Document:

Form of Warrant

 Exhibit 10.5 

THIS WARRANT MAY NOT BE TRANSFERRED EXCEPT AS OTHERWISE DESCRIBED BELOW. 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AMENDED (THE “1933 ACT”), OR ANY
STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF (I) SUCH REGISTRATION OR (II) AN EXEMPTION THEREFROM AND, IF REQUESTED BY THE COMPANY, AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. 
 Warrant No. CSW-100_ 

DAYSTAR TECHNOLOGIES, INC. 

VOID AFTER 5:00 P.M. PST ON July 21, 2015 

Warrant to Purchase          Shares 

of Common Stock Dated July 22, 2010 

WARRANT FOR THE PURCHASE OF SHARES OF COMMON STOCK 

THIS CERTIFIES THAT, FOR VALUE RECEIVED,
[                    ], or his registered assign(s) (the “Holder”), is entitled to purchase from Daystar Technologies, Inc.,
a Delaware corporation (the “Company”), subject to the terms and conditions set forth in this Warrant, up to              fully paid and nonassessable shares of
common stock (“Common Stock”), of the Company, at any time commencing on the date hereof (the “Commencement Date”) and expiring at 5:00 p.m. PST, on July 21, 2015 (the “Expiration Date”). The
price for each share of Common Stock purchased hereunder (as adjusted as set forth herein, collectively the “Warrant Shares”) is $1.25 per share until expiration of this Warrant (as adjusted as set forth herein, the
“Purchase Price”). 
 The Holder agrees with the Company that this Warrant is issued, and all the rights hereunder shall be
held, subject to all of the conditions, limitations and provisions set forth herein. 
 1. EXERCISE OF WARRANT. 

A. MANNER OF EXERCISE. Except as set forth in Section 1(D), this Warrant may be exercised in whole at any time, or in part
from time to time, during the period commencing on the sixth month anniversary of the Commencement Date and expiring on the Expiration Date or, if any such day is a day on which banking institutions in the City of San Francisco, California, are
authorized by law to close, then on the next succeeding day that shall not be such a day, by presentation and surrender of this Warrant to the Company at its principal 

 
office with the Purchase Form attached as Annex I (the “Purchase Form”) duly executed and accompanied by payment (either in cash or by certified or official bank check,
payable to the order of the Company) of the Purchase Price for the number of shares specified in the Purchase Form and instruments of transfer, if appropriate, duly executed by the Holder or its duly authorized attorney. This Warrant may also be
exercised on a cashless basis according to the following: [the fair market value of the warrant – exercise price] ÷ closing price per share on the market close on the last trading day prior to the exercise date. 

B. STATUS AS HOLDER OF WARRANT SHARES; TAXES; EXPIRATION. Upon receipt by the Company of this Warrant, the duly executed Purchase
Form and any other appropriate instruments of transfer, together with the Purchase Price, at its office, the Holder shall be deemed to be the holder of record of the Warrant Shares issuable upon such exercise, notwithstanding that the stock transfer
books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then be actually delivered to the Holder. The Company shall pay any and all documentary stamp or similar issue taxes payable in respect of the
issue or delivery of Warrant Shares. This Warrant shall become void, and all rights hereunder shall cease, at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration of this Warrant by delaying the
Expiration Date. 
 C. ISSUANCE OF CERTIFICATES. As soon as practicable after the exercise of all or any portion of this
Warrant, the Company shall, within three (3) Trading Days (defined below), (i) issue to the Holder a certificate or certificates for the number of full Warrant Shares to which the Holder is entitled, or, at the Holder’s request,
deliver such Warrant Shares electronically if such means is otherwise presently available to and utilized by the Company, registered in such name or names as may be directed by the Holder, and (ii) if this Warrant has not been exercised in
full, issue to the Holder a new countersigned warrant in substantially the same form for the Warrant Shares as to which this Warrant shall not have been exercised. This Warrant may not be exercised by, or securities issued to, any Holder in any
state in which such exercise would be unlawful. 
 D. SHAREHOLDER APPROVAL. The Company represents and warrants that:
(i) such exercise does not require the Company to obtain prior stockholder approval, or (ii) stockholders have pre-approved the issuance of shares of Common Stock to Holder upon exercise of this Warrant. 

2. RESERVATION OF SHARES. The Company will at all times reserve for issuance and delivery upon exercise of this Warrant all Warrant Shares or
other shares of capital stock of the Company (and other securities and property) from time to time receivable upon exercise of this Warrant. All such shares (and other securities and property) shall be duly authorized and, when issued upon such
exercise, shall be validly issued, fully paid and nonassessable and free of all preemptive rights. 
 3. NO FRACTIONAL SHARES. No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. If the holder of this Warrant would be entitled, upon the exercise of this Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, purchase such fractional interest, determined as follows: 
  

	 	(a)	If the Common Stock is listed on a national securities exchange (which includes the Nasdaq Capital Market) or admitted to unlisted trading privileges on such exchange
or listed for trading on the OTC Bulletin Board, the current value shall be the last reported sale price of the Common Stock on such exchange on the last business day prior to the date of exercise of this Warrant or if no such sale is made on such
day, the average of the closing bid and asked prices for such day on such exchange; or 

  

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	 	(b)	If the Common Stock is not listed or admitted to unlisted trading privileges, the current value shall be the mean of the last reported bid and asked prices reported by
the National Quotation Bureau, Inc. on the last business day prior to the date of the exercise of this Warrant; or 

  

	 	(c)	If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current value shall be an amount
determined (i) in good faith by the Board of Directors of the Company and certified in a Board resolution, based on the most recently completed arm’s-length transaction between the issuer of such security and a Person other than an
affiliate of such person, the closing of which occurred on such date or within the six-month period preceding such date, or (ii) if no such transaction has occurred on such date or within such six-month period, the value of the security as
determined by an independent financial expert. 

 4. STOCK DIVIDENDS; SPLIT-UPS. If after the issuance of this Warrant, and
subject to the provisions herein the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or other similar event, then, on the effective day
thereof, the number of Warrant Shares shall be increased in proportion to such increase in outstanding shares and the then applicable Purchase Price shall be correspondingly decreased. 

5. AGGREGATION OF SHARES. If after the date hereof, and subject to the provisions herein, the number of outstanding shares of Common Stock is
decreased by a consolidation, combination, reverse stock split, or reclassification of shares of Common Stock or other similar event, then, after the effective date of such consolidation, combination or reclassification, the number of Warrant Shares
shall be decreased in proportion to such decrease in outstanding shares and the then applicable Purchase Price shall be correspondingly increased. 

6. REORGANIZATION, ETC. If after the date hereof any capital reorganization or reclassification of the Common Stock, or consolidation or merger of
the Company with another corporation, or the sale of all or substantially all of its assets to another corporation or other similar event shall be effected, then, as a condition of such reorganization, reclassification, consolidation, merger or
sale, lawful and fair provision shall be made whereby the registered holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in this Warrant and in lieu of the securities of the
Company immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the number of outstanding shares
of such Common Stock equal to the number of shares of 
  

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Common Stock immediately theretofore purchasable and receivable upon the exercise of the rights represented by this Warrant, had such reorganization, reclassification, consolidation, merger, or
sale not taken place and in such event appropriate provision shall be made with respect to the rights and interests of the registered holders to the end that the provisions hereof (including, without limitation, provisions for adjustments of the
Purchase Price and the Warrant Shares) shall thereafter be applicable, as nearly as may be in relation to any share of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company shall not effect any such consolidation,
merger or sale unless prior to the consummation thereof the successor corporation (if other than the Company) resulting from such consolidation or merger, or the corporation purchasing such assets, shall assume by written instrument executed and
delivered to the Company the obligation to deliver to the registered holders such shares of stock, securities or assets as, in accordance with the foregoing provisions, such holders may be entitled to purchase. 

7. FORM OF WARRANT. This Warrant need not be changed because of any adjustment pursuant to the terms herein, and any form of warrant issued after
such adjustment may state the same Purchase Price and the same number of shares as is stated in this Warrant. However, the Company may at any time in its sole discretion make any change in the form of this Warrant that the Company may deem
appropriate and that does not affect the substance thereof, and any warrant thereafter issued, whether in exchange or substitution for this Warrant or otherwise, may be in the form as so changed. The Company agrees to notify the Holder of any
adjustment to the number of shares or Purchase Price of the Warrant, any changes to the form of this Warrant or any other change pursuant to the terms herein. 

8. TRANSFER OF WARRANTS. This Warrant and the Warrant Shares have not been registered under the 1933 Act or similar state laws. This Warrant and
Warrant Shares cannot be sold or transferred by an investor unless (i) they are so registered or (ii) an exemption from registration is available at the time of transfer and, if requested by the Company, an opinion of counsel satisfactory
to the Company to the effect that such registration is not required is delivered to the Company. Subject to the foregoing limitations, the Company shall register the transfer, from time to time, of this Warrant upon the Company’s warrant
register, upon surrender of this Warrant for transfer, accompanied by a duly executed Assignment Form in the form attached as Annex II, with signatures properly guaranteed as indicated. Upon any such transfer, a new warrant or warrants
representing the aggregate number of this Warrant shall be issued and this Warrant shall be cancelled by the Company. 
 A restrictive legend
shall be placed upon each share certificate acquired upon exercise of this Warrant in substantially the following form: 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AMENDED, OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF
(I) SUCH REGISTRATION OR (II) AN EXEMPTION THEREFROM AND, IF REQUESTED BY THE COMPANY, AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT. 
  

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 The foregoing legend will be removed from the certificates representing any Warrant Shares, at the request
of the holder thereof, at such time as they become the subject of an effective resale registration statement or they become eligible for resale pursuant to Rule 144 under the 1933 Act. 

9. NO RIGHTS AS STOCKHOLDERS. Prior to the exercise of this Warrant in accordance with the terms hereof and payment of the full exercise price
therefor, the Holder will not be entitled to any rights by virtue hereof as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends or other distributions, to exercise any preemptive rights, to consent
or to receive notice as stockholders of the Company in respect to the meetings of stockholders or the election of directors of the Company or any other matter. 

10. LOST, STOLEN, MUTILATED OR DESTROYED WARRANTS. If this Warrant is lost, stolen, mutilated, or destroyed, the Company may on such terms as to
indemnity or otherwise as it may in its discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new warrant of like denomination, tenor, and date. Any such new warrant shall constitute a substitute
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 

11. GOVERNING LAW. This Warrant shall be governed by and construed in accordance with the laws of New York State without giving effect to
conflicts of laws principles that would require the application of the law of another jurisdiction. 
  

	12.	NOTICES OF CERTAIN ACTIONS. In the event: 

  

	 	(a)	the Company sets a record date with respect to the holders of Common Stock for the purpose of entitling or enabling them to receive any dividend or other distribution,
or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right; 

  

	 	(b)	the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or other
similar event; 

  

	 	(c)	the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split, or reclassification of shares of Common Stock or
other similar event; 

  

	 	(d)	of any capital reorganization or reclassification of the Common Stock, or consolidation or merger of the Company with another corporation, or the sale of all or
substantially all of its assets to another corporation or other similar event; 

  

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	 	(e)	of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 

 

	 	(f)	the bankruptcy whether voluntary or involuntary of the Company; 

then, and in each such case, the Company will provide written notice (an “Event Notice”) to the Holder at least ten days prior to
(i) the record date in the case of (a) above, specifying the record date and the amount and character of such dividend, distribution or right, and (ii) the effective date of any event specified in clause (b), (c), (d), (e), of
(f) above, specifying the effective date on which such event is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock will be entitled to exchange their shares of Common Stock for securities or
other property deliverable upon such event, if applicable. Any failure to mail an Event Notice required by this Section 12 or any defect therein or in the mailing thereof will not affect the validity of the corporate action required to be
specified in such Event Notice. Nothing herein shall prohibit the Holder from exercising this Warrant during the ten day period commencing on the date of an Event Notice, provided that such exercise occurs prior to the Expiration Date and the Holder
otherwise complies with the terms hereof. 
 13. DELIVERY OF NOTICE. Notices and other communications to be given to the Holder of this
Warrant evidenced by this certificate shall be deemed to have been sufficiently given, if delivered or mailed, addressed in the name and at the address of such owner appearing on the records of the Company, and if mailed, sent registered or
certified mail, postage prepaid. Notices or other communications to the Company shall be deemed to have been sufficiently given if delivered by hand or mailed, by registered or certified mail, postage prepaid, to the Company at 7373 Gateway Blvd.,
Suite 2W, Newark, California 94560, Attn: Mr. Magnus Ryde, Chief Executive Officer, or at such other address as the Company shall have designated by written notice to the registered owner as herein provided. Notice by mail shall be deemed given
when deposited in the United States mail as herein provided. 
 [Remainder of page intentionally left blank] 

 

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, manually or in
facsimile, by the undersigned thereunto duly authorized, as of the date first written above. 
  

			
	 DAYSTAR TECHNOLOGIES, INC.

		
	 By:
	 	  

	 Name:
	 	Magnus Ryde
	 Title:
	 	Chief Executive Officer

 [SIGNATURE
PAGE TO WARRANT] 

 ANNEX I 

TO COMMON STOCK PURCHASE WARRANT 

PURCHASE FORM 
  

			
	To:                             
   	  	Dated:                    

The undersigned, pursuant to the provisions set forth in the attached Warrant
(No.         ) (the “Warrant”), hereby irrevocably elects to purchase          shares of the Common Stock covered by such Warrant.

 The undersigned herewith makes payment of the full exercise price for such shares at the price per share provided for in such
Warrant, which is $         in lawful money of the United States. 
 IF PAYMENT
FOR ANY OF THE SHARES TO BE ISSUED HEREUNDER IS PURSUANT TO THE CASHLESS EXERCISE PROVISION IN SECTION 1(B) OF THE WARRANT, PLEASE PROVIDE THE FOLLOWING INFORMATION: 

Number of Warrant Shares to be purchased under this Warrant:          

Closing Price per share of Common Stock on the Trading Day before this Purchase Form and the Warrant are surrendered:
$         as of             , 20    * 

Number of shares of Common Stock to be issued to the undersigned pursuant to the purchase described herein based upon the calculation in
Section 1(B) of the Warrant:        * 
 * Note: The undersigned understands
that this information is provided by the undersigned solely for informational purposes, and that it is not binding on the Company for any purpose. The terms of the Warrant, and not this Purchase Form, will govern the calculation of these items and
the actual number of shares of Common Stock to be received by the undersigned pursuant to the purchase of shares of Common Stock hereunder. 

Capitalized terms used but not defined herein have the meaning assigned to such terms in the Warrant. 

 

			
	[Name]	 	
		
		 	  

	Name:	 	  

	Title:	 	  

	Address:	 	  

 [ANNEX
I TO WARRANT] 

 ANNEX II 

TO COMMON STOCK PURCHASE WARRANT 

ASSIGNMENT FORM 
 FOR
VALUE RECEIVED,
                                         
        hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant (No.         ) with respect to the number of shares of
Common Stock covered thereby set forth below, unto: 
  

					
	 Name of Assignee
	  	Address	  	No. of Shares
		  		  	

Dated:                     

 

			
	 [Name]
	 	
		
		 	  

	Name:	 	
	Title:	 	

 Signature Guaranteed: 
  

			
	 By:
	 	  

The signature should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program) pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

[ANNEX II TO WARRANT]Intercreditor Agreement

 Exhibit 10.6 

INTERCREDITOR AGREEMENT 

THIS INTERCREDITOR AGREEMENT (this “Agreement”) dated as of the 22nd day of July, 2010, is made by and among TD Waterhouse RRSP
Account 230832S, in trust for Peter Alan Lacey as beneficiary (“Lender 1”), Peter A. Lacey, an individual (“Lender 2”), Michael Moretti, an individual (“Lender 3”), Tejas
Securities Group, Inc 401k Plan and Trust, FBO John J. Gorman, John J. Gorman TTEE, a trust (“Lender 4”), William Steckel, an individual (“Lender 5”), and Robert Weiss, an individual
(“Lender 6), (Lender 1, Lender 2 Lender 3, Lender 4, Lender 5 and Lender 6 are sometimes referred to herein as the “Lenders”). 

WITNESSETH: 

WHEREAS, each of the Lenders has entered into a secured lending arrangement with Daystar Technologies, Inc. (the
“Company”); 
 WHEREAS, as part of each such lending arrangement, the Company has issued a convertible
promissory note to each of the Lenders (all indebtedness and other obligations of the Company to the Lenders as evidenced by each convertible promissory note being the “Loan Obligations” and all convertible promissory notes being,
collectively, “Notes”); 
 WHEREAS, the Loan Obligations of each of the Lenders are secured by prior
security interests granted by the Company to each of the Lenders in certain assets of the Company (all such assets being collectively, the “Collateral”) as described in security agreements between the Company and each of the
Lenders (the security agreements being, collectively, “Security Agreements”); and 
 WHEREAS, it is contemplated that
the security interests held by each of the Lenders in the Collateral shall rank pari passu on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Lenders agree as follows: 

1. Each Lender hereby acknowledges that the security interests held by each of the Lenders pursuant to the Security Agreements rank
equally and ratably without priority over one another, regardless of the order of time in which any such security interests or claims arise, attach or are perfected by filing, recording, possession, control or otherwise. Each Lender and its Loan
Obligation is listed in Schedule 1 attached hereto. Each Lender has the obligation to all other parties hereto to provide in writing any change of address or contact information. 

2. The Security Agreements and Notes include all renewals, replacements, modifications and extensions thereof, to the extent that such
renewals, replacements and modifications do not increase the principal amount thereof, except as otherwise provided herein.
 3.
The principal amount of the Notes of the Lenders listed herein, or as amended, may not exceed $6.5 million in the aggregate (“Maximum Bridge Amount”). All Notes must be on the same payment terms which shall be one balloon payment on the
maturity date, may not be 

 
prepaid in whole or part without the Lenders’ approval, and must have coterminous maturity dates. All Notes and Security Agreements must be cross defaulted and cross collateralized; and in
the event a Note or Security Agreement of any respective Lender shall not so provide, then the terms of this Agreement shall be incorporated into such Note and Security Agreement as if they were original a part of such documents. 

4. This Agreement and all obligations hereunder, or with respect hereto, shall continue in full force and effect so long as any of the
Loan Obligations remain outstanding. 
 5. Each of the Lenders shall (a) promptly notify the other Lenders of any default
under the Notes, Security Agreements or any other agreements or documents executed in connection therewith, as applicable (a “Default”) known to such Lender and not reasonably believed to have been previously disclosed to the
other Lenders; (b) provide the other Lenders with such information and documentation as such other Lenders shall reasonably request in the performance of their respective obligations hereunder, including but not limited to information relative
to the outstanding balance of principal, interest and other sums owed to such Lender by the Company; and (c) cooperate with the other Lenders with respect to any and all collections and/or foreclosure procedures at any time commenced against
the Company or otherwise in respect of the Collateral securing the Loan Obligations. In the event of default, the Lenders may agree to appoint one Lender or Lender’s designee as the Servicing Lender to act on behalf of all of the Lenders
hereunder. The Lenders agree to pay the Servicing Lender a servicing fee not to exceed 10% of the balance of the Notes outstanding for servicing the defaulted Loan Obligations. THE SERVICING LENDER,
WHERE APPLICABLE, SHALL NOT BE LIABLE FOR ANY ERROR OR ACT DONE
BY IT IN GOOD FAITH, OR BE OTHERWISE RESPONSIBLE OR ACCOUNTABLE UNDER
ANY CIRCUMSTANCES WHATSOEVER (INCLUDING THE SERVICING LENDER’S NEGLIGENCE), EXCEPT
FOR THE SERVICING LENDER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. COMPANY
WILL REIMBURSE SERVICING LENDER FOR REASONABLE EXPENSES, UP TO A MAXIMUM
OF $100,000, WHICH MAY BE INCURRED BY IT IN THE PERFORMANCE OF ITS
SERVICING DUTIES. COMPANY WILL SAVE SERVICING LENDER HARMLESS AGAINST, ANY AND
ALL LIABILITY, CLAIMS, OR HARM AGAINST THE COMPANY, TD WATERHOUSE RRSP ACCOUNT 230832S,
IN TRUST FOR PETER ALAN LACEY AS BENEFICIARY, AND PETER A. LACEY, AN
INDIVIDUAL. THE FOREGOING INDEMNITY SHALL NOT TERMINATE UPON DISCHARGE OF THE
LOAN OBLIGATIONS OR FORECLOSURE, OR RELEASE OR OTHER TERMINATION OF THE
SECURITY AGREEMENTS. All collections received by the servicing Lender shall be distributed pari passu to the Lenders after payment of the servicing fee stated above and all reasonable out of pocket expenses incurred by
the servicing Lender. 
 6. Any and all payments under the Notes as between all Lenders shall be paid equally and ratably.
Furthermore, no Lender may accelerate the obligations of the Company under its Note and commence and complete the exercise of all of its other rights and remedies thereunder (without the approval or joinder of all Lenders). No Lender has an
obligation to the other Lenders to take any steps with regard to the enforcement or protection of other Lender’s rights to the security for its Loan. In the event of a default by the Company under any Loan Obligation, should any payment,
distribution or security or proceeds be received by a Lender upon or with respect to such Lender’s Loan prior to the satisfaction in full of the default, such Lender shall immediately deliver the same equally and ratably to all Lenders in the
form received (except for endorsement or assignment by such Lender where required), for ratable 
  

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application on the Loans (whether or not then due) and, until so delivered, the same shall be held in trust on behalf of all Lenders by such Lender as the property of all Lenders. Notwithstanding
anything herein to the contrary, the Company may not prepay a Lender Note at any time in whole or in part, unless (a) no default exists under the Loans, (b) such payment on the Note will be paid equally and ratably to all Lenders
hereunder, or (c) all Lenders otherwise agree in writing to such prepayment. 
 7. This Agreement shall be governed by the
laws of the State of New York. Unless the context otherwise requires, all capitalized terms used herein which are defined in the New York Uniform Commercial Code shall have the meanings stated therein. 

8. This Agreement is solely for the benefit of and shall bind the parties hereto and their respective successors and assigns, and no
other person or persons shall have any right, benefit, priority or interest under or because of the existence of this Agreement. In the event of the transfer or assignment of all or any part of any of our security interests or claims described
in this Agreement, the priorities established in this Agreement shall continue in full force and effect with respect to such assigned or transferred interests or claims, and the assigning party agrees to advise such assignee and transferee of such
continuing priorities and obtain such assignee’s or transferee’s agreement thereto.
 9. Subject to the limitations in
paragraph 3, this Agreement may be amended to add additional Lenders up to the Maximum Bridge Amount without a writing signed by all the Lenders; provided however, each Lender will promptly receive from Company an amended Schedule 1 reflecting any
additional Lender. 
 10. This Agreement may not be amended to increase the Maximum Bridge Amount or to affect any amendment
other than as found in paragraph 9 above, except in a writing signed by all the Lenders. 
 11. This Agreement may be executed
in counterparts, which when executed and delivered shall be an original, but all such counterparts shall together constitute one and the same agreement. In the event a Lender fails to execute and deliver this Agreement or an amendment to this
Agreement within ten (10) business days of a written request therefor, then such Lender’s security interests in Company shall automatically be subordinate to the Lenders who have signed this Agreement, regardless of the date of execution
of the Note or Security Agreements or the filing or perfection of such non-signing Lender’s security interests. 
 12. This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. The provisions of this Agreement are, and are intended, solely for the purpose of defining the relative rights of the Lenders
by and amongst themselves. Nothing contained herein is intended to or shall impair, the obligation of the Company as among the Lenders. This Agreement (including the schedules hereto) constitutes the full and entire understanding and agreement among
the parties hereto with respect to the subject matter hereof, and any and all other written or oral agreements existing prior to or contemporaneously herewith (including any other intercreditor agreement among any or all of the Lenders) are
expressly superseded and cancelled. 
  

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 13. This is a continuing agreement and will remain in full force and effect until all but
one of the Loans have been fully paid, performed and satisfied. This Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any payment of a Loan is rescinded or must otherwise be returned by a Lender upon
the insolvency, bankruptcy, or reorganization of the Company or otherwise, all as though such payment had not been made. 
 14.
No defect in, invalidity of, or absence or loss of priority in, or under this Agreement or the Notes or Security Agreements shall affect the respective rights under this Agreement. 

15. Each Lender agrees not to amend or modify its respective Note or Security Agreements, without the prior written approval of the other
if any such amendment or modification could materially adversely affect the other’s rights and priority to the Collateral or this Agreement. 

16. Within ten (10) business days after a request therefor by any Lender (the “Requesting Party”), the party of whom such
request is made, including the Company (the “Responding Party”) shall furnish to the Requesting Party, at the Requesting Party’s expense, a written letter addressed to the Requesting Party and any other party reasonably requested by
the Requesting Party (including, without limitation, any actual or prospective assignee of the Requesting Party) which states the principal amount then outstanding on the Responding Party’s loan(s) and the date to which interest on such loan
has been paid, the amount of any escrows, reserves or other sums held by or on behalf of the Responding Party (whether or not disbursed) and stating whether it has given any notice of the existence of any default under the Responding Party’s
loan and that, to its knowledge, there is no condition or event which constitutes a default or which, after notice or lapse of time or both, would constitute a default or, if any such condition or event exists, specifying in reasonable detail the
nature and period of existence thereof and what action the Company is taking or (to the extent then known to the Responding Party) proposes to take with respect thereto. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	TD Waterhouse RRSP Account 230832S
		
	By:	 	  

	Name:	 	Peter A. Lacey
	Title:	 	Authorized Signatory
	
	Peter A. Lacey
	
	  

	
	Michael Moretti
	
	  

	
	Tejas Securities Group, Inc 401k Plan and Trust, FBO John J. Gorman, John J. Gorman TTEE
		
	By:	 	  

	Name:	 	John J. Gorman
	Title:	 	Trustee
	
	William Steckel
	
	  

	
	Robert Weiss
	
	  

 

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 Schedule 1. Lenders and Loan Obligations 

 

						
	 Lender
	  	Loan Obligation	  	 Contact Information

	 TD Waterhouse RRSP

Account 230832S
	  	$	2,200,000	  	 RR#2 Site 19
 Box 6 Red Deer
AB
 T4N 5E2

	 Peter A. Lacey, an individual
	  	$	875,000	  	 RR#2 Site 19
 Box 6 Red Deer
AB
 T4N 5E2

	 Michael Moretti, an individual
	  	$	750,000	  	 14230 Hwy. 281 N.
 San
Antonio, TX 78232

	 Tejas Securities Group, Inc

401k Plan and Trust, FBO

John J. Gorman, John J.

Gorman TTEE, a trust
	  	$	700,000	  	 8226 Bee Caves Road
 Austin,
Texas 78746

	 William Steckel
	  	$	30,000	  	
	 Robert Weiss
	  	$	50,000	  	 P.O. Box 4432
 Santa Clara,
California 95056-4432

		  	 	 	  	
	 Aggregate Loan Obligations
	  	$	4,605,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]