	Other Defined Terms	8
	ARTICLE II    PURCHASE AND SALE OF ASSETS	8
	2.1   	Purchase of Assets	8
	2.2   	Purchase Price and Payment	8
	2.3   	Full Possession	8
	2.4   	No Assignment in Certain Circumstances	8
	ARTICLE III    INTENTIONALLY OMITTED	9
	ARTICLE IV    CLOSING	9
	4.1   	Closing	9
	4.2   	Seller's Obligations at Closing	9
	4.3   	Buyer Obligations at Closing	10
	ARTICLE V    REPRESENTATIONS AND WARRANTIES OF SELLER	11
	5.1   	Organization and Qualification	11
	5.2   	Authorization	11
	5.3   	Non-Contravention	11
	5.4   	No Brokers	11
	5.5   	Litigation; Legal Matters	12
	5.6   	Title to Assets	12
	ARTICLE VI    REPRESENTATIONS AND WARRANTIES OF BUYER	12
	6.1   	Organization and Qualification; No Subsidiaries	12
	6.2   	Authorization	12
	6.3   	Capitalization	13
	6.4   	Non-Contravention	14
	6.5   	Absence of Certain Changes	14
	6.6   	Title to Assets	15
	6.7   	Buyer Personal Property Leases	15
	6.8   	Real Property Leases	15
	6.9   	Intellectual Property Rights	15
	6.10   	Litigation; Legal Matters	18
	6.11   	Permits and Other Operating Rights	18
	6.12   	Compliance with Law	18
	6.13   	Tax Matters	18
	6.14   	Disclosure	19
	6.15   	No Brokers	19
	ARTICLE VII    CERTAIN COVENANTS	19
	7.1   	Confidentiality	19
	7.2   	Authorizations	20
	7.3   	Publicity	20
	7.4   	Notification	20
	7.5   	Bulk Sales Compliance	20
	7.6   	Truck Rental Lease Agreement	21

 

    	 

    	 

    

 

	ARTICLE VIII    INDEMNIFICATION	21
	8.1   	Survival	21
	8.2   	Indemnification by Seller	21
	8.3   	Indemnification by Buyer	22
	8.4   	General Indemnification Provisions	22
	8.5   	Tax Matters	24
	8.6   	Materiality	24
	ARTICLE IX    TAX MATTERS	24
	9.1   	Allocation of Purchase Price	24
	9.2   	Taxes Before and After the Closing Date	24
	9.3   	Notification and Defense	25
	9.4   	Access	25
	9.5   	Taxes Relating to Transactions Contemplated by This Agreement	26
	9.6   	Payments	26
	ARTICLE X     TERMINATION	26
	10.1   	Termination	26
	10.2   	Effect on Obligations	26
	ARTICLE XI    GENERAL PROVISIONS	26
	10.1   	Expenses, Taxes, Etc.	26
	11.2   	Notices	26
	11.3   	Disclosure Schedule	27
	11.4   	Interpretation; Conflict Between Agreements	28
	11.5   	Severability	28
	11.6   	Assignment	28
	11.7   	No Third-Party Beneficiaries	28
	11.8   	Amendment, Other Remedies and Waiver	28
	11.9   	Further Assurances	29
	11.10   	Mutual Drafting	29
	11.11   	Governing Law	30
	11.12   	Consent to Jurisdiction; Waivers	30
	11.13   	Waiver of Jury Trial	30
	11.14   	Counterparts	30
	11.15   	Entire Agreement	30

 

    	-2-

    	 

    

 

EXHIBIT:

 

Exhibit A – Bill
of Sale

Exhibit B – Bill
of Sale

Exhibit C – Assignment
and Assumption Agreement

Exhibit D – Truck
Rental Agreement

Exhibit E – Buyer
Operating Agreement

  

DISCLOSURE SCHEDULES:

 

	Disclosure Schedule 2.1	Assets
	Disclosure Schedule 5.6	Permitted Liens on Title to Assets
	Disclosure Schedule 6.1	Organization and Qualification
	Disclosure Schedule 6.3	Capitalization of Buyer
	Disclosure Schedule 6.5	Material Changes
	Disclosure Schedule 6.6	Title to Assets
	Disclosure Schedule 6.7	Personal Property Leases
	Disclosure Schedule 6.8	Real Property Leases
	Disclosure Schedule 6.9	Intellectual Property
	Disclosure Schedule 6.10	Litigation
	Disclosure Schedule 6.11	Permits and Operating Rights
	Disclosure Schedule 6.12	Compliance with Laws
	Disclosure Schedule 9.1	Allocation of Purchase Price

 

    	-3-

    	 

    

 

ASSET PURCHASE AGREEMENT

 

This ASSET PURCHASE AGREEMENT (this
“Agreement”), dated as of September 12, 2013 (the “Effective Date”), by and among The
Grilled Cheese Truck, Inc., a Nevada corporation (“GCT” or the “Seller”), and American
Food Truck Group, LLC, a Nevada limited liability company (“AFTG” or the “Buyer”).

 

RECITALS

 

WHEREAS, on August 8,
2013, the Seller entered into a Asset Purchase Agreement, whereby the Seller acquired, among other things, certain intellectual
property of KOW Leasing Co., LLC (“KOW”);

 

WHEREAS, Seller desire
to sell and cause to be transferred to Buyer, and Buyer desires to purchase and accept the transfer from Seller, certain assets
of Seller identified on Schedule 2.1, as hereinafter specifically provided;

 

NOW, THEREFORE, in consideration
of the premises and the respective representations, warranties and agreements herein contained, the parties hereto hereby agree
as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1.          Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such definitions to be equally
applicable to both the singular and plural forms of the terms defined):

 

“Action”
means any notice of noncompliance or violation, or any claim, demand, action, suit, audit, assessment or arbitration, or any request
(including any request for information), proceeding or investigation, by or before any Governmental Authority.

 

“Affiliate”
has the meaning set forth in Rule 12b-2 of the regulations under the Securities Exchange Act of 1934, as amended.

 

“Agreement”
means this Asset Purchase Agreement, including all schedules and exhibits hereto, as it may be further amended from time to time
as herein provided.

 

“Ancillary Agreements”
means the Bills of Sale, the Assignment and Assumption Agreement, the Buyer Operating Agreement, the Truck Rental Agreement and
any and all other documents and instruments provided herein.

 

“Assets”
means the assets identified on Disclosure Schedule 2.1 regarding certain intellectual property acquired by the Seller from to KOW.

 

“Assignment
and Assumption Agreement” means the Assignment and Assumption Agreement by Seller and Buyer, in substantially the form
of Exhibit C attached hereto.

 

    	-4-

    	 

    

 

“Bills of Sale”
means the two (2) bills of sale conveying good and marketable title to the Assets to Buyer, in substantially the form of Exhibit
A and Exhibit B attached hereto.

 

“Buyer”
means The American Food Truck Group, LLC, a Nevada limited liability company.

 

“Buyer Indemnified
Parties” has the meaning specified in Section 8.2.

 

“Buyer LLC Interests”
has the meaning specified in Section 6.3(a).

 

“Buyer Loss”
has the meaning specified in Section 8.2.

 

“Buyer Operating
Agreement” means the Limited Liability Company Operating Agreement of Buyer, in substantially the form of Exhibit F attached
hereto.

 

“Buyer Personal
Property Leases” has the meaning specified in Section 6.8.

 

“Bylaws”
means a company’s bylaws, code of regulations or equivalent document.

 

“Cash Upfront
Payment” has the meaning specified in Section 2.2.

 

“Charter”
means a company’s articles of incorporation, certificate of incorporation, articles of formation or equivalent organizational
documents.

 

“Closing”
means the closing of the transactions contemplated by this Agreement as specified in Section 4.1.

 

“Closing Cash
Payment” has the meaning specified in Section 2.2.

 

“Closing Date”
has the meaning specified in Section 4.1.

 

“Code”
means the Internal Revenue Code of 1986 and any successor statute thereto, as amended. Reference to a specific section of the Code
shall include such section, any valid regulation promulgated thereunder, and any comparable provision of any future legislation
amending, supplementing or superseding such section.

 

“Date of Survival”
has the meaning specified in Section 8.1.

 

“Disclosure
Schedule” means the Disclosure Schedule dated as of the date hereof delivered to Buyer by Seller and forming a part of
this Agreement.

 

“Encumbrance”
means any interest (including any security interest), pledge, mortgage, lien (including environmental liens), charge, claim (including
any adverse claim) or other right of third parties, whether created by law or in equity, including any such restriction on the
use, voting, transfer, receipt of income or other exercise of any attributes of ownership.

 

“Governmental
Authority” means any federal or national, state or provincial, municipal or local government, governmental authority,
regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, political subdivision,
court, tribunal, official arbitrator or arbitral body in each case whether domestic or foreign.

 

    	-5-

    	 

    

 

“Governmental
Order” means any order, writ, rule, judgment, injunction, decree, stipulation, determination or award entered by or with
any Governmental Authority.

 

“Indemnitee”
has the meaning specified in subsection 8.4(a).

 

“Indemnitor”
has the meaning specified in subsection 8.4(a).

 

“IRS”
means the Internal Revenue Service or any successor entity.

 

“Knowledge”
and “known” and words of similar import mean:

 

(i)          with
respect to any Seller shall mean the actual present knowledge of a particular matter by any of the directors or executive officers
of Seller, and shall be deemed to include the knowledge that any such person would have obtained after making a reasonable inquiry
of those employees of such Seller with principal day-to-day operational responsibility with respect to a particular matter; and

 

(ii)          
with respect to Buyer shall mean the actual present knowledge of a particular matter by any of the members, directors, managers
or executive officers of Buyer, and shall be deemed to include the knowledge that such members,
directors or executive officers would have obtained after making a reasonable inquiry with respect to a particular matter.

 

“Liabilities”
means any and all debts, liabilities and obligations of any nature whatsoever, whether accrued or fixed, absolute or contingent,
mature or unmatured or determined or determinable, including those arising under any law, rule, regulation, Action, Governmental
Order, and those arising under any contract, agreement, commitment or undertaking.

 

“Losses”
has the meaning specified in subsection 8.4(a).

 

“Material Adverse
Effect” means a material adverse effect on (a) the assets, properties, Liabilities, operations, business, or condition
(financial or otherwise) of the named party, taken as a whole, or (b) the ability of the named party to perform its obligations
hereunder.

 

“Operating Agreement”
means a limited liability company’s operating agreement, code of regulations or equivalent document.

 

“Permitted Exceptions”
means bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights
generally and general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity).

 

“Permitted Liens”
means any (a) in the case of each Seller, liens encumbering the Assets in favor of lessors of Seller Personal Property leases with
respect to which no default exists; (b) in the case of Buyer, liens encumbering its assets in favor of lessors of Buyer Personal
Property, i.e., leases with respect to which no default exists; and (c) liens for current taxes not yet due and payable.

 

    	-6-

    	 

    

 

“Person”
shall include any individual, trustee, firm, corporation, partnership, limited liability company, Governmental Authority or other
entity, whether acting in an individual, fiduciary or any other capacity.

 

“Purchase Price”
has the meaning specified in Section 2.2.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Seller Indemnified
Parties” has the meaning specified in Section 8.3.

 

“Seller Loss”
has the meaning specified in Section 8.3.

 

“Seller”
means The Grilled Cheese Truck, Inc.

 

“Seller
Personal Property Leases” has the meaning specified in Section 5.7.

 

“Subject
Buyer LLC Interests” has the meaning specified in Section 2.2.

 

“Tax”
means any federal, state, local, or foreign income, gross receipts, license, payroll, parking, employment, excise, severance, stamp,
occupation, premium, windfall profits, environmental (including taxes under Code Section 59A), customs duties, capital stock,
franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales,
use, transfer, registration, value added, alternative or add-on minimum, estimated tax, or other tax of any kind whatsoever, including
any interest, penalty, or addition thereto, whether disputed or not, including such item for which Liability arises from the application
of Treasury Regulation 1.1502-6, as a transferee or successor-in-interest, by contract or otherwise.

 

“Tax Return”
means any return, report, information return, schedule, certificate, statement or other document (including any related or supporting
information) filed or required to be filed with a Taxing Authority in connection with any Tax, or, where none is required to be
filed with a Taxing Authority, the statement or other document issued by a Taxing Authority in connection with any Tax.

 

“Taxing Authority”
means any Governmental Authority responsible for the imposition or collection of any Tax.

 

“Third Party
Claims” has the meaning specified in subsection 8.4(c).

 

“Transfer Taxes”
shall have the meaning specified in Section 9.5.

 

“Truck Rental
Agreement” shall have the meaning specified in Section 7.6

 

    	-7-

    	 

    

 

1.2.          Other
Defined Terms. In addition to the terms defined in Section 1.1, certain other terms are defined elsewhere in this Agreement
and, whenever such terms are used in this Agreement, they shall have their respective defined meanings.

 

ARTICLE
II

PURCHASE AND SALE OF ASSETS

 

2.1.          Purchase
of Assets. Upon the terms and subject to the conditions herein set forth, in reliance upon the representations and warranties
contained herein and in consideration of the payment of the Purchase Price at the Closing, Seller hereby sells, conveys, assigns,
transfers and delivers to Buyer, and Buyer hereby purchases and acquires from Seller, free and clear of any and all Encumbrances,
all of Seller’ rights, title and interests in and to the Assets identified on Disclosure Schedule 2.1.

 

2.2.          Purchase
Price and Payment. Upon the terms and subject to the conditions herein set forth, and in consideration of the sale, assignment,
transfer and delivery to Buyer of the Assets, the Buyer shall pay the aggregate purchase price of (the “Purchase Price”)
as follows:

 

(a)          A
non-refundable deposit cash payment of Two Hundred Thousand Dollars ($200,000.00) by wire transfer or cashier’s or certified
check (the “Cash Upfront Payment”) on or before September 16, 2013;

 

(b)          An
additional cash payment of Two Hundred Fifty Thousand Dollars ($250,000.00) by wire transfer or cashier’s or certified check
(the “Closing Cash Payment”) on the Closing Date;

 

(c)          Issuance
of limited liability company membership interests of Buyer equal to twenty percent (20%) percent of the issued and outstanding
membership units after factoring in this issuance, thereof (the “Subject Buyer LLC Interests”), determined
on a fully-diluted basis as of the Closing Date, free and clear of all Encumbrances, to GCT. The Parties shall determine and mutually
agree in good faith the value of the 20% interests in the Buyer on or prior to the Buyer filing its tax returns for fiscal year
ending 2013.

 

The Purchase Price shall
be allocated in accordance with Section 9.1.

 

2.3.          Full
Possession. Subject to the terms and conditions of this Agreement, concurrently with the execution and delivery of this Agreement,
Seller shall put Buyer into full and actual possession of the Assets. The sale of the Assets contemplated hereby shall be effected
by the Bills of Sale, the Assignment and Assumption Agreement and such other instruments of conveyance, transfer and assignment
as Buyer may request that are necessary to vest in Buyer all of the rights, title and interests of Seller in the Assets and, subject
to the obtaining of any required authorizations, approvals, consents and waivers to such sale of the Assets, to put Buyer in full
and actual possession of the Assets.

 

2.4.          No
Assignment in Certain Circumstances. Notwithstanding anything else contained in this Agreement to the contrary, this Agreement
shall not constitute an agreement to sell, convey, assign, transfer or deliver any interest in any instrument, commitment, contract,
lease, permit or other agreement or arrangement or any claim, right or benefit arising thereunder or resulting therefrom, if a
sale, conveyance, assignment, transfer or delivery or an attempt to make such a sale, conveyance, assignment, transfer or delivery
without the authorization, approval, consent or waiver of a third Person would constitute a breach or violation thereof or affect
adversely the rights of Buyer or Seller thereunder; and any sale, conveyance, assignment, transfer or delivery to Buyer of any
interest under any such instrument, commitment, contract, lease, permit or other agreement or arrangement that requires the authorization,
approval, consent or waiver of a third Person shall be made subject to such authorization, approval, consent or waiver being obtained.
In the event that any such authorization, approval, consent or waiver is not obtained on or prior to the Closing Date, Seller shall,
at Buyer’s sole cost and expense, use their commercially reasonable efforts to obtain any such authorization, approval, consent
or waiver (provided that, in obtaining any such authorization, approval, consent or waiver, (i) Seller shall not agree to
any amendment, modification or supplement of any such instrument, commitment, contract, lease, permit or other agreement or arrangement,
except with Buyer’s consent, and (ii) Buyer shall use its commercially reasonable efforts to assist Seller in obtaining any
such authorization, approval, consent or waiver), and Seller (at Buyer’s cost and expense) shall to the greatest extent permitted
by law and any such instrument, commitment, contract, lease, permit or other agreement or arrangement (including by acting as an
agent of Buyer), hold such instrument, commitment, contract, lease, permit or other agreement or arrangement or any claim, right
or benefit arising thereunder or resulting therefrom in trust for the benefit of Buyer or otherwise for the exclusive use and benefit
of Buyer such that Buyer receives the interest of Seller in the benefits therefrom until such time as such authorization, approval,
consent or waiver is obtained.

 

    	-8-

    	 

    

 

ARTICLE
III

INTENTIONALLY OMITTED

 

ARTICLE
IV

CLOSING

 

4.1.          Closing.
The consummation of the purchase and sale of the Assets (the “Closing”) shall take place October
1, 2013 (the “Closing Date”), or such other date as mutually agreed upon by the parties. Regardless of
the date on which this Agreement is executed and the transactions contemplated by this Agreement are consummated, the Closing is
deemed to have occurred as of 12:01 a.m. local time on the Closing Date.

 

4.2.          Seller’
Obligations at Closing. At the Closing, Seller shall deliver or cause to be delivered to Buyer, which such obligations may
be waived by the Buyer at Closing:

 

(a)          final
Buyer Disclosure Schedules, as required under this Agreement;

 

(b)          the
Assignment and Assumption Agreement;

 

(c)          the
Buyer Operating Agreement duly executed by GCT;

 

(d)          the
allocation of the Purchase Price in accordance with Disclosure Schedule 9.1;

 

(e)          the
Truck Rental Agreement;

 

(f)          a
certificate of an officer each Seller certifying as to (i) its Charter documents; (ii) its Bylaws; (iii) resolutions adopted by
its board of directors authorizing this Agreement, all Ancillary Agreements and all other transactions contemplated hereby and
thereby; (iv) the incumbency and signatures of all signatories on behalf of each Seller; and (v) a recent good standing certificate
of each Seller from the state of organization; and

 

(g)          all
actions necessary to transfer title of the Assets to Buyer.

 

    	-9-

    	 

    

 

4.3.          Buyer
Obligations at Closing. At the Closing, Buyer shall deliver or cause to be delivered to Seller, which such obligations may
be waived by the Seller at Closing:

 

(a)          final
Buyer Disclosure Schedules, as required under this Agreement;

 

(b)          the
Cash Upfront Payment;

 

(c)          the
Closing Cash Payment;

 

(d)          the
Subject Buyer LLC Interests;

 

(e)          the
Buyer Operating Agreement duly executed by all managers and members of Buyer (other than GCT);

 

(f)          the
Assignment and Assumption Agreement;

 

(g)          the
Truck Rental Agreement;

 

(h)          a
certificate of the manager or officer of Buyer certifying as to (i) its Charter; (ii) its Operating Agreement as in effect immediately
prior to the Effective Date; (iii) resolutions adopted by all managers and members of Buyer approving this Agreement, all Ancillary
Documents and all transactions contemplated hereby and thereby (including, without limitation, the issuance of Subject Buyer LLC
Interests, the admission of GCT as a member of Buyer and the adoption of the Buyer Operating Agreement); (iv) the incumbency and
signatures of all signatories on behalf of Buyer; and (v) a recent good standing certificate of Buyer from the state of organization
and all other states in which Buyer is qualified to do business; and

 

(i)          Any
and all actions necessary to effectuate the assumption of the Assets by Buyer.

 

    	-10-

    	 

    

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF SELLERS

 

Seller represents and
warrants to Buyer, as of the Closing Date, as follows:

 

5.1.          Organization
and Qualification. GCT is a corporation duly organized, validly existing and in good standing under the laws of Nevada.

 

5.2.          Authorization.

 

(a)          The
Seller has full corporate power and authority to enter into this Agreement and the Ancillary Agreements to which it is a party
and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary
Agreements and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary
corporate action on the part of the Seller. This Agreement has been duly executed and delivered by The Seller. This Agreement constitutes,
and upon the execution and delivery thereof by the Seller, each Ancillary Agreements will constitute, a legal, valid and binding
obligation of the Seller, enforceable against the Seller in accordance with its terms, except as the enforceability thereof may
be limited by the Permitted Exceptions

 

(b)          No
consent, waiver, approval, order or authorization of, notice to, or registration, declaration, designation, qualification or filing
with, any Governmental Authority or third Person, domestic or foreign, is or has been or will be required on the part of any Seller
in connection with the execution and delivery of this Agreement or any Ancillary Agreement or the consummation of the transactions
contemplated hereby or thereby, other than where the failure to obtain such consents, waivers, approvals, orders or authorizations
or to make or effect such registrations, declarations, designations, qualifications or filings is not reasonably likely to (i) prevent
or delay consummation of the transactions contemplated by this Agreement or any Ancillary Agreement or (ii) prevent the Seller
from performing its obligations under this Agreement or any Ancillary Agreement.

 

5.3.          Non-Contravention.
Neither the execution and delivery of this Agreement or any Ancillary Agreement by the Seller, nor the consummation of the transactions
contemplated hereby or thereby, will violate or conflict with (a) any provision of the Charter or Bylaws of the Seller, (b) any
law, rule, regulation or Governmental Order to which the Seller or any of its business or assets are bound or subject, or (c) any
agreement, indenture, undertaking, permit, license or other instrument to which the Seller is a party or by which the Seller or
any of its properties may be bound or affected, other than such violations and conflicts which are not reasonably likely to (i)
prevent or delay consummation of the transactions contemplated by this Agreement or any Ancillary Agreement or (ii) prevent the
Seller from performing its obligations under this Agreement or any Ancillary Agreement.

 

5.4.          No
Brokers. Neither Seller nor any of their Affiliates, representatives, agents, directors, officers or employees has employed
any broker, finder or investment banker or incurred any liability for any brokerage fees, commissions, finders’ fees or similar
fees in connection with the transactions contemplated by this Agreement.

 

    	-11-

    	 

    

 

5.5.          Litigation;
Legal Matters. There is no Action pending or, to the knowledge of Seller, threatened against or involving the Seller or any
of its officers, directors, stockholders, properties, assets or businesses, whether at law or in equity, or before or by any Governmental
Authority, nor any Governmental Order of any Governmental Authority against or affecting or which could affect the ability of the
Seller to complete the transactions set forth under this Agreement or any Ancillary Agreement, and Seller do not know of any valid
basis for any such Action.

 

5.6.          Title
to Assets. Except for Permitted Liens and as set forth in Disclosure Schedule 5.6, Seller has good and marketable title
to all of the Assets. Except for Permitted Liens and as set forth in Disclosure Schedule 5.6, none of the Assets is subject
to any Encumbrance of any kind.

  

ARTICLE
VI

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer represents and
warrants to Seller, as of the Closing Date, as follows:

 

6.1          Organization
and Qualification; No Subsidiaries. Buyer is a limited liability company duly organized, validly existing and in good standing
under the laws of Nevada and has full company power and authority to own its assets and to conduct the Buyer’s business as
and where it is being conducted by it. Buyer is duly licensed or qualified to do business, and is in good standing as a foreign
limited liability company, in all jurisdictions in which its assets or its business makes such licensing or qualification necessary,
including the jurisdictions set forth in Disclosure Schedule 6.1. Buyer has delivered to Seller true, complete and accurate
copies of Buyer’s Charter documents and Operating Agreement, as currently in effect. There are no contracts, commitments
or arrangements relating to the issuance, sale or transfer of any securities of Buyer, except as set forth in this Agreement. Buyer
does not own, directly or indirectly, securities or other ownership interests in any other Person. Buyer is not a party to any
agreement relating to the formation of any joint venture, association or other Person. 

 

6.2          Authorization.

 

(a)          The
Buyer has full power and authority to enter into this Agreement and the Ancillary Agreements to which it is a party and to consummate
the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements and
the consummation of the transactions contemplated hereby and thereby (i) have been duly authorized by all necessary company action
on the part of the Buyer, and (ii) requisite managers’ and members’ approval of the Buyer has been obtained. This Agreement
has been duly executed and delivered by Buyer. This Agreement constitutes, and upon the execution and delivery thereof by Buyer
of each Ancillary Agreement to which it is a party will constitute, a legal, valid and binding obligation of such Buyer, enforceable
against such Buyer, in accordance with their respective terms, except as the enforceability thereof may be limited by the Permitted
Exceptions.

 

    	-12-

    	 

    

 

(b)          No
consent, waiver, approval, order or authorization of, notice to, or registration, declaration, designation, qualification or filing
with, any Governmental Authority or third Person, domestic or foreign, is or has been or will be required on the part of Buyers
in connection with the execution and delivery of this Agreement or any Ancillary Agreements or the consummation by them of the
transactions contemplated hereby or thereby, other than where the failure to obtain such consents, waivers, approvals, orders
or authorizations or to make or effect such registrations, declarations, designations, qualifications or filings is not reasonably
likely to (i) prevent or delay consummation of the transactions contemplated by this Agreement or any Ancillary Agreements or
(ii) prevent Buyer from performing its obligations under this Agreement or any Ancillary Agreements.

 

6.3          Capitalization.

 

(a)          Disclosure
Schedule 6.3(a) hereto lists all of the members of Buyer and their respective holdings of limited liability company
membership interests of Buyer (“Buyer LLC Interests”), options or warrants to purchase Buyer LLC Interests
or securities convertible into Buyer LLC Interests, as of immediately prior to the Effective Date. Except for the Subject Buyer
LLC Interests issuable to GCT as provided in this Agreement, there are no other securities, options, warrants, calls, rights, commitments
or agreements of any character (including, without limitation, under any employment, consulting, severance or similar agreement)
to which Buyer is a party or by which it is bound obligating Buyer to issue, deliver, sell, repurchase or redeem, or cause to be
issued, delivered, sold, repurchased or redeemed, any Buyer LLC Interests or obligating Buyer to grant, extend, accelerate the
vesting of, change the price of, or otherwise amend or enter into any such security, option, warrant, call, right, commitment or
agreement.

 

(b)          All
outstanding Buyer LLC Interests are duly authorized, validly issued, fully paid and non-assessable and are not subject to any preemptive
rights, rights of first refusal or similar rights created by law or any agreement to which Buyer or any member of Buyer is a party
or by which any of them is bound. All outstanding Buyer LLC Interests are free and clear of any and all Encumbrances. All outstanding
Buyer LLC Interests were issued in compliance in all material respects with all applicable federal and state securities laws. There
are no contracts, commitments or agreements relating to voting, purchase or sale of any Buyer LLC Interests of the Buyer (x) between
or among Buyer and/or any member of Buyer, or (y) between or among any members of Buyer.

 

(c)          True
and complete copies of all agreements and instruments relating to or issued under any Buyer equity option plan or otherwise relating
to the issuance of Buyer LLC Interests or securities convertible into Buyer LLC Interests have been provided or made available
to Seller and such agreements and instruments have not thereafter been amended, modified or supplemented and there are no agreements
to amend, modify or supplement such agreements or instruments in any case from the forms of agreements or instruments provided
to Seller. 

 

(d)          The
Subject Buyer LLC Interests, when issued, shall constitute at least Twenty Percent (20%) of all the issued and outstanding Buyer
LLC Interests, on a fully diluted basis. The Subject Buyer LLC Interests, when issued, will be duly authorized and validly issued
in compliance with all applicable laws, fully paid and non-assessable, and free of Encumbrances, preemptive rights, rights of first
refusal or other rights of third parties. 

 

    	-13-

    	 

    

 

6.4          Non-Contravention.
Neither the execution and delivery of this Agreement or any Ancillary Agreement by the Buyer, nor the consummation of the transactions
contemplated hereby or thereby, will violate or conflict with (a) any provision of the Charter or Operating Agreement of the
Buyer, (b) any law, rule, regulation or Governmental Order to which the Buyer or any of its business or assets are bound or
subject, or (c) any agreement, indenture, undertaking, permit, license or other instrument to which the Buyer is a party or
by which the Buyer or any of its properties may be bound or affected, other than such violations and conflicts which are not reasonably
likely to (i) prevent or delay consummation of the transactions contemplated by this Agreement or any Ancillary Agreement or (ii)
prevent the Buyer from performing its obligations under this Agreement or any Ancillary Agreement.

 

6.5          Absence
of Certain Changes. Except as set forth on Disclosure Schedule Section 6.5, there were no Material Adverse Effect
on Buyer has or is likely to occur, since inception of the Buyer:

 

(a)          There
has not been any event, change or effect with respect to the assets or the business, operations, condition (financial or otherwise),
working capital, Liabilities, earnings, reserves or operating results of the business of Buyer or, to Buyer’s and knowledge,
customers of the Buyer, which has had or is reasonably likely to have a material adverse effect.

 

(b)          the
assets of Buyer have not suffered any loss, damage, destruction or other casualty adversely affecting any of such assets, whether
or not covered by insurance;

 

(c)          Buyer
has not incurred, assumed or become subject to, whether directly or by way of guarantee or otherwise, any Liability arising from
or relating to it assets or business except for trade or business obligations incurred in the ordinary course of business and consistent
with past practice in connection with the purchase of goods and services;

 

(d)          Buyer
has not sold, transferred, leased or otherwise disposed of any assets or permitted or allowed any of the assets to be subject to
any Encumbrance (other than the Permitted Liens) of any kind, other than in the ordinary course of business and consistent with
past practice;

 

(e)          Buyer
has not instituted, settled or agreed to settle any Action before any Governmental Authority relating to any of its assets or businesses;

 

(f)          Buyer
has not entered into any other transaction, contract or commitment in respect of its assets or businesses, other than in the ordinary
course of business and consistent with past practice which calls for fixed and/or contingent payments thereunder;

 

(g)          Buyer
has not paid or agreed to pay any brokerage or finders’ fee in connection with, and Buyer has not incurred any severance
pay obligations by reason of, this Agreement or any Ancillary Agreement;

 

    	-14-

    	 

    

 

(h)          Buyer
has not made any capital expenditure or commitment therefore relating to the Business for additions to its property, facilities
or equipment; and

 

(i)          Buyer
has not made, with respect to its businesses, any change in any method of its accounting or accounting practice or any change in
its depreciation or amortization policies or rates theretofore adopted or revalued any of its assets.

 

6.6          Title
to Assets. Except as set forth in Disclosure Schedule 6.6, Buyer has good and marketable title to all of its assets.
Except for Permitted Liens or as otherwise explained on Disclosure Schedule 6.6, none of Buyer’s assets is subject
to any Encumbrance of any kind.

  

6.7          Buyer
Personal Property Leases.

 

(a)          Disclosure
Schedule 6.7 contains an accurate and complete list and description of leases in respect of the Buyer’s assets (collectively,
the “Buyer Personal Property Leases”).

 

(b)          The
Buyer Personal Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect.
With respect to the Buyer Personal Property Leases, there are no existing defaults under the applicable lease by Buyer or, to the
knowledge of Buyer, any other party thereto, and no event of default on the part of Buyer or, to the knowledge of Buyer, on the
part of any other party thereto has occurred which (whether with or without notice, lapse of time or the happening or occurrence
of any other event) would constitute a default thereunder. Buyer has delivered to Seller true and correct copies of the Buyer Personal
Property Leases.

 

6.8          Real
Property Leases. 

 

(a)          Disclosure
Schedule 6.8 contains an accurate and complete list and description of real property leases of Buyer (collectively, the “Real
Property Leases”).

 

(b)          The
Real Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect. With respect
to the Real Property Leases, there are no existing defaults under the applicable lease by Buyer or, to the knowledge of Buyer,
any other party thereto, and no event of default on the part of Buyer or, to the knowledge of Buyer, on the part of any other party
thereto has occurred which (whether with or without notice, lapse of time or the happening or occurrence of any other event) would
constitute a default thereunder. Buyer has delivered to Seller true and correct copies of the Real Property Leases.

 

6.9          Intellectual
Property Rights. 

 

(a)          As
used herein, “Intellectual Property” means any and all of the following: (i) patent registrations and
applications in any and all jurisdictions, including but not limited to: re-issues, continuations, continuations-in-part, renewals,
re-examinations, extensions or divisions; (ii) registered, pending and common law trademarks including but not limited to: service
marks, trade dress, trade names, logos, corporate or company names and domain names in any and all jurisdictions, together with
all of the goodwill associated therewith; (iii) registered, pending or unregistered copyrights in websites, writings, graphic works,
designs or other copyrightable works in any and all jurisdictions; (iv) software; (v) registered, pending or unregistered mask
works in any and all jurisdictions; (vi) trade secrets and other confidential information regarding Buyer’s business (including,
without limitation, ideas, discoveries, formulas, compositions, inventions (whether patentable or not and whether or not reduced
to practice), know-how, methodology, models, algorithms, systems, manufacturing and production processes and techniques, research
and development information, drawings, specifications, designs, plans, proposals, technical data, financial and marketing plans
and customer and supplier lists and information, marketing and business data, databases, pricing and cost information; (vii) other
intellectual property rights including but not limited to claims or causes of action arising out of or related to past, present
or future third-party infringement or misappropriation of the foregoing; (viii) rights under all agreements relating to the foregoing;
and (ix) copies and tangible embodiments of the foregoing (in whatever form or medium).

 

    	-15-

    	 

    

 

(b)          Disclosure
Schedule 6.9 sets forth a true and complete list of all patents and patent applications, registered trademarks, registered
service marks, and trademark and service mark applications, registered copyrights and copyright applications and Internet domain
names and websites, in all jurisdictions, in each case that are owned by Buyer or exclusively held by Buyer for use in its business
(collectively, together with any other unregistered intellectual property, copyrights, trademarks and trade secrets, know-how and
similar confidential and/or proprietary information owned by the Buyer or exclusively held for use in its business, the “Owned
Intellectual Property”).

 

(c)          Disclosure
Schedule 6.9 sets forth a true and complete list of all licenses, sublicenses and other agreements pertaining to Intellectual
Property, to which any Buyer is a party, in each case which are valid and used or held for use by or otherwise in connection with
Buyer’s business (collectively, “Licensed Intellectual Property”). Each of the agreements on Disclosure
Schedule 6.9 is in full force and effect and enforceable in accordance with its terms on the parties thereto. Buyer has not:
(i) received any written notice of termination or cancellation under any agreements to Licensed Intellectual Property (ii) received
any written notice of a breach or default under agreements to such Licensed Intellectual Property, which breach has not been cured,
or (ii) granted to any other third party any rights, adverse or otherwise in or to the Licensed Intellectual Property that would
constitute a breach of rights to the Licensed Intellectual Property. To Knowledge of the Buyer, no party is in breach of any of
the agreements on Disclosure Schedule 6.9. Buyer has not granted any license or other right currently outstanding to any
third party with respect to the Owned Intellectual Property or Licensed Intellectual Property, except for those licenses set forth
in Disclosure Schedule 6.9 hereto.

 

(d)          The
Owned Intellectual Property and the Licensed Intellectual Property include all of the Intellectual Property used or intended to
be used in the ordinary day-to-day conduct of Buyer’s business and there are no other items of Intellectual Property that
are material to such ordinary day-to-day conduct of Buyer’ s business as currently conducted or planned to be conducted.
Each of the Owned Intellectual Property and the Licensed Intellectual Property owned or developed by the Buyer has not been adjudged
invalid or unenforceable in whole or in part, and, to the Knowledge of the Buyer, each of the other Owned Intellectual Property
and the Licensed Intellectual Property is subsisting, valid and enforceable.  The Owned Intellectual Property and the Licensed
Intellectual Property is current and unexpired.

 

    	-16-

    	 

    

 

(e)          No
claims or legal proceedings have been asserted in writing against the Buyer and not disposed of, or are pending, or, to the Knowledge
of the Buyer, are threatened against the Buyer: (i) based upon or challenging or seeking to deny or restrict the use by Buyer of
any of the Owned Intellectual Property, or Licensed Intellectual Property; (ii) alleging that any of Buyer’s current or proposed
products or services provided by or processes used or intended to be used by Buyer infringe upon or misappropriate any Intellectual
Property right of any third party; (iii) alleging that any of the Licensed Intellectual Property infringes upon any Intellectual
Property right or software of any third party or is being licensed or sublicensed to Buyer in conflict with the terms of any license
or other agreement; (iv) challenging Buyer’s ownership of the Owned Intellectual Property; or (v) challenging the legality,
validity, enforceability of any of the Owned Intellectual Property or Licensed Intellectual Property.

  

(f)          To
the Knowledge of Buyer, no Person is engaged in any activity that infringes upon the Owned Intellectual Property or the Licensed
Intellectual Property.

 

(g)          Buyer
has delivered or made available to Seller correct and complete copies of all written agreements, documents, licenses, royalty agreements
or other rights relating to Owned Intellectual Property and Licensed Intellectual Property to which Buyer is a party.

 

(h)          Buyer
has taken commercially reasonable steps customary in the industry to maintain the confidentiality of its trade secrets and other
confidential Intellectual Property, and (i) to the Knowledge of Buyer, there has been no misappropriation of any trade secrets
or other confidential Intellectual Property of Buyer by any current or former employee, independent contractor, consultant or agent
of Buyer, or by any other Person; (ii) to the Knowledge of Buyer, no current or former employee, independent contractor, consultant
or agent of the Buyer has misappropriated any trade secrets of any other Person in the course of his performance as an employee,
independent contractor, consultant or agent of the Buyer; and (iii) to the Knowledge of Buyer, no current or former employee, independent
contractor, consultant or agent of any of the Buyer in default or breach of any term of any employment agreement, non-disclosure
agreement, non-compete obligation, assignment of invention agreement or similar agreement or contract with Buyer relating in any
way to the protection, ownership, development, use or transfer of Owned Intellectual Property.

 

(i)          All
Owned Intellectual Property was developed by Buyer’s own agents, members, managers, directors, officers, employees or consultants
under a valid assignment of invention agreement or similar agreement or contract.

 

(j)          Buyer
has not entered into any contracts with the United States government (or any of its agencies) pursuant to which Buyer or any employees
or consultants of Buyer are required to assign any Intellectual Property rights in favor of the United States government (or any
of its agencies).           

 

    	-17-

    	 

    

 

(k)          The
consummation of the transactions contemplated by this Agreement and the other Ancillary Agreements will not result in the termination
or impairment of any of the Owned Intellectual Property or Licensed Intellectual Property and will not constitute a breach or default
under any of the agreements related thereto and will not give any of the parties to any agreement with respect to the Licensed
Intellectual Property the right to terminate such agreement.

 

6.10          Litigation;
Legal Matters. Except as set forth on Disclosure Schedule 6.10, there is no Action pending or, to the knowledge of Buyer,
threatened, whether at law or in equity, or before or by any Governmental Authority, nor any Governmental Order of any Governmental
Authority against or affecting or which could affect (without regard to the availability of insurance) the Buyer, its assets or
its businesses, and Buyer does not know of any valid basis for any such Action. Disclosure Schedule 6.11 sets forth for
each matter disclosed therein whether any loss as a result of such matter is wholly or partly insured or uninsured.

  

6.11          Permits
and Other Operating Rights. Buyer possesses all permits (including health and safety permits), licenses, orders, approvals
and authorizations from third Persons, including Governmental Authorities, currently required by applicable provisions of any law,
statute, regulation, existing judicial decision or Governmental Order, or by the property and contract rights of third Persons,
necessary to permit the operation of its businesses in the manner in which it currently is being conducted. All such permits, licenses,
orders, approvals and authorizations are in full force and effect and, except as explained in Disclosure Schedule 6.11,
will remain in full force and effect following the consummation of the transactions contemplated hereby, no suspension or cancellation
of any of them had been threatened in writing, and no such permit, license, order, approval or authorization will be adversely
affected by the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements.

 

6.12          Compliance
with Laws. Except as set forth on Disclosure Schedule 6.12. Buyer is in material compliance with all laws, statutes,
regulations and Governmental Orders in respect of the operation, activities, conduct and transactions of the business and the ownership,
operation, use or possession of its assets and the employment of its employees. None of the operation, activity, conduct and transactions
of Buyer’s business or Buyer’s ownership, operation, use or possession of its assets or the employment of its employees
materially conflicts with the rights of any other Person or violates, or with or without the giving of notice or passage of time,
or both, will materially violate, conflict with or result in a default, right to accelerate or loss of rights under, any terms
or provisions of any Encumbrance, lease, license, agreement, contract, agreement, commitment or understanding or any law, statute,
regulation or Governmental Order to which Buyer is a party or by which Buyer or any of its assets may be bound or affected.

 

6.13          Tax
Matters. Buyer has accurately prepared and duly and timely filed all Tax Returns which it is required to file and have paid
all Taxes required to be paid with respect to the periods covered by such Tax Returns. Such Tax Returns are true and correct in
all material respects. No deficiencies for any Taxes have been asserted in writing or assessed against Buyer which remain unpaid
and no state of facts exists or has existed which would constitute grounds for the assessment of any additional Taxes for any period
for which Tax Returns have been filed. There are to Buyer’s Knowledge, no pending or threatened actions, proceedings, investigations,
audits or claims related to Taxes of Buyer. Buyer has properly withheld and paid over to the appropriate Taxing Authorities all
Taxes required by it so to be withheld. There are no agreements, waivers or arrangements providing for the extension of time with
respect to the assessment of any Tax owed by Buyer. There are no tax liens upon any assets of Buyer. Buyer has not made any payments,
are not obligated to make any payments, and are not a party to any agreements that under any circumstances could obligate them
to make any payments that will not be deductible under Section 280G of the Code. Buyer is not party to any Tax allocation or sharing
agreement. Buyer has not been a United States real property holding corporation within the meaning of Section 897(c) of the Code
during the applicable period specified in Section 897 (c)(1)(A)(ii) of the Code.  

 

    	-18-

    	 

    

 

6.14          Disclosure.
No representations or warranties by Buyer in this Agreement or any Ancillary Agreements and no statement contained in any document
(including, without limitation, financial statements and the Schedules hereto), certificate or other writing furnished or to be
furnished by Buyer to Seller pursuant to the provisions hereof or in connection with the transactions contemplated hereby, contain
any untrue statement of fact or omit to state any fact necessary in order to make the statements herein or therein not misleading.

  

6.15          No
Brokers. Neither Buyer nor any of its Affiliates, representatives, agents, directors, officers or employees has employed any
broker, finder or investment banker or incurred any liability for any brokerage fees, commissions, finders’ fees or similar
fees in connection with the transactions contemplated by this Agreement.

  

ARTICLE
VII

CERTAIN
COVENANTS

 

7.1          Confidentiality.
Buyer shall, and shall cause its representatives, Affiliates and employees: (a) to treat and hold as confidential (and not to disclose
or provide access to any Person to) any information relating to the Assets or any other confidential information with respect to
the business of the Seller or the Assets; (b) in the event that any of them becomes legally compelled to disclose any such information,
to provide Seller with prompt written notice of such requirement so that Seller or an Affiliate thereof may seek a protective order
or other remedy or waive compliance with this Section 7.1; (c) in the event that such protective order or other remedy is
not obtained, or Seller waive compliance with this Section 7.1, to furnish only that portion of such information which is
legally required to be provided and to exercise its commercially reasonable efforts to obtain assurances that confidential treatment
will be accorded such information; (d) to the extent permitted by law, to promptly furnish (prior to, at, or as soon as practicable
following, the Closing) to Seller any and all copies (in whatever form or medium) of all such information and to destroy any and
all additional copies of such information and any analyses, compilations, studies or other documents prepared, in whole or in part,
on the basis thereof; provided, however, that this sentence shall not apply to any information which, at the time of disclosure,
is available publicly and was not disclosed in breach of this Agreement by Buyer or its representatives, Affiliates or employees.
Buyer agrees and acknowledges that remedies at law for any breach of their obligations under this Section 7.1 are inadequate
and that in addition thereto Seller (or an Affiliate thereof) shall be entitled to seek equitable relief, including injunction
and specific performance, in the event of any such breach.

 

    	-19-

    	 

    

 

7.2          Authorizations.
Each of Buyer and Seller, as promptly as practicable after the Closing Date, shall and shall cause their respective Affiliates
to (i) deliver, or cause to be delivered, all notices and make, or cause to be made, all such declarations, designations, registrations,
filings and submissions under all laws, rules and regulations applicable to it as may be required for it to consummate the transfer
of the Assets and the other transactions contemplated hereby in accordance with the terms of this Agreement and the Ancillary Documents;
(ii) use commercially reasonable efforts to obtain, or cause to be obtained, all authorizations, approvals, orders, consents and
waivers from all Persons necessary to consummate the foregoing; and (iii) use commercially reasonable efforts to take, or cause
to be taken, all other actions necessary, proper or advisable in order for it to fulfill its respective obligations hereunder and
to carry out the intentions of the parties expressed herein. Nothing in this Section shall require, or be deemed to require, Seller
to agree to or effect any divestiture or take any other action which would reasonably be expected to impair Seller’ ability
to achieve the overall benefits expected, as of the date hereof, to be realized from the consummation of the transactions contemplated
hereby. The cost and expense of obtaining any required authorizations, approvals, consents or waivers from Governmental Authorities
shall be shared equally between Buyer, on the one hand, and Seller on the other.

 

7.3          Publicity.
Neither Buyer, Seller, nor any of their respective Affiliates, shall disclose, make or issue, or cause to be disclosed, made or
issued, any statement or announcement concerning this Agreement or the transactions contemplated hereby (including the terms, conditions,
status or other facts with respect thereto) to any third parties (other than its officers, directors, employees, authorized representatives,
legal advisors and financial advisors who need to know such information in connection with carrying out or facilitating the transactions
contemplated hereby) without the prior written consent of the other parties hereto, except (i) as required by law and after conferring
with the other parties concerning the timing and content of such required disclosure, and (ii) in the case of Seller, as may be
required of Seller by applicable law, regulation or Securities and Exchange Commission position, by any court order or judicial
process.

 

7.4          Notification.
Seller shall give prompt notice to Buyer, and Buyer shall give prompt notice to Seller, of any known failure of Seller or Buyer
to comply with, perform or satisfy any covenant or comply with, perform or satisfy any condition contained in this Agreement or
any Ancillary Agreement to be complied with, performed or satisfied by any such party.

 

7.5          Bulk
Sales Compliance. Buyer and Seller hereby waive compliance with the provisions, to the extent applicable, of any bulk sales
or transfers law or similar law of any jurisdiction in respect of the transactions contemplated by this Agreement and the Ancillary
Agreement. Seller shall indemnify and hold the Buyer Indemnified Parties harmless from and against any and all Buyer Losses in
connection with any Action incurred or suffered by any such Buyer Indemnified Party arising out of or related to such waiver.

 

    	-20-

    	 

    

 

7.6          Truck
Rental Lease Agreement. At Closing, Buyer and Seller shall enter into a truck rental lease agreement pursuant to which Buyer
shall lease to Seller, franchise or licensed operators of the Seller, One Hundred (100) new Food trucks, at prevailing market rates
and on such other terms and conditions as substantially set forth in the Truck Rental Lease Agreement (the “Truck Rental
Agreement”), in accordance with the lease commencement schedule as follows: (i) Twenty (20) trucks on or before March
31, 2014; and (ii) a minimum of Ten (10) trucks per month after March 31, 2014.

 

ARTICLE
VIII

INDEMNIFICATION

 

8.1          Survival.
All representations and warranties of Seller and Buyer contained in this Agreement and the Ancillary Agreements (including
all schedules and exhibits hereto and thereto and all certificates, documents, instruments and undertakings furnished pursuant
to this Agreement and the Ancillary Agreements) shall survive the consummation of the transactions contemplated hereby and thereby
only through and until the third anniversary of the Closing Date; provided, however, he representations and warranties
contained in Section 5.9 (Title to Assets) shall survive until 60 days after the applicable statute of limitations has expired
(in each case, the date until each such representation shall survive is herein referred to as the “Date of Survival”).
With respect to the representations and warranties that are subject to the Date of Survival, if written notice of a claim for breach
of any such representations and warranties has been given on or before the Date of Survival by a party in whose favor such representations
and warranties have been made to the party that made such representations and warranties, then the relevant representations and
warranties shall survive as to such claim, until the claim has been finally resolved. All indemnification obligations of Seller
and Buyer in this Agreement or the Ancillary Agreements (including all schedules and exhibits thereto and all certificates, documents,
instruments and undertakings furnished pursuant to this Agreement and the Ancillary Agreements) shall survive indefinitely. All
covenants, obligations and agreements of Seller and Buyer contained in this Agreement and the Ancillary Agreements (including all
schedules and exhibits hereto and thereto and all certificates, documents, instruments and undertakings furnished pursuant to this
Agreement and the Ancillary Agreements) shall survive the consummation of the transactions contemplated hereby and thereby

 

8.2          Indemnification
by Seller. Except as otherwise limited by this Article VIII, the Seller shall indemnify, defend and hold harmless Buyer
and its Affiliates, any assignee or successor thereof, and each officer, director, employee, agent and representative of each of
the foregoing (collectively, the “Buyer Indemnified Parties”) from and against, and pay or reimburse the Buyer
Indemnified Parties for, any and all losses, Actions, Liabilities, damages, claims, costs and expenses (including reasonable expenses
of investigation and legal fees and costs in connection therewith), interest, awards, judgments, penalties and Encumbrances suffered
or incurred by any of the Buyer Indemnified Parties (hereinafter a “Buyer Loss”), arising in whole or in part
out of or resulting directly or indirectly from:

 

(a)          any
breach of any representation or warranty of Seller in this Agreement or the Ancillary Agreements to which any of them is a party
(including all schedules and exhibits hereto and thereto and all certificates, documents, instruments and undertakings furnished
pursuant to this Agreement and the Ancillary Agreements to which any of them is a party or made in connection herewith or therewith);

 

    	-21-

    	 

    

 

(b)          any
breach of any covenant, obligation or agreement of Seller in this Agreement or the Ancillary Agreements to which any of them is
a party (including all schedules and exhibits hereto and thereto and all certificates, documents, instruments and undertakings
furnished pursuant to this Agreement and the Ancillary Agreements to which any of them is a party or made in connection herewith
and therewith).

 

The amount that Seller
are obligated to indemnify Buyer under this Agreement shall not exceed Four Hundred Fifty Thousand Dollars ($450,000.00); provided,
however, that the Seller shall not be obligated to pay any amounts to Buyer owed in connection to the indemnification obligations
under this Section until such indemnification amounts exceed $75,000 in the aggregate.

 

8.3          Indemnification
by Buyer. Except as otherwise limited by this Article VIII, Buyer shall indemnify, defend and hold harmless Seller, their
respective subsidiaries and Affiliates, any assignee or successor thereof, and each officer, director, member, manager, employee,
agent and representative of each of the foregoing (collectively, the “Seller Indemnified Parties”) from and
against, and pay or reimburse the Seller Indemnified Parties for, any and all losses, Actions, Liabilities, damages, claims, costs
and expenses (including reasonable expenses of investigation and legal fees and costs in connection therewith), interest, awards,
judgments, penalties and Encumbrances suffered or incurred by any of the Seller Indemnified Parties (hereinafter a “Seller
Loss”) arising solely out of or resulting directly from:

 

(a)          any
breach of any representation or warranty of Buyer in this Agreement (including all schedules and exhibits hereto and thereto and
all certificates, documents, instruments and undertakings furnished pursuant to this Agreement or made in connection herewith and
therewith);

 

(b)          any
breach of any covenant, obligation or agreement of Buyer in this Agreement to which either of them is a party (including all schedules
and exhibits hereto and thereto and all certificates, documents, instruments or undertakings furnished pursuant to this Agreement
or made in connection herewith and therewith); and

 

(c)          any
Assumed Liability.

 

8.4          General
Indemnification Provisions.

 

(a)          For
the purposes of this Section 8.4, the term “Indemnitee” shall refer to the Person or Persons indemnified,
or entitled, or claiming to be entitled, to be indemnified, pursuant to the provisions of Section 8.2 or 8.3, as the case
may be; the term “Indemnitor” shall refer to the Person having the obligation to indemnify pursuant to such
provisions; and “Losses” shall refer to Seller Losses or Buyer Losses, as the case may be.

 

(b)          The
amount of any Losses suffered or incurred by any Indemnitee shall be reduced by the amount of any insurance proceeds or other cash
receipts paid or payable to the Indemnitee or any Affiliate thereof as a reimbursement with respect to such Losses (and no right
of subrogation shall accrue to any insurer hereunder, except to the extent that such waiver of subrogation would prejudice any
applicable insurance coverage or such Loss is related to a breach of the kind described in subsection 8.2(a) or 8.3(a)), including
any indemnification received by the Indemnitee or such Affiliate from an unrelated party with respect to such Losses.

 

    	-22-

    	 

    

 

(c)          Within
a reasonable time following the determination thereof, an Indemnitee shall give the Indemnitor written notice of any matter which
such Indemnitee has determined has given rise to a right of indemnification under this Agreement, stating the amount of the Loss,
if known, and method of computation thereof, all with reasonable particularity and containing a reference to the provisions of
this Agreement in respect of which such right of indemnification is claimed or arises (subject to the last sentence of this subsection).
The obligations and Liabilities of any party under this Article VIII with respect to Losses arising from claims, assertions,
events or proceedings of any third party (including claims by any assignee or successor of the Indemnitee or any Governmental Authority),
which are subject to the indemnification provided for in this Article VIII (“Third Party Claims”) shall
be governed by and be subject to the following additional terms and conditions: If any Indemnitee shall receive written notice
of any Third Party Claim, the Indemnitee shall promptly give the Indemnitor written notice of such Third Party Claim (subject to
the last sentence of this subsection) and shall permit the Indemnitor, at its option, to participate in the defense of such Third
Party Claim by counsel of its own choice and at its expense. If the Indemnitor acknowledges in writing its obligation to indemnify
the Indemnitee hereunder against any Loss (without limitation) that may result from such Third Party Claim, then the Indemnitor
shall be entitled, at its option, to assume and control the defense against such Third Party Claim at its expense and through counsel
of its choice if it gives written notice of its intention to do so to the Indemnitee within 15 calendar days of the receipt of
notice of such Third Party Claim from Indemnitee, unless, in the reasonable opinion of counsel for the Indemnitee, there is a conflict
or a potential conflict of interest between the Indemnitee and the Indemnitor in such Action, in which event the Indemnitee shall
be entitled to direct the defense with respect to only those issues as to which such conflict exists with one separate counsel
of its choice reasonably acceptable to the Indemnitor. The reasonable fees and expenses of any such separate counsel shall be borne
by the Indemnitor. In the event that the Indemnitor exercises its right to undertake the defense against any such Third Party Claim
as provided above, the Indemnitee shall cooperate with the Indemnitor in such defense and make available to the Indemnitor, at
Indemnitor’s expense, all witnesses, pertinent records, materials and information in its possession or under its control
reasonably relating thereto as is required by the Indemnitor. Similarly, in the event the Indemnitee is, directly or indirectly,
conducting the defense against any Third Party Claim, the Indemnitor shall cooperate with the Indemnitee in such defense and make
available to it all witnesses, pertinent records, materials and information in its possession or under its control reasonably relating
thereto as is reasonably required by the Indemnitee. No such Third Party Claim, except the settlement thereof which involves the
payment of money only either by a party or parties other than the Indemnitee or for which the Indemnitee is totally indemnified
(without limitation) by the Indemnitor and the unconditional release from all related liability of the Indemnitee, may be settled
by the Indemnitor without the written consent of the Indemnitee. The foregoing notwithstanding, the failure of any Indemnitee to
give any notice required to be given hereunder shall not affect such Indemnitee’s right to indemnification hereunder except
to the extent the Indemnitor from whom such indemnity is sought shall have been actually prejudiced in its ability to defend the
claim or action for which such indemnification is sought by reason of such failure.

 

    	-23-

    	 

    

 

(d)          Payment
by an Indemnitee to a third party with respect to a Loss shall not affect such Indemnitee’s rights to indemnification pursuant
to this Article VIII, provided that the written consent of the Indemnitor is obtained, such consent not to be unreasonably
withheld.

 

8.5          Tax
Matters. In addition to this Article VIII, the rights and obligations of the parties with respect to indemnification for
any and all Tax matters shall be governed by Article IX to the extent expressly provided therein.

 

8.6          Materiality.
Notwithstanding anything in this Agreement to the contrary, for purposes of application of the indemnification provisions of this
Article VIII, the amount of any Loss arising from the breach of any representation, warranty, covenant, obligation or agreement
contained in this Agreement or any Ancillary Agreements shall be the entire amount of any Loss actually incurred by the respective
Indemnitee as a result of such breach and not just that portion of the Loss that exceeds the relevant level of materiality, if
any.

 

ARTICLE
IX

TAX MATTERS

  

9.1          Allocation
of Purchase Price. The parties hereto agree that the Purchase Price shall be allocated among the Assets as set forth in Disclosure
Schedule 9.1 and agree that such allocation is based upon Section 1060 of the Code and related Treasury Regulations (and any
similar provision of state, local or foreign law). Such allocation shall be conclusive and binding on the parties hereto, and Buyer
and Seller shall not take any position in any Tax Return, Tax proceeding or audit that is inconsistent with such allocation unless
required to do so under applicable law. All values contained in such allocation shall be consistently reported by the parties hereto
and their Affiliates for Tax purposes in accordance with the procedures reflected herein.

 

9.2          Taxes
Before and After the Closing Date.

 

(a)          Notwithstanding
any provision of local law, custom, practice or Tax sharing agreement or arrangement to the contrary, the Seller shall be liable
for, and shall indemnify the Buyer Indemnified Parties from and against all Taxes attributable to the ownership, use, operations,
activities or transactions of the Assets for all periods up to and including the Effective Date.

 

(b)          Buyer
shall be liable for, and shall indemnify the Seller Indemnified Parties from and against, all Taxes payable by, or due from, Buyer,
any Affiliate of Buyer, Seller, or any of Affiliate of any Seller attributable to (i) the operation or the ownership of the Assets
after the Closing Date (ii) all Taxes attributable to the transactions contemplated hereby.

 

(c)          Seller
or their designated Affiliates shall be entitled to any credits or refunds of any Tax paid by Seller or any Affiliate of any Seller,
and not indemnified by Buyer or any Affiliate thereof, and any interest thereon. Buyer or its designated Affiliate shall be entitled
to any credits or refunds of any Tax paid by Buyer or any Affiliate thereof, and any interest thereon. A party entitled to a credit
or refund under this Section 9.2 shall be entitled to reasonably prosecute the Action for refund at its own expense and in
the name of the party nominally entitled thereto, which party shall execute all documents and do any and all things reasonably
requested by the party entitled to such credit or refund, provided that such party is promptly reimbursed by the party entitled
to credit or refund for its costs and expenses in connection therewith other than general and administrative expense. A party receiving
an amount in respect of a refund or credit to which another party is entitled pursuant to this Section 9.2 shall make payment
thereof to such party in immediately available funds promptly upon receipt of any such refund or credit.

 

    	-24-

    	 

    

 

9.3          Notification
and Defense.

 

(a)          Buyer
shall promptly notify Seller in writing upon receipt by Buyer or any Affiliate of Buyer of notice of any pending or threatened
Action (including determinations as to the timing of payment of Taxes not yet required to be paid) relating to any Tax of the Assets,
or to Tax Returns reflecting the Assets, for periods ending on or prior to the Closing Date. Seller shall have the sole right to
represent the taxpayer’s interest in any such Action, and to employ counsel of their choice at their expense, upon reaffirming
their obligation to jointly and severally indemnify the Buyer Indemnified Parties in respect thereof. Seller shall reasonably keep
Buyer advised and shall reasonably consult with Buyer with respect to such controversy and prior to entering into any consensual
resolution of such controversy that may affect Buyer. Buyer agrees that they will, and will cause their Affiliates to, cooperate
fully with Seller and Seller’ counsel, at Seller’ sole cost and expense, in the defense against or compromise of any
claim in any such Action.

 

(b)          Buyer
shall have full responsibility and discretion in handling of any Tax controversy involving their business or the Assets for periods
ending after the Closing Date. Buyer shall promptly notify Seller in writing upon receipt by Buyer or any of its Affiliates of
notice of any pending or threatened Action relating to any Tax of or relating to the Assets, or to Tax Returns relating to the
Assets, for periods after the Effective Date. Buyer shall have the sole right to represent the taxpayer’s interest in any
such Action (including determinations as to the timing of payment of Taxes not yet required to be paid) and to employ counsel of
its choice at its expense, upon reaffirming its obligation to indemnify the Seller Indemnified Parties in respect thereof. Buyer
shall reasonably keep Seller advised and shall reasonably consult with Seller with respect to such controversy and prior to entering
into any consensual resolution of such controversy that may affect the Seller. Seller agree that they will, and will cause their
Affiliates to, cooperate fully with Buyer and its counsel, at Buyer’s sole cost and expense, in the defense against or compromise
of any claim in any such Action.

 

(c)          Buyer
and Seller shall not enter into any compromise or agree to settle any claim pursuant to any Action that would adversely affect
the other party for such year or a subsequent year without the written consent of the other party.

 

9.4          Access.
Without limiting the generality of Section 9.1, after the Closing, Buyer and Seller shall make available to the other, and
to any Taxing Authority, as reasonably requested, all information, records or documents relating to Tax Liabilities or potential
Tax Liabilities of or relating to the Assets for all periods prior to or including the Effective Date and shall preserve all such
information, records and documents until the expiration of any applicable statute of limitations or extensions thereof.

 

    	-25-

    	 

    

 

9.5          Taxes
Relating to Transactions Contemplated by This Agreement. All Taxes imposed in connection with the transfer of the Assets (“Transfer
Taxes”), whether such Taxes are assessed initially against Buyer or any Affiliate of Buyer or any Seller or any Affiliate
thereof, shall be borne and paid by Buyer. The Buyer, hereby agrees to indemnify the Seller Indemnified Parties from and against
any and all such Transfer Taxes imposed in connection with the transfer of the Assets.

 

9.6          Payments.
Unless otherwise provided herein, all payments of indemnification of Tax to be made under this Article IX shall be made in
immediately available funds within ten business days of receipt of a written notice from the party entitled to indemnification
which sets forth in reasonable detail the basis and an explanation of the claim hereunder, but in no event earlier than one business
day before the date on which such Tax is required to be paid to the relevant Taxing Authority.

 

ARTICLE X

TERMINATION

 

10.1          Termination.
This Agreement may be terminated at any time prior to the Closing:

 

(a)          By
the mutual written consent of Buyer and Sellers; or

 

(b)          By
Seller or Buyer by written notice given to the other, if the Closing has not occurred on October 1, 2013, unless otherwise agreed
to by the parties.

 

10.2          Effect
on Obligations. Termination of this Agreement pursuant to Section 10 hereof shall terminate all obligations of the parties
hereunder, except for their obligations under this Agreement; provided, however, that termination of this Agreement
shall not relieve a breaching party (whether or not it is the terminating party) from any liability to the other party hereto arising
from or related to its breach of any representations, warranties, covenants or agreements contained herein. Further, in the event
this Agreement is terminated, the Buyer shall not be entitled to the return of the Cash Upfront Payment.

 

ARTICLE
XI

GENERAL PROVISIONS

 

11.1          Expenses,
Taxes, Etc. Except as otherwise expressly provided in this Agreement, each party will pay all fees and expenses incurred by
it in connection with this Agreement, the Ancillary Agreements and the transactions contemplated hereby and thereby.

  

11.2          Notices.
All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given
or made as of the date delivered or mailed if delivered personally or mailed by registered or certified mail (postage prepaid,
return receipt requested), or sent by facsimile transmission, (confirmation received) to the parties at the following addresses
and facsimile transmission numbers (or at such other address or number for a party as shall be specified by like notice), except
that notices after the giving of which there is a designated period within which to perform an act and notices of changes of address
or number shall be effective only upon receipt:

 

    	-26-

    	 

    

 

	 	if to Seller:		 
	 	 	 	 
	 	 	The Grilled Cheese Truck, Inc.	 
	 	 	641 Lexington Avenue, Suite 1520	 
	 	 	New York, New York 10022	 
	 	 	Attention:  Robbie Lee	 
	 	 	Robbie@trig-capital.com	 
	 	 	Telephone No.:  212-521-4406	 
	 	 	 	 
	 	with a copy to: 	 
	 	 	 	 
	 	 	Ellenoff Grossman & Schole LLP	 
	 	 	150 East 42nd Street, 11th Floor	 
	 	 	New York, New York 10017	 
	 	 	Attention:  Barry I. Grossman, Esq.	 
	 	 	Facsimile No.:  (212) 370-7889	 
	 	 	Telephone No.:  (212) 370-1300	 
	 	 	 	 
	 	if to Buyer:		 
	 	 	 	 
	 	 	American Food Truck Group, LLC	 
	 	 	688 N. Coast Highway #131	 
	 	 	Laguna Beach, California	 
	 	 	Attention: Brian Pallas	 
	 	 	Facsimile No.:	 
	 	 	Telephone No.:	 
	 	 	 	 
	 	with a copy to: 	 

11.3          Disclosure
Schedule. The Disclosure Schedule shall be divided into sections corresponding to the sections and subsections of this Agreement.
If any information required to be disclosed pursuant to any particular provision hereof or Schedule hereto is disclosed and such
information is also required to be disclosed pursuant to any other provision hereof or Schedule hereto, then the initial disclosure
shall be deemed to satisfy all other disclosure requirements with respect to the subject matter thereof for purposes of this Agreement
and any Schedule hereof. Any Section or subsection herein for which there is no specific exception in the Disclosure Schedule and
lacks a disclosure in the corresponding section of the Disclosure Schedule shall be construed to have been made without any such
disclosure. Disclosure of any matter in the Disclosure Schedule shall not constitute an admission or raise any inference that such
matter constitutes a violation of law or an admission of liability or facts supporting liability.

 

    	-27-

    	 

    

 

11.4          Interpretation;
Conflict Between Agreements.

 

(a)          When
a reference is made in this Agreement to Sections, subsections, Schedules or Exhibits, such reference shall be to a Section, subsection,
Schedule or Exhibit to this Agreement unless otherwise indicated. The words “include,” “includes” and “including”
when used herein shall be deemed in each case to be followed by the words “without limitation.” The word “herein”
and similar references mean, except where a specific Section or Article reference is expressly indicated, the entire Agreement
rather than any specific Section or Article. The table of contents and the headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Except as otherwise expressly provided
herein, all monetary amounts referenced in this Agreement shall mean U.S. dollars.

 

(b)          In
the event of any inconsistency, conflict or ambiguity as to the rights and obligations of the parties under this Agreement and
any Ancillary Agreement, the terms of this Agreement shall control and supersede any such inconsistency, conflict or ambiguity.

 

11.5          Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of statute, law,
regulation, Governmental Order or public policy, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner adverse to any party. In such event, any such term or provision shall be deemed, without further action on the part
of the parties hereto, modified, amended and limited to the extent necessary to render the same and the remainder of this Agreement
valid, enforceable and lawful.

 

11.6          Assignment.
This Agreement may not be assigned by operation of law or otherwise by any party thereto, with the prior written consent of the
other parties. This Agreement will apply to, be binding in all respects upon and inure to the benefit of the successors and permitted
assigns of Buyer and Seller.

 

11.7          No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing
herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such assigns, any
legal or equitable rights hereunder.

 

11.8          Amendment,
Other Remedies and Waiver.

 

(a)          This
Agreement may not be amended or modified except by an instrument in writing signed by Seller and Buyer.

 

(b)          The
rights and remedies of the parties to this Agreement are cumulative and not alternative of any other remedy conferred hereby or
by law or equity, and the exercise of any remedy will not preclude the exercise of any other.

 

    	-28-

    	 

    

 

(c)          Neither
the failure nor any delay by any party in exercising any right, power or privilege under this Agreement or any Ancillary 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.
To the maximum extent permitted by law, (i) no Action or right arising out of this Agreement or the Ancillary Agreements can
be discharged by one party, in whole or in part, by a waiver or renunciation of the Action or right unless in a writing signed
by the party against which such waiver or renunciation is charged; (ii) no waiver that may be given by a party will be applicable
except in the specific instance for which it is given; and (iii) no notice to or demand on one party will be deemed to be
a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without
notice or demand as provided in this Agreement or the documents referred to in this Agreement.

 

11.9          Further
Assurances. (a) Buyer and Seller agree to (i) cooperate fully with the other parties, and to cause its Affiliates to cooperate
fully, (ii) execute and cause such Affiliates to execute such further instruments, documents and agreements, and (iii) give such
further written assurances as may be reasonably requested by Buyer or Seller, as the case may be, to evidence and reflect the transactions
described herein and contemplated hereby and to carry into effect the intents and purposes of this Agreement, including the issuance
of the Subject Buyer LLC Interests to GCT.

 

(a)          If
at any time and from time to time after the Closing Date (without limitation as to time or otherwise) Buyer reasonably determines
that Seller or their respective Affiliates’ rights, title and interests in and to an Asset has failed to be fully transferred
and conveyed in accordance with this Agreement to Buyer, then Seller shall cause such Asset to be transferred and conveyed to Buyer
in accordance with this Agreement as soon as reasonably practicable after notice from Buyer to Seller. If requested by Buyer, the
Seller shall prosecute or otherwise enforce in their own name (or that of an Affiliate thereof) for the benefit of Buyer any claims,
rights or benefits that are or shall be transferred to Buyer by this Agreement and that require prosecution or enforcement in the
name of Seller (or any such Affiliate). Any prosecution or enforcement of claims, rights or benefits under this Section 10.9(b)
shall be solely at Buyer’s expense, unless the prosecution or enforcement is made necessary by a breach of this Agreement
by the Seller or any Affiliate thereof. Following the Closing Date, Seller and its respective Affiliates shall refer to Buyer as
promptly as practicable any telephone calls, letters, orders, notices, requests, inquiries and other communications relating to
the Assets.

 

(b)          If
at any time and from time to time after the Closing Date (without limitation as to time or otherwise) GCT reasonably determines
that the rights, title and interests in and to the Subject Buyer LLC Interests has failed to be fully issued in accordance with
this Agreement to GCT, then Buyer shall cause such Subject Buyer LLC Interests Asset to be issued to GCT in accordance with this
Agreement as soon as reasonably practicable after notice from GCT to Buyer.

 

11.10          Mutual
Drafting. This Agreement is the joint product of the Seller and Buyer and each provision hereof has been subject to the mutual
consultation, negotiation and agreement of Buyer, on the one hand, and Seller on the other, and shall not be construed for or against
any party hereto.

 

    	-29-

    	 

    

 

11.11          Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York (without giving
effect to its choice of law principles).

 

11.12          Consent
to Jurisdiction; Waivers.

 

(a)          For
purposes of any Action arising out of this Agreement, the Ancillary Agreements or any transaction contemplated hereby or thereby,
each of the parties hereto irrevocably submits to the exclusive jurisdiction of (i) the courts of the State of New York, and (ii)
the United States District Courts in the State of New York. Each of the parties hereto agrees to commence any such Action either
in the United States District Court or if such Action may not be brought in such court for jurisdictional reasons, in the courts
of the State of New York.

 

(b)          Each
of the parties hereto further 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 11.2 shall be effective service of process for any Action with respect to any matters to
which it has submitted to jurisdiction in this Section 11.13.

 

(c)          Each
of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any Action arising out of
this Agreement or any transaction contemplated hereby in (i) the courts of the State of New York, (ii) the United States District
Courts in the State of New York, as appropriate, and hereby further irrevocably and unconditionally waives and agrees not to plead
or claim in any such court that any such Action brought in any such court has been brought in an inconvenient forum.

 

11.13          Waiver
of Jury Trial. Each of the parties hereto irrevocably and unconditionally waives trial by jury in any Action relating to this
Agreement, the Ancillary Agreements or any transaction contemplated hereby or thereby, and for any counterclaim with respect thereto.

 

11.14          Counterparts.
This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
A photocopy, faxed, scanned and/or emailed copy of this Agreement or any Ancillary Agreement or any signature page to this Agreement
or any Ancillary Agreement, shall have the same validity and enforceability as an originally signed copy.

 

11.15          Entire
Agreement. This Agreement, together with the Ancillary Agreements and all Schedules and Exhibits hereto, and the documents
and instruments and other agreements among the parties delivered pursuant hereto, constitute the entire agreement and supersede
all prior agreements and undertakings, both written and oral, with respect to the subject matter hereof and are not intended to
confer upon any other Person any rights or remedies hereunder, except as otherwise expressly provided herein.

 

[Signatures Appear on
Following Page]

 

    	-30-

    	 

    

 

IN WITNESS WHEREOF,
Buyer and Seller have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	
        THE GRILLED CHEESE TRUCK, INC.

        a Nevada corporation
	AMERICAN FOOD TRUCK GROUP, LLC  
	a Nevada limited liability company
	 	 
	 	 
	By:  ______________________________________________         	By:  ______________________________________________ 
	Name:	Name:
	Title:	Title:

 

[Signature Page to Asset Purchase Agreement]

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