Document:

Exhibit 10.6

 

 

 

LINE OF CREDIT AGREEMENT

This Line of Credit Agreement (the "Agreement")
is made and entered into this 10th day of March 2021 (the "Effective Date"), by and between U.S. Affiliate, Inc. (the "Lender"),
with its primary offices located at 3020 Kips Korner, Norco California 72860 and Drax, Industries Inc. ("Borrower"), with its
primary offices located at 3125 Scott Street, Vista California 92081.

In consideration of the mutual covenants
and agreements contained herein, the parties agree as follows:

1.       Line
of Credit. Lenders hereby establishes for a period of three years from the Effective Date (the "Maturity Date") a line
of credit (the "Credit Line") for Borrower in the principal amount of One Hundred Thousand dollars ($100,000) (the "Credit
Limit") which indebtedness shall be evidenced by and repaid in accordance with the terms of a promissory note for the amount of the
Credit Limit in substantially the form attached hereto as Exhibit A (the "Promissory Note"). All sums advanced on the Credit
Line or pursuant to the terms of this Agreement (each an "Advance") shall become part of the principal of the applicable Promissory
Note.

2.       Renewal
and Extension of Line of Credit. Provided that Borrower is not in default under this Agreement or the Promissory Note, at the
Maturity Date, the Borrower, at the Borrower's option may extend and renew this Credit Line for one additional term of one year.

3.       Advances.

(a)       Lender agrees
to make funds available under this Credit Line on the following schedule:

(i)       $100,000
on or before April 1, 2024;

(b) Subject to subparagraph (a)
above, any request for an Advance may be made from time to time and in such amounts as Borrower may choose, provided, however, any requested
Advance will not, when added to the outstanding principal balance of all previous Advances, exceed the Credit Limit. Requests for Advances
must be made in writing, delivered to the Lender, by such officer of Borrower authorized by it to request such advances. Until such time
as Lender may be notified otherwise, Borrower hereby authorizes its Chief Executive Officer or its Chief Financial Officer to request
Advances. For each Advance, properly requested, the Lender shall advance an amount equal to the Advance amount. The Lender may refuse
to make any requested Advance if an event of default has occurred and is continuing hereunder either at the time the request is given
or the date the Advance is to be made, or if an event has occurred or condition exists which, with the giving of notice or passing of
time or both, would constitute an event of default hereunder as of such dates.

 

    	  

    	 

    

 

4.       Interest.
All sums advanced pursuant to this Agreement shall bear interest from the date each Advance is made until paid in full at an interest
rate of ten percent (10%) simple interest per annum (the "Interest Rate"). Interest will be calculated on a basis of a 360-day
year and charged for the actual number of days elapsed.

5.       Interest
Payments; Repayment. Interest on the then outstanding principal balance shall be payable on at the maturity date. The entire unpaid
principal balance, together with any unpaid accrued interest and other unpaid charges or fees hereunder, shall be due and payable on the
Maturity Date. Payment shall be made to the Lender at such place as the Lender may, from time to time, designate in lawful money of the
United States of America. All payments received hereunder shall be applied as follows: first, to any late charge; second, to any costs
or expenses incurred by Lender in collecting such payment or to any other unpaid charges or expenses due hereunder; third, to accrued
interest; fourth, to principal; and fifth, the balance, if any, to such person entitled thereto; provided, however, upon occurrence of
an Event of Default, a Lender may, in its discretion, change the priority of the application of payments as it deems appropriate. Borrower
may prepay principal and/or interest at any time without penalty.

6.       Conditions
Precedent. Lender shall not be required to make any advance hereunder unless and until:

(a)       All
of the documents required by such Lender, including a Promissory Note, have been duly executed and delivered to such Lender and shall
be in full force and effect.

(b)       The
representations and warranties contained in this Agreement are then true with the same effect as though the representations and warranties
had been made at such time. The request for an Advance by Borrower shall constitute a reaffirmation to Lender that all representations
and warranties made herein remain true and correct in all material respects to the same extent as though given the time such request is
made, and that all conditions precedent listed in this Paragraph 5 have been, and continue to be, satisfied in all respects as of the
date such request is made.

(c)       No
event of default hereunder has occurred and is continuing, and no condition exists, or event has occurred which, with the passing of time
or the giving of notice or both, would constitute an event of default hereunder.

 

    	  

    	 

    

 

7.Representations and Warranties.
In order to induce Lender to enter into this Agreement and to make the advances provided for herein, Borrower represents and warrants
to Lenders as follows:

(a)       Borrower
is a duly organized, validly existing, and in good standing under the laws of the State Wyoming with the power to own its assets and to
transact business.

(b)       Borrower
has the authority and power to execute and deliver any document required hereunder and to perform any condition or obligation imposed
under the terms of such documents.

(c)       There
is no action, suit, investigation, or proceeding pending or, to the knowledge of Borrower, threatened, against of affecting Borrower or
any of its assets which, if adversely determined, would have a material adverse effect on the financial condition of Borrower or the operation
of its business.

(d)       No
information or report furnished by Borrower to Lender in connection with the negotiation of this Agreement contained any material misstatement
of fact or omitted to state a material fact or any fact necessary to make the statements contained therein not misleading.

8.       Affirmative
Covenants. So long as any sum remains unpaid hereunder, in whole or in part, Borrower covenants and agrees that except with the
prior written consent of the Lender, which consent will not be unreasonably withheld, it shall do the following:

(a)       Borrower
shall duly observe and conform to all valid requirements of any governmental authority relative to the conduct of its business, its properties,
or its assets and will maintain and keep in full force and effect its corporate existence and all licenses and permits necessary to the
proper conduct of its business.

(b)       Borrower
shall keep proper books of records and accounts in which full, true, and correct entries will be made of all dealings or transactions
relating to its business and activities.

(c)       Borrower
shall (1) file all applicable reports which it is required to file with the Securities and Exchange Commission in a timely manner; (2)
file all applicable federal, state, and local tax returns or other statements required to be filed in connection with its business, including
those for income taxes, sales taxes, property taxes, payroll taxes, payroll withholding amounts, FICA contributions, and similar items;
(3) maintain appropriate reserves for the accrual of the same; and (4) pay when due all such taxes, or sums or assessments made in connection
therewith. Provided, however, that (until distraint, foreclosure, sale, or similar proceedings have been commenced) nothing herein will
require Borrower to pay any sum or assessment, the validity of which is being contested in good faith by proceedings diligently pursued
and as to which adequate reserves have been made.

 

    	  

    	 

    

 

9.       Events
of Default. An event of default (each, an "Event of Default") will occur if any of the following events occurs:

(a)       Failure
to pay interest on a yearly basis when due;

(b)       Failure
to pay any principal within five (5) days after the same becomes due.

(c)       Any
representation or warranty made by Borrower in this Agreement or in connection with any borrowing or request for an advance hereunder,
or in any certificate, financial statement, or other statement furnished by Borrower to Lender is untrue in any material respect at the
time when made.

(d)       Default
by Borrower in the observance or performance of any other covenant or agreement contained in any other document or agreement made and
given in connection with this Agreement, other than a default constituting a separate and distinct event of default under this Paragraph
13, and the continuance of the same unremedied for a period of fourteen (14) days after notice thereof is given to Borrower.

(e)       Any
of the documents executed and delivered in connection herewith for any reason ceases to be valid or in full force and effect or the validity
or enforceability of which is challenged or disputed by any signer thereof, other than Lender.

(f)       Filing
of an involuntary petition against Borrower in bankruptcy seeking reorganization, arrangement or readjustment of debts, or any other relief
under the Bankruptcy Code as amended, or under any other insolvency act or law, state or federal, now or hereafter existing, and the continuance
thereof for sixty (60) days undismissed, unbonded, or undischarged.

10.       Remedies.
Upon the occurrence of an Event of Default as defined above, the Lender may declare the entire unpaid principal balance, together with
accrued interest thereon, to be immediately due and payable without presentment, demand, protest, or other notice of any kind. Lender
may suspend or terminate any obligation it may have hereunder to make additional Advances. To the extent permitted by law, The rights
and remedies provided herein are cumulative and not exclusive of any other rights or remedies provided at law or in equity.

 

 

    	  

    	 

    

 

11.       Notices.
All notices, requests, demands and other communications under this Agreement, shall be in writing and shall be deemed to have been duly
given on the date of service if served personally on the party to whom notice is to be given or within five (5) business days if mailed
to the party to whom notice is to be given, by first-class mail, registered, or certified, postage prepaid and properly addressed as follows:

If to the Borrower, addressed to: 

Drax, Industries Inc.

3125 Scott Street

Vista California 92081

 

 

If to Lender, addressed to:

U.S. Affiliated, Inc.

3020 Kips Korner

Norco California 72860

 

12.       General
Provisions. All representations and warranties made in this Agreement and the Promissory Note shall survive the execution and
delivery of this Agreement and the making of any loans hereunder. This Agreement will be binding upon and inure to the benefit of Borrower
and Lender, their respective successors and assigns, except that Borrower may not assign or transfer its rights or delegate its duties
hereunder without the prior written consent of Lender. This Agreement, the Promissory Note, and all documents and instruments associated
herewith will be governed by and construed and interpreted in accordance with the laws of the State of California. Time is of the essence
hereof. Lender may set off against any debt or account it owns Borrower, now existing or hereafter arising, in accordance with its rules
and regulations governing deposit accounts then in existence, and for such purposes is hereby granted a security interest in all such
accounts. This Agreement will be deemed to express, embody, and supersede any previous understanding, agreements, or commitments, whether
written or oral, between the parties with respect to the general subject matter hereof. This Agreement may not be amended or modified
except in writing signed by the parties.

13.       Counterparts;
Signatures. This Agreement may be executed in one or more counterparts, each of which shall be determined an original and all
of which together shall constitute one and the same agreement.

14.       Independent
Advice of Counsel. The Parties hereto, and each of them, represent and declare that in executing this Agreement they relied solely
upon their own judgment, belief, knowledge and the advice and recommendations of their own independently selected counsel, concerning
the nature, extent, and duration of their rights and claims, and that they have not been influenced to any extent whatsoever in executing
the Agreement by any representations or statements covering any matters made by any other party or that party's representatives hereto.

 

    	  

    	 

    

 

15.       Entire
Agreement. This Agreement, together with the Promissory Note, constitutes the entire understanding and agreement of the parties
with respect to the general subject matter hereof; supersede all prior negotiations and agreements with respect thereto; may not be contradicted
by evidence of any alleged oral agreement; and may not be amended, modified, or rescinded in any manner except by a written agreement
signed by Lender which clearly and unequivocally expresses an intent to amend, modify, or rescind the same.

 

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

 

BORROWER

DRAX, INDUSTRIES INC.

 

 

/s/ Virgil Enriquez 

By: Virgil Enriquez

Its: President and CEO

LENDERExhibit 10.1 

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT (this “First Amendment”) is made by and between JAMF Holdings, Inc., a Minnesota corporation (the “Company”),
and Dean Hager (the “Executive”), effective as of April 22, 2021 (the “First Amendment Effective Date”).
Capitalized terms used in this First Amendment but not otherwise defined in this First Amendment will have the respective meanings assigned
to such terms in the Employment Agreement (as defined below).

 

WHEREAS,
the Company and Executive have heretofore entered into that certain Employment Agreement, effective as of October 20, 2017 (the “Employment
Agreement”); and

 

WHEREAS,
the Company and Executive desire to amend the Employment Agreement, as set forth in this First Amendment.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each of the Company and Executive agrees as follows, effective as of the First Amendment
Effective Date:

 

1.             Section 9
of the Employment Agreement is hereby deleted and replaced in its entirety with the following:

 

9.             If
the Company terminates your employment without “Cause” or you voluntarily terminate your employment for a “Good Reason”
(each a “Qualifying Termination”), so long as you (i) execute on or before the Release Expiration Date (as defined
below), and do not revoke within any time provided by the Company to do so, a separation agreement and release of all claims in a form
provided to you by the Company (the “Release”), which Release will, among other things, release the Company and its
affiliates, shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit
plans (and fiduciaries of such plans) from any and all claims, including any and all causes of action arising out of your employment and
relationship with the Company or the termination of such employment or relationship, but excluding all claims to severance payments you
may have under this Section 9; and (ii) abide by the terms of the Company’s standard “Employment and Restrictive
Covenants Agreement” (attached to this letter as Exhibit A) and any other post-employment obligations that you
may owe to the Company, then the Company will provide you the payments and benefits set forth in paragraphs (A)-(D) below.

 

(A)            The
Company will make severance payments to you in a total amount equal to twelve (12) (or, if such termination occurs within the Change of
Control Period (as defined below), eighteen (18) months’ worth of your Base Salary as in effect on the date of such termination)
(such total severance payments being referred to as the “Severance Payment”). The Severance Payment will be divided
into substantially equal installments paid over the twelve (12)-month period or, if during the Change in Control Period, the eighteen
(18)-month period (such period, the “Severance Period”) following the date on which your employment terminates (the
 “Termination Date”). On the Company’s first regularly scheduled pay date that is on or after the date that is
sixty (60) days after the Termination Date (the “First Payment Date”), the Company will pay to you, without interest,
the aggregate amount payable pursuant to any installments that would have been paid during the period beginning on the Termination Date
and ending on the First Payment Date had the installments been paid on the Company’s regularly scheduled pay dates on or following
the Termination Date, and, subject to Section 17 of this letter, each of the remaining installments will be paid on the Company’s
regularly schedules pay dates during the remainder of the Severance Period.

 

    

     

    

 

As used herein, (1) the “Change
of Control Period” means the one (1)-year period immediately following a Change of Control and the three-month period immediately
preceding a Change of Control and (2) “Change of Control” has the meaning set forth in the Jamf Holding Corp Omnibus
Incentive Plan.

 

(B)             Subject
to your eligibility and timely election to continue coverage for you and your spouse and eligible dependents, if any, under the Company’s
group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the
Company will, at its option pay or reimburse you on a monthly basis for the difference between the amount you pay to effect and continue
such coverage and the employee contribution amount that similarly situated employees of the Company pay for the same or similar coverage
under such group health plans (the “COBRA Benefit”). Each payment of the COBRA Benefit will be paid on or about the
Company’s first regularly scheduled pay date in the calendar month immediately following the calendar month in which you submit
to the Company documentation of the applicable premium payment having been paid by you, which documentation will be submitted by you to
the Company within thirty (30) days following the date on which the applicable premium payment is paid. You will be eligible to receive
such reimbursement payments until the earliest of: (i) the expiration of the Severance Period; (ii) the date you are no longer
eligible to receive COBRA continuation coverage; and (iii) the date on which you become eligible to receive coverage under a group
health plan sponsored by another employer (and you agree to promptly report any such eligibility to the Company); provided, however,
that the election of COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation coverage
will remain your sole responsibility, and the Company will not assume any obligation for payment of any such premiums relating to such
COBRA continuation coverage.

 

(C)             In
the event such Qualifying Termination occurs during the Change in Control Period, (i) the Company will also pay to you a prorated
Bonus for the calendar year that includes the Termination Date, based on deemed achievement of the performance criteria at target levels,
and with the pro-ration determined by multiplying the amount of the such Bonus (if any) which would be due for the full calendar year
had you remained employed by a fraction, the numerator of which is the number of days during the calendar year of termination that you
are employed by the Company and the denominator of which is 365 (the “Prorated Bonus”), payable in a lump sum on the
First Payment Date, and (ii) 100% of your outstanding unvested equity awards that vest based on continued employment or service will
accelerate and vest as of the Termination Date.

 

(D)            The
Company will pay to you (i) any unpaid Base Salary through the Termination Date; (ii) any Bonus earned but unpaid with respect
to the calendar year ending on or preceding the Termination Date; (iii) any accrued but unused vacation, payable in accordance with
the Company’s vacation policy as in effect on the Termination Date, and (iv) reimbursement for any unreimbursed business expenses
incurred through the Termination Date (collectively, the “Accrued Benefits”), payable in a lump sum on the First Payment
Date.

 

If the Release is not executed and returned
to the Company on or before the Release Expiration Date (as defined below), and the required revocation period has not fully expired without
revocation of the Release by you, then you will not be entitled to any portion of the payments or benefits contemplated by Section 9(A) through
9(C). As used herein, the “Release Expiration Date” is that date that is twenty-one (21) days following the
date upon which the Company delivers the Release to you (which will occur no later than seven (7) days after the Termination Date)
or, in the event that such termination of employment is determined by the Company to be “in connection with an exit incentive or
other employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date
that is forty-five (45) days following such delivery date.

 

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2.             The
following is hereby added at the end of Section 17:

 

To the extent, if any, that the aggregate
amount of the installments of the Severance Payment that would otherwise be paid pursuant to Section 9 after March 15 of the
calendar year following the calendar year in which the Termination Date occurs (the “Applicable March 15”) exceeds
the maximum exemption amount under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A), then such excess shall be paid to you in a
lump sum on the Applicable March 15 (or the first business day preceding the Applicable March 15 if the Applicable March 15
is not a business day) and the installments of the Severance Payment payable after the Applicable March 15 shall be reduced by such
excess (beginning with the installment first payable after the Applicable March 15 and continuing with the next succeeding installment
until the aggregate reduction equals such excess).

 

3.             Section 18
is hereby renumbered as Section 19.

 

4.             The
following is hereby added as a new Section 18:

 

18.           Notwithstanding
anything to the contrary in this Agreement, if you are a “disqualified individual” (as defined in Section 280G(c) of
the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which you have
the right to receive from the Company or any of its affiliates, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of
the Code), then the payments and benefits provided for in this Agreement will be either (a) reduced (but not below zero) so that
the present value of such total amounts and benefits received by you from the Company or any of its affiliates will be one dollar ($1.00)
less than three times your “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of
such amounts and benefits received by you will be subject to the excise tax imposed by Section 4999 of the Code or (b) paid
in full, whichever produces the better net after-tax position to you (taking into account any applicable excise tax under Section 4999
of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, will be made by reducing,
first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning
with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit
that would be made first in time) and, then, reducing any benefit to be provided in-kind hereunder in a similar order. The determination
as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary will be made by the Company
in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated
with other payments and benefits from the Company or any of its affiliates used in determining if a “parachute payment” exists,
exceeds one dollar ($1.00) less than three times your base amount, then you will immediately repay such excess to the Company upon notification
that an overpayment has been made. Nothing in this Section 18 will require the Company to be responsible for, or have any liability
or obligation with respect to, your excise tax liabilities under Section 4999 of the Code.

 

4.             Executive
and the Company acknowledge and agree that this First Amendment constitutes the prior written consent of each of the Company and Executive
and fulfills the requirements of an amendment contemplated by Section 19 of the Employment Agreement. Upon the effectiveness of this
First Amendment, each reference in the Employment Agreement to “this Agreement,” “hereunder,” “hereof,”
 “herein” or words of similar import will mean and be a reference to the Employment Agreement as modified by this First Amendment.
Except as otherwise expressly set forth in this First Amendment, all other terms and conditions of the Employment Agreement remain in
full force and effect without modification. This First Amendment will be governed by all provisions of the Employment Agreement, unless
the context otherwise requires, including all provisions concerning construction, enforcement, notices and choice of law. To the extent
a conflict arises between the terms of the Employment Agreement and this First Amendment, the terms of this First Amendment will prevail.

 

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5.             This
First Amendment may be executed in one or more counterparts (including by means of signature pages delivered by facsimile transmission
or electronic mail) (including being delivered by means of a facsimile or portable document format (*.pdf)), each of which will be deemed
an original and all of which, when taken together, will constitute one valid and binding agreement effective when one or more such counterparts
have been signed by each of Executive and the Company and delivered to the other party hereto. Facsimile or scanned and emailed transmission
of any signed original document or retransmission of any signed facsimile or scanned and emailed transmission will be deemed the same
as delivery of an original. At the request of Executive or the Company, the parties hereto will confirm facsimile or scanned and emailed
transmission by signing a duplicate original document.

 

[Remainder of Page Intentionally Blank;

Signature Page Follows]

 

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IN
WITNESS WHEREOF, Executive and the Company each have caused this First Amendment to be executed and effective as of the First
Amendment Effective Date.

 

	 	JAMF HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Jeff Ledino
	 	 	 Jeff Lendino
	 	 	Chief Legal Officer
	 	 	 
	 	EXECUTIVE
	 	 	 
	 	/s/ Dean Hager
	 	Dean Hager

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