Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT 
 FIRST
AMENDMENT, dated as of August 9, 2021 (this “Amendment”), to the Fifth Amended and Restated Credit Agreement, dated as of February 13, 2020 (as amended, supplemented or otherwise modified from time to time prior to the
date hereof, the “Credit Agreement”), among Avery Dennison Corporation, a Delaware corporation (the “Borrower”), the lenders from time to time parties thereto (the “Lenders”), the agents party
thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 
 W
I T N E S S E T H 
 WHEREAS, pursuant to the Credit Agreement, the Lenders
have agreed to make, and have made, certain loans to the Borrower; 
 WHEREAS, the Borrower has requested that the Credit Agreement be
amended as set forth herein; and 
 WHEREAS, Lenders constituting Required Lenders under the Credit Agreement are willing to agree to this
Amendment on the terms set forth herein. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the
parties hereto agree as follows: 
 SECTION 1.     Defined Terms. Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to them in the Credit Agreement. As used in this Amendment, the following terms have the meanings set forth below: 

“First Amendment Lead Arranger” means Goldman Sachs Bank USA. 

“First Amendment Effective Date” has the meaning specified in Section 3. 

“Limited Conditionality Loan Amount” means $500,000,000, or such lesser amount upon the voluntary reduction of the Limited
Conditionality Loan Amount pursuant to the terms of Section 2(c). 
 “Limited Conditionality Loans” has the meaning
specified in Section 2(b). 
 “Limited Conditionality Period” means the period from the First Amendment Effective Date
through the earlier of (a) the Vestcom Acquisition Closing Date and (b) the Limited Conditionality Termination Date. 

“Limited Conditionality Termination Date” means the earliest of (a) January 27, 2022, (b) the date a public
announcement is made by the Borrower of its intention not to proceed with the Vestcom Acquisition and (c) the date of receipt by the Administrative Agent of written notice from the Borrower of its election to terminate the Limited
Conditionality Period. 
 “Specified Merger Agreement Representations” means such of the representations and warranties in
the Vestcom Merger Agreement made by Vestcom as are material to the interests of the Lenders, but only to the extent that the Borrower, Merger Sub or their respective affiliates have the right to terminate their respective obligations under the
Vestcom Merger Agreement (or decline to consummate the Vestcom Acquisition) as a result of a breach of such representations and warranties in the Vestcom Merger Agreement. 

 “Specified Representations” means the representations and warranties set
forth in the first sentence of Section 5.01(a) of the Credit Agreement, the last sentence of Section 5.01(a) of the Credit Agreement (as to execution, delivery and performance of the Credit Agreement and this Amendment), Section 5.02
of the Credit Agreement (as to due authorization of the Credit Agreement and this Amendment), Section 5.02(c) of the Credit Agreement (as to no conflicts of the Credit Agreement or this Amendment with the Borrower’s Organization Documents
or the Borrower’s material agreements with respect to the incurrence of Debt), Section 5.08 of the Credit Agreement, Section 5.10 of the Credit Agreement (as to the Credit Agreement and this Amendment), Section 5.13 of the Credit
Agreement and Sections 5.19 and 5.20 of the Credit Agreement (in each case as to use of proceeds of the Limited Conditionality Loans not violating the U.S.A. Patriot Act, OFAC or the Foreign Corrupt Practices Act). 

“Vestcom” means CB Velocity Holdings, LLC, a Delaware limited liability company. 

“Vestcom Acquisition” means the acquisition of Vestcom in accordance with the Vestcom Merger Agreement. 

“Vestcom Acquisition Closing Date” means the date of consummation of the Vestcom Acquisition. 

“Vestcom Acquisition Consideration” means the aggregate consideration in respect of the Vestcom Acquisition set forth in the
Vestcom Merger Agreement. 
 “Vestcom Merger Agreement” means that certain Agreement and Plan of Merger, dated as of
July 27, 2021, by and among the Borrower, Vestcom, Lobo Merger Sub, LLC, a Delaware limited liability company and a subsidiary of the Borrower, and Charlesbank Equity Fund VIII, Limited Partnership, as the Seller Representative. 

“Vestcom Transaction Costs” means the fees and expenses incurred in connection with the transactions described in clauses
(a) through (b) of the definition of “Vestcom Transactions”. 
 “Vestcom Transactions” means (a) the
Vestcom Acquisition, (b) all or any combination of the following actions by the Borrower: the incurrence of a bridge facility, the issuance of senior unsecured notes, the incurrence of Loans or the issuance by the Borrower of commercial paper
to finance the Vestcom Acquisition and the Vestcom Transaction Costs and (c) the payment of the Vestcom Transaction Costs. 
 SECTION
2.     Amendments. Pursuant to Section 10.01 of the Credit Agreement, effective as of the First Amendment Effective Date, the parties hereto hereby agree as follows: 

(a)     During the Limited Conditionality Period, (i) no Loans may be made (other than Limited Conditionality Loans)
if after giving effect thereto the unused Commitments would be less than the Limited Conditionality Loan Amount then in effect, (ii) the Borrower may not reduce the Aggregate Commitments if, after giving effect to such reduction, the unused
Commitments would be less than the Limited Conditionality Loan Amount then in effect and (iii) if at any time the Administrative Agent notifies the Borrower that the Total Outstandings exceed an amount equal to the Aggregate Commitments then in
effect less the Limited Conditionality Loan Amount then in effect, then, within two Business Days after receipt of such notice, the Borrower shall prepay Loans in an aggregate amount sufficient to reduce such Outstanding Amount as of such date of
payment to an amount not to exceed the Aggregate Commitments then in effect less the Limited Conditionality Loan Amount then in effect. 

 (b)     During the Limited Conditionality Period, Loans in an amount of
up to the Limited Conditionality Loan Amount then in effect may be made on the Vestcom Acquisition Closing Date solely in order to finance the Vestcom Acquisition and to pay the Vestcom Transaction Costs (such Loans, the “Limited
Conditionality Loans”). Notwithstanding anything to the contrary set forth in the Credit Agreement (including Section 4.02 thereof), the making of Limited Conditionality Loans shall be subject solely to satisfaction (or waiver by the
Required Lenders) of the following conditions precedent: 
 (i)     The Vestcom Acquisition shall be
consummated substantially concurrently with the funding of the Limited Conditionality Loans in accordance with the Vestcom Merger Agreement, and the Vestcom Merger Agreement shall not have been amended or modified, and no condition shall have been
waived or consent granted, in any respect that is materially adverse to the Lenders or the First Amendment Lead Arranger without the First Amendment Lead Arranger’s prior written consent (such consent not to be unreasonably withheld or delayed)
(it being understood and agreed that (a) any decrease in the Vestcom Acquisition Consideration in excess of 15% shall be deemed materially adverse to the Lenders and the First Amendment Lead Arranger, (b) any decrease in the Vestcom
Acquisition Consideration equal to or less than 15% shall be deemed not materially adverse to the Lenders and the First Amendment Lead Arranger to the extent such decrease is applied to reduce Debt to be funded in respect of the Vestcom Acquisition
on a dollar-for-dollar basis and (c) any increase in Vestcom Acquisition Consideration shall be deemed not materially adverse to the Lenders and the First Amendment
Lead Arranger so long as such increase is funded with (A) cash available to the Borrower or (B) proceeds of additional borrowings under the Credit Agreement or the Borrower’s existing commercial paper facilities and the Borrower is in
pro forma compliance with Section 7.05 of the Credit Agreement). 
 (ii)     The First Amendment
Lead Arranger shall have received for the Borrower U.S. GAAP unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows for each fiscal quarter ended subsequent to January 2, 2021 and at
least 45 days before the Closing Date, which financial statements shall meet the requirements of Regulation S-X under the Securities Act of 1933, as amended, and all other accounting rules and regulations of
the SEC promulgated thereunder applicable to a registration statement under such Act on Form S-1; provided that the filing of the required financial statements on Form
10-Q by the Borrower will be deemed to satisfy the foregoing requirements. The First Amendment Lead Arranger hereby acknowledges receipt of the financial statements described in this clause (ii) with
respect to the fiscal quarter ending April 3, 2021. 
 (iii)     The Administrative Agent shall have
received a Loan Notice and (b) the Specified Merger Agreement Representations shall be true and correct to the extent required by the definition thereof and the Specified Representations shall be true and correct in all material respects (in
each case, unless already qualified by materiality or “material adverse effect”, in which case they shall be true and correct in all respects) as of the Vestcom Acquisition Closing Date (except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (unless already qualified by materiality or “material adverse effect”, in which case they shall be true and correct in
all respects) as of such earlier date). 
 (iv)     The Administrative Agent shall have received a
certificate from the chief financial officer or the chief accounting officer of the Borrower in the form attached hereto as Annex I certifying that the Borrower and its Subsidiaries, on a consolidated basis after giving effect to the Transactions
are solvent. 
 (v)     There shall not exist any Event of Default under Section 8.01(a) of the

 
Credit Agreement or (with respect to the Borrower) Section 8.01(h) of the Credit Agreement; 

provided that the Borrower may also, in its sole discretion, request additional Loans under the Credit Agreement on the Vestcom Acquisition Closing Date
(which, for the avoidance of doubt, will not constitute Limited Conditionality Loans) and such Loans will be extended to the Borrower pursuant to the terms of the Credit Agreement if (x) the Borrower has requested such Loans pursuant to and in
compliance with the terms of Section 4.02 of the Credit Agreement, and (y) the amount of such Loans is less than or equal to the Aggregate Commitments then in effect less the Total Outstandings after giving effect to the Limited
Conditionality Loans. 
 (c)    At any time during the Limited Conditionality Period, the Borrower may, by written
notice to the Administrative Agent, permanently reduce or terminate the Limited Conditionality Loan Amount without fee or penalty. 

 SECTION 3.     Conditions to Effectiveness of Amendment. The
amendments set forth in this Amendment shall become effective on the date (the “First Amendment Effective Date”) on which the following conditions precedent have been satisfied: 

(a)    The Administrative Agent shall have received this Amendment executed and delivered by the Administrative Agent, the
Borrower and Lenders constituting Required Lenders under the Credit Agreement. 
 (b)    The Administrative Agent shall
have received, to the extent invoiced at least two Business Days prior to the First Amendment Effective Date, all reasonable and documented expenses required to be paid on or before the First Amendment Effective Date pursuant to the Credit Agreement
and this Amendment (including the reasonable and documented fees and expenses of one legal counsel pursuant to Section 6 below). 

SECTION 4.     Representations and Warranties. The Borrower hereby represents and warrants that (a) the
representations and warranties of the Borrower contained in Article V of the Credit Agreement (other than in Sections 5.06 and 5.09 thereof) or any other Loan Document are true and correct in all material respects on and as of the First Amendment
Effective Date (with the term “Loan Documents” as used therein deemed to include this Amendment), except to the extent that such representations and warranties specifically refer to an earlier date, in which case such representations and
warranties were true and correct in all material respects as of such earlier date, and except that the representations and warranties contained in Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent financial
statements furnished pursuant to subsections (a) and (b) of Section 6.01 of the Credit Agreement; provided that any representations and warranties that are qualified by materiality or “Material Adverse Effect” shall be
true and correct in all respects as of the applicable date and (b) after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing. 

SECTION 5.     Effects on Loan Documents. (a) Except as expressly set forth herein, this Amendment shall
not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or
in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all of which are ratified and affirmed in all
respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or different circumstances. 
 (b)    On and
after the First Amendment Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference to the Credit Agreement in any
other Loan Document shall be deemed a reference to the Credit Agreement as amended hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

SECTION 6.     Expenses. The Borrower agrees to reimburse each of the Administrative Agent and the First
Amendment Lead Arranger for its reasonable and documented out-of-pocket expenses incurred in connection with this Amendment, including the reasonable and documented
fees, charges and disbursements of one counsel for the Administrative Agent and one counsel for the First Amendment Lead Arranger. 

SECTION 7.     GOVERNING LAW. THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION
(WHETHER IN CONTRACT OR TORT  

 
OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
CALIFORNIA. 
 SECTION 8.     Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment
by facsimile or other electronic imaging means (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution”, “signed,” “signature”
and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or
the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION
9.     Headings. Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Amendment. 

[Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

			
	AVERY DENNISON CORPORATION,
	as the Borrower
		
	By:	 	 /s/ Lori Bondar

	Name:	 	Lori Bondar
	Title:	 	Chief Accounting Officer
		
	By:	 	 /s/ Greg Lovins

	Name:	 	Greg Lovins
	Title:	 	Chief Financial Officer

  
 [Signature Page to First
Amendment to Fifth Amended and Restated Credit Agreement] 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Anthea Del Bianco

	Name:	 	Anthea Del Bianco
	Title:	 	Vice President
	
	BANK OF AMERICA, N.A.,
	as Lender
		
	By:	 	 /s/ Erron Powers

	Name:	 	Erron Powers
	Title:	 	Director

  
 [Signature Page to First
Amendment to Fifth Amended and Restated Credit Agreement] 

 
			
	GOLDMAN SACHS BANK USA,
	as a Lender
		
	By:	 	 /s/ Dan Martis

	Name:	 	Dan Martis
	Title:	 	Authorized Signatory
	
	JPMORGAN CHASE BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Peter S. Predun

	Name:	 	Peter S. Predun
	Title:	 	Executive Director
	
	CITIBANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Susan M. Olsen

	Name:	 	Susan M. Olsen
	Title:	 	Vice President
	
	HSBC BANK USA, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Eric Seltenrich

	Name:	 	Eric Seltenrich
	Title:	 	Managing Director
	
	MIZUHO BANK, LTD.,
	as a Lender
		
	By:	 	 /s/ Donna DeMagistris

	Name:	 	Donna DeMagistris
	Title:	 	Authorized Signatory
	
	STANDARD CHARTERED BANK,
	as a Lender
		
	By:	 	 /s/ Kristopher Tracy

	Name:	 	Kristopher Tracy
	Title:	 	Director, Financing Solutions

  
 [Signature Page to First
Amendment to Fifth Amended and Restated Credit Agreement] 

 
			
	SUMITOMO MITSUI BANKING CORPORATION,
	as a Lender
		
	By:	 	 /s/ Jun Ashley

	Name:	 	Jun Ashley
	Title:	 	Director
	
	BANK OF CHINA, LOS ANGELES BRANCH,
	as a Lender
		
	By:	 	 /s/ Yong Ou

	Name:	 	Yong Ou
	Title:	 	SVP & Branch Manager

  
 [Signature Page to First
Amendment to Fifth Amended and Restated Credit Agreement] 

 ANNEX I 

FORM OF SOLVENCY CERTIFICATE 

Reference is made to the [Credit Agreement], dated as of [            ],
20[    ] (the “Credit Agreement”), among [            ] and [            ]. Unless otherwise
defined herein, capitalized terms used in this Certificate shall have the meanings set forth in the Credit Agreement. 
 The undersigned
hereby certifies as follows: 
 1.    I am the
[            ] of the Borrower. 
 2.    I have reviewed the
terms of the Credit Agreement and the definitions and provisions contained in the Credit Agreement relating thereto and, in my opinion, have made, or have caused to be made under my supervision, such examination or investigation as is necessary to
enable me to express an informed opinion as to the matters referred to herein. 
 3.    Based upon my review and
examination described in paragraph 2 above, I certify on behalf of the Borrower and its subsidiaries, on a consolidated basis, that, as of the date hereof and after giving effect to the Transactions: 

(i)    The sum of the “fair value” of the assets of the Borrower and its subsidiaries, taken as a whole, exceeds
the sum of all debts of the Borrower and its subsidiaries, taken as a whole, as such quoted terms are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors. 

(ii)    The “present fair saleable value” of the assets of the Borrower and its subsidiaries, taken as a whole,
is greater than the amount that will be required to pay the probable liability on debts of the Borrower and its subsidiaries, taken as a whole, as such debts become absolute and matured, as such quoted term is determined in accordance with
applicable federal and state laws governing determinations of the insolvency of debtors. 
 (iii)    The capital of the
Borrower and its subsidiaries, taken as a whole, is not unreasonably small in relation to the business in which they are or are about to become engaged. 

(iv)    The Borrower and its subsidiaries, taken as a whole, do not intend to incur, or believe that they will incur,
debts beyond their ability to pay as they mature. 
 (v)    The Borrower and its subsidiaries, taken as a whole, are
presently able to pay their debts as such debts mature. 
 For purposes of clauses (i) through (v) above, (a)(i) “debt” means
liability on a “claim” and (ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, subordinated, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed,
contingent, matured or unmatured, disputed, undisputed, secured or unsecured and (b) the amount of any contingent, unliquidated and disputed claim and any claim that has not been reduced to judgment at any time has been computed as the amount
that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or 

 
matured liability (irrespective of whether such liabilities meet the criteria for accrual under the Financial Accounting Standards Board Statement of Financial Accounting Standards No. 5).

 The foregoing certifications are made and delivered as of [●], 20[    ]. 

This certificate is being signed by the undersigned in [his/her] capacity as chief financial officer or the chief accounting officer of the
Borrower and not in [his/her] individual capacity. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first
written above. 
  

			
	AVERY DENNISON CORPORATION
		
	By:	 	              

	Name:	 	
	Title:vmnt_41.htm

EXHIBIT 4.1
  
  
  
  
 August 06, 2021
  
 Tan Tran
  
 AND
  
 Vemanti Group, Inc.
  
  
  
  
  
 	  
 LOAN AGREEMENT
  

  
  
  
  
  
  
  
  
  
  
  
  
 	 
	Page 1 of 13
	

	 

  
 LOAN AGREEMENT
  
 This Loan Agreement (“Agreement”) is made and executed on 12 August 2021 by and between:
  
 	 1. 
	Tan Tran, an individual and a resident of Irvine, CA, USA (hereinafter referred to as “Lender”); and
	  
	  

	 2. 
	 Vemanti Group, Inc, a company duly established and existing under the laws of the State of Nevada with the company registration number NV20141233800, having its registered address at 7545 Irvine Center Dr., Ste. 200, Irvine, CA 92618, USA (hereinafter referred to as “Borrower”); 

  
 each of the above referred to as a “Party” and collectively as the “Parties”.
  
 RECITALS:
  
 	 A. 
	 The Lender agrees to provide the Loan (as defined below) to support the Project (as defined below) and the Borrower accepts the Loan from the Lender and agrees to use it to solely for the purposes of supporting the Project.

	  
	  

	 B. 
	The Parties have agreed to enter into this Agreement to set out the terms regarding the Loan.

  
 IT IS AGREED as follows:
  
 	 1 
	DEFINITION AND INTERPRETATION
	  
	  

	 1.1
	In this Agreement, the following expressions shall have the following meanings:

   
 	  
	 “Agreement”
  
	 means this document including the attachments hereto;
  

	  
	 “Borrower”
  
	 means Vemanti Group, Inc., as specified in the preamble of this Agreement;
  

	  
	 “Business Day” 
  
	 means any day other than Saturday, Sunday or any national holiday in the US;
  

	  
	 “Confidential Information”
  
	 has the meaning given to that term in Article 7.1 of this Agreement;
  

	  
	 “Vemanti Digital”
  
	 means the trade name of the Borrower’s wholly-owned subsidiary, Vemanti Digital, Ltd, in the British Virgin Islands;
  

	  
	 “Defaulting Party”
  
	 has the meaning given to that term in Article 9.3 of this Agreement;
  

	  
	 “Drawdown Notification”
  
	 has the meaning given to that term in Article 3.3 of this Agreement;
  

	  
	 “Drawdown Procedure”
	 has the meaning given to that term in Article 3.4 of this Agreement;

 	 
	Page 2 of 13
	

	 

   
 	  
	 “Effective Date”
  
	 has the meaning given to that term in Article 2 of this Agreement;
  

	  
	 “Event of Default”
  
	 has the meaning given to that term in Article 9.1 of this Agreement;
  

	  
	 “Interest”
  
	 has the meaning given to that term in Article 4.1 of this Agreement;
  

	  
	 “Lender”
  
	 means Tan Tran as specified in the preamble of this Agreement;
  

	  
	 “Loan”
  
	 means the aggregate of all amounts disbursed to the Borrower under this Agreement, minus the aggregate amount of repayments of principal made by the Borrower to the Lender in accordance with the terms of this Agreement;
  

	  
	 “Non-Defaulting Party”
  
	 has the meaning given to that term in Article 9.3 of this Agreement;
  

	  
	 “Notice”
  
	 has the meaning given to that term in Article 8.1 of this Agreement;
  

	  
	 “Outstanding Amount”
  
	 means the Loan together with any Interest, fees, costs and charges being payable by the Borrower to the Lender in the manner as set out under Article 5 of this Agreement;
  

	  
	 “Period”
  
	 has the meaning given to that term in Article 2 of this Agreement;
  

	  
	 “Principal Amount”
  
	 means the sum in the amount of up to USD 125,000.00 (One Hundred Twenty Five Thousand United States Dollar) disbursed by the Lender to the Borrower to be used by the Borrower solely for the Project;
  

	  
	 “Project”
  
	 means the business development of blockchain-based products and services to be carried out by Vemanti Digital;
  

	  
	 “Remedial Period”
  
	 has the meaning given to that term in Article 9.3 of this Agreement;
  

	  
	 “Tax” or “Taxation”
  
	 includes all forms of taxation, estate duties, deductions, withholdings, duties, imposts, levies, fees, charges, VAT and rates imposed, levied, collected, withheld or assessed by any local, municipal, regional, provincial, urban, governmental, state, national or other body in the US or elsewhere and any interest, additional taxation, penalty, surcharge or fine in connection therewith;
  

	  
	 “USD”
	 means United States Dollar, the lawful currency of the United States of America and its territories .

  
 	 
	Page 3 of 13
	

	 

  
 	 1.2 
	In this Agreement:

  
 	  
	 1.2.1 
	 reference to any gender includes all genders, references to the singular include the plural (and vice versa), and references to persons or parties include bodies corporate, unincorporated associations and partnerships (whether or not any of the same have a separate legal personality);

	  
	  
	  

	  
	 1.2.2 
	 reference to a statutory provision includes reference to:

   
 	  
	  
	 1.2.2.1 
	 any order, regulation, statutory instrument or other subsidiary legislation at any time made under it for the time being in force (whenever made);

	  
	  
	  
	  

	  
	  
	 1.2.2.2 
	 any modification, amendment, consolidation, re-enactment or replacement of it or provision of which it is a modification, amendment, consolidation, re-enactment or replacement;

   
 	  
	 1.2.3 
	 reference to a clause or schedule is to a clause of, or schedule to, this Agreement, and reference to a paragraph is to a paragraph of a schedule to this Agreement;

	  
	  
	  

	  
	 1.2.4 
	 reference to the Parties to this Agreement includes their respective successors, permitted assigns and personal representatives;

	  
	  
	  

	  
	 1.2.5
	 the contents list, headings, and any descriptive notes are for ease of reference only and shall not affect the construction or interpretation of this Agreement; and

	  
	  
	  

	  
	 1.2.6
	 any phrase introduced by the terms “including”, “include”, “in particular” or any other similar expression shall be construed as illustrative and shall not limit the sense of the words preceding these terms.

  
 	 2
	EFFECTIVENESS OF THIS AGREEMENT
	  
	  

	  
	 The Agreement and the provisions hereof shall take effect and be in force on the signing date of this Agreement as indicated in the preamble of this Agreement (“Effective Date”) until twelve (12) months (“Period”) has elapsed from the said signing date, unless otherwise terminated in accordance to Article 10 of this Agreement

   
 	 3
	  LOAN

	  
	  

	 3.1 
	 Subject to the terms and conditions of this Agreement, the Lender agrees to make available to the Borrower and the Borrower agrees to accept the Principal Amount.

	  
	  

	 3.2 
	 The Parties agreed that the Principal Amount shall be used by the Borrower solely for the purposes of supporting the Project.

  
 	 
	Page 4 of 13
	

	 

  
 	 3.3 
	 The Borrower may drawdown an amount of the Principal Amount on one or more occasions during the Period by giving a written notification to the Lender (“Drawdown Notification”) in the form of utilisation request as provided in Appendix 2 of this Agreement prior to the Drawdown Procedure or upon the execution of this Agreement. 

	  
	  

	 3.4 
	 The Lender shall advance the funds to the Borrower under the following manners (“Drawdown Procedure”):

   
 	  
	 3.4.1 
	 Referring to Article 3.3, the Borrower shall send the Drawdown Notification to the Lender in the form of utilisation request as provided in Appendix 2 of this Agreement.

	  
	  
	  

	  
	 3.4.2 
	 5 (five) Business Days upon the sending of the Drawdown Notification, the Lender shall send the approval or dismissal to the Borrower in the written form. For the avoidance of doubt, any dismissal of the Drawdown Notification by the Lender shall be followed by the reason of the dismissal.

	  
	  
	  

	  
	 3.4.3
	 Within 5 (five) Business Days upon the execution of this Agreement or approval of the Lender on the Drawdown Notification, the requested amount shall be transferred as the case may be to the bank account of the Borrower which detail is provided under the Appendix 1 of this Agreement;

	  
	  
	  

	  
	 3.4.4
	  referring to Article 3.4.1, the proof of transfer shall be provided to the Lender by any written notification to the Borrower.

  
 	 4
	INTEREST
	  
	  

	 4.1 
	The Borrower and the Lender agree to an interest rate of 1% (one percent) per annum, based upon the 30/360 convent, which shall apply to the outstanding amount of the Loan (“Interest”).
	  
	  

	 4.2 
	 The Interest shall be deemed to start accruing from the first drawdown of the Loan by the Lender to the Borrower which will be paid annually by the Borrower, on the date the monies is present in the Borrower’s nominated bank account and shall cease on the day of the Loan repayment in full in accordance with the terms of this Agreement.

	  
	  

	 5
	REPAYMENT
	  
	  

	 5.1
	The Principal Amount will be repaid in full on the final date of the Period, which will be 12 months from the signing of this Agreement.
	  
	  

	 5.2 
	 The accrued interest shall be paid along with the Principal Amount by the Borrower to the Lender on the final date of the Period (12 months from the signing of this Agreement and as indicated above), which calculation is provided under Appendix 3 of this Agreement and will be updated from time to time as drawdowns take place in which any alteration will be agreed by the Parties.

	  
	  

	 5.3 
	 In the event of any delay in repayment of any Outstanding Amount, the penalty of 0.01% (zero point one per cent) rate of the Outstanding Amount shall apply and accrue per month.

  
 	 
	Page 5 of 13
	

	 

   
 	 5.4 
	 All payments shall be made by the Borrower hereunder shall be paid in full without deduction of Tax and any kind of other payments and shall be paid in USD by telex transfer to such bank or other bank account as the Lender shall from time to time designate in writing. The Outstanding Amount shall be deemed to be repaid by the Borrower to the Lender on the day the funds in full amount are credited into the Lender’s bank account.

	  
	  

	 5.5
	Each party shall be liable for their own Taxes, levies and duties or otherwise in connection with the performance and implementation of this Agreement, pursuant to the applicable tax regulations.
	  
	  

	 6 
	REPRESENTATION AND WARRANTIES
	  
	  

	 6.1 
	Each Party represent and warrant that each Party:

  
 	  
	 a. 
	 is a company duly incorporated and validly existing in all respects under their respective laws and jurisdiction;

	  
	  
	  

	  
	 b. 
	 has no litigation, insolvency, administrative or arbitration proceeding is taking place, pending or threatened against it or against any of its assets;

	  
	  
	  

	  
	 c. 
	 is not insolvent or in liquidation and no resolution has been passed or proposed, and no proceedings have been brought or threatened against it, for the purpose of liquidating it;

	  
	  
	  

	  
	 d. 
	 is not subject to any bankruptcy petition.

	  
	  
	  

	 7 
	 CONFIDENTIALITY

	  
	  
	  

	 7.1 
	 Each Party shall:

	  
	  
	  

	  
	 a. 
	 keep confidential the existence and contents of this Agreement and all information created or exchanged in relation to this Agreement and its negotiation confidential (“Confidential Information”);

	  
	  
	  

	  
	 b.
	 not use any Confidential Information in any manner which may cause or be calculated to cause loss to the other Party; or

	  
	  
	  

	  
	 c. 
	 not make any public announcement or issue any press release regarding the contents of this Agreement or matters contemplated by it.

	  
	  
	  

	 7.2
	 Each Party must use its reasonable endeavours to ensure that it and none of its auditors, officers, employees, advisors or agents:

	  
	  
	  

	  
	 a. 
	 disclose any Confidential Information;

	  
	  
	  

	  
	 b.
	  use any Confidential Information in any manner which may cause or be calculated to cause loss to the other Party; or

	  
	  
	  

	  
	 c. 
	 make any public announcement or issue any press release regarding the contents of this Agreement or matters contemplated by it.

 	 
	Page 6 of 13
	

	 

  
 	 7.3
	 In the case of the public announcement and press release only, to the extent possible, a Party must consult with the other Party before making the disclosure and use reasonable endeavours to agree on the form and content of the disclosure. A Party may not make any public announcement or issue any press release regarding the contents of this Agreement without other Party’s written approval.

	  
	  

	 8 
	NOTICES
	  
	  

	 8.1 
	A notice or other communication connected with this Agreement (“Notice”) has no legal effect unless it is in writing.
	  
	  

	 8.2 
	 In addition to any other method of service provided by law, a Notice may be: (i) sent by email to the email address below, or (ii) hand delivered or by registered post delivered at the address for service of the addressee.

	  
	  

	 8.3 
	The email addresses and addresses of the Parties for the purpose of Notices shall be:

   
 	  
	TAN TRAN:	  

	  
	  
	  

	  
	Address	 : 7545 Irvine Center Dr., Ste. 200, Irvine, CA 92618

	  
	  
	  

	  
	E-mail	 : tan.tran@vemanti.com

	  
	  
	  

	  
	Phone	 : +1.949.559.7200

	  
	  
	  

	  
	VEMANTI GROUP, INC:
	  
	  
	  

	  
	Address	 : 7545 Irvine Center Dr., Ste. 200, Irvine, CA 92618

	  
	  
	  

	  
	E-mail 	 : legal@vemanti.com

	  
	  
	  

	  
	Phone	 : +1.949.559.7200

  
 	 8.4 
	 Any Notice so given shall be deemed to have been given:

	  
	  
	  

	  
	 a.
	if delivered by email, upon the message is transmitted.
	  
	  
	  

	  
	 b. 
	if delivered by hand or registered post before 5:00 pm on a Business Day at the place of delivery, upon delivery, and otherwise on the next Business Day at the place of delivery.
	  
	  
	  

	 8.5 
	 A Party may change its email address, address for service or facsimile number by giving Notice of such change to the other Party.

	  
	  
	  

	 9 
	 EVENTS OF DEFAULT

	  
	  
	  

	 9.1 
	 Upon the occurrence of any of the following events (each of such events being hereinafter individually referred to as an “Event of Default”):

	  
	  
	  

	  
	 a.
	in the case of the Borrower, the Borrower fails to perform any of its obligation under this Agreement or the taking of any action by the Borrower that in Lender’s reasonable opinion materially jeopardize or infringes upon Lender’s rights under this Agreement;

  
 	 
	Page 7 of 13
	

	 

  
 	  
	 b.
	 in the case of Borrower, the Borrower submitted to the Lender unreliable or misleading information about its financial standing and/or accountancy data of the Borrower;

	  
	  
	  

	  
	 c. 
	 in the case of the Lender, the Lender fails to perform any of its obligation under this Agreement or the taking of any action by the Lender that in Borrower’s reasonable opinion materially jeopardize or infringes upon Borrower’s rights under this Agreement;

	  
	  
	  

	  
	 d. 
	 any agreement or statement made or agreed has been made under this Agreement, instrument or other document between the Borrower and the Lender has been proved to be false or misleading when created or has been made;

	  
	  
	  

	  
	 e.
	 in the case of the Borrower, the Borrower commits an act of bankruptcy, or any bankruptcy, reorganization, debt arrangement, or other proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding is instituted by or against it and, if instituted, is consented to or acquiesced in by it or remains undismissed for more than thirty (30) days;

	  
	  
	  

	  
	 f. 
	 In the case of the Borrower, the Borrower does not notify the Lender within 7 (seven) Business Days at the latest of the events influencing the performance of the terms of this Agreement by the Borrower.

	  
	  
	  

	 9.2
	 in the Event of Default specified in Paragraph a, b, c, d, and f of Article 9.1 above the Lender shall be entitled by notice in writing to the Borrower to declare that the Principal Amount and any accrued interest in which calculation based on the Article 5.1 of the Agreement is immediately due and payable without further written demand or notice of any kind and Lender shall be entitled to take whatever action it deems necessary pursuant to this Agreement, in accordance with applicable laws and regulations, to secure the repayment of the Outstanding Amount.

	  
	  
	  

	 9.3
	 In the event that one of the Parties is unable to fulfill its obligations and the Event of Default has been occurred (“Defaulting Party”), the other Party (“Non-Defaulting Party”) may allow the period for 14 (fourteen) days to allow the Defaulting Party to rectify the situation or exercise its obligations (“Remedial Period”) by giving the written notice to the Defaulting Party in regard to the approval of Remedial Period.

	  
	  
	  

	 9.4 
	 Upon the Remedial Period, if the written notice as stipulated under Article 9.3 of this Agreement has been sent and the Defaulting Party is unable to rectify the situation or exercise its obligations, the Non-Defaulting Party is entitled to terminate this Agreement unilaterally.

	  
	  
	  

	 9.5 
	 Setting aside Events of Default by a Party does not imply a waiver of any other default unless expressly set forth in the waiver.

	  
	  
	  

	 10 
	 TERMINATION

	  
	  
	  

	 10.1
	 This Agreement shall terminate, upon written notice from the Borrower or the Lender, whichever may be the case, in the event that:

	  
	  
	  

	  
	 a. 
	upon the Borrower having repaid to the Lender the full Principal Amount including any accrued interest in which calculation based on the Article 5.1 of the Agreement;

   
 	 
	Page 8 of 13
	

	 

   
 	  
	 b.
	  upon any occurrence of any Events of Default which default is unable to be remedied within the Remedial Period;

	  
	  
	  

	  
	 c. 
	 upon any occurrence of any Events of Default if a Non-Defaulting Party does not grant Remedial Period to a Defaulting Party.

	  
	  
	  

	 10.2 
	 This Agreement may be terminated earlier, other than the procedures as stipulated or caused by the event under Article 9, with a 90 (ninety) calendar days’ written notice from a Party to another Party provided that the rights and obligations of each Party under this Agreement has been fulfilled.

	  
	  
	  

	 10.3 
	 For the avoidance of doubt, the consequence termination under Article 10.1 and 10.2 shall be the payment from the Borrower to the Lender as follows:

	  
	  
	  

	  
	 a. 
	 the Principal Amount; and

	  
	  
	  

	  
	 b. 
	 the Interest in which the calculation shall be in accordance with Article 4 of this Agreement.

	  
	  
	  

	 10.4 
	 Without prejudice to any other rights that may be provided under the law, in the event that this Agreement is terminated, outstanding repayment of Principal Amount, accrued Interest and penalty (if any) shall remain until such amount have been repaid.

	  
	  
	  

	 11 
	 APPLICABLE LAW AND JURISDICTION

	  
	  
	  

	 11.1 
	 This Agreement shall be governed by and construed in all respects in accordance with the laws of the State of California.

	  
	  
	  

	 11.2
	 The Parties shall initially attempt to settle all disputes pertaining to this Agreement, amicably and with due respect to one to another through good faith negotiation.

	  
	  
	  

	 11.3
	 If a dispute arises in connection with this Agreement and is not resolved within 30 (thirty) Business Days after one Party to the other Party notifies it, then either Party may submit the dispute to arbitration in California (“Arbitration”).

	  
	  
	  

	 11.4 
	 With respect to the Arbitration the Parties agree that:

	  
	  
	  

	  
	 a. 
	 any arbitration hearings pursuant to this Agreement shall take place at a mutually convenient location within Orange County, California.

	  
	  
	  

	  
	 b. 
	 the Arbitration will be conducted with the Arbitration Rules of the American Arbitration Association (“AAA”) for the time being in force, which rules are deemed to be incorporated by reference into this article;

	  
	  
	  

	  
	 c. 
	 the Arbitration panel will consist of three arbitrators, one chosen by the complainant, one chosen by the respondent and a chairperson to be appointed by AAA. In the event that either party fails to appoint an arbitrator, then AAA shall make such appointment;

	  
	  
	  

	  
	 d. 
	 the nomination of arbitrators shall be conducted with due observance of the prevailing AAA rules;

	  
	  
	  

	  
	 e. 
	 the award of the arbitration panel is final and binding upon them;

	  
	  
	  

	  
	 f. 
	 the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards applies to awards made under this Agreement;

	  
	  
	  

	  
	 g. 
	 the award must include an order for payment of costs;

	  
	  
	  

	  
	 h.
	  the arbitration tribunal will decide the matter as expeditiously as possible, however no time limits will be imposed;

   
 	 
	Page 9 of 13
	

	 

   
 	  
	 i. 
	 pending the submission to arbitration and until the arbitration tribunal issues its decision, each Party must, except in the event of expiration, termination or failure by the other Party to obey or comply with a specific order or decision of the arbitration tribunal, continue to perform all its obligation under this Agreement without prejudice to a final adjustment in accordance with the award.

   
 	 12 
	 GENERAL

	  
	  

	 12.1 
	 Every amendment or variation of this Agreement shall not be applicable unless made in written and signed by the parties.

	  
	  

	 12.2
	 If one of the provisions in this Agreement could not be executed, not in accordance to the law and not legal, hence that matters shall be separated and the other provision in this Agreement shall be applicable.

	  
	  

	 12.3 
	 The Borrower and Lender are prohibited to transfer, assign or make a deal with this Agreement without prior written consent from the other Party.

	  
	  

	 12.4
	 Failure or delay of one of the Party to execute the authority or rights shall not apply as setting aside of the authority or that particular rights. Execution of authority or rights shall not prevent the execution of authority or rights in the future or execution of other authority or rights. This waiver is not effective unless made in written. Setting aside the authority or rights shall be effective only for certain purpose which that matters relates and for certain purpose in which it is provided

	  
	  

	 12.5
	 Unless stipulated in this Agreement, each Party shall pay its own costs and expenses arising from the negotiation, preparation and signing of this Agreement.

	  
	  

	 12.6 
	 This Agreement contains the full agreement and understanding between the parties regarding any matters related to the subject of this Agreement from the date of the signing of this agreement.

	  
	  

	 12.7 
	 This Agreement shall be sign in several copies. Each copy is original however all copies are unity and constitutes the same Agreement.

   
 	 
	Page 10 of 13
	

	 

   
 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first mentioned above.
  
 	 Borrower
  
	  
  
	 Lender
  

	 VEMANTI GROUP, INC.
  
	  
  
	 TAN TRAN
  

	  
	  
  
	  

	 Name: Tan Tran
  
 Title: CEO
	  
  
	 Name: Tan Tran
  
 Title: N/A

  
 	 
	Page 11 of 13
	

	 

  
 APPENDIX 1
  
 DRAWDOWN NOTIFICATION 
  
 Dear Sirs,
  
 	 From
	: Vemanti Group, Inc.
	  
	  

	 To
	: Tan Tran
	  
	  

	 Dated
	: August 06, 2021

  
 RE: The Agreement dated August 06, 2021
  
 	 1. 
	We refer to the Article 3.3 of the Agreement in which this letter shall be constituted as the Utilization Request of the Principal Amount of from the Lender to Borrower.
	  
	  

	 2. 
	Terms used in this Drawdown Notification shall have the same meaning as that given under the Agreement unless stated otherwise in this letter.
	  
	  

	 3. 
	The Lender agrees to make available to the Borrower and the Borrower agrees to accept the Principal Amount on the following terms:

  
 	  
	 a. 
	 Proposed Utilization Date
	: August 06, 2021
	  
	  
	  
	  

	  
	 b. 
	 Amount of the Loan
	: USD 125,000

   
 	 4. 
	The Principal Amount shall be transferred from the Lender to the Borrower approximately within 5 (five) Business Days upon the execution of this Drawdown Notification.
	  
	  

	 5. 
	This Drawdown Notification is irrevocable.

  
  
 Yours faithfully,
  
 Borrower
 VEMANTI GROUP, INC.
  
 
 Tan Tran
  
 	 
	Page 12 of 13
	

	 

  
 APPENDIX 2
 CALCULATION OF THE REPAYMENT
  
 Referring to Article 5 of this Agreement, the calculation of the monthly repayment is based on the following formula:
  
 	  
 USD 125,000.00 x (1% p.a) x 1 year = USD 1,250.00
  

  
  
  
  
  
  
  
  
  
 	 
	Page 13 of 13

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