Document:

Exhibit 10.1

 

EQUITY PURCHASE AGREEMENT

 

This EQUITY PURCHASE AGREEMENT
(“Agreement”), dated as of February 4, 2022, is by and among The Jerry
and Lisa Morris Revocable Trust dated November 18, 2002 (“Morris”), Jeffrey
Posner (“Posner” and each of Morris and Posner, a “Seller” and collectively,
the “Sellers”), DIGERATI TECHNOLOGIES, INC., a Nevada corporation (“Parent”), and
T3 COMMUNICATIONS, INC., a Nevada corporation and controlled subsidiary of Parent (“Buyer”).

 

WHEREAS, the Sellers own all
of the issued and outstanding equity interests of every class and series, and all rights to subscribe for or acquire equity interests
by exercise or exchange, as more fully set forth in Schedule 1 (collectively, the “Shares”)
of Next Level Internet, Inc., a California corporation (the “Company”);
and

 

WHEREAS, the Company is engaged
in the business of providing cloud-based Unified Communications-as-a-Service, collaboration, contact center, managed connectivity and
other voice and data services to small, medium and large enterprises (hereinafter, the “Business”); and

 

WHEREAS, Buyer desires to
acquire the Shares from the Sellers and the Sellers desire to sell the Shares to Buyer;

 

NOW, THEREFORE, in consideration
of mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties agree as follows:

 

Article I

CERTAIN DEFINITIONS; INTERPRETATION

 

Section 1.01 Capitalized
Terms. Capitalized terms not otherwise defined in this Agreement have the meanings set forth in the Appendix.

 

Section 1.02 Interpretation.
For purposes of this Agreement, (i) the words “include”, “includes” and “including”
shall be deemed to be followed by the words “without limitation”; (ii) the word “or” is not
exclusive; and (iii) the words “herein”, “hereof”, “hereby”, “hereto”
and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein to Sections,
Disclosure Schedules, Appendices and Exhibits mean the Sections of, and Disclosure Schedules, Appendices and Exhibits to, this Agreement.
Any reference to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented
and modified from time to time to the extent permitted by the provisions thereof. Any reference to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed
without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing
any instrument to be drafted. The Disclosure Schedules, Appendices and Exhibits referred to herein shall be construed with, and as an
integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

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Article II

PURCHASE AND SALE OF EQUITY INTERESTS; PURCHASE PRICE

 

Section 2.01 Purchase
and Sale of Shares. Upon and subject to the terms set forth in this Agreement, on the Closing Date, Buyer does hereby purchase from
the Sellers, and the Sellers do hereby sell to Buyer, the Shares, free and clear of all Encumbrances.

 

Section 2.02 Purchase
Price. The aggregate consideration payable by Buyer for the Shares is the sum of the following amounts (the “Purchase
Price”), paid and to be paid by Buyer as set forth below:

 

(a) an
amount equal to EIGHT MILLION, NINE HUNDRED THOUSAND and NO/100 UNITED STATES DOLLARS ($8,900,000.00), minus the sum of (i) $25,000.00
paid by Buyer in connection with that certain letter agreement dated January 25, 2022 (the receipt of which is hereby acknowledged by
Sellers), (ii) up to $30,000.00 in Transaction Expenses incurred after December 31, 2021 and paid by the Company out of Cash from
operations prior to the Closing, (iii) the aggregate amounts set forth in the Payoff Letters, (iv) Transaction Expenses outstanding
as of the Closing Date, and (v) any Indebtedness of the Company outstanding as of the Closing Date, paid by Buyer to the Sellers
on the Closing Date, pro rata in accordance with the Ownership Percentages, by wire transfer of immediately available funds to the bank
accounts designated by the Sellers at least two business days before the Closing;

 

(b) the
amounts set forth in the Payoff Letters, paid by Buyer on behalf of the Company to the holders of the Indebtedness set forth in such Payoff
Letters on the Closing Date, by wire transfer of immediately available funds in accordance with the Payoff Letters;

 

(c) the
amount of Transaction Expenses outstanding as of the Closing Date, paid by Buyer on behalf of the Company to the Persons entitled thereto,
by wire transfer of immediately available funds (subject to applicable withholdings, if any);

 

(d) the
amount of TWO MILLION and NO/100 UNITED STATES DOLLARS ($2,000,000.00), to be paid by Buyer to Sellers, pro rata in accordance with the
Ownership Percentages, in accordance with the unsecured adjustable promissory notes issued by Buyer on the Closing Date (the “Adjustable
Notes”); and

 

(e) the
amount of TWO MILLION and NO/100 UNITED STATES DOLLARS ($2,000,000.00), to be paid by Buyer to Sellers, pro rata in accordance with the
Ownership Percentages, in accordance with the unsecured convertible promissory notes issued by Buyer on the Closing Date (the “Convertible
Notes”).

 

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Section 2.03 Estimated
Net Working Capital. At least two business days prior to the Closing, the Sellers shall and shall cause the Company to deliver to
Buyer an estimated balance sheet of the Company as of the Closing Date (the “Estimated Closing Balance Sheet”)
and a calculation by the Company of the estimated Net Working Capital of the Company as of the Closing Date (“Estimated Net
Working Capital”) based upon the Estimated Closing Balance Sheet, together with a certificate signed by each Seller and
the chief executive officer of the Company, certifying that each of the Estimated Closing Balance Sheet and the calculation of Estimated
Net Working Capital were prepared in accordance with GAAP in good faith from the books and records of the Company. Prior to the Closing,
the Sellers shall cause the Company to provide Buyer and its representatives copies of all records and work papers used in preparing the
Estimated Closing Balance Sheet and the computation of the Estimated Net Working Capital and reasonable access to the employees and advisors
of the Company who prepared such information and calculations.

 

Section 2.04 Post-Closing
Adjustment.

 

(a) Calculation
of Net Working Capital. Within 10 days after the filing of the Current Report on Form 8-K (or an amendment thereto) that includes
the Company’s audited financial statements as of the Closing Date in accordance with Section 6.01, Buyer shall prepare
and deliver to the Sellers a statement in the form attached as EXHIBIT A (the “Closing Statement”),
setting forth Buyer’s good faith calculation of Net Working Capital as of the Closing Date based upon such audited financial statements,
along with copies of any working papers, trial balances and similar materials relating to the Closing Statement prepared by or on behalf
of Buyer.

 

(b) Examination
of Closing Statement. The Sellers shall review the Closing Statement to confirm the accuracy of the Closing Statement and Buyer’s
calculation of Net Working Capital as of the Closing Date set forth therein. If the Sellers fail to give Buyer written notice of any Disputed
Amounts within 30 days after the Sellers received the Closing Statement (the “Review Period”), then the Closing
Statement and the calculation of Net Working Capital as of the Closing Date shall become final and binding on all parties for all purposes.

 

(c) Disputes.
If the Sellers give Buyer written notice of any calculations set forth in the Closing Statement that the Sellers dispute in good faith
on or before the expiration of the Review Period (“Disputed Amounts”), then Buyer and the Sellers shall attempt
in good faith to agree on any adjustments that should be made to the Closing Statement. If Buyer and the Sellers reach agreement with
respect to all of the Disputed Amounts, the Closing Statement as modified to reflect such agreement shall become final and binding on
all parties for all purposes. If Buyer and the Sellers are unable to resolve any Disputed Amounts within 60 days after the Sellers received
the Closing Statement, Buyer and the Sellers will engage a mutually agreed upon independent public accounting firm that has no prior relationship
with the Company or Buyer (the “Independent Accountant”) to resolve, exclusively, such unresolved Disputed Amounts.
The Independent Accountant shall make its determination regarding such unresolved Disputed Amounts by calculating such amounts in a manner
consistent with GAAP and the definitions of the components of Net Working Capital included in this Agreement. If unresolved Disputed Amounts
are submitted to the Independent Accountant for resolution, Buyer and the Sellers shall each furnish or cause to be furnished to the Independent
Accountant such work papers and other documents and information relating to the unresolved Disputed Amounts as the Independent Accountant
may reasonably request and are available to the parties or their respective agents and shall be afforded the opportunity to present to
the Independent Accountant any materials relating to the unresolved Disputed Amounts and to discuss the unresolved Disputed Amounts with
the Independent Accountant. The decision of the Independent Accountant with respect to the unresolved Disputed Amounts shall be provided
in writing and, if possible, be made within 10 days after the engagement of the Independent Accountant and shall be final and binding
on all parties for all purposes. The Closing Statement shall be revised, if necessary, to reflect the final determination of the components
thereof. The fees, costs and expenses of the Independent Accountant (i) will be borne by the Sellers, in the proportion that the
aggregate dollar amount of the unresolved Disputed Amounts that are unsuccessfully disputed by the Sellers (as finally determined by the
Independent Accountant) bears to the aggregate dollar amount of all unresolved Disputed Amounts, and (ii) will be borne by Buyer
in the proportion that the aggregate dollar amount of the unresolved Disputed Amounts that are successfully disputed by the Sellers (as
finally determined by the Independent Accountant) bears to the aggregate dollar amount of all unresolved Disputed Amounts.

 

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(d) Post-Closing
Adjustment. Within three business days after final determination of Net Working Capital in accordance with this Section 2.04,
but not earlier than 120 days after the Closing Date, (i) Buyer shall pay to the Sellers by wire transfer an amount equal to the
amount by which Net Working Capital set forth in the Closing Statement is more than the Net Working Capital Upper Limit, pro rata in accordance
with the Ownership Percentages, and the Purchase Price shall be increased accordingly; and (ii) Sellers shall, jointly and severally,
pay to Buyer by wire transfer an amount equal to the amount by which Net Working Capital set forth in the Closing Statement is less than
the Net Working Capital Lower Limit, and the Purchase Price shall be reduced accordingly.

 

Section 2.05 Tax
Treatment. Any amounts paid by Buyer or the Sellers pursuant to Section 2.04 shall be treated by the parties for Tax purposes
as an adjustment to the consideration paid for the Shares.

 

Article III

REPRESENTATIONS OF THE SELLERS

 

Except as set forth on the Disclosure Schedules
(it being understood that no matter disclosed in any Section of the Disclosure Schedules shall be deemed to be a disclosure for purposes
of any other Section of the Disclosure Schedules except to the extent that the applicability of such disclosure to such other Section
of the Disclosure Schedules is reasonably apparent on its face), each Seller severally, as to itself and not as to any other Seller, represents
and warrants to Buyer that the statements contained in this Article III are true and correct as of the Closing Date.

 

Section 3.01 Powers
and Capacity of the Sellers. Such Seller has all necessary legal capacity, powers and authority to enter into this Agreement and the
other Transaction Documents to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby.

 

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Section 3.02 Authorization,
Execution and Enforceability of Agreement. This Agreement has been duly executed and delivered by such Seller and (assuming due authorization,
execution and delivery by Buyer) constitutes a legal, valid and binding obligation of such Seller, enforceable against such Seller in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a
proceeding at law or in equity). Each other Transaction Document to which such Seller is a party has been duly executed and delivered
by such Seller and (assuming due authorization, execution and delivery by each other party thereto), constitutes a legal and binding obligation
of such Seller enforceable against such Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity).

 

Section 3.03 No
Conflicts; Consents. The execution, delivery and performance by such Seller of this Agreement and the other Transaction Documents
to which such Seller is a party, and the consummation of the transactions contemplated hereby and thereby, does not: (i) result in
a violation or breach of any provision of any Law or License applicable to such Seller; (ii) require the consent, notice, vote, approval,
authorization, order or other action of, or filing or registration with, any Person; (iii) conflict with, result in a violation or
breach of, constitute a default under or result in the acceleration or termination of, or give any Person the right to accelerate or terminate
any, Contract to which such Seller is a party or by which any of such Seller’s properties are bound; or (iv) result in the
creation or imposition of any Encumbrance on any Shares owned by such Seller.

 

Section 3.04 Ownership
of Shares. Such Seller is the sole beneficial and record owner of the Shares and is entitled to receive the Ownership Percentage set
forth opposite its name on Schedule 1, free and clear of all Encumbrances. Such Seller has the right, power and authority
to sell, assign and transfer the Shares set forth opposite such Seller’s name on Schedule 1 to Buyer in accordance
with this Agreement and, subject to this Agreement, Buyer has acquired good, valid and indefeasible title to the Shares set forth opposite
such Seller’s name on Schedule 1, free and clear of all Encumbrances other than Encumbrances created by Buyer.

 

Section 3.05 Restrictions
on Transfer. Such Seller is not a party to any preemptive rights, options, warrants, purchase rights or other Contracts that would
require such Seller to sell, transfer or otherwise dispose of the Shares owned by such Seller to any Person other than Buyer or prohibit
or conflict with such Seller’s obligations under this Agreement. Such Seller is not a party to any voting trust, proxy or other
agreement or understanding with respect to the voting of the Shares owned by such Seller.

 

Section 3.06 Solvency.
Such Seller is solvent for all purposes under federal bankruptcy and applicable state fraudulent transfer and fraudulent conveyance Laws.
The sale of the Shares owned by such Seller in accordance with this Agreement does not render such Seller insolvent and does not constitute
a fraudulent transfer or conveyance under such Laws.

 

Section 3.07 Brokers
and Finders. Other than Sellers’ engagement of Q Advisors LLC, neither such Seller nor any Affiliate of such Seller (including
the Company) has retained, engaged or entered into any Contract that would entitle any Person to a broker’s commission, finder’s
fee, investment banker fee, introduction fee or similar payment in connection with the negotiation, execution, delivery or performance
of this Agreement or the other Transaction Documents or the consummation of the transactions contemplated hereby or thereby.

 

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Section 3.08 Bad
Actor Representation. Neither Seller nor any of Seller’s owners, officers, directors or Affiliates (as applicable) is or has
been: (i) convicted in a criminal proceeding or named as a subject of a pending criminal proceeding (excluding traffic violations
and other minor offenses); (ii) subject to any order, judgment or decree (not subsequently reversed, suspended or vacated) of any
court of competent jurisdiction permanently or temporarily enjoining it from, or otherwise imposing limits or conditions on it in connection
with, engaging in any securities, investment advisory, banking, insurance or other type of business or acting as an officer or director
of a public company; (iii) found by a court of competent jurisdiction in any Action or by any Governmental Authority to have violated
any Laws, or been under investigation in connection with such violations or alleged violations; or (iv) engaged in other conduct
that would be required to be disclosed in a prospectus under Item 401(f) of SEC Regulation S K if Seller were a covered person.

 

Article IV

REPRESENTATIONS OF SELLERS RELATING TO THE COMPANY

 

Except as set forth on the Disclosure Schedules
(it being understood that no matter disclosed in any Section of the Disclosure Schedules shall be deemed to be a disclosure for purposes
of any other Section of the Disclosure Schedules except to the extent that the applicability of such disclosure to such other Section
of the Disclosure Schedules is reasonably apparent on its face), the Sellers, jointly and severally, represent and warrant to Buyer that
the statements contained in this Article IV are true and correct as of the Closing Date.

 

Section 4.01 Organization
and Qualification of the Company. The Company is duly organized, validly existing and in good standing under the Laws of the State
of California and has all necessary powers and authority to own, operate or lease the properties and assets now owned, operated or leased
by it and to carry on the Business as currently conducted and contemplated to be conducted. Except as would not, individually or in the
aggregate, be expected to have a Material Adverse Effect, the Company is duly licensed or qualified to do business and is in good standing
in each jurisdiction in which the ownership or lease of its assets or the operation of the Business as currently conducted or as conducted
within the last two years makes such licensing or qualification necessary.

 

Section 4.02 Capitalization.

 

(a) Section 4.02(a)
of the Disclosure Schedules sets forth a true and complete list, including the name of the beneficial owner, of (i) all issued
and outstanding equity securities of the Company, (ii) all outstanding options, warrants, subscription rights, conversion rights
and other rights to acquire any equity securities of the Company, and (iii) all Contracts relating to the issuance of any equity
securities of the Company or rights to subscribe for or acquire equity securities of the Company.

 

(b) The
Shares are duly and validly authorized and issued, fully paid and non-assessable, and have been offered, issued, sold and delivered in
compliance with the Company’s Organizational Documents and all applicable state and federal securities Laws.

 

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(c) The
Company has no obligation to purchase, redeem or otherwise acquire any of the Shares and there are no preemptive rights, rights of first
refusal, put or call rights or anti-dilution rights with respect to the issuance, sale or redemption of the Shares.

 

(d) Except
as set forth in Section 4.02(d) of the Disclosure Schedules, there are no outstanding (i) equity appreciation, phantom
equity, profit participation or similar rights with respect to the Company or (ii) voting trusts, proxies, equity holder agreements
or other understandings related to the voting of any outstanding voting securities of the Company.

 

Section 4.03 Subsidiaries.
The Company has not had, and has never had, any direct or indirect Subsidiaries. The Company does not own, directly or indirectly, any
securities of any Person and is not under any current or obligation to form or participate in, provide funds to, make any loan, capital
contribution or other investment in or assume any liability or obligation of, any Person.

 

Section 4.04 Corporate
Records. True and complete copies of the Organizational Documents of the Company, all equity records, and all minute books and records
of the Company have been delivered or otherwise made available to Buyer. The Organizational Documents of the Company and all records of
actions taken by the board of directors and shareholders of the Company have been maintained in the Ordinary Course of Business and accurately
reflect, in all material respects, all transactions of the Company requiring approval of the board of directors or shareholders. The minute
books and records of the Company contain true and complete copies of any minutes taken at meetings of the boards of directors and of the
shareholders of the Company and of written resolutions in lieu of meetings executed by the shareholders or such boards of directors. The
Company is not in violation of its Organizational Documents.

 

Section 4.05 No
Conflicts; Consents. Except as set forth in Section 4.05 of the Disclosure Schedules, the execution, delivery and performance
of this Agreement and the other Transaction Documents, and the consummation of the transactions contemplated hereby and thereby, does
not: (i) result in a violation or breach of any provision of any Law or License applicable to the Company; (ii) require the
consent, notice, vote, approval, authorization, order or other action of, or filing or registration with, any Person; (iii) violate
or constitute a breach or violation of any provision of the Organizational Documents of the Company; (iv) conflict with, result in
a violation or breach of, constitute a default under or result in the acceleration or termination of, or give any Person the right to
accelerate or terminate any, Contract to which the Company is a party or by which any of the Company’s properties are bound; (v) result
in the creation or imposition of any Encumbrance on any assets of the Company.

 

Section 4.06 Financial
Statements; No Undisclosed Liability.

 

(a) The
Company has established and maintains a system of internal controls over financial reporting sufficient to provide reasonable assurance
(i) regarding the reliability of the Company’s financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP, (ii) the receipts and expenditures of the Company are being made only in accordance with the authorization
of the Company’s management and directors, and (iii) regarding prevention or timely detection of the unauthorized acquisition,
use or disposition of assets of the Company that could have a material effect on financial statements of the Company. Neither the Company
nor the personnel who have responsibility for preparation of financial or accounting information for the Company have identified or been
made aware of any significant deficiency or material weakness in the system of internal accounting controls utilized by the Company, any
fraud, whether or not material, that involves the Company’s management or any of its personnel, or any claim or allegation regarding
any of the foregoing.

 

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(b) The
Company has delivered to Buyer audited financial statements, consisting of the balance sheet as at July 31, 2020 and July 31, 2021 and
the related statements of income and retained earnings, stockholders’ equity and cash flow for the years then ended (the “Annual
Financial Statements”) and unaudited financial statements, consisting of the balance sheet as of October 31, 2021 and the
related statements of income and retained earnings, stockholders’ equity and cash flow for the three months then ended (the “Interim
Financial Statements” and, together with the Annual Financial Statements, the “Financial Statements”).

 

(c) The
Financial Statements are true, accurate and complete, were prepared in accordance with GAAP. The Financial Statements are based on the
books and records of the Company, and fairly and accurately present in all material respects the financial condition of the Company as
of the respective dates they were prepared and the results of the operations of the Company for the periods indicated.

 

(d) The
Company has no Liabilities except (i) Liabilities which are adequately reflected or reserved against in the Interim Financial Statements,
(ii) current Liabilities which have been incurred in the Ordinary Course of Business since the date of the Interim Financial Statements,
and which are not, individually or in the aggregate, material in amount, and (iii) Liabilities incurred pursuant to this Agreement
and the other Transaction Documents and the transactions contemplated hereby and thereby. The Company has not entered into any transactions
involving factoring of receivables, synthetic leases, off-balance sheet arrangements or the use of special purpose entities for any off-balance
sheet activity.

 

Section 4.07 Indebtedness.

 

(a) Section 4.07(a)
of the Disclosure Schedules sets forth a true and complete list of all the Indebtedness of the Company. There is no default under
any Contract relating to Indebtedness and no event has occurred that, with or without notice, the passage of time or both notice and the
passage of time is, or would be, a default under any Contract relating to Indebtedness or has resulted, or could result, in the acceleration
or termination of any Indebtedness or give any Person the right to accelerate or terminate any Indebtedness.

 

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(b) With
respect to the Indebtedness of the Company to the Small Business Administration Loan #1979479109, effective as of October 8, 2021, in
the original principal amount of $200,000 (the “SBA Loan”), (i) the Company made the representations, authorizations,
and certifications required by the Small Business Administration’s Application Form (OMB Control Number 1545-1872), (ii) such
representations, authorizations, and certifications were accurate and correct at the time they were made, and (iii) the SBA Loan
proceeds were used only as set forth in such application and in accordance with all rules set forth, enacted or promulgated by the Small
Business Administration or other Governmental Authority with respect to such loans.  The Sellers have provided to Buyer true, correct,
and complete copies of all documents received by the Company with respect to the SBA Loan.  The Company has been and is in full compliance
with the terms of the SBA Loan.

 

Section 4.08 PPP
Matters.

 

(a) Except
for the PPP Loan, the Company has not applied for, or directly or indirectly accepted or received, any benefit (monetary or otherwise),
loan, payment, funding, credit, relief, forgiveness or deferral arising under the CARES Act, the Families First Corona Virus Response
Act, the Coronavirus Preparedness and Response Supplemental Appropriations Act or any similar Law enacted or promulgated by a Governmental
Authority in response to or in connection with the Coronavirus Disease 2019 (COVID-19) or any mutation, strain or variant thereof, or
any similar or related disease caused by the SARS-CoV-2 virus (all as in effect from time to time, together with all amendments thereto
and all regulations and guidance issued by any Governmental Authority with respect thereto, regardless of the date enacted adopted, issued
or implemented, the “COVID Relief Laws”).

 

(b) As
of each of (i) the date of the Company’s submission of the application for the PPP Loan (the “Loan Application”),
(ii) the date the Company executed any definitive documentation for or certifications in respect of the PPP Loan (collectively, the
“Loan Documents”), and (iii) the date the PPP Loan was funded, the Company satisfied all eligibility requirements
for the PPP Loan.

 

(c) All
information and certifications included in the Loan Application and all representations, warranties and certifications included in the
Loan Documents were complete and accurate as of the date submitted, made or certified, as applicable, and, in the case of all such certifications,
were made in good faith following due inquiry and discussion. Without limiting the foregoing, the Company truthfully and accurately represented,
warranted and certified to all applicable Governmental Authorities and the PPP Lender that (i) the economic uncertainty existing
at the time the Company applied for the PPP Loan made the PPP Loan necessary to support the Company’s ongoing operations, (ii) the
funds received pursuant to the PPP Loan would be used to retain workers and maintain payroll or to make lease and utility payments, (iii) the
Company had not received, and would not receive, any other loan under the ‘Paycheck Protection Program’ (as described in the
CARES Act), and (iv) all the information provided in the Loan Application and the supporting documents related thereto, was true
and accurate in all material respects as of the date of such application, including the Tax documents provided to enable the PPP Lender
to calculate the amount of the PPP Loan.

 

(d) The
Company submitted an application for forgiveness of the PPP Loan on December 22, 2020 (the “Forgiveness Application”),
which application was prepared following due inquiry and investigation. All information included in the Forgiveness Application was complete
and accurate as of the date of submission and all certifications required to be made pursuant to the Forgiveness Application were made
in good faith as of such date. The PPP loan was forgiven and marked “Paid in Full” on January 13, 2021.

 

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(e) In
connection with the Loan Application, the execution and delivery of the Loan Documents, the receipt of the PPP Loan thereunder, the use
of proceeds thereof, the Forgiveness Application, and the repayment or forgiveness of the PPP Loan, the Company was and remains in full
compliance with all provisions, rules and regulations under all COVID Relief Laws.

 

(f) The
Company has not used the PPP Loan proceeds in any manner, or taken any other action, that violates the terms of any COVID Relief Laws.

 

Section 4.09 Title
to and Sufficiency of Assets.

 

(a) The
Company has good and valid title to all assets reflected on the Financial Statements or acquired after the date of the Financial Statements,
exclusive of any such assets disposed of in the Ordinary Course of Business since the date of the Interim Financial Statements, free and
clear of all Encumbrances other than Permitted Encumbrances (collectively, the “Assets”).

 

(b) The
Assets (i) are in good operating condition and repair (reasonable wear and tear excepted), (ii) are reasonably suitable for
the purposes for which they are presently being used, and (iii) constitute all of the assets, properties and rights that are necessary
for the conduct of the Business as currently conducted or intended to be conducted. Except for the Assets, there are no other assets,
properties or rights, that are required by the Company, or that will be required by Buyer after the Closing, to conduct the Business in
a manner consistent in all material respects with the manner in which the Company currently conducts the Business.

 

Section 4.10 Accounts
Receivable. All Accounts Receivable reflected on the Financial Statements or arising after the date of the Financial Statements (i) represent
valid, bona fide, undisputed, third party obligations relating to bona fide arms’ length transactions entered into by the Company
involving the sale of goods or services in the Ordinary Course of Business, (ii) are valid and enforceable and not subject to any
set-off, counterclaim or trade discounts, and (iii) are reflected in the Financial Statements in accordance with GAAP (except to
the extent that they arose after the date of the Financial Statements). The reserve for bad debts reflected in the Financial Statements
or, with respect to Accounts Receivable arising after the date of the Financial Statements, on the accounting records of the Company has
been determined in accordance with GAAP, subject to normal year-end adjustments, which are not expected to be material. The Company has
not received notice that any Accounts Receivable are not collectible in the Ordinary Course of Business in an amount in excess of the
reserves for bad debts reflect in the Financial Statements and, to the Knowledge of the Company, no bankruptcy, insolvency or similar
proceedings has been commenced by or against any obligor of an Account Receivable.

 

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Section 4.11 Real
Property.

 

(a) Section 4.11(a)
of the Disclosure Schedules sets forth a legal description of all interests in real property owned by the Company (the “Owned
Real Property”). The Company owns good, valid and marketable fee title to each parcel of Owned Real Property free and clear
of all Encumbrances other than Permitted Encumbrances. The Company has made available to Buyer true, correct and complete copies of all
title insurance policies, surveys, or other ownership documents in the possession or control of the Company that are related to the Owned
Real Property. Except as set forth in Section 4.11(a) of the Disclosure Schedules, the Company has not leased, assigned or
otherwise granted to any Person the right to use or occupy all or any portion of the Owned Real Property.

 

(b) Section 4.11(b)
of the Disclosure Schedules lists all real property leased by the Company or occupied or used in or necessary for the conduct of the
Business as currently conducted (collectively, the “Leased Real Property” and together with the Owned Real Property,
the “Real Property”). The Company has provided Buyer with a true, correct and complete copy of all leases, subleases,
co-location agreements, licenses and other agreements, including all amendments, extensions, renewals and guaranties pursuant to which
the Company holds or occupies the Leased Real Property (collectively, the “Leases”). Each of the Leases is valid,
binding and in full force and effect, and enforceable by the Company in accordance with its terms, except where enforceability may be
limited by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally or general principles of equity. The
Company is not in breach or default under any such Lease, and no event has occurred, or circumstance exists which, with the delivery of
notice, passage of time or both, would constitute such a breach or default. The Company has paid all rent due and payable under each such
Lease. Except as set forth in Section 4.11(b) of the Disclosure Schedules, the Company has not subleased, assigned or otherwise
granted to any Person the right to use or occupy all or any portion of any Leased Real Property.

 

(c) All
improvements located on, and the use presently being made of, the Real Property, comply with all applicable zoning and building codes,
ordinances and regulations and all applicable fire, environmental, occupational safety and health standards and similar standards established
by Law. The present and prior use and operation of the Real Property by the Company do not constitute and have not constituted a non-conforming
use and is not and has not been subject to a variance. There is no proposed, pending or threatened change in any such code, ordinance,
regulation or standard which would materially adversely affect the Business.

 

(d) The
Real Property is served by water, gas, electric, telephone and sewer utilities, which utilities are available thereon, or are available
at the edge of the property, within contiguous public rights-of-way, and which utilities are of proper size and/or capacity to adequately
meet all needs and requirements for the present use of the Real Property and improvements for their current purpose.

 

(e) There
is no unpaid Tax, levy or assessment against the Real Property (except for Taxes not yet due and payable), nor is there pending or, to
the Knowledge of the Company, threatened any condemnation proceeding against the Real Property or any portion thereof. No part of any
improvements on the Real Property encroaches upon any property adjacent thereto or upon any easement, nor is there any encroachment or
overlap upon the Real Property.

 

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(f) Except
as set forth in Section 4.11(f) of the Disclosure Schedules, there is no material condition affecting the Real Property or
the improvements located thereon which requires repair or correction to restore the same to reasonable operating condition.

 

Section 4.12 Intellectual
Property.

 

(a) Section 4.12(a)
of the Disclosure Schedules is a complete and accurate list of the following that are used by the Company in connection with the Business
or in which the Company claims any ownership or license rights, indicating in each case whether such item is owned by the Company or licensed
from another Person: (i) all trademarks, service marks, trade names, brand names, Internet domain names, email addresses, URLs, designs,
logos, trade dress, slogans, social media networks and related applications and general intangibles of like nature, whether registered
or unregistered (collectively, together with the associated goodwill of each, the “Company’s Trademarks”);
(ii) all utility and design patents (whether provisional or non-provisional), applications for utility and design patents (whether
provisional or non-provisional), continuations, continuations-in-part, divisions, reissues, patent disclosures, industrial designs and
inventions (whether or not patentable or reduced to practice), and improvements to any of the foregoing (collectively, the “Company’s
Patents”); (iii) all copyrights and mask works (as defined in 17 U.S.C. § 901 or applicable Law of the respective
jurisdiction), whether registered or unregistered, and pending applications to register the same (the “Company’s Copyrights”);
(iv) all computer software programs and software systems, including algorithms, program logic, network designs, libraries, databases
and compilations (including, in the case of each database and compilation, the design and content thereof), tool sets, compilers, proprietary
programming languages, hypertext scripts, metatagging protocols and procedures, and related documentation and materials, whether in source
code, object code, flowcharts, hypertext, human readable or other form, excluding any commercial, off-the-shelf retail, “shrinkwrap”
software (collectively, the “Company’s Software”).

 

(b) The
Company is the exclusive owner of all Intellectual Property Assets indicated in Section 4.12(a) of the Disclosure Schedules
as being owned by the Company (“Owned Intellectual Property”), free and clear of all Encumbrances. All Persons
that materially contributed to the development of the any Owned Intellectual Property have duly assigned all of their rights in and to
such Owned Intellectual Property to the Company pursuant to written agreements, and no further consents, assignments, waivers or other
actions are required for such Persons’ rights, title and interest to be assigned or transferred to, or otherwise fully vested in,
the Company.

 

(c) The
Company has a valid and enforceable right to use all of the Intellectual Property Assets indicated in Section 4.12(a) of the Disclosure
Schedules as being licensed by the Company (“Licensed Intellectual Property”), free and clear of all Encumbrances.
All Contracts relating to Licensed Intellectual Property are in full force and effect and are enforceable by the Company in accordance
with their respective terms. Except as set forth in Section 4.12(a) of the Disclosure Schedules, Seller is not obligated to
make any payments by way of royalties, fees or otherwise to any owner or licensor of, or other claimant to, any Licensed Intellectual
Property, with respect to the use thereof or in connection with the conduct of the Business as currently being conducted.

 

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(d) All
registrations of the Company’s Trademarks, the Company’s Patents and the Company’s Copyrights are valid, enforceable
and subsisting; all applications for registration of the Company’s Trademarks, the Company’s Patents and the Company’s
Copyrights are accurate; and no such registration or application is the subject of any opposition, interference, cancellation, derivation,
post-grant or other administrative or legal proceeding or other Action. The Company has timely paid all filing, extension, examination,
issuance, post registration and maintenance fees, annuities and the like associated with or required with respect to any registration
or application for registration of the Company’s Trademarks, the Company’s Patents or the Company’s Copyrights and all
documents, assignments, recordations and certificates necessary to be filed by the Company to maintain the effectiveness of such registrations
or applications and to secure and record title to the Company’s Trademarks, the Company’s Patents and the Company’s
Copyrights have been timely filed with the relevant authorities.

 

(e) The
Company has taken all reasonable and necessary steps to maintain and enforce its Intellectual Property Assets and to preserve the confidentiality
of all trade secrets included in its Intellectual Property Assets, including by requiring the execution of written non-disclosure agreements
by all Persons that have access to any Intellectual Property Assets. The Company has entered into binding, valid and enforceable written
Contracts with each current and former employee and independent contractor who is or was materially involved in or has materially contributed
to the invention, creation, or development of any Intellectual Property Assets during the course of employment or engagement with the
Company whereby such employee or independent contractor (i) acknowledges the Company’s exclusive ownership of all Intellectual
Property Assets invented, created or developed by such employee or independent contractor within the scope of his or her employment or
engagement with the Company, (ii) grants to the Company a present, irrevocable assignment of any ownership interest such employee
or independent contractor may have in or to such Intellectual Property Assets, and (iii) irrevocably waives any right or interest,
including any moral rights, regarding such Intellectual Property Assets, to the extent permitted by applicable Law. The Company has provided
Buyer with true, correct and complete copies of all such Contracts.

 

(f) The
conduct of the Business as currently conducted and as proposed to be conducted, including the use of the Intellectual Property Assets
in connection therewith, does not infringe upon, misappropriate, dilute or violate the intellectual property rights of any other Person.
There are no Actions, whether settled, pending or threatened, (i) alleging any infringement, misappropriation, dilution or violation
of the intellectual property rights of any other Person by the Company or (ii) challenging the validity, enforceability, registrability,
patentability or ownership of any Intellectual Property Assets. The Company has not received notice of any claim that the conduct of the
Business as currently or previously conducted infringes upon, misappropriates, dilutes or violates the intellectual property rights of
any other Person and, to the Knowledge of the Company, there are no facts or circumstances that could reasonably be expected to give rise
to any such claim.

 

(g) To
the Knowledge of the Company, no Person is infringing upon, misappropriating, diluting or violating any Intellectual Property Assets.

 

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(h) The
Intellectual Property Assets are sufficient for the continued conduct of the Business after the Closing Date in the same manner as conducted
prior to the Closing Date in all respects. Neither the execution of this Agreement or the other Transaction Documents nor the consummation
of any transaction contemplated hereby or thereby will materially and adversely affect any of the Company’s rights in and to its
Intellectual Property Assets.

 

(i) The
Company’s Software does not contain any code that is distributed or licensed under the GNU General Public License, GNU Lesser General
Public License, Mozilla License, Common Public License, Apache License, BSD License, Artistic License, or Sun Community Source License
or other license that (i) requires the disclosure or distribution in source code form of any product owned by, or sold or licensed
by, the Company or any portion thereof or (ii) requires the licensing of any such product or portion thereof under any similar license. 

 

Section 4.13 IT
Systems.

 

(a) The
hardware and software used by the Company for voice and data communication (including all voice, data and video networks), data storage
and processing (whether general or special purpose), and other similar or related systems relied upon by the Company in connection with
the Business (collectively, the “IT Systems”) have sufficient capacity and maintenance and support requirements
to satisfy the requirements of the Business with regard to information and communications technology, data processing and communications,
and are sufficient for the Company’s current and reasonably anticipated future needs.

 

(b) None
of the IT Systems contains any program, routine, device, or other undisclosed feature, including a time bomb, virus, software lock, drop-dead
device, malicious logic, worm, trojan horse, bug, error, defect or trap door, that deletes, disables, deactivates, interferes with, or
otherwise harms such IT System, or that provides access to or produces modifications of such IT System that is not authorized by the Company.

 

(c) None
of the IT Systems has experienced bugs, failures, breakdowns, or continued substandard performance in the past 12 months that has caused
any material disruption or interruption in or to the use of any such IT System by the Company.

 

(d) The
Company has adopted and maintains reasonable safeguards (i) to protect the operation, confidentiality, integrity and security of
the IT Systems and the information stored therein and (ii) to prevent unauthorized or improper use, access, transmittal, modification
or corruption of such information. The Company has not suffered a security breach with respect to its IT Systems or the information stored
therein in the prior three years.

 

(e) The
Company and the IT Systems comply, and at all times have complied, with (i) all Data Laws, (ii) the Company’s privacy
policies, including web site privacy policies and policies applicable to data privacy, data security, and/or personal information, and
(iii) the relevant provisions of any Contract to which the Company is a party that concerns access to or the processing of personal
information.

 

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Section 4.14 Licenses.

 

(a) The
Company holds in its name all Licenses required or necessary to conduct the Business as currently or previously conducted. Each such License
is in full force and effect and all information submitted to the applicable Governmental Authority in order to obtain or renew each such
License was true, accurate and correct in all material respects when submitted. The Company is, and at all times has been, in compliance
with all terms and conditions of each License and, to the Knowledge of the Company, no event has occurred that would reasonably be expected
to result in the revocation, suspension, lapse or limitation of any such License. The Company has not received any written notice of any
violation, deficiency, cancellation or default with respect to any License and no Action is pending or, to the Knowledge of the Company,
threatened to revoke, terminate or amend any License. The execution, delivery, and performance of this Agreement and the Transaction Documents,
and the consummation of the transactions contemplated hereby and thereby, will not result in an impairment, revocation, suspension or
limitation of any License or any breach, default or forfeiture of any rights thereunder and no License requires the consent or approval
of any Governmental Authority in order to remain in full force and effect immediately after the execution and delivery of this Agreement
or the Closing. Complete and accurate copies of all Licenses have previously been delivered to Buyer.

 

(b) The
Company is not required to file a Notice of Transfer or Change in Control under Section 214 of the Federal Communications Act of
1934, as amended, in connection with the execution of this Agreement and the Transaction Documents or the consummation of the transactions
contemplated hereby or thereby.

 

(c) The
Company does not have and has never had any Licenses issued pursuant to Communication Law.

 

Section 4.15 Insurance.
Section 4.15 of the Disclosure Schedules sets forth a true, correct and complete list of all property, fire, casualty, general
liability, product liability, excess liability, business interruption, workers’ compensation and other insurance policies owned
by the Company or under which the Company obtains any coverage (the “Insurance Policies”). The Insurance Policies
provide coverage for such risks, with such retained loss amounts and such coverage limits, as are customary and adequate for the Business.
The Insurance Policies have the inception dates, renewal dates and premium amounts set forth in Section 4.15 of the Disclosure
Schedules and are presently in full force and effect. The Company has paid all premiums now due and, except as set forth in Section 4.15
of the Disclosure Schedules, no premium is subject to any loan, deferred payment arrangement or installment payment arrangement. The
Company has performed all conditions required to be performed by the Company under each Insurance Policy the failure of which could result
in a denial or reduction of coverage and has timely reported all losses for which coverage is provided by any Insurance Policy in accordance
with the requirements of the applicable Insurance Policy. The Company has not received notice that an Insurance Policy will be terminated
or not renewed or extended or will be renewed or extended only upon payment of an increased premium or retained loss amount or a reduction
in coverage. The Company has provided Buyer with a true, correct and complete copy of all Insurance Policies, all loss runs under each
Insurance Policy, and a list of all material claims pending as to which coverage has been questioned, denied, disputed or accepted with
a reservation of rights by the insurers.

 

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Section 4.16 Material
Contracts.

 

(a) Section 4.16(a)
of the Disclosure Schedules lists or describes each of the following (“Material Contracts”):

 

(i) Contracts
relating to the acquisition or disposition of a business (whether by merger, sale of stock or otherwise) or the purchase or sale of a
material amount of assets;

 

(ii) Contracts
relating to the issuance, redemption, reclassification, exchange or conversion of any stock, membership interest, participation interest
or other equity interest in the Company or any right to subscribe for or acquire any such equity interest or any security exchangeable
for or convertible into any such equity interest in the Company;

 

(iii) Contracts
with the 30 largest customers of the Company for the each of the years ended December 31, 2020 and 2021 (provided that Section 4.16(a)
of the Disclosure Schedule is not required to list all such Contracts to the extent that they are subject to the Company’s standard
terms and conditions);

 

(iv) Contracts
pursuant to which the Company licenses the use of intellectual property rights or data from another Person (other than commercial, off-the-shelf,
“shrinkwrap” licenses and “software as a service” agreements);

 

(v) Contracts
granting a license or other grant of rights by the Company to any other Person for the use of any Intellectual Property Assets;

 

(vi) Contracts
(or groups of related Contracts) involving payments by or to the Company of more than $7,500 per month or that are expected to result
in payments by or to the Company of more than $90,000 in the 12 months following the Closing Date;

 

(vii) written
warranties, guaranties, bonds, sureties or other similar undertakings with respect to contractual performance or services or goods provided,
extended by or issued for or on behalf of the Company;

 

(viii) leases,
subleases, co-location agreements, rental or occupancy agreements, licenses, installment and conditional sale agreements, and other Contracts
affecting the ownership of, leasing of, title to, use of, or any leasehold or other interest in any real or personal property and involving
aggregate payments in excess of $10,000;

 

(ix) Contracts
containing provisions that (A) limit or purport to limit the ability of the Company to engage in any business activity or compete
with any Person, or expand to other geographical areas, customers, suppliers or lines of business, (B) limit or purport to limit
the ability of the Company from soliciting or hiring any Person or soliciting any potential customers, or (C) grant any Person a
“most favored nation” or “exclusive relationship” or similar status;

 

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(x) Contracts
with 25 highest producing third-party sales agents, sales representatives, brokers or distributors or any other Person authorized to offer
goods or services on behalf of the Company during the each of the years ended December 31, 2020 and 2021;

 

(xi) Contracts
conferring a power of attorney or other right to act on behalf of the Company to any Person;

 

(xii) Contracts
providing for the indemnification of any Person against loss;

 

(xiii) collective
bargaining agreements, labor agreements and other Contracts with labor unions or labor representatives;

 

(xiv) employment
agreements, consulting agreements, offer letters or other Contracts relating to employment of any Person, other than any such Contracts
that are for employment on an at-will basis and do not require the payment of severance benefits in excess of $10,000;

 

(xv) severance,
separation or settlement Contracts under which any party has a continuing or unsatisfied obligation;

 

(xvi) Contracts
creating or purporting to create a strategic alliance, partnership, joint venture, development, joint development or similar arrangement;

 

(xvii) notes,
debentures, other evidences of indebtedness, guaranties, loans, capital leases, credit or financing agreements, letter of credit reimbursement
obligations, or other instruments or contracts for money borrowed, including all agreements or commitments for future loans, credit, financing
or issuance of letters of credit;

 

(xviii) interest
rate or foreign exchange hedge Contracts;

 

(xix) Contracts
granting any Person an Encumbrance on any of the Company’s assets or properties, other than a Permitted Encumbrance;

 

(xx) Contracts
with any Governmental Authority, including those for settlement of violations, conditional permits, or resolution of regulatory obligations;

 

(xxi) Contracts
that relate to the resolution or settlement of any pending or threatened Action or the release or compromise of any claims with a value
of more than $10,000 or which imposes material continuing obligations on the Company; and

 

(xxii) Contracts
between or among the Company and any Seller or an Affiliate of any Seller.

 

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(b) Neither
the Company nor, to the Knowledge of the Company, any other party, is in breach or violation of, or default under, any Material Contract.
The Company has not received written notice of any current breach or violation of, or default under, a Material Contract. No event, occurrence
or condition exists which, with notice or the lapse of time or both notice and the lapse of time or the happening of any further event
or condition, would become a breach or violation of, or default under, a Material Contract by the Company or, to the Knowledge of the
Company, any other party thereto.

 

(c) Each
Material Contract is in full force and effect (and will remain in full force and effect upon consummation of the transactions contemplated
hereby), is a valid agreement, arrangement or commitment of the Company and, to the Knowledge of the Company, of each other party thereto,
and is enforceable in accordance with its terms except, in each case, where enforceability may be limited by bankruptcy, insolvency or
other similar laws affecting creditors’ rights generally or general principles of equity. Except as set forth in Section 4.16(c)
of the Disclosure Schedules, no consent of any party to any Material Contract is required in connection with the execution and delivery
of this Agreement and the other Transaction Documents or the consummation of the transactions contemplated hereby or thereby.

 

(d) The
Company has made available to Buyer true and complete copies of all Material Contracts and all amendments thereto.

 

(e) No
party to any Material Contract has (i) notified the Company or any Seller that such party intends to cancel or otherwise terminate
such Material Contract or (ii) since the date of the Interim Financial Statements, taken any action or, to the Knowledge of the Company,
threatened to take any action, seeking a repayment of amounts paid to the Company pursuant to such Material Contract or a reduction in
fees or other payments that will become due to the Company pursuant to such Material Contract.

 

Section 4.17 Employees.

 

(a) Section 4.17(a)
of the Disclosure Schedules lists the name, job title, hourly rate or annual base salary (as applicable), hire date, classification
as exempt or non-exempt, and accrued but unused vacation days of each Person employed by the Company (collectively, the “Employees”).
All Employees are properly classified as exempt or non-exempt and all Persons performing services to the Company that are not Employees
satisfy all applicable requirements to be classified or treated as independent contractors. The Company has provided or made available
to Buyer correct and complete copies of all material employment contracts to which the Company is a party or is otherwise bound. Except
as set forth in Section 4.17(a) of the Disclosure Schedules no Employee has notified the Company of any plan or intention
to terminate his or her employment.

 

(b) The
Company has complied, and is currently in compliance, in all material respects with all Laws relating to employment, including those relating
to equal employment opportunity, nondiscrimination, immigration, right to work, hiring, hours, wages, overtime, withholding, occupational
safety and health, workplace safety, promotion, termination, benefits or other obligations of an employer (collectively, “Employment
Laws”).

 

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(c) The
Company is not subject to or bound by any collective bargaining agreement, work rules, injunction, Order, or other agreement with any
labor union, work council or employee association. There is no (i) labor-related organizational effort, election activity, or request
or demand for negotiation, recognition or representation, (ii) labor strike, dispute, slowdown, stoppage, picketing, interruption
of work, lockout or other dispute or controversy with or involving a labor organization or with respect to unionization or collective
bargaining, or (iii) pending or threatened grievance, claim, or Action arising out of or under any collective bargaining agreement.

 

(d) There
is no pending or, to the Knowledge of the Company, threatened Action, claim or complaint by any Governmental Authority responsible for
investigation or enforcement of Employment Laws. There is no claim or grievance pending or, to the Knowledge of the Company, threatened
against the Company relating to terms and conditions of employment or unfair labor practices, including charges of unfair labor practices
or harassment complaints.

 

(e) The
Company has timely paid or accrued, and is not and has not been liable for any arrears of, all salaries, wages, bonuses, sales commissions,
paid time off or personal days, profit sharing obligations and other compensation amounts, including any severance obligations and Taxes
and penalties due and owing to or with respect to its Employees.

 

(f) Except
as set forth in Section 4.17(f) of the Disclosure Schedules the Company has (i) properly completed and retained a Form
I-9 with respect to each Employee and (ii) not been the subject of an Action from the United States Department of Homeland Security,
including Immigration and Customs Enforcement (or any predecessor thereto, including the United States Customs Service or the Immigration
and Naturalization Service), or any other immigration-related enforcement proceeding, in each case with respect to any Employee.

 

(g) There
has been no “mass layoff” or “plant closing” (as defined in the Worker Adjustment and Retraining Notification
Act or any comparable state or local law) with respect to any Employee.

 

(h) The
employment of all Employees is terminable at will with no cost to the Company, except for payment of accrued salaries or wages and vacation
pay or any benefits required by Law. Except as set forth in Section 4.17(h) of the Disclosure Schedules, the Company has not
entered into any Contract or other arrangement with any Employee that will result in an obligation (absolute or contingent) of the Company
to make any payment to any Employee following termination of employment, a change in control of the Company, or in connection with the
execution of this Agreement or the Transaction Documents or the consummation of the transactions contemplated hereby or thereby.

 

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Section 4.18 Employee
Benefit Plans.

 

(a) Section 4.18(a)
of the Disclosure Schedules lists, as of the Closing Date, each Employee Benefit Plan. With respect to each such Employee Benefit
Plan, the Company has provided Buyer with true, correct and complete copies of (i) all Employee Benefit Plan documents and all amendments
thereto, including the most recent summary plan description and summaries of benefits and coverage (or a written summary of the material
terms if no plan document exists), related trust agreements, insurance contracts and policies, and other funding instruments, (ii) the
most recent determination, advisory, or opinion letter issued by the IRS (if applicable), (iii) the three most recent annual reports
require to be filed with or delivered to any Governmental Authority (including reports filed on Form 5500 with the accompanying schedules
and attachments), (iv) coverage and nondiscrimination testing reports and other similar compliance reports for the past three years,
and (v) copies of all material notices, letters or other correspondence from the IRS, Department of Labor or other Governmental Authority
relating to any Employee Benefit Plan..

 

(b) All
Employee Benefit Plans comply with and are and have been established, administered and maintained in accordance with their respective
terms and in compliance with each applicable provision of ERISA, the Code and all other applicable Laws. Each Employee Benefit Plan intended
to qualify under Section 401(a) of the Code is so qualified and has received a favorable determination letter from, or may rely on
a favorable opinion or advisory letter issued by, the IRS and there are no facts or circumstances that would adversely affect the qualified
status of any such Employee Benefit Plan or the Company’s reliance thereon, or require corrective action to maintain such qualification.
Full payment has been made of all contributions (including employer contributions and employee salary reduction contributions), premiums,
benefits, distributions and other amounts which the Company is obligated to pay under and to all Employee Benefit Plans attributable to
any period prior to the Closing. All reports relating to each Employee Benefit Plan required to be filed with any Governmental Authority
have been timely filed, and all reports and information relating to each Employee Benefit Plan required to be disclosed or provided to
participants or their beneficiaries have been timely disclosed or provided. No Employee Benefit Plan is the subject of an application
or filing under, or is a participant in or considering being a participant in, an amnesty, voluntary compliance, self-correction, or similar
program sponsored by any Governmental Authority (including the Employee Plans Compliance Resolution System, the Voluntary Fiduciary Correction
Program, or the Delinquent Filers Voluntary Correction Program). There are no pending or, to the Knowledge of the Company, threatened
claims or Actions against or otherwise involving any Employee Benefit Plan (other than routine claims for benefits), and there are no
pending or, to the Knowledge of the Company, threatened Actions, suites, hearings, claims, audits, investigations or other proceedings
by any Governmental Authority with respect to any Employee Benefit Plan.

 

(c) No
Employee Benefit Plan is, and neither the Company nor any ERISA Affiliate of the Company has at any time sponsored, maintained, administered,
contributed to (or been required to sponsor, maintain or contribute to), or had any obligation or Liability (contingent or otherwise)
under, (i) any plan which is subject to Section 302 or Title IV of ERISA or Section 412 of the Code, (ii) a multiemployer
plan (as defined in Section 3(37) of ERISA or Section 4001(a)(3) of ERISA), (iii) a “multiple employer welfare arrangement”
within the meaning of Section 3(40)(A) of ERISA, (iv) a multiple employer plan (within the meaning of Section 413(c) of
the Code), or (v) a “defined benefit plan” (as defined in Section 3(35) of ERISA). The Company has no current or
contingent Liability or obligation on account of at any time being considered an ERISA Affiliate with any other Person.

 

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(d) Each
Employee Benefit Plan that is an “employee welfare benefit plan” (as defined in Section 3(1) of ERISA) and a group health
plan (within the meaning of Section 5000(b)(1) of the Code) complies with and has been maintained and operated in accordance with
(i) each of the applicable requirements of COBRA and any applicable continuation of coverage requirements under state Law, and (ii) the
Patient Protection and Affordable Care Act of 2010, as amended, and the regulations promulgated thereunder, and nothing has occurred with
respect to any Employee Benefit Plan that has subjected, or could reasonably be expected to subject, the Company or any of its ERISA Affiliates,
or with respect to any period on or after the Closing Date, Buyer or any of its Affiliates, to a Tax or penalty under Section 4980H
of the Code. No Employee Benefit Plan provides, and the Company is not obligated to provide, for post-retirement or other post-employment
welfare benefits for current, former or retired employees (other than health care continuation coverage as required by COBRA or other
similar applicable federal or state Law).

 

(e) No
event has occurred in connection with the transactions contemplated by this Agreement or specifically related to the Employees which could
cause the Company or any Employee Benefit Plan, directly or indirectly, to be subject to any material Liability (i) under any Law
relating to any Employee Benefit Plan or (ii) pursuant to any obligation of the Company to indemnify any Person against Liability
incurred under any such Law as it relates to Employee Benefit Plans.

 

(f) With
respect to each Employee Benefit Plan, (i) there have been no non-exempt “prohibited transactions” (as defined in Section 406
of ERISA or Section 4975 of the Code), (ii) no employee, officer, or director of the Company or any other “fiduciary”
(as defined in Section 3(21) of ERISA) has committed a breach of any responsibility or obligation imposed upon fiduciaries under
Title I of ERISA with respect to such Employee Benefit Plan or has any Liability for breach of fiduciary duty or any other failure
to act or comply in connection with the administration or investment of the assets of such Employee Benefit Plan, and (iii) no facts
exist that would give rise to or could reasonably be expected to give rise to any action, investigation, suit, proceeding, hearing, audit
or claim against such Employee Benefit Plan.

 

(g) No
Employee Benefit Plan violates or has violated Section 409A of the Code or the Treasury Regulations promulgated thereunder. With
respect to each Employee Benefit Plan that is a “nonqualified deferred compensation plan” (as defined for purposes of Section 409A(d)(1)
of the Code), such plan complies (and has complied with such requirements for the entire period during which Section 409A of the
Code has applied to such Employee Benefit Plan) with Section 409A of the Code and all applicable IRS guidance promulgated thereunder
to the extent such plan or arrangement is subject to Section 409A of the Code.

 

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(h) Except
as set forth in Section 4.18(h) of the Disclosure Schedules, neither the execution and delivery of this Agreement or the Transaction
Documents nor the consummation of the transactions contemplated hereby or thereby will (either alone or in conjunction with any other
event) result in the funding, acceleration, vesting or creation of, or increase in, any rights of any Person to any payments or other
benefits, including any rights under any severance, parachute or change of control agreement. No amount paid or payable (whether in cash,
in property, or in the form of benefits) in connection with the transactions contemplated hereby (either solely as a result thereof or
as a result of such transactions in conjunction with any other event) will be separately or in the aggregate an “excess parachute
payment” within the meaning of Section 280G of the Code or require the payment of an excise tax under Section 4999 of
the Code. The Company does not have any obligation to gross up, indemnify or otherwise reimburse any individual for any additional Tax
or interest incurred by such individual pursuant to Section 409A, Section 280G or 4999 of the Code or otherwise.

 

(i) No
condition, agreement or Employee Benefit Plan provision limits the right of the Company or any of its ERISA Affiliates to amend, cut back
or terminate any Employee Benefit Plan or the benefits provided thereunder (except to the extent such limitation arises under applicable
Law) without further material Liability to the Company or its ERISA Affiliates. No Employee Benefit Plan is subject to the imposition
of any redemption fee, surrender charge or comparable Liability other than ordinary administration expenses upon liquidation or termination.

 

Section 4.19 Taxes.

 

(a) The
Company has timely filed with the appropriate Governmental Authority all Tax Returns that it is required to file. All such Tax Returns
are true, complete and correct. All Taxes due and owing by the Company (whether or not shown on any Tax Return) have been timely paid.

 

(b) The
amount of the Company’s Liability for unpaid Taxes for all periods ending on or before the date of the Financial Statements does
not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) reflected on the Financial Statements.
The amount of the Company’s Liability for unpaid Taxes for all periods following the end of the most recent period covered by the
Financial Statements shall not, in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) as adjusted
for the passage of time in accordance with the past custom and practice of the Company (and which accruals shall not exceed comparable
amounts incurred in similar periods in prior years).

 

(c) There
are no Encumbrances for Taxes on the assets or the properties of the Company (other than Taxes not yet due and payable).

 

(d) There
are no Tax audits, examinations, investigations or other claims or assessments pending or, to the Knowledge of the Company, threatened
in writing against the Company.

 

(e) There
are not currently in force any waivers, agreements or other arrangements extending the period for assessment or collection of any Taxes
(including any applicable statute of limitation) by or on behalf of the Company.

 

    22

     

    

 

(f) The
Company has complied with all Laws relating to the payment and withholding of Taxes and has properly and timely withheld all Taxes required
to be withheld by the Company in connection with amounts paid or owing to any employee, former employee, independent contractor, creditor,
shareholder, Affiliate, customer, supplier or other Person. The Company has properly and timely paid all such withheld Taxes to the appropriate
Governmental Authority or has properly set aside such withheld amounts in accounts for such purpose.

 

(g) The
Company has never been a member of an affiliated, combined, consolidated or unitary Tax group for Tax purposes. The Company does not have
any Liability for the Taxes of any Person under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign
Law), as a transferee or successor, by contract or otherwise.

 

(h) The
Company is not and has not ever been a party to or bound by any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement
or other similar agreement.

 

(i) The
Company is not, and has not been, a party to a “reportable transaction” within the meaning of Section 6707A of the Code and
Treasury Regulation Section 1.6011-4(b).

 

(j) The
Company properly uses the cash method of accounting for all income Tax purposes for all Tax periods through the day prior to the Closing
Date.

 

(k) The
Company shall not be required to include any material item of income in, or exclude any material item of deduction from, taxable income
for any taxable period or portion thereof after the day prior to the Closing Date as a result of:

 

(i) any
change in method of accounting under Section 481 of the Code (or any comparable provision of state, local or foreign Tax Laws), or use
of an improper method of accounting, on or before the day prior to the Closing Date;

 

(ii) an
installment sale or open transaction occurring on or prior to the day prior to the Closing Date;

 

(iii) a
prepaid amount received on or before the day prior to the Closing Date;

 

(iv) any
closing agreement under Section 7121 of the Code executed on or before the day prior to the Closing Date; or

 

(v) any
election under Section 108(i) of the Code made on or before the day prior to the Closing Date.

 

(l) No
claim has been made in writing by any taxing authority in any jurisdiction where the Company does not file Tax Returns that the Company
is, or may be, subject to Tax by that jurisdiction.

 

(m) No
private letter rulings, technical advice memoranda or similar rulings have been requested by or with respect to the Company, or entered
into or issued by any taxing authority with respect to the Company.

 

    23

     

    

 

(n) The
Company has delivered to Buyer correct and complete copies of all Tax Returns, examination reports, and statements of deficiencies assessed
against or agreed to by the Company since January 1, 2017.

 

(o) The
Company (and any predecessor of the Company) was a validly electing and qualifying S-corporation within the meaning of Section 1361 and
Section 1362 of the Code at all times from August 23, 1999 for federal, state and local Tax purposes up to day prior to the the Closing
Date. There have been no events, transactions or activities of the Company or any of the Sellers which would cause, or would have caused,
the status of the Company as an S-corporation to be subject to termination or revocation (whether purposefully or inadvertently).

 

(p) The
Company does not have any Subsidiary which is a “qualified subchapter S subsidiary” within the meaning of Section 1361(b)(3)(B)
of the Code.

 

(q) The
Company shall not be subject to Tax under Section 1374 of the Code in connection with the transactions contemplated by this Agreement.

 

Notwithstanding anything to the contrary
in this Agreement, nothing in this Section 4.19 (or otherwise in this Agreement) shall be construed as a representation or
warranty regarding the validity of the continuation of the Company’s Tax positions by Buyer (or its Affiliates, including after
the day prior to the Closing Date, the Company) with respect to Taxes after the the day prior to the Closing or regarding the amount,
usability, value or condition of, or any limitations on, any Tax asset or attribute of the Company after the day prior to the Closing.

 

Section 4.20 Environmental
Matters.

 

(a) The
Company is currently, and at all times has been, in compliance in all material respects with all applicable Environmental Laws in each
jurisdiction in which it operates.

 

(b) The
Company has obtained in its name, and has at all times been in compliance in all material respects with, all Licenses required for the
operation of the Business as currently operated under applicable Environmental Laws, and all such Licenses are valid and in good standing.
There is no Action pending or, to the Knowledge of the Company, threatened that seeks the revocation, cancellation, suspension or adverse
modification of any such License.

 

(c) The
Company is not subject to any outstanding Encumbrances, Orders or Actions with respect to any (i) actual or alleged violation of
Environmental Laws, (ii) Remedial Action, or (iii) Release or threatened Release of, or exposure to, a Hazardous Substance (“Environmental
Claims”); and, to the Knowledge of the Company, no such Environmental Claims are threatened, in each case that would reasonably
be expected to result in a Material Adverse Effect. The Company has not received written notice of any violation, non-compliance or enforcement,
investigation or remediation from any Governmental Authority pursuant to any Environmental Law that remains unresolved.

 

    24

     

    

 

(d) To
the Knowledge of the Company, there has been no Release of Hazardous Substances at, from, in or on (i) any property now or previously
owned, operated or leased by the Company, or (ii) any third-party site to which Hazardous Substances generated by the Company were
sent for treatment or disposal that, in either case, are in a quantity or under conditions that would result in a Material Adverse Effect.

 

(e) None
of the properties now or previously owned, leased or operated by the Company and, to the Knowledge of the Company, no site that has received
Hazardous Substances generated by the Company, is or has been listed on the National Priorities List or any similar state list.

 

(f) The
Company has provided to Buyer all environmental assessments, studies, and reports relating to any other property now or previously owned,
leased or operated by the Company that are in the possession of the Company or any Seller, in each case whether prepared by the Company,
the Sellers or by another Person.

 

Section 4.21 Communications
Laws.

 

(a) No
Governmental Authority with jurisdiction over the Company or the Business under the Communications Laws (“Communications Authority”)
has alleged that the Company is not in compliance with, or has violated or failed to comply with, the Communications Laws. There are no
unresolved complaints against the Company and there is not now any pending or, to the Knowledge of the Company, threatened investigation,
audit, inquiry, notice of apparent liability, notice of inquiry, notice of violation, notice of forfeiture, order to show cause, petitions,
request for information, proceeding, order or Action against the Company by Communications Authority.

 

(b) Other
than as set forth on Section 4.21(b) of the Disclosure Schedules, to the Knowledge of the Company, the Company has no liabilities
for non-compliance with Communications Laws.

 

Section 4.22 Customers
and Suppliers.

 

(a) Section 4.22(a)
of the Disclosure Schedules sets forth each customer that accounted for more than five percent (5%) of the consolidated gross revenues
of the Business during each of the Company’s two most recently completed fiscal years (each, a “Material Customer”).
Except as set forth in Section 4.22(a) of the Disclosure Schedules, (i) all Contracts with customers are subject to written
service orders that incorporate the Company’s standard terms of service attached to and made a part of Section 4.22(a) of
the Disclosure Schedules, and (ii) no Material Customer has canceled or otherwise terminated, or materially reduced, or made
any threat to cancel or otherwise terminate, or to materially reduce, its relationship with the Company. The execution and delivery of
this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby and thereby will not materially
and adversely affect the relationship of the Company with any Material Customer.

 

    25

     

    

 

(b) Section 4.22(b)
of the Disclosure Schedules sets forth each supplier that accounted for more than five percent (5%) of the cost of goods and services
of the Business during each of the Company’s two most recently completed fiscal years (each, a “Material Supplier”).
Except as set forth in Section 4.22(b) of the Disclosure Schedules no Material Supplier has canceled or otherwise terminated,
or materially reduced, or made any threat to cancel or otherwise terminate, or to materially reduce, its relationship with the Company.
The execution and delivery of this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby
and thereby will not materially and adversely affect the relationship of the Company with any Material Suppler.

 

Section 4.23 Bank
Accounts. Section 4.23 of the Disclosure Schedules sets forth an accurate, correct and complete list of all banks and
financial institutions in which the Company has an account, deposit, safe-deposit box, lock box or other similar relationship, including
the account number(s), a description of the purpose of such account, and the names of all persons authorized to draw on those accounts
or deposits or to obtain access to such boxes.

 

Section 4.24 Absence
of Changes. Since the date of the Interim Financial Statements, except as disclosed in Section 4.24 of the Disclosure Schedules,
the Company has conducted the Business in the Ordinary Course of Business and there has not been any:

 

(a) change
in the financial condition, properties, assets, liabilities, business or operations of the Company, which change by itself or in conjunction
with all other such changes, whether or not arising in the Ordinary Course of Business, has had or is reasonably likely to have a Material
Adverse Effect;

 

(b) material
casualty, loss, damage or destruction (whether or not covered by insurance) of any material property or asset of the Company;

 

(c) any
purchase, sale, license or other disposition, or any agreement or other arrangement for the purchase, sale, license or other disposition,
of any properties or assets by the Company, including any of its Intellectual Property Assets, other than in the Ordinary Course of Business;

 

(d) changes
in or rescissions of any Tax elections of the Company, any settlement or compromise of any Tax liability, any filing of an amended Tax
Return, any agreement entered into with respect to Taxes (including any closing agreement as described in Code Section 7121 or any corresponding
provision of applicable Law), any consent to any extension or waiver of the limitation period applicable to any Tax claim or assessment,
any surrender of a right to claim a refund for Taxes, any request for a Tax ruling, any Tax sharing or similar agreement entered into,
or any other similar action relating to the filing of any Tax Return or the payment or refund of any Tax, in each case, with respect to
the Company;

 

(e) change
in the accounting methods or practices of the Company or in the collection policies or payment terms applicable to any of the suppliers
or customers of the Company, including granting any credits against any outstanding Accounts Receivable or delays in payment of Accounts
Payable, other than in the Ordinary Course of Business;

 

(f) revaluation
by the Company of its properties or assets;

 

    26

     

    

 

(g) payments
out of Cash generated by operations except (i) payment of operating costs incurred in the Ordinary Course of Business; (ii) payment
by the Company of up to $55,000 in the employer’s portion of payroll taxes, incremental contributions to the Company’s 401K
Retirement Savings Plan, obligations under the Company’s Phantom Equity Plan, and other obligations arising under Employee Benefit
Plans after December 31, 2021, and (iii) payment of up to $30,000 in other Transaction Expenses;

 

(h) incurrence,
increase, modification, cancellation, forgiveness, discharge or termination of any Indebtedness or the creation, modification, release
or termination of any Encumbrance on the properties of the Company (other than Permitted Encumbrances);

 

(i) incurrence,
increase, modification, cancellation, forgiveness, discharge or termination of any contingent liability by the Company as guarantor or
otherwise with respect to the liabilities or obligations of others;

 

(j) incurrence,
increase, modification, cancellation, forgiveness, discharge or termination of any material debt owing to, or waiver of any material right
of, the Company, including any write-off or compromise of any Accounts Receivable, other than in the Ordinary Course of Business;

 

(k) incurrence,
increase, modification, cancellation, forgiveness, discharge or termination of any obligation of the Company to any Seller or to any of
the Company’s officers, directors, managers, members, shareholders or employees, or of any obligation by any of the Sellers or the
Company’s officers, directors, managers, members, shareholders or employees to the Company;

 

(l) payment
or other distribution to any Employee, except compensation paid in the Ordinary Course of Business;

 

(m) amendment,
expiration, cancellation, modification or termination of any Material Contract otherwise than in the Ordinary Course of Business;

 

(n) claim
of unfair labor practices involving the Company;

 

(o) change
in the compensation payable or to become payable by the Company to any of its Employees other than normal merit increases in accordance
with its usual practices, or any bonus payment or arrangement made to or with any of such Employee or any establishment, amendment, or
creation or termination of any Employee Benefit Plan;

 

(p) change
in relations between the Company and any labor unions or workers councils or the execution, modification, expiration or termination of
any collective bargaining agreements or other Contract with a labor union or work council;

 

(q) commencement,
settlement, dismissal or resolution of any Action involving an amount in excess of $25,000 in the aggregate or involving equitable or
injunctive relief; or

 

(r) agreement
or understanding for the Company to take any of the actions set forth in this Section 4.24.

 

    27

     

    

 

Section 4.25 Transactions
with Affiliates. Except as set forth in Section 4.25 of the Disclosure Schedules, no Seller, directly or indirectly, (a) has,
or has had, any direct or indirect interest in (i) any Person that is a customer, distributor, supplier, lessor, lessee, debtor,
creditor or competitor of the Company or (ii) any property, asset or right that is used by the Company in the conduct of the Business,
(b) is, or has been, a party to any agreement or transaction with the Company or been involved in any business arrangement or relationship
with the Company other than as the holder of Shares or as a director, officer or employee of the Company, (c) is, or has been, an
owner, shareholder, member, director, manager, officer or employee of any Person that is a customer, distributor, supplier, lessor, lessee,
debtor, creditor or competitor of the Company, (d) has received any non-cash dividend or other distribution of assets or property
from the Company, (e) is the holder or beneficiary of any outstanding Indebtedness or other obligation of the Company, or (f) owes
the Company any amount for money borrowed or advanced other than ordinary advances of business expenses in the Ordinary Course of Business.

 

Section 4.26 Compliance
with Laws. The Company is, and at all times has been, in compliance with all Laws applicable to the conduct of the Business and the
ownership and use of its assets and properties.

 

Section 4.27 Legal
Proceedings. There are no outstanding Actions, Orders, investigations or inquiries pending before a Governmental Authority or, to
the Knowledge of the Company, threatened against the Company by any Person and no unsatisfied judgments, penalties or awards against the
Company or relating to or affecting the Business, or that would affect the legality, validity or enforceability of this Agreement or any
Transaction Documents or the consummation of the transactions contemplated hereby or thereby. To the Knowledge of the Company, no event
has occurred, or circumstances exist, that could reasonably be expected to be the basis of any such Action, Order, investigation or inquiry
or would constitute or result in (with or without notice or lapse of time) a violation of any Order enforceable against the Company.

 

Section 4.28 Disclosure.
No representation or warranty made by a Seller contained in this Agreement, and no statement contained in the Disclosure Schedules or
in any certificate furnished to Buyer pursuant to any provision of this Agreement, contains any untrue statement of a material fact or
omits to state a material fact necessary in order to make the statements herein or therein, in the light of the circumstances under which
they were made, not misleading in any material respect. The Sellers acknowledge and agree that Buyer, in making its decision to enter
into this Agreement and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby, has relied
on the representations and warranties set forth in Article III and Article IV (including related portions of the
Disclosure Schedules), and the accuracy and completeness of the representations and warranties in Article III and Article IV
(including related portions of the Disclosure Schedules) are a major inducement to Buyer’s decision to enter into this Agreement
and the other Transaction Documents and to consummate the transactions contemplated hereby and thereby.

 

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Article V

REPRESENTATIONS OF BUYER

 

Buyer represents and warrants to the Sellers that
the statements contained in this Article V are true and correct as of the Closing Date.

 

Section 5.01 Organization
and Qualification of Buyer. Buyer is duly organized, validly existing and in good standing under the Laws of the State of Nevada and
has all necessary powers and authority to own, operate or lease the properties and assets now owned, operated or leased by it. Buyer is
duly licensed or qualified to do business and is in good standing in each jurisdiction in which the ownership of its assets or the nature
of its operations makes such licensing or qualification necessary.

 

Section 5.02 Power
and Capacity of Buyer. Buyer has all necessary corporate powers and authority to enter into this Agreement and the other Transaction
Documents to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated
hereby and thereby.

 

Section 5.03 Authorization,
Execution and Enforceability. The execution and delivery by Buyer of this Agreement and any other Transaction Document to which it
is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated
hereby and thereby, have been duly authorized by all requisite action. This Agreement has been duly executed and delivered by Buyer and
(assuming due authorization, execution and delivery by the other parties hereto) constitutes a legal, valid and binding obligation of
Buyer, enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless
of whether enforcement is sought in a proceeding at law or in equity). Each other Transaction Document to which Buyer is a party has been
duly executed and delivered by Buyer and (assuming due authorization, execution and delivery by the other parties thereto), constitutes
a legal and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles
of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

Section 5.04 No
Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the other Transaction Documents to which
Buyer is a party, and the consummation of the transactions contemplated hereby and thereby, does not: (i) result in a violation or
breach of any provision of any Law or License applicable to Buyer; (ii) require the consent, notice, vote, approval, authorization,
order or other action of, or filing or registration with, any Person; (iii) violate or constitute a breach or violation of any provision
of the Organizational Documents of Buyer; or (iv) conflict with, result in a violation or breach of, constitute a default under or
result in the acceleration or termination of, or give any Person the right to accelerate or terminate any Contract to which Buyer is a
party or by which any of Buyer’s properties are bound.

 

Section 5.05 Brokers.
Neither Buyer nor any Affiliate of Buyer has retained, engaged or entered into any Contract that would entitle any Person to a broker’s
commission, finder’s fee, investment banker fee, introduction fee or similar payment in connection with the negotiation, execution,
delivery or performance of this Agreement.

 

    29

     

    

 

Section 5.06 Legal
Proceedings. There are no outstanding Actions, Orders, investigations or inquiries pending before a Governmental Authority against
Buyer by any Person and no unsatisfied judgments, penalties or awards against Buyer that would affect the legality, validity or enforceability
of this Agreement or any Transaction Documents or the consummation of the transactions contemplated hereby or thereby. No event has occurred,
or circumstances exist, that could reasonably be expected to be the basis of any such Action, Order, investigation or inquiry or would
constitute or result in (with or without notice or lapse of time) a violation of any Order enforceable against Buyer.

 

Section 5.07 Solvency.
Buyer is solvent and, after giving effect to the transactions contemplated hereby, Buyer will be solvent for all purposes under federal
bankruptcy and applicable state fraudulent transfer and fraudulent conveyance Laws.

 

Section 5.08 Parent
Business Activities and Guarantees. Parent engages in the Business through its operating Subsidiaries, including Buyer. Parent has
not guaranteed the indebtedness of Buyer or any of its other Subsidiaries.

 

Article VI

COVENANTS

 

Section 6.01 Financial
Reporting. The Sellers acknowledge that Parent will prepare and file a current report on Form 8-K relating to the transactions contemplated
by this Agreement (the “Current Report”) within five days after the Closing and that the Current Report must
include audited financial statements of the Company for the last completed fiscal year or be amended to include such audited financial
statements of the Company within 75 days after the Closing. The Sellers agree to provide and to cause the Company to provide Parent and
its accountants with access to such books, records, personnel, accountants, offices and other facilities and properties of the Company
as Parent may reasonably request, at such times as Parent may require, to comply with all filing deadlines for the Current Report. All
such financial information will comply with the representations set forth in Section 4.06, mutatis mutandis to account
for different periods and dates covered by such supplemental financial statements. The Sellers acknowledge that any delay in providing
such access to Parent or its accountants, or any failure to provide complete and accurate information when requested, may cause Parent
to incur substantial penalties and additional costs, which are difficult or impossible to quantify and agree to reimburse Buyer or Parent
for any penalties or additional costs incurred primarily as a result of such delay or failure to provide complete and accurate information.

 

Section 6.02 Public
Announcement. Except as otherwise agreed by the other parties hereto, no party hereto nor any Affiliate of a party hereto, shall issue
any report, statement or press release or otherwise make any public statements with respect to this Agreement or the transactions contemplated
by this Agreement. The foregoing notwithstanding, nothing contained in this Agreement shall prevent any party, after notification to the
other parties to the extent legally permissible, from making any announcement or publication required by applicable Law or stock exchange
requirements, or from making any filing with any Governmental Authority that, based upon advice of legal counsel, is reasonably necessary
in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. For the avoidance
of doubt, nothing in this Section 6.02 shall affect Parent’s authority to file the Current Report, together with any
supplements or amendments thereto, in such form or at such time as Parent determines appropriate.

 

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Section 6.03 Further
Assurances. Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver
such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry
out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

Section 6.04 Restrictive
Covenants.

 

(a) For
a period of three years commencing on the Closing Date (the “Restricted Period”), each Seller agrees as follows:

 

(i) Such
Seller shall not, directly or indirectly, including without limitation through its controlled Affiliates, (A) engage in or assist
others in engaging in the Business in the continental United States (the “Seller Restricted Business”), or (B) have
an interest in any Person that engages directly or indirectly in the Seller Restricted Business in any capacity, including as a partner,
shareholder, member, investor, employee, principal, agent, trustee or consultant. The foregoing notwithstanding, such Seller may own,
directly or indirectly, solely as a passive investment, securities of any Person, whether or not traded on any national securities exchange,
if such Seller owns less than 5% of the economic and voting interest in such Person and is not a member of a group which directly or indirectly
controls such Person.

 

(ii) Such
Seller shall not, directly or indirectly, including without limitation through its controlled Affiliates, solicit any employee of the
Company or encourage any such employee to leave such employment or solicit any former employee who has left such employment of the Company
within six months of such solicitation, except pursuant to a general solicitation which is not directed specifically to any such employees.

 

(iii) Such
Seller shall not, directly or indirectly, including without limitation through its controlled Affiliates, solicit or entice, or attempt
to solicit or entice, any suppliers, clients or customers of the Company or any other Person with a business relationship with the Company
within 12 months prior to such solicitation to divert their business or services from Buyer or the Company to a Seller Restricted Business
or otherwise adversely modify their business relationship with Buyer or the Company.

 

(b) Each
Seller agrees not to, and shall cause its Affiliates not to, directly or indirectly, make (or cause to be made) any written or verbal
statements to any Person (including any public internet or social media postings) regarding Parent, Buyer, the Company, PR or the Business
that is intended to, or which could reasonably be expected to, be disparaging, defamatory or detrimental to Parent, Buyer, the Company,
PR or the Business.

 

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(c) Each
Seller acknowledges that a breach or threatened breach of this Section 6.04 would give rise to irreparable harm to Buyer and
the Company, for which monetary damages, while available, would not be an adequate remedy, and hereby agrees that in the event of a breach
or a threatened breach by such Seller of any such obligations, Buyer and the Company shall, in addition to any and all other rights and
remedies that may be available to it in respect of such breach, be entitled to seek equitable relief, including a temporary restraining
order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction (without
any requirement to post bond or need to prove inadequacy of money damages).

 

(d) Each
Seller acknowledges that the restrictions in this Section 6.04 are reasonable and necessary to protect the legitimate interests
of Buyer and the Company and constitute a material inducement to Buyer to enter into this Agreement and consummate the transactions described
in this Agreement. In the event that any covenant in this Section 6.04 should ever be adjudicated to exceed the time, geographic,
product or service, or other limitations permitted by Law in any jurisdiction, then any court is expressly empowered to reform such covenant,
and such covenant shall be deemed reformed, in such jurisdiction to the maximum time, geographic, product or service, or other limitations
that would be enforceable. The covenants in this Section 6.04 and each provision hereof are severable and distinct covenants
and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate or render unenforceable
the remaining covenants or provisions hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such covenant or provision in any other jurisdiction.

 

Section 6.05 Tax
Matters.

 

(a) Transfer
Taxes. All Transfer Taxes incurred in connection with this Agreement and the other Transaction Documents, and the transactions described
herein or therein shall be borne and paid 50% by the Sellers and 50% by Buyer when due. The parties primarily responsible under applicable
Law shall prepare, or cause to be prepared, any Tax Return or other document with respect to such Transfer Taxes. The parties shall cooperate
as necessary to minimize any such Transfer Taxes, including timely providing certificates and statements for the same and execution and
filing of any Tax Returns.

 

(b) Allocation
of Taxes for Straddle Periods. All Taxes (other than Transfer Taxes) that relate to a Straddle Period shall be allocated between the
Pre-Closing Tax Period and Post-Closing Tax Period as follows:

 

(i) The
amount of any Taxes for any Straddle Period that are (A) based on or measured by income or receipts, (B) imposed in connection
with the sale, transfer or assignment of property, or (C) required to be withheld, shall be allocated to the Pre-Closing Tax Period
based upon an interim closing of the books of the Company as of the close of business on the day prior to the Closing Date.

 

(ii) The
amount of all other Taxes for any Straddle Period shall be allocated to the Pre-Closing Tax Period based upon a fraction, the numerator
of which is the number of days in the Straddle Period ending on and including the day prior to the Closing Date and the denominator of
which is the number of days in the entire Straddle Period.

 

(iii) The
remainder of the Taxes for the Straddle Period shall be allocated to the Post-Closing Tax Period.

 

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(c) Tax
Returns.

 

(i) The
Sellers shall prepare and timely file, or cause to be prepared and timely filed, all Tax Returns of the Company for taxable periods that
end on or before the day prior to the Closing Date and that are required to be filed after the Closing Date. All such Tax Returns shall
be prepared in a manner consistent with past practice (unless otherwise required by Law) and without a change of any election or any accounting
method, provided that, at the Sellers’ sole discretion, such Tax Returns that are state Tax Returns may include an election relating
to California pass through entity Tax or any other similar state election to pay Taxes on the Company’s income that would otherwise
be imposed on the Sellers’ distributive shares thereof so long as Sellers fund any such Taxes concurrently with the filing of any
such Tax Returns. The Sellers shall provide copies of any such Tax Return to Buyer at least 30 days prior to the due date (including extensions),
or as soon as commercially practicable in the case of non-income Tax Returns, for Buyer’s review and comments. The Sellers shall
incorporate Buyer’s timely raised and reasonable comments. The Buyer shall timely cause the Company to file such Tax Returns. The
Sellers shall timely pay or cause to be paid all Taxes due with respect to such Tax Returns except to the extent such Taxes were included
in the computation of Net Working Capital in accordance with Section 2.04 or otherwise as a reduction to the Purchase Price.
To the extent permitted by Law, each Seller shall include any income, gain, loss, deduction or other tax items for such taxable periods
on their respective Tax Returns in a manner consistent with the Schedule K-1s prepared for such taxable periods.

 

(ii) Buyer
shall prepare and timely file, or cause to be prepared and timely filed, all Tax Returns of the Company for taxable periods that end after
the Closing Date. All such Tax Returns shall be prepared in a manner consistent with past practice (unless otherwise required by Law)
and without a change of any election or any accounting method. Buyer shall provide copies of any such Tax Return to the Sellers at least
30 days prior to the due date (including extensions), or as soon as commercially practicable in the case of non-income Tax Returns, for
review and approval (which approval shall not be unreasonably withheld, conditioned or delayed). Buyer shall timely pay or cause to be
paid all Taxes due in respect of such Tax Returns and the Sellers shall pay to Buyer on or prior to the due date, pro rata in proportion
to the Ownership Percentages, an amount equal to the portion of the Taxes with respect to any such Tax Returns that relates to any Pre-Closing
Tax Period (as determined pursuant to Section 6.05(b)) except to the extent such Taxes were included in the computation of
Net Working Capital in accordance with Section 2.04 or otherwise as a reduction to the Purchase Price.

 

(d) Tax
Contests. 

 

(i) Each
party will promptly notify the other parties in writing upon receipt by such party (or any of its Affiliates) of notice of any pending
or threatened audit, examination or proceeding by a Governmental Authority in respect of which an indemnity for Losses related to Taxes
may be sought pursuant to Section 8.03(a), (b) or (i) or Section 8.04(e) (a “Tax Claim”).

 

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(ii) The
Sellers shall control and resolve any Tax Claim relating to any taxable period that ends on or before the day prior to the Closing Date
at the Sellers’ sole cost and expense; provided, however, that Buyer shall have the right, at its own expense, to participate
in, and consult with the Sellers regarding any such Tax Claim. The Sellers may not settle, compromise or resolve any such Tax Claim without
the consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed.

 

(iii) Buyer
shall control and resolve any Tax Claim relating to any taxable period that ends on or after the Closing Date. The Sellers shall have
the right, at their own expense, to participate and consult with Buyer regarding any such Tax Claim, if and to the extent that such period
includes any Pre-Closing Tax Period. Any settlement or other disposition of any Tax Claim relating to a Straddle Period may only be made
with the consent of the Sellers and Buyer, which consent shall not be unreasonably withheld, conditioned or delayed. Buyer shall have
sole control over any Tax Claim relating solely to a Post-Closing Tax Period.

 

(e) Tax
Refunds. Any Tax refund, credit or similar benefit (including any interest paid or credited with respect thereto) (a “Tax
Refund”) relating to the Company for Taxes paid for any Pre-Closing Tax Period shall be the property of the Sellers except
to the extent such Tax Refund was included in the Closing Statement and computation of Net Working Capital in accordance with Section 2.04.
Buyer shall promptly pay an amount equal to any such Tax Refund to the Sellers upon receipt by (or crediting for the benefit of) Buyer,
the Company, Parent or any of their respective Affiliates.

 

(f) Cooperation
and Exchange of Information. Buyer, the Company and Sellers shall provide each other with such cooperation and information as any
of them reasonably may request of the other in filing any Tax Return pursuant to this Section 6.05, in any Tax Claim, or in
connection with any audit or proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies
of relevant Tax Returns or portions thereof, together with accompanying schedules, related work papers and documents relating to rulings
or other determinations by tax authorities. Buyer shall retain all Tax Returns, schedules and work papers, records and other documents
in its possession relating to Tax matters of the Company for any taxable period beginning before the Closing Date until the expiration
of the statute of limitations of the taxable periods to which such Tax Returns and other documents relate. Prior to transferring, destroying
or discarding any Tax Returns, schedules and work papers, records and other documents in its possession that relate to Tax matters of
the Company for any taxable period beginning before the Closing Date, Buyer shall provide the Sellers with reasonable written notice and
offer the Sellers the opportunity to take custody of such materials.

 

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(g) Additional
Limitation on Indemnification for Buyer’s Actions Post-Closing. In addition to and not lieu of any limitation on indemnification
pursuant to Section 8.05, no Buyer Indemnified Party shall seek recovery from Sellers pursuant to Section 8.03(i)
for any Losses relating to Taxes arising as a result of the following actions taken by Buyer or its Affiliates (including the Company)
after the Closing: (i) filing or amending or otherwise modifying any Tax Return that relates in whole or in part to any Pre-Closing
Tax Period (other than to file Tax Returns in accordance with Section 6.05(c)), (ii) making or changing any election
for, or that has retroactive effect to, any Pre-Closing Tax Period, (iii) voluntarily approaching any Tax authority with respect
to any Pre Closing Tax Period or Taxes attributable to a Pre-Closing Tax Period, or (iv) extending or waiving the statute of
limitations with respect to any Pre-Closing Tax Period, in each case, except as required under applicable Law or with the Sellers’
consent (not to be unreasonably withheld, conditioned or delayed). However, this Section 6.05(g) shall not apply if (A) Sellers
consent to any such matters or (B) any such matters are required by applicable Tax Law to properly file any Tax Return for any Post-Closing
Tax Period.

 

Section 6.06 Confidentiality.
Each party acknowledges and agrees that the Mutual Non-Disclosure and Non-Circumvention Agreement between the Sellers and Buyer dated
September 3, 2021 (“Confidentiality Agreement”) remains in full force and effect and information provided pursuant
to this Agreement and the transactions contemplated hereby shall remain subject to the Confidentiality Agreement; provided, however,
that anything in this Agreement to the contrary notwithstanding, Buyer and/or a Seller may make any disclosure to the extent permitted
by Section 6.02. To the extent not provided in the Confidentiality Agreement, from and after the Closing, each Seller shall,
and shall cause its Affiliates, to hold and cause their respective agents, representatives and employees to hold in confidence any and
all information, whether written or oral, concerning the Company, the Business, this Agreement or the transactions contemplated by this
Agreement, except to the extent that such Seller can show that such information (i) is generally available to and known by the public
through no fault of any Seller or any Affiliate of a Seller or their respective agents, representatives or employees; or (ii) is
lawfully acquired by such Seller or an Affiliate of such Seller or their respective agents, representatives or employees after the Closing
from sources which are not prohibited from disclosing such information. If a Seller or an Affiliate of a Seller or their respective agents,
representatives or employees are required to disclose any information by judicial or administrative process or by other requirements of
Law, such Seller shall, to the extent permitted by Law, promptly notify Buyer and the Company in writing and shall disclose only that
portion of such information which such Seller is advised by its counsel is legally required to be disclosed; provided, however, that
such Seller shall use its best efforts to obtain an appropriate protective order or other reasonable assurance that confidential treatment
will be accorded such information. If this Agreement is, for any reason, terminated prior to the Closing, the Confidentiality Agreement
and the provisions of this Section 6.06 shall nonetheless continue in full force and effect.

 

Section 6.07 R&W
Insurance.

 

(a) Buyer
shall use reasonable commercial efforts to obtain a representations the R&W Insurance Policy as of, or as soon practicable after,
the Closing Date on terms and conditions consistent with the R&W Insurance Quotation, which R&W Insurance Policy shall (i) have
retention amount no greater than $250,000 and a limit of liability no less than $4,000,000, (ii) have a reporting period of no less
than three years after the Closing Date (six years after the Closing Date with respect to claims based upon Seller Fundamental Representations),
and (iii) provide that the insurer waives and agrees not to pursue, directly or indirectly, any subrogation rights against the Sellers,
any of their respective Affiliates or any of their respective directors, officers, employees or other representatives other than for intentional
fraud. The foregoing notwithstanding, “reasonable commercial efforts” shall not require Buyer to accept exclusions from coverage
other than those set forth in the R&W Insurance Quotation.

 

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(b) Buyer
shall pay fifty percent (50%) and Sellers, jointly and severally shall pay fifty percent (50%) of all costs and fees associated the R&W
Insurance Policy, including the premiums, surplus lines taxes, underwriting fee, due diligence fees, and other fees and expenses required
to be paid in connection with the issuance of the R&W Insurance Policy.

 

Article VII

CLOSING

 

Section 7.01 Time
and Place of Closing. Upon the terms and subject to the conditions of this Agreement, the closing of the transactions contemplated
by this Agreement (the “Closing”) will take place electronically by the exchange of electronic copies of signed
documents and the wire transfer of funds on the date hereof, or at such other time or on such other date as the parties agree in writing.

 

Section 7.02 Closing
Deliverables.

 

(a) At
the Closing, Buyer delivered, or caused to be delivered:

 

(i) the
payments specified in Section 2.02(a) through Section 2.02(c) (subject to applicable adjustments);

 

(ii) the
Adjustable Notes, duly executed by Buyer;

 

(iii) the
Convertible Notes, duly executed by Buyer;

 

(iv) the
Subordination Agreement, duly executed by Buyer and PR;

 

(v) a
certificate duly executed by an officer of Buyer, dated as of the Closing Date, attaching and certifying on behalf of Buyer (A) the
Organizational Documents of Buyer, (B) the resolutions of the board of directors (or other appropriate governing body) of Buyer authorizing
the execution, delivery and performance by Buyer of this Agreement and the other Transaction Documents executed by Buyer in connection
with the transaction contemplated by this Agreement; (C) that the resolutions set forth in clause (B) are in full force
and effect as of the Closing Date and are the only resolutions adopted by the governing body of Buyer relating to the transactions contemplated
by this Agreement; and (D) the names and signatures of the officers of Buyer who are authorized to sign this Agreement and the other
Transaction Documents to be delivered hereunder or in connection with the transactions contemplated by this Agreement;

 

(vi) a
certificate duly executed by an officer of Parent, dated as of the Closing Date, attaching and certifying on behalf of Parent (A) the
resolutions of the board of directors (or other appropriate governing body) of Parent authorizing the execution, delivery and performance
by Parent of this Agreement and the other Transaction Documents executed by Parent in connection with the transaction contemplated by
this Agreement; (B) that the resolutions set forth in clause (A) are in full force and effect as of the Closing Date
and are the only resolutions adopted by the governing body of Parent relating to the transactions contemplated by this Agreement; and
(C) the names and signatures of the officers of Parent who are authorized to sign this Agreement and the other Transaction Documents
to be delivered hereunder or in connection with the transactions contemplated by this Agreement; and

 

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(vii) such
other documents and instruments as may be required by any other provision of this Agreement or as may reasonably be required to consummate
the transactions contemplated hereby.

 

(b) At
the Closing, the Sellers delivered, or caused to be delivered:

 

(i) third-party
consents set forth in Section 7.02(b)(i) of the Disclosure Schedules or otherwise required in connection with the change in
control of the Company under any License or Material Contract;

 

(ii) payoff
letters with respect to all Indebtedness of the Company containing the amount owed by the Company to each and the wire transfer or other
payment information relating to such obligations, and any authorizations as may be necessary for Buyer to remit any such amounts on behalf
of the Company and release any Encumbrance securing such obligations (the “Payoff Letters”);

 

(iii) a
written itemized statement of the Transaction Expenses containing the names, payment instructions and amounts due for each payee;

 

(iv) written
evidence of the release of all Encumbrances affecting the Company or its assets and properties, in form and substance satisfactory to
Buyer in its sole discretion;

 

(v) the
Subordination Agreement, duly executed by Sellers;

 

(vi) a
properly completed and executed certificate for each Seller in form and substance required by Treasury Regulations Section 1.1445-2(b)
dated as of the Closing Date stating that such Seller is not a foreign person;

 

(vii) certificates
(or a lost or destroyed affidavit and surety bond in form and substance satisfactory to Buyer with respect to any missing certificate)
representing all of the Shares, endorsed in blank by the record holder thereof or accompanied by a Stock Power in form and substance satisfactory
to Buyer executed by the record holder of the Shares represented by such certificate;

 

(viii) a
certificate duly executed by an officer of the Company, dated as of the Closing Date, attaching and certifying on behalf of the Company
(A) the Organizational Documents of the Company and (B) the names of the current directors and officers of the Company;

 

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(ix) resignations
of all officers and directors of the Company and releases by the officers and directors of the Company of all claims based upon any agreement
between such officers or directors and the Company, including the Omnibus Agreement, the Posner Employment Agreement, the Posner Incentive
Compensation Agreements, the Posner Transaction Bonus Agreement, the Gietzen VAR, and the Gietzen Transaction Bonus Agreement, all in
form and substance satisfactory to Buyer;

 

(x) releases
by Sellers of all claims against the Company except for claims based upon this Agreement and the other Transaction Documents, in form
and substance satisfactory to Buyer;

 

(xi) a
certificate duly executed by the trustee of Morris (the “Trustee”), dated as of the Closing Date, certifying
that the Transaction Documents to which the Morris is a party have been duly authorized by Morris and executed and delivered by the Trustee
on behalf of Morris, and that the Trustee has due power and authority to perform its obligations and exercise its rights and powers under
such Transaction Documents on behalf of Morris; and

 

(xii) such
other documents and instruments as may be required by any other provision of this Agreement or as may reasonably be required to consummate
the transactions contemplated hereby.

 

Section 7.03 Withholding.
Buyer is entitled to deduct and withhold from any amounts payable pursuant to this Agreement any withholding of Taxes or other amounts
required under the Code or other applicable Law; provided that Buyer shall provide two days’ notice to the relevant Seller of its
intent to so deduct and withhold prior to effecting such deduction and withholding and the parties shall cooperate to minimize any required
deduction or withholding. To the extent that any such amounts are so deducted or withheld, such amounts will be treated for all purposes
of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made.

 

Article VIII

INDEMNIFICATION AND LIMITATIONS

 

Section 8.01 Survival.
The representations and warranties contained herein shall survive the Closing and shall remain in full force and effect until the date
that is 12 months from the Closing Date (the “Expiration Date”). The foregoing notwithstanding, the Expiration
Date shall not apply to any claim based upon (i) a breach of a Seller Fundamental Representation or (ii) fraud (including fraud
in the inducement), willful misconduct or intentional misrepresentation, all of which shall survive the Closing indefinitely. All covenants
and agreements of the parties contained herein shall survive the Closing indefinitely or for the period explicitly specified therein.
Any claims asserted in good faith with reasonable specificity (to the extent known at such time) and by written notice prior to the Expiration
Date shall not thereafter be barred by the Expiration Date and such claims shall survive until finally resolved.

 

Section 8.02 Materiality
Qualifiers. For purposes of the computation of Losses under this Article VIII, all “materiality”, “material”,
and “Material Adverse Effect” qualifications contained in such representation or warranty shall be disregarded.

 

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Section 8.03 Indemnification
by Sellers. Subject to the other terms and conditions of this Article VIII, each Seller shall, jointly and severally,
indemnify Buyer, the Company, their respective Affiliates, and their respective agents, representatives, successors and assigns (each,
a “Buyer Indemnified Party” and collectively, the “Buyer Indemnified Parties”) against,
and shall hold the Buyer Indemnified Parties harmless from and against, any and all Losses incurred or sustained by, or imposed upon,
a Buyer Indemnified Party based upon, arising out of, with respect to or by reason of:

 

(a) any
breach of a representation or warranty made by such Seller in Article III or by the Sellers in Article IV;

 

(b) any
breach or nonfulfillment of a covenant or agreement made by such Seller or the Company in this Agreement or a Transaction Document;

 

(c) any
Indebtedness of the Company, to the extent not paid at the Closing or considered in the computation of Purchase Price;

 

(d) any
Transaction Expenses of the Company or the Sellers, to the extent not paid prior to the Closing;

 

(e) any
liability or obligation of the Company arising from the underfunding or termination of, or the withdrawal of the Company from, an Employee
Benefit Plan;

 

(f) any
liability or obligation of the Company relating to the PPP Loan or the forgiveness thereof, including any false or incorrect statement
made by the Company or the Sellers in connection with the issuance or forgiveness of the PPP Loan;

 

(g) any
liability or obligation of the Company relating to, or Loss arising from, a breach of or failure of the Company to comply with Data Law
or any, a breach of or failure of the Company to comply with the Company’s policies or any Contract relating to data privacy, data
security or protection of personal information, or unauthorized access to the Company’s IT Systems as of or prior to the Closing;

 

(h) any
liability or obligation of the Company relating to, or Loss arising from, a breach of or failure of the Company to comply with Employment
Laws as of or prior to the Closing; or

 

(i) any
Taxes of the Sellers, the Company (or any predecessor) or relating to the Business for any Pre-Closing Tax Periods, including (i) Taxes
for any Straddle Period to the extent allocated to the Pre-Closing Tax Period under Section 6.05(b); (ii) Taxes imposed
on the Company under Section 1374 of the Code; (iii) Taxes under Treasury Regulation 1.1502-6 (or any comparable provision of
foreign, state or local law) as a result of the Company’s (or any predecessor’s) inclusion as a member of an affiliated, consolidated,
combined or unitary group in a Pre-Closing Tax Period; and (iv) Taxes of any Person imposed on the Company as a successor or transferee,
or pursuant to a contract, in each case, solely to the extent relating to a Pre-Closing Tax Period, and except to the extent included
in the computation of Net Working Capital in accordance with Section 2.04 or otherwise as a reduction to the Purchase Price.

 

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Section 8.04 Indemnification
by Buyer. Subject to the other terms and conditions of this Article VIII, Buyer shall indemnify the Sellers, their respective
Affiliates, and their respective agents, representatives, successors and assigns (each, a “Seller Indemnified Party”
and collectively, the “Seller Indemnified Parties”) against, and shall hold the Seller Indemnified Parties harmless
from and against, any and all Losses incurred or sustained by, or imposed upon, the Seller Indemnified Parties based upon, arising out
of, with respect to or by reason of:

 

(a) any
breach of a representation or warranty made by Buyer in this Agreement or any Transaction Document;

 

(b) any
breach or nonfulfillment of a covenant or agreement made by Buyer in this Agreement or any Transaction Document; or

 

(c) any
Liability arising from the operation of the Business and ownership of the Assets by the Company after the Closing Date;

 

(d) any
Liability or obligation of the Company for taxes, fees or surcharges in any jurisdiction relating to or arising under Communications Laws,
including value added, consumption, sales, use, gross receipts, excise, access, bypass or other taxes, duties, fees, charges or surcharges
(including Universal Service Fund, LNP, TRS, NANP, E-911 and other regulatory fees and contributions), however designated, imposed or
based upon the sale or use of the Company’s services, as well as any penalties, interest or late payment fees resulting from such
Liabilities; or

 

(e) any
Taxes of the Company or relating to the Business for any Post-Closing Tax Period, including Taxes for any Straddle Period to the extent
allocated to the Post-Closing Tax Period under Section 6.05(b).

 

Section 8.05 Limitations.
The indemnification provided for in Section 8.03 shall be subject to the following limitations:

 

(a) The
exclusive remedy of the Buyer Indemnified Parties for any claims under Section 8.03(a) shall be against the R&W Insurance
Policy except for (A) claims based on breaches in, or inaccuracies of, Seller Fundamental Representations, and (B) claims based
on fraud, criminal activity or willful misconduct of a Seller. To the extent that there is any retained loss under the R&W Insurance
Policy, the Sellers, jointly and severally, on the one hand, and Buyer, on the other hand, agree to each pay one-half of such retained
loss.

 

(b) Any
claim for indemnification by a Buyer Indemnified Party for Losses pursuant to Section 8.03(h) shall be made within 12 months
after the Effective Date and, to the extent that any claim for indemnification pursuant to Section 8.03(h) is not recoverable
under the R&W Insurance Policy, the aggregate amount of such unrecoverable Losses for which the Buyer Indemnified Parties shall be
entitled to indemnification pursuant to Section 8.03(h) shall not exceed $100,000.

 

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(c) The
aggregate amount of Losses for which the Buyer Indemnified Parties shall be entitled to indemnification pursuant to Section 8.03(a)
and Section 8.03(i) based upon breaches in, or inaccuracies of, Seller Fundamental Representations shall not exceed the Purchase
Price.

 

(d) The
Sellers shall not be liable to the Buyer Indemnified Parties for indemnification under Section 8.03(a) unless and until the
aggregate amount of Losses for which indemnification under Section 8.03(a) is provided exceeds $15,000 (the “Threshold”),
at which time the Buyer Indemnified Parties shall be indemnified for all Losses for which indemnification under Section 8.03(a)
is provided including the Threshold; provided, however, that the Threshold shall not be applicable with respect to, and
each Buyer Indemnified Party shall be entitled to be indemnified for, all Losses arising out of or resulting from (A) claims based
upon breaches in, or inaccuracies of, Seller Fundamental Representations and (B) claims based upon fraud, criminal activity or willful
misconduct.

 

Section 8.06 Indemnification
Procedures. The party making a claim under this Article VIII is referred to as the “Indemnified Party”,
and the party against whom such claims are asserted under this Article VIII is referred to as the “Indemnifying
Party”.

 

(a) Third-Party
Claims.

 

(i) If
an Indemnified Party receives written notice of the assertion or commencement of any Action or other legal proceeding made or brought
by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement in respect of which indemnification may
be sought under this Agreement (a “Third-Party Claim”), the Indemnified Party shall give the Indemnifying Party
prompt written notice thereof (a “Third-Party Claim Notice”). The failure to give such prompt written notice
shall not, however, relieve the Indemnifying Party of its indemnification obligations except to the extent that any rights or defenses
are adversely affected. Such Third-Party Claim Notice shall describe the Third-Party Claim in reasonable detail, shall include a copy
of all papers served with respect to such Third-Party Claim and any other documents reasonably necessary (as determined by the Indemnified
Party) and shall indicate the estimated amount, if reasonably practicable, of the Losses that have been or may be sustained by the Indemnified
Party. The Indemnifying Party shall have the right to participate in or, by giving written notice within 10 business days of receipt of
a Third-Party Claim, to assume the defense of any Third-Party Claim at the Indemnifying Party’s expense and by the Indemnifying
Party’s own counsel; provided, that such notice contains confirmation that the Indemnifying Party has agreed to indemnify
the Indemnified Party (subject to the limitation on indemnification set forth herein) for the Losses arising out of or resulting from
the Third-Party Claim of which it is assuming the right to conduct and control the defense. In the event that the Indemnifying Party assumes
the defense of any Third-Party Claim, subject to Section 8.06(a)(ii), it shall have the right to take such action as it deems
necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third-Party Claim in the name and on behalf of
the Indemnified Party; provided, however, that the Indemnifying Party shall not be entitled to control, and the Indemnified
Party shall be entitled to have sole control over, the defense or settlement of any claim if: (A) such Third-Party Claim is part
of an Action to which the Indemnifying Party is also a party and the Indemnified Party is advised by counsel that a conflict exists as
a result of the Indemnifying Party’s control over such proceedings, (B) such Third-Party Claim seeks injunctive or other equitable
relief against the Indemnified Party, (C) such Third-Party Claim relates to or arises in connection with any governmental proceeding,
action, indictment, allegation or investigation in respect of the business of Buyer, the Company or their respective Affiliates, (D) the
Indemnifying Party failed or is failing to reasonably prosecute or defend such Third-Party Claim, (E) such Third-Party Claim involves
any customer, supplier, distributor or other material business relation of Buyer, the Company or their respective Affiliates, or (F) if
a Seller is the Indemnifying Party and such Third-Party Claim involves an obligation in excess of such Seller’s indemnification
obligation under this Agreement. If the Indemnifying Party has validly made such election, the Indemnified Party shall have the right,
at its own cost and expense, to participate in the defense of any Third-Party Claim with counsel selected by it subject to the Indemnifying
Party’s right to control the defense thereof. If the Indemnifying Party elects not to compromise or defend such Third-Party Claim
or fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, the Indemnifying
Party shall be liable for the fees and expenses of counsel employed by the Indemnified Party. The Indemnified Party and the Indemnifying
Party shall cooperate with each other in all reasonable respects to ensure the proper and adequate defense of any Third-Party Claim, including
making available books and records and other information relating to such Third-Party Claim and furnishing employees and representatives
as may be reasonably necessary for the preparation of the defense of such Third-Party Claim.

 

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(ii) Any
other provision of this Agreement notwithstanding, if the Indemnifying Party assumes the defense of any Third-Party Claim pursuant to
Section 8.06(a), (A) the Indemnified Party shall not file any papers or consent to the entry of any judgment or enter
into any settlement with respect to such Third Party Claim and (B) the Indemnifying Party shall not consent to the entry of any judgment
or enter into any settlement with respect to such Third-Party Claim without the prior written consent of the Indemnified Party (which
consent shall be given if the settlement by its terms obligates the Indemnifying Party to pay the full amount of the obligation in connection
with such Third-Party Claim, fully and finally releases the Indemnified Party completely in connection with such Third-Party Claim, and
does not impose any obligation or restriction on such Indemnified Party or its Affiliates). If the Indemnifying Party does not assume
the defense of such Third-Party Claims or fails to diligently prosecute or withdraws from the defense of a Third-Party Claim, the Indemnifying
Party will not be obligated to indemnify the Indemnified Party for any settlement entered into or any judgment consented to without the
Indemnifying Party’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned). Any other
provision of this Agreement notwithstanding, whether or not the Indemnifying Party shall have assumed the defense of a Third-Party Claim,
if the Indemnified Party admits any obligation with respect to, or settles, compromises or discharges, such Third-Party Claim without
the Indemnifying Party’s prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned), then
such admission, settlement or compromise will not be binding upon or constitute evidence against the Indemnifying Party for purposes of
determining whether the Indemnified Party has incurred Losses that are indemnifiable pursuant to this Article VIII or the
amount thereof.

 

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(b) Direct
Claims. Any claim by an Indemnified Party on account of a Loss which does not result from or involve a Third-Party Claim (a “Direct
Claim”) shall be asserted by the Indemnified Party by providing written notice thereof (a “Direct Claim Notice”)
to the Indemnifying Party after the Indemnified Party becomes aware of such Direct Claim. Such Direct Claim Notice by the Indemnified
Party shall describe the Direct Claim in reasonable detail and shall indicate the estimated amount, if reasonably practicable, of the
Losses that have been or may be sustained by the Indemnified Party. The Indemnifying Party shall have 30 days after its receipt of such
Direct Claim Notice to respond in writing to such Direct Claim accepting or denying its responsibility with respect to such Direct Claim.
During such 30-day period, the Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter
or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct
Claim and the Indemnified Party shall reasonably assist the Indemnifying Party’s investigation. If the Indemnifying Party (i) agrees
in writing that such Direct Claim is within the scope of and subject to indemnification pursuant to this Article VIII or (ii) does
not so respond within such 30-day period (each of the foregoing clauses (i) and (ii), an “Allowed Claim”),
it shall be conclusively established for purposes of this Agreement that such claim is within the scope of and subject to indemnification
pursuant to this Article VIII, and, subject to the limitations set forth in Section 8.05, the Indemnified Person
shall be entitled to recover promptly from the Indemnifying Person and the Indemnifying Person shall promptly pay to the Indemnified Person,
the amount of such Allowed Claim (subject to the limitations set forth in Section 8.05). If within such 30-day period the
Indemnifying Person agrees that it has an indemnification obligation for such Direct Claim under this Article VIII but objects
to the amount set forth in the Direct Claim Notice, the Indemnified Person shall be entitled to recover from the Indemnifying Person,
and the Indemnifying Person shall promptly pay to the Indemnified Person, the lesser amount, without prejudice to the Indemnified Person’s
claim for the difference. If within such 30-day period the Indemnifying Person objects in writing to such claim or the amount thereof
(each, a “Disputed Claim”), then the total amount of indemnification to which the Indemnified Person shall be
entitled shall be determined by (A) the written agreement of the Indemnified Person and the Indemnifying Person, or (B) a final
non-appealable decision of a court of competent jurisdiction.

 

(c) Payment.
Once the total amount is determined to be payable pursuant to this Article VIII, the Indemnifying Party shall satisfy its
obligations within five business days of such final, non-appealable adjudication by wire transfer of immediately available funds. The
parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such five-business day period,
any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication
to and including the date such payment has been made at a rate per annum equal to 5%. Such interest shall be calculated daily on the basis
of a 365-day year and the actual number of days elapsed. Buyer, at its sole option, shall have the right to setoff the amounts due to
Buyer arising from any such obligations against any amounts owed hereunder to Sellers, pro rata, including amounts owed to Sellers under
the Adjustable Notes or the Convertible Notes.

 

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Section 8.07 Exclusive
Remedies. Subject to Section 9.13, the parties acknowledge and agree that their sole and exclusive remedy with respect
to any and all claims for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise
relating to the subject matter of this Agreement (except as may arise from a claim of fraud, criminal activity, willful misconduct, and
as set forth in Section 2.04, Section 6.04, and Section 9.13) shall be pursuant to the indemnification
provisions set forth in this Article VIII. In furtherance of the foregoing, each party hereby waives, to the fullest extent
permitted under Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement
or obligation set forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto
and their Affiliates arising under or based upon any Law, except pursuant to the indemnification provisions set forth in this Article VIII
(except as may arise from a claim for fraud, criminal activity, willful misconduct, and as set forth in Section 2.04, Section 6.04,
and Section 9.13). Nothing in this Section 8.07 shall limit any Person’s right to seek and obtain any equitable
relief to which any Person shall be entitled pursuant to Section 2.04, Section 6.04, or Section 9.13.

 

Section 8.08 Tax
Treatment of Indemnification Payments. Any indemnification payments made hereunder shall be treated as an adjustment to the Purchase
Price for all applicable Tax purposes except as otherwise required by Law.

 

Article IX

MISCELLANEOUS

 

Section 9.01 Expenses.
Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel, financial advisors
and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring
such costs and expenses, whether or not the Closing shall have occurred.

 

Section 9.02 Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing (including e-mail transmission)
and shall be deemed to have been given (i) if delivered by hand, when such delivery is made, (ii) if sent by a nationally recognized
overnight courier, when received by the addressee, (iii) if delivered by e-mail or facsimile, when such e-mail or facsimile is transmitted
to the number or e-mail address specified below, or (iv) if sent by certified or registered mail, return receipt requested, postage
prepaid to the address specified below, three business days after the day mailed.

 

	 	If to Sellers:	The Jerry and Lisa Morris Revocable Trust dated 

November 18, 2002
	 	 	Attn: Jerry Morris
	 	 	17487 Calle Mayor
	 	 	Rancho Santa Fe, CA 92067
	 	 	
	 	 	 
	 	 	and
	 	 	 
	 	 	Jeffrey Posner
	 	 	16980 Going My Way
	 	 	San Diego, CA 92127
	 	 	
	 	 	 
	 	With a copy to:	Bold Legal LLC
	 	 	1999 Broadway, Suite 770
	 	 	Denver, CO 80303
	 	 	Attention: David J. Kendall
	 	 	
	 	 	 
	 	If to Buyer:	T3 Communications, Inc.
	 	 	825 W. Bitters, Suite 104
	 	 	San Antonio, Texas 78216
	 	 	Attention: Art Smith
	 	 	
	 	 	 
	 	With a copy to:	BoyarMiller
	 	 	2925 Richmond Ave., 14th Floor
	 	 	Houston, Texas 77098
	 	 	Attention: Lawrence E. Wilson
	 	 	Fax: (713) 552-1758
	 	 	

 

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Any party may make changes to the address for
notice by delivering a written notice to the other parties in accordance with this Section 9.02.

 

Section 9.03 Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section 9.04 Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Except as provided in Section 6.04(d), upon such determination that any term or other provision is invalid,
illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the greatest extent possible.

 

Section 9.05 Entire
Agreement. This Agreement (including the Exhibits and the Disclosure Schedules) and the other Transaction Documents constitute the
entire agreement of the parties with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous
representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.

 

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Section 9.06 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and permitted assigns. No party may assign its rights or obligations hereunder without the prior written consent of the other parties.
The foregoing notwithstanding, the Sellers agree that Buyer shall be entitled to assign and/or collaterally assign all of its rights under
this Agreement (including its indemnification rights), in whole or in part, without obtaining the consent or approval of any other party
hereto to Post Road Special Opportunity Fund II LP (“PR”), or any Affiliates and agents of PR. No assignment
shall relieve the assigning party of any of its obligations hereunder.

 

Section 9.07 No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted
assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. The foregoing notwithstanding, the parties agree
that (i) in the event of a breach of this Agreement by any Seller, Buyer, Parent and PR shall have the right to enforce Buyer’s
rights under this Agreement, (ii) Parent is expressly intended to be the beneficiary of Section 6.01, Section 6.02
and Section 6.04(b), and (iii) the Buyer Indemnified Parties and the Seller Indemnified Parties are expressly intended
to be beneficiaries of Article VIII.

 

Section 9.08 Amendment
and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto.
Any such amendment signed by the parties hereto shall be binding upon such parties.

 

Section 9.09 Waiver.
Any party hereto may (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto,
(ii) waive any inaccuracies in the representations and warranties of the other parties contained herein or in any document delivered
pursuant hereto, and (iii) waive compliance by the other parties with any of the agreements or conditions contained herein. Any such
waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound thereby. No waiver by any
party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay
in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege.

 

Section 9.10 Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a) This
Agreement shall be governed by and construed in accordance with the internal Laws of the State of New York without giving effect to any
choice or conflict of law provision, theory, principles or rule (whether of the State of New York or any other jurisdiction).

 

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(b) ANY
ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
MAY BE INSTITUTED IN THE STATE OR FEDERAL COURTS IN AND FOR THE BOROUGH OF MANHATTAN, NEW YORK, OR THE SOUTHERN DISTRICT OF NEW YORK,
AS APPLICABLE, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH ACTION. SERVICE OF PROCESS,
SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY
ACTION BROUGHT IN ANY SUCH COURT AND EACH PARTY WAIVES ALL DEFENSES OR OBJECTION TO VENUE OF THE FEDERAL OR STATE COURTS IN AND FOR THE
BOROUGH OF MANHATTAN, NEW YORK, OR THE SOUTHERN DISTRICT OF NEW YORK, AS APPLICABLE, OF ANY ACTION IN SUCH COURTS AND IRREVOCABLY WAIVES
AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

 

(c) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS, OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF ANY ACTION,
(ii) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 9.10(c).

 

Section 9.11 Attorneys’
Fees with Respect to Litigation. If any Seller, on the one hand, or Buyer on the other hand, initiates any Action involving this Agreement
or any agreement executed pursuant hereto against the other, the prevailing party in such Action shall be entitled to receive reimbursement
from the other party for all reasonable attorneys’ fees, experts’ fees, and other costs and expenses incurred by the prevailing
party in respect of that Action, including any and all appeals thereof, and such reimbursement shall be included in judgment or final
order issued in such Action.

 

Section 9.12 Reliance.
Each of the parties shall be deemed to have relied upon the accuracy of the written representations and warranties made to it in or pursuant
to this Agreement, notwithstanding any investigations conducted by or on its behalf or notice, knowledge or belief to the contrary.

 

    47

     

    

 

Section 9.13 Specific
Performance. The parties agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance
with the terms hereof or were otherwise breached. It is accordingly agreed that the parties to this Agreement shall be entitled to equitable
relief, including an injunction or injunctions in connection with any breach or threatened breach of this Agreement and to enforce specifically
the terms and provisions of this Agreement in any court of the United States or any state having jurisdiction, including to enforce the
obligations of each Seller and Buyer to consummate the Closing. This paragraph shall not be construed as an election of any remedy, or
as a waiver of any right available to the parties under this Agreement or the Law, including the right to seek damages from the breaching
party for a breach of any provision of this Agreement, nor shall this paragraph be construed to limit the rights or remedies available
under applicable Law for any violation of any provision of this Agreement. The parties hereby expressly waive all requirements of posting
a bond in any equitable relief sought, injunctive relief or otherwise.

 

Section 9.14 Disclosure
Schedule. The Disclosure Schedules are arranged to correspond to the representations and warranties in this Agreement. No reference
to or disclosure of any item or other matter in the Disclosure Schedules shall be construed as an admission or indication that such item
or other matter is material or that such item or other matter is required to be referred to or disclosed in the Disclosure Schedules.
The information set forth in the Disclosure Schedules is disclosed solely for the purposes of this Agreement, and no information set forth
therein shall be deemed to be an admission by any party hereto to any third party of any matter whatsoever, including of any violation
of law or breach of any agreement.

 

Section 9.15 Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission or e-mail) in counterparts, each of which shall be deemed
an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of the signature page to this Agreement
delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of
an original signed copy of this Agreement.

 

Section 9.16 Counsel.
SELLERS ACKNOWLEDGE THAT THEY ARE EXECUTING A LEGAL DOCUMENT THAT CONTAINS CERTAIN DUTIES, OBLIGATIONS AND RESTRICTIONS AS SPECIFIED HEREIN.
SELLERS FURTHERMORE ACKNOWLEDGE THAT THEY HAVE BEEN ADVISED OF THEIR RIGHT TO RETAIN LEGAL COUNSEL, AND THAT THEY HAVE EITHER BEEN REPRESENTED
BY LEGAL COUNSEL PRIOR TO THEIR EXECUTION HEREOF OR HAVE KNOWINGLY ELECTED NOT TO BE SO REPRESENTED. SELLERS ACKNOWLEDGE AND AGREE THAT
BOYARMILLER HAS REPRESENTED BUYER IN CONNECTION WITH THIS AGREEMENT. FROM TIME TO TIME, AND AT THE REQUEST OF BUYER OR PARENT OR THEIR
RESPECTIVE AFFILIATES, BOYARMILLER MAY RENDER LEGAL ADVICE AND PROVIDE LEGAL SERVICES TO BUYER, PARENT, AND/OR THEIR RESPECTIVE AFFILIATES
AT FEES AND COSTS TO BE PAID BY BUYER, PARENT AND/OR SUCH AFFILIATES. IN NO EVENT SHALL AN ATTORNEY/CLIENT RELATIONSHIP EXIST BETWEEN
BOYARMILLER, ON THE ONE HAND, AND ANY SELLER, ON THE OTHER HAND.

 

[Balance of Page Intentionally Blank. Signature
Page Follows.]

 

    48

     

    

 

IN WITNESS WHEREOF, this Agreement
has been duly executed and delivered as of the Closing Date.

 

	 	BUYER:
	 	 	 
	 	T3 COMMUNICATIONS, INC.,
	 	a Nevada corporation
	 	 	 
	 	By:	                    
	 	Printed Name:	 
	 	Title:	 

 

	 	SELLERS:
	 	 	 
	 	The Jerry and Lisa Morris Revocable Trust dated November 18, 2002,
	 	 
	 	a	 
	 	 	 
	 	By:	                  
	 	Printed Name:	 
	 	Title: 	Trustee

 

	 	JEFFREY POSNER
	 	 
	 	 

 

Signature Page to Equity Purchase Agreement

 

     

     

    

 

APPENDIX

CERTAIN DEFINITIONS

 

“Accounts Payable” means
all trade accounts payable and other similar obligations arising from the purchase of goods or services for resale or consumption in the
Ordinary Course of Business other than (i) Indebtedness, (ii) Transaction Expenses, (iii) obligations relating to goods
or services that have not been received, and (iv) obligations that arise from goods or services returned for credit.

 

“Accounts Receivable”
means all subscriber accounts, accounts receivable, notes receivable, and other rights to receive anything of value arising from the sale
or lease of goods or services or the license of software in the Ordinary Course of Business, including any associated commissions or revenue
to be received by the Company under any Agent and/or Partner Agreement with another Person but excluding any amount that a vendor or supplier
is obligated to pay for the performance of warranty service relating to the goods or services provided by such vendor or supplier.

 

“Action” means any action,
appeal, petition, plea, charge, complaint, claim, suit, demand, litigation, grievance, arbitration, mediation, hearing, inquiry, investigation
or similar event, occurrence, or proceeding, including proceedings by or before any Governmental Authority, arbitrator or mediator.

 

“Affiliate” means, with
respect to any specified Person, any other Person that, directly or indirectly, controls, is controlled by, or is under common control
with, such specified Person, through one or more intermediaries or otherwise. For the purposes of this definition, the term “control”
(including the terms “controlling”, “controlled by” and “under common
control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise and includes (i) the members
of such Person’s immediate family that reside with such Person, and (ii) any Person that is controlled by one or more the Persons
described in clause (i).

 

“CARES Act” means the
Coronavirus Aid, Relief, and Economic Security Act of 2020 (P.L. 116-136), together with all rules and regulations and guidance issued
by any Governmental Authority with respect thereto.

 

“Cash” means cash on
hand or held in demand deposit accounts for the benefit of the Company (excluding any cash that is restricted as to its use by the Company),
determined in accordance with GAAP and minus (i) all outstanding checks, drafts, ACH payments and other negotiable instruments
outstanding that have not posted or cleared plus (ii) all checks, drafts, ACH payments and other negotiable instruments that
have been submitted for collection for which funds have not been received.

 

“Closing Date” means
the date on which the Closing occurs.

 

“COBRA” means the group
health plan continuation of coverage requirements of Title I, Part 6, of ERISA and Section 4980B of the Code.

 

Appendix

 

     

     

    

 

“Code” means the Internal
Revenue Code of 1986, as amended, or any amending or superseding Laws of the United States.

 

“Communications Laws”
means (a) the Communications Act of 1934, as amended (47 U.S.C. §151 et seq.) and the rules, regulations, decisions and policies
of the FCC promulgated thereunder; (b) the state and local statutes governing the communications industry and the rules, orders,
regulations and other applicable requirements of any state or local Governmental Authority; and (c) any other rules, regulations,
published orders, policies and decisions promulgated by the telecommunications regulatory agencies of the United States, states, municipalities,
and territories and interpretations thereof by courts of competent jurisdiction, in each case, with jurisdiction over any of the services
offered by the Company, all as the same may be in effect from time to time.

 

“Contract” means any
contract, agreement, subcontract, license, lease, note, indenture, commitment, memorandum of understanding, purchase order, sales order,
or other legally binding obligation, whether written or oral, and each amendment, supplement, or modification, whether written or oral,
in respect of any of the foregoing.

 

“Data Laws” means Laws,
guidelines and rules in any jurisdiction (foreign, federal, state, provincial or local) applicable to data privacy, data security, personal
information, identity theft protection and/or breach notification of all jurisdictions where data subjects reside, as well as industrial
standards applicable to the Company.

 

“Disclosure Schedules”
means the Disclosure Schedules delivered by the Company concurrently with the execution and delivery of this Agreement.

 

“Dollars” or “$”
means United States Dollars.

 

“Employee Benefit Plan”
means any written or oral employee benefit or compensation arrangement, plan, policy, practice, Contract or program established, maintained
or sponsored by the Company or any ERISA Affiliate, or to which the Company or any ERISA Affiliate contributes or is required to contribute,
on behalf of or for the benefit of any current or former employees, officers, directors, retirees, independent contractors or consultants
of the Company or any ERISA Affiliate (or any of their respective spouses or dependents), or to which the Company has or could reasonably
be expected to have any obligation or Liability (contingent or otherwise), including any obligation with respect to any ERISA Affiliate,
including each “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA,
and any other pension, retirement, profit-sharing, bonus, incentive compensation, deferred compensation, employment agreement or contract,
vacation, sick pay or other paid time off, stock purchase, equity or phantom equity, severance, change in control pay or vesting, unemployment,
hospitalization or other medical, dental, vision, welfare benefits, life insurance, long-term or short-term disability, change of control
bonus, fringe benefit or other arrangement or contract which is currently or has been at any time maintained or contributed to by the
Company or any ERISA Affiliate for the benefit of any current or former partner, officer, employee or director or the dependents thereof,
in each case, whether funded or unfunded and whether or not tax-qualified.

 

Appendix

 

     

     

    

 

“Encumbrance” means
any encumbrances, liens (statutory or other), security interests, claims, easements, mortgages, deeds of trust, leases, subleases, options,
pledges, usufruct, deposits, hypothecations, charges, rights of first refusal or offer, preemptive or conversion rights, options, conversion
right, royalty, rights-of-way or restrictions of any kind (including any restriction on the voting of any security, any restriction on
the transfer of any security or other asset) or any other preferential right, reservation of ownership, agreement or arrangement having
a similar effect or subject to any factoring arrangement, conditional or credit sale agreement, agreement for payment on deferred terms,
reservation of title or any similar agreement, arrangement, restriction or encumbrance (or any agreement or obligations, including a conditional
obligation, to create or enter into any of the foregoing).

 

“Environment” means
(i) land, including surface land, sub-surface strata, seabed and riverbed under water (as defined in clause (ii)); (ii) water,
including coastal and inland water, surface waters, and ground waters; and (iii) ambient air.

 

“Environmental Law”
means any federal, state, local, foreign, and provincial Law pertaining to the prevention of pollution, remediation of contamination or
restoration of environmental quality, protection of human health (to the extent relating to any exposure to any Hazardous Substance) or
the Environment (including natural resources), or workplace health and safety, including any Law relating to the management, containment,
manufacture, possession, presence, use, processing, generation, transportation, treatment, storage, disposal, Release, abatement, removal,
remediation or handling of or exposure to any Hazardous Substances including the Comprehensive Environmental Response, Compensation, and
Liability Act, 42 U.S.C. § 9601 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.;
the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act, 42 U.S.C. § 7401 et seq.;
the Hazardous Materials Transportation Act, 49 U.S.C. § 5101 et seq.; the Toxic Substances Control Act, 15 U.S.C. §§
2601 through 2629; the Oil Pollution Act, 33 U.S.C. § 2701 et seq.; the Emergency Planning and Community Right-to-Know Act,
42 U.S.C. § 11001 et seq.; the Safe Drinking Water Act, 42 U.S.C. §§ 300f through 300j; the Occupational Safety
and Health Act, 29 U.S.C. § 651 et seq.; and any regulation implementing any of the foregoing.

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, 29 U.S.C. Section 1001 et seq., including all regulations promulgated thereunder
(and all successors thereto).

 

“ERISA Affiliate” means
any entity (whether or not incorporated) which is (or at any relevant time was) (i) a member of a “controlled group of corporations”
within the meaning of Section 414(b) of the Code, (ii) a member of a group of trades or businesses which are under “common
control” within the meaning of Sections 414(c) or (o) of the Code, (iii) is otherwise required to be aggregated with the Company
pursuant to the provisions contained in Section 414 of the Code, or (iv) an affiliated service group under Section 414(m) of the
Code or Section 4001(b)(1) of ERISA.

 

“GAAP” means United
States generally accepted accounting principles in effect from time to time, consistently applied from period to period except to the
extent of mandatory changes.

 

“Governmental Authority”
means any national, federal, state, county, municipal, local or foreign government, or other political subdivision thereof, any agency
or instrumentality of such government or political subdivision, or any stock exchange or self-regulated organization or other non-governmental
regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority
have the force of Law), any arbitrator, court or tribunal of competent jurisdiction, and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.

 

Appendix

 

     

     

    

 

“Hazardous Substance”
means any chemical, substance or material defined, designated or classified as a hazardous waste, hazardous substance, hazardous material,
solid waste, pollutant, contaminant, or toxic substance under any Environmental Law, and any petroleum or petroleum products that have
been Released into the Environment.

 

“Indebtedness” means,
without duplication, (i) any obligation (A) for borrowed money, (B) arising out of any extension of credit (including reimbursement
or payment obligations with respect to surety bonds, letters of credit, bankers’ acceptances and similar instruments) or for the
deferred purchase price of property or other assets or services or arising under conditional sale or other title retention agreements,
(C) evidenced by notes, bonds, debentures or similar instruments, (D) in respect of leases of (or other agreements conveying
the right to use) property or other assets which GAAP requires to be classified and accounted for as capital leases or (E) in respect
of interest rate swap, cap or collar agreements or similar arrangements providing for the mitigation of interest rate risks either generally
or under specific contingencies; (ii) any obligation for the payment of interest, late payment fees or penalties, prepayment premiums
or penalties, service charges or other fees or amounts relating to the obligations described in clause (i); and (iii) any
obligation of the type described in the preceding clauses (i) or (ii) of another Person guarantied or secured by an Encumbrance
on any asset or property or otherwise as to which any Liability exists.

 

“Intellectual Property Assets”
means all intellectual property and industrial property rights and assets, and all rights, interests and protections that are associated
with, similar to, or required for the exercise of, any of the foregoing, however arising, pursuant to the Laws of any jurisdiction throughout
the world, whether registered or unregistered, including (i) all rights arising from, in and to the Company’s Trademarks, the
Company’s Patents, the Company’s Copyrights, and the Company’s Software, and all information regarding the status of
the prosecution, filing, maintenance, operation thereof, (ii) all proprietary know how, trade secrets and other intellectual property
rights of the Company or the Business, and (iii) all rights to any Actions of any nature available to or being pursued the Company
to the extent related to the foregoing, whether accruing before, on or after the date hereof, including all rights to and claims for damages,
restitution and injunctive relief for infringement, dilution, misappropriation, violation, misuse, breach or default, with the right but
no obligation to sue for such legal and equitable relief, and to collect, or otherwise recover, any such damages.

 

“Inventory” means all
raw materials, work-in-progress and finished goods held for consumption or resale in the Ordinary Course of Business and the cost of providing
services that have not been billed and included in Accounts Receivable.

 

“IRS” means the United
States Department of the Treasury, Internal Revenue Service and any successor Governmental Authority responsible for the administration
and enforcement of the Code.

 

Appendix

 

     

     

    

 

“Knowledge of the Company”
or any other similar knowledge qualification, means the actual knowledge, after reasonable investigation, of any Seller or of any director,
manager or officer of the Company and the knowledge which such Person would have acquired after using commercially reasonable and customary
efforts to make a due inquiry into the underlying subject.

 

“Law” means any domestic
or foreign statute, law, ordinance, regulation, rule, code, Order, injunction, constitution, treaty, common law, judgment, decree, other
requirement or rule of law of any Governmental Authority and generally accepted industry standards.

 

“Liability” means any
debt, liability or obligation, including any interest, penalties, fees, costs and expenses, whether known or unknown, matured or unmatured,
accrued or unaccrued, vested or unvested, asserted or unasserted, actual or contingent.

 

“License” means any
municipal, state, federal or foreign licenses, permits, certificates, certifications, exemptions, franchises, registrations, approvals,
waivers, consents and authorizations from any Governmental Authority or any other Person.

 

“Loss” or “Losses”
means all losses, costs, interest, charges, obligations, liabilities, Actions, settlement payments, awards, judgments, fines, penalties,
damages, assessments, deficiencies of whatever kind, or associated reasonable expenses, including reasonable attorneys’ fees and
the cost of investigating and enforcing any right to indemnification hereunder.

 

“Material Adverse Effect”
means any event, occurrence, fact, condition, change, circumstance, effect, development or state of facts that has had, or would reasonably
be expected to have, a material adverse effect on (i) the business, prospects, results of operations, condition (financial or otherwise),
assets or liabilities of the Company, or (ii) the ability of the Sellers to perform their respective obligations under this Agreement
or the Transaction Documents or consummate the transactions contemplated hereby or thereby; provided, however, that “Material
Adverse Effect” shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out
of or attributable to: (A) general economic or political conditions; (B) conditions generally affecting the industry in which
the Business operates; (C) acts of war, sabotage or terrorism, military actions or the escalation thereof, (D) any changes in
applicable Laws or accounting rules or principles, including mandatory changes in GAAP, (E) any action required by this Agreement,
(F) the announcement of this Agreement or the transactions contemplated hereby, or (G) any changes in financial, banking or
securities markets in general, including any disruption thereof and any decline in the price of any security or any market index or any
change in prevailing interest rates; provided, however, that, such exclusions shall not apply to the extent that such event,
occurrence, fact, condition or change disproportionately affects the Company with respect to the Business as compared to other participants
in the industry in which the Business operates.

 

“Net Working Capital”
means (i) current assets less (ii) current liabilities, determined in accordance with GAAP and adjusted on a basis consistent
with Schedule 2. For the avoidance of doubt, Net Working Capital shall not include any obligations under an Employee
Benefit Plan or Transaction Expenses.

 

“Net Working Capital Lower Limit”
means negative TWO MILLION, THREE HUNDRED SIXTY THOUSAND and NO/100 UNITED STATES DOLLARS (-$2,360,000.00).

 

“Net Working Capital Upper Limit”
means negative TWO MILLION, ONE HUNDRED SIXTY THOUSAND and NO/100 UNITED STATES DOLLARS (-$2,160,000.00).

 

Appendix

 

     

     

    

 

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

 

“Ordinary Course of Business”
means the conduct of the Business consistent with historical practices, including the maintenance and repair of property in accordance
with good industry practices, the replacement of inventory and materials as it is sold or consumed, the performance of Contracts as required
by the terms thereof, the payment of obligations when due, and the collection of accounts in due course.

 

“Organizational Documents”
means with respect to any Person, the articles of incorporation, certificate of incorporation, certificate of formation, certificate of
limited partnership, bylaws, limited liability company agreement, operating agreement, partnership agreement, stockholders’ agreement
and all other similar documents, instruments or certificates executed, adopted or filed in connection with the creation, formation or
organization of such Person, including any amendments and other modifications thereto.

 

“Ownership Percentages”
means the percentage of the Shares owned by each Seller, as set forth in Schedule 1.

 

“Parent” means Digerati
Communications, Inc., a Nevada corporation.

 

“Permitted Encumbrance”
means: (i) any zoning, building codes, or other governmentally established restrictions or encumbrances, (ii) liens for current
period Taxes which are not yet delinquent, (iii) inchoate liens arising by operation of law, including materialman’s, mechanic’s,
repairman’s, laborer’s, warehousemen, carrier’s, employee’s, contractor’s and operator’s liens arising
in the Ordinary Course of Business but only to the extent such liens secure obligations that, as of the Closing, are not due and payable
or in default; or (iv) minor defects or irregularities in title, easements, covenants, conditions, restrictions, and other similar
matters of record affecting title to real property that do not or would not materially impair the use or occupancy of such real property
in the operation of the Business as currently conducted thereon.

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company
or government or other entity.

 

“Post-Closing Tax Period”
means any taxable period beginning on or after the Closing Date and, with respect to any taxable period beginning before and ending after
the day prior to the Closing Date, the portion of such taxable period beginning on the Closing Date.

 

“PPP Lender” means Seacoast
Commerce Bank.

 

“PPP Loan” means the
U.S. Small Business Administration Loan, dated April 17, 2020, from the PPP Lender, as lender, to the Company, as borrower, under the
U.S. Small Business Administration Paycheck Protection Program Note in the original principal amount of $ SIX HUNDRED EIGHTY-FIVE THOUSAND
SIX HUNDRED DOLLARS ($685,600.00).

 

Appendix

 

     

     

    

 

“Pre-Closing Tax Period”
means any taxable period ending on or before the day prior to the Closing Date and, with respect to any taxable period beginning before
and ending after day prior to the the Closing Date, the portion of such taxable period ending on and including the day prior to the Closing
Date.

 

“R&W Insurance Quotation”
that certain non-binding indication letter from Beazley Group, dated December 9, 2021, for a representations and warranties insurance
policy that Buyer intends to obtain for the benefit of Buyer in connection with this Agreement.

 

“R&W Insurance Policy”
means the policy of insurance issued by Beazley Group pursuant to the R&W Quotation.

 

“Release” means any
release, spill, emission, leakage, pumping, injection, deposit, disposal, discharge, placement, discarding, abandonment, emptying, migration,
escape, dumping, dispersal or leaching into the Environment.

 

“Remedial Action” means
all actions required by Environmental Law to (i) clean up, remove, treat, or in any other way address any Hazardous Substances in
the Environment; (ii) prevent the Release, or minimize the further Release, of any Hazardous Substance so it does not endanger or
threaten to endanger human health or the Environment; or (iii) perform pre-remedial studies and investigations or post-remedial monitoring
and care pertaining or relating to a Release of Hazardous Substances.

 

“Seller Fundamental Representations”
means the representations and warranties contained in Section 3.01 Powers and Capacity of the Sellers, Section 3.02
Authorization, Execution and Enforceability of Agreement, Section 3.03 No Conflicts, Consents, Section 3.04 Ownership
of Shares, Section 3.05 Restrictions on Transfer, Section 3.06 Solvency, Section 3.07 Brokers and
Finders, Section 4.01 Organization and Qualification of the Company, Section 4.02 Capitalization, Section 4.05
No Conflicts; Consents, Section 4.09(a) Title to and Sufficiency of Assets, Section 4.18 Employee Benefit Plans,
and Section 4.19 Taxes, with respect to federal and state income taxes.

 

“Straddle Period” means
a taxable period that begins before and ends after the day prior to the Closing Date.

 

“Subordination Agreement”
means that certain Subordination Agreement dated as of the Closing Date among Buyer, PR and the Sellers.

 

“Subsidiary” means,
with respect to any Person, any other Person (i) in which such Person owns or has the right to acquire, directly or indirectly, more
than 20% of the voting rights, (ii) in which such Person owns or has the right to acquire, directly or indirectly, more than 20%
of the economic interest, howsoever denominated, (iii) in which such Person is or has the right to become a general partner, trustee,
manager or other governing person, or (iv) whose financial statements are required to be consolidated with such Person in accordance
with GAAP.

 

Appendix

 

     

     

    

 

“Tax” or “Taxes”
means any and all taxes, charges, fees, levies, assessments, duties or other amounts payable to any federal, state, local or foreign taxing
authority or agency, including: (i) income, franchise, profits, margins, gross receipts, minimum, alternative minimum, estimated,
ad valorem, value added, sales, use, service, real or personal property, capital stock, license, payroll, withholding, disability, employment,
social security, workers compensation, unemployment compensation, utility, severance, excise, stamp, windfall profits, transfer, environmental,
occupation, premium, registration and gains taxes; (ii) customs, duties, imposts, charges, levies or other similar assessments of
any kind; (iii) interest, penalties and additions to tax imposed with respect thereto; and (vi) any transfer liability in respect
of any item described in clause (i), (ii), or (iii) payable by reason of contract, assumption, transferee liability, operation
of Law, Treasury Regulations Section 1.1502-6 (or any predecessor or successor thereof or any analogous or similar provision of state,
local or foreign Law), or otherwise. “Tax” and “Taxes” shall not include any universal service fee, surcharges,
regulatory contributions or other amounts required to be collected, reported or remitted under Communications Laws.

 

“Tax Return” means any
return, report or statement filed or required to be filed with a Governmental Authority with respect to any Taxes (including any elections,
declarations, schedules or attachments thereto, and any amendment thereof) including any information return, claim for refund, amended
return or declaration of estimated Taxes.

 

“Transaction Documents”
means this Agreement, the Closing Statement, the Adjustable Notes, the Convertible Notes, the Subordination Agreement, the Payoff Letters,
and the other agreements, instruments and documents required to be delivered in connection with the transactions contemplated by this
Agreement.

 

“Transaction Expenses”
means all liabilities, costs, fees and expenses incurred by or on behalf of the Sellers or the Company in connection with the negotiation,
preparation, execution or delivery of this Agreement and the Transaction Documents and the consummation of the transactions contemplated
hereby or thereby, including (i) all legal and professional fees, (ii) all investment banker fees and commissions, finders fees,
brokerage fees and other similar amounts payable by the Company or the Sellers, and (iii) all amounts payable by the Company or the
Sellers with respect to severance payments, change of control payments, retention bonuses, vesting or payment of amounts under Employee
Benefit Plans or Contracts, and other payments that become payable as a result of the execution of this Agreement or any Transaction Document
or the consummation of the transactions contemplated hereby or thereby.

 

“Transfer Taxes” means
any sales, use, excise, transfer, vehicle transfer, recordation, stamp, conveyance, value added, or similar Taxes arising out of, in connection
with, or attributable to the transactions contemplated by this Agreement.

 

Appendix

 

     

     

    

 

SCHEDULE 1

OWNERSHIP OF SHARES AND OWNERSHIP PERCENTAGES

 

	 
Seller
	 	Number and Class	 	Ownership

 Percentage	 
	The Jerry and Lisa Morris Revocable Trust dated November 18, 2002	 	1350 Shares of Common Stock	 	 	90	%
	Jeff Posner	 	150 Shares of Common Stock	 	 	10	%

 

Schedule 1

 

     

     

    

 

SCHEDULE 2

NET WORKING CAPITAL COMPUTATION

 

Schedule 2Exhibit
10.2

 

CERTAIN
INFORMATION IDENTIFIED WITH THE FOLLOWING MARK: [***] HAS BEEN OMITTED 

FROM THIS EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii)
WOULD LIKELY BE 

COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

 

JOINDER
AND SECOND AMENDMENT TO CREDIT AGREEMENT

 

This
Joinder and Second Amendment to Credit Agreement (this “Amendment”), dated as of February 4, 2022, is by and among
T3 COMMUNICATIONS, INC., a Nevada corporation (the “Company”), T3 COMMUNICATIONS, INC., a Florida corporation
(“T3FL”), SHIFT8 NETWORKS, INC., a Texas Corporation (“Shift8”), NEXOGY, INC., a
Florida corporation (“Nexogy”; Nexogy, T3FL and Shift8 are each referred to herein individually as an “Existing
Guarantor” and collectively as the “Existing Guarantors”), NEXT LEVEL INTERNET, INC., a California
corporation (“New Guarantor”; New Guarantor and the Existing Guarantors are each referred to herein individually as
a “Guarantor” and collectively as the “Guarantors”; the Company and the Guarantors are each referred
to herein individually as a “Loan Party” and collectively as the “Loan Parties”), the Lenders party
hereto, and POST ROAD ADMINISTRATIVE LLC, a Delaware limited liability company, as administrative agent for the Lenders (together
with its successors and assigns in such capacity, the “Administrative Agent”).

 

RECITALS

 

WHEREAS,
the Company, the Existing Guarantors, the Lenders and the Administrative Agent are parties to that certain Credit Agreement dated as
of November 17, 2020 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Credit
Agreement”); and

 

WHEREAS,
the Company and the Existing Guarantors have requested that the Administrative Agent and the Lenders (i) join the New Guarantor as “Guarantors”
and “Loan Parties” under the Loan Documents as set forth herein and (ii) amend certain provisions of the Credit Agreement,
and the Administrative Agent and the Lenders are willing to do so, in each case on and subject to the terms and conditions set forth
in this Amendment.

 

NOW,
THEREFORE, in consideration of the premises and the agreements contained herein, and for other good and valuable consideration, the
receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto (intending to be legally bound) hereby agree as
follows:

 

1.
Definitions. Capitalized terms used herein (including in the Recitals hereto, which are hereby incorporated) and not otherwise
defined herein shall have the meanings ascribed to such terms in the Credit Agreement, as amended hereby.

 

2.
Joinder and Assumption.

 

(a)
From and after the date hereof, New Guarantor hereby absolutely and unconditionally (i) joins and becomes a party to the Credit Agreement,
as a “Loan Party” and “Guarantor” thereunder, and to each of the Loan Documents, including without limitation,
the Guaranty and Collateral Agreement and the Pledge Agreement; (ii) assumes, as a joint and several obligor thereunder, all of the obligations,
liabilities, indebtedness and indemnities of a Loan Party and/or Guarantor under and pursuant to the Credit Agreement and all other Loan
Documents applicable to it as a Loan Party and/or Guarantor thereunder, including, without limitation, the Obligations; (iii) covenants
and agrees to be jointly and severally bound by and adhere to all of the terms, covenants, waivers, releases, agreements and conditions
of or respecting a Loan Party with respect to the Credit Agreement and the other Loan Documents and hereby ratifies, as of the date hereof,
and agrees to be bound by, all of the representations and warranties contained in the Credit Agreement and the other Loan Documents applicable
to it as a Loan Party and/or Guarantor thereunder and (iv) in addition to, and without limiting, any grant of security or other provision
of the Guaranty and Collateral Agreement, New Guarantor hereby grants a security interest in favor of the Administrative Agent, in accordance
with the Guaranty and Collateral Agreement, in:

 

(i)
all of the personal property now owned or at any time hereafter acquired by New Guarantor or in which New Guarantor now has or at any
time in the future may acquire any right, title or interest, including all of New Guarantor’s Accounts, Chattel Paper, Commercial
Tort Claims, Deposit Accounts, Documents, Equipment, Fixtures, General Intangibles, Goods, Instruments, Intellectual Property, Inventory,
Investment Property, Pledged Equity, Leases, Letter-of-Credit Rights, Money, and Supporting Obligations (in each case as defined in the
Guaranty and Collateral Agreement);

 

     

     

    

 

(ii)
all books and records pertaining to any of the foregoing;

 

(iii)
all Proceeds (as defined in the Guaranty and Collateral Agreement) and products of any of the foregoing; and

 

(iv)
all collateral security and guaranties given by any Person with respect to any of the foregoing; excluding, however, any Licenses (as
defined in the Guaranty and Collateral Agreement) issued by a State Regulatory Authority (as defined in the Guaranty and Collateral Agreement),
or any other Governmental Authority (as defined in the Guaranty and Collateral Agreement) to the extent, and only to the extent, it is
unlawful to grant a security interest in such Licenses, but including, without limitation, the right to receive all proceeds, products,
profits and all other economic value derived or arising from or in connection with the sale, assignment, transfer or transfer of control
over such Licenses (including, without limitation, pursuant to any plan of reorganization or similar restructuring plan in any bankruptcy
or insolvency proceeding of any Loan Party).

 

(b)
New Guarantor acknowledges and confirms that it has received a copy of the Credit Agreement, the other Loan Documents, and the schedules
and exhibits thereto.

 

(c)
From and after the date hereof, any reference to the terms “Loan Party” and “Guarantor” in the Credit Agreement
and the Loan Documents, including without limitation, each Collateral Document, shall include New Guarantor. The Company confirms that
all of its obligations under the Credit Agreement are, and upon New Guarantor becoming a Loan Party, shall continue to be, in full force
and effect. The parties hereto confirm and agree that immediately upon New Guarantor becoming a Loan Party, the term “Obligations,”
as used in the Credit Agreement and the Loan Documents, shall include all obligations of New Guarantor under the Credit Agreement and
under each Loan Document.

 

3.
Amendments to Credit Agreement. Subject to the terms and conditions contained herein, the Company, the Administrative Agent and
the Lender hereby amend the Credit Agreement (exclusive of Exhibits other than Exhibit D) such that after giving effect to all such amendments,
it shall read in its entirety as set forth on Annex A hereto. In addition to the foregoing, the Company, the Administrative Agent
and the Lender hereby agree that Exhibit D (Form of Compliance Certificate) shall be amended as set forth on Annex B hereto.

 

4.
Conditions Precedent. The joinder contained in Section 2 above and the amendments contained in Section 3 above are
subject to, and contingent upon, Administrative Agent receiving each of the following items, each in form and substance acceptable to
Administrative Agent, unless waived in writing by Administrative Agent in its sole and absolute determination:

 

(a)
a duly executed counterpart of this Amendment signed by each of the parties hereto;

 

(b)
a duly executed Term Loan C Note, payable to Lender and signed by the Company, in form and substance satisfactory to the Administrative
Agent;

 

(c)
a duly executed Joinder to Guaranty and Collateral Agreement, signed by the New Guarantor, in form and substance satisfactory to the
Administrative Agent;

 

(d)
a duly executed IP Security Agreement, signed by the New Guarantor, in form and substance satisfactory to the Administrative Agent;

 

(e)
a duly executed Collateral Assignment of Acquisition Documents, signed by the Company and acknowledged by Seller (as defined therein)
and certain other parties party thereto in favor of the Administrative Agent (for the benefit of Lenders and Administrative Agent), in
respect of the Next Level Acquisition, in form and substance satisfactory to the Administrative Agent;

 

(f)
a duly executed Subordination Agreement, signed by the Company, the New Guarantor and the applicable holder of Subordinated Debt in connection
with the Next Level Acquisition, in form and substance satisfactory to the Administrative Agent;

 

    2

     

    

 

(g)
evidence satisfactory to the Administrative Agent that the Next Level Acquisition shall have been consummated (including payoffs of any
existing indebtedness and release of any existing liens) in form and substance satisfactory to the Administrative Agent and in compliance
with all applicable law and regulatory approvals;

 

(h)
a duly executed opinion of counsel to the Loan Parties, in form and substance satisfactory to the Administrative Agent;

 

(i)
for each Loan Party, such Loan Party’s (a) charter (or similar formation document), certified by the appropriate Governmental
Authority; (b) good standing certificates in its state of incorporation (or formation) and in each other state where it is required
to file for authority to do business pursuant to the respective laws of such state; (c) bylaws (or similar governing document);
(d) resolutions of its board of directors (or similar governing body) approving and authorizing such Person’s execution, delivery
and performance of the Loan Documents to which it is party and the transactions contemplated thereby; and (e) signature and incumbency
certificates of its officers executing any of the Loan Documents and authorized to submit a Notice of Borrowing (it being understood
that the Administrative Agent and Lender may conclusively rely on each such certificate until formally advised by a like certificate
of any changes therein), all certified by an authorized officer as being in full force and effect without modification;

 

(j)
certified copies of lien search reports dated a date reasonably near to the Second Amendment Closing Date, listing all effective Liens
against which name New Guarantor and/or the seller(s) in connection with the Next Level Acquisition (under their present names and any
previous names), along with copies of any financing statements or documentation associated with such Liens;

 

(k)
a duly executed copy of the Next Level Acquisition Agreement; and

 

(l)
such other documents, certificates, schedules, exhibits, instruments and agreements as Administrative Agent shall reasonably request.

 

5.
Costs, Expenses and Taxes. Without limiting the obligation of the Loan Parties to reimburse Administrative Agent (and, as applicable,
Lenders) for all costs, fees, disbursements and expenses incurred by Administrative Agent and Lenders as specified in the Credit Agreement,
as amended by this Amendment, the Loan Parties agree to pay on demand all costs, fees, disbursements and expenses of Administrative Agent
in connection with the preparation, execution and delivery of this Amendment and the other agreements, modifications, instruments and
documents contemplated hereby (collectively, the “Transaction Documents”), including, without limitation, reasonable
attorneys’ fees and expenses.

 

6.
Post-Closing Covenants. The Company shall satisfy each of the following post-closing conditions set forth below within such condition’s
prescribed time period; provided that such conditions may be waived and/or time periods extended by the Administrative Agent in
its sole discretion:

 

(a)
As soon as practicable and in any event not later than thirty (30) days after the Second Amendment Closing Date, the New Guarantor shall
have consolidated its “ACH Inbound” deposit account at Bank of America, N.A. with its “Operating” deposit account
at Bank of America, N.A., and shall provide appropriate documentation to Administrative Agent to evidence the foregoing;

 

(b)
As soon as practicable and in any event not later than thirty (30) days after the Second Amendment Closing Date, the New Guarantor shall
have delivered to Administrative Agent a duly executed Control Agreement, signed by the New Guarantor and New Guarantor’s applicable
depository institution, in form and substance satisfactory to the Administrative Agent;

 

(c)
As soon as practicable and in any event at least ten (10) Business Days prior to any public filings, including, without limitation, any
filings required to be made pursuant to Section 10.15 of the Credit Agreement, the Company shall provide Administrative Agent
and its advisors all materials related to such filing(s), regulatory compliance and related matters, for their review;

 

    3

     

    

 

(d)
As soon as practicable and in any event not later than thirty (30) days after the Second Amendment Closing Date, the Company shall have
delivered to Administrative Agent evidence of a filed UCC-3 termination statement with respect to the UCC-1 Filing No. #U210095545525
with U.S. Small Business Administration, as secured party, and New Guarantor, as debtor;

 

(e)
As soon as practicable and in any event not later than five (5) Business Days after the Second Amendment Closing Date, the Company shall
have delivered to Administrative Agent evidence of a filed UCC-3 termination statement with respect to the UCC-1 Filing No. #19-7689989581
with Western Equipment Finance, Inc., as secured party, and New Guarantor, as debtor;

 

(f)
As soon as practicable and in any event not later than ten (10) days after the Second Amendment Closing Date, the Company shall have
delivered to Administrative Agent originals of the certificates representing all the outstanding certificated Capital Stock of the New
Guarantor, together with any appropriate powers and instruments of transfer, endorsed in blank, with respect to such certificates;

 

(g)
As soon as practicable and in any event not later than five (5) Business Days after the Second Amendment Closing Date, the Company shall
have delivered to Administrative Agent evidence of the existence of insurance required to be maintained pursuant to Section 10.3(b)
of the Credit Agreement with respect to the New Guarantor, together with evidence that the Administrative Agent has been named as
an additional insured on all related policies of liability insurance, lender’s loss payee on all related policies of casualty insurance,
a loss payable endorsement on all related policies of casualty insurance, and a collateral assignment of all policies of business interruption
insurance;

 

(h)
As soon as practicable and in any event not later than five (5) Business Days after the Second Amendment Closing Date, certified copies
of lien search reports with respect to the New Guarantor dated a date reasonably near to the Second Amendment Closing Date, with such
search parameters acceptable to Administrative Agent;

 

(i)
As soon as practicable and in any event not later than five (5) Business Days after the Second Amendment Closing Date, the Company shall
have delivered to Administrative Agent a duly executed Landlord Agreement with respect the following collocations of the New Guarantor:
(i) 12270 World Trade Dr. San Diego CA, 92128, (ii) 900 N. Alameda Los Angeles, CA, and (iii) 900 Walnut St, St. Louis, Missouri; and

 

(j)
As soon as practicable and in any event not later than thirty (30) days after the Second Amendment Closing Date, the Company shall have
delivered to Administrative Agent a duly executed Landlord Agreement with respect to T3FL’s chief executive office located at 1610
Royal Palm Avenue, Fort Myers, FL 33901.

 

7.
Industry Consultant. The Company hereby acknowledges and agrees that the Administrative Agent shall not later than February 15,
2022, engage an industry consultant (the “Industry Consultant”) satisfactory to Administrative Agent, to consult with
the Company and its Subsidiaries regarding, among other things, integration strategy, future acquisitions, operating performance, and
various business issues. The Company agrees that it shall pay all costs, fees and expenses of such Industry Consultant from time to time.

 

8.
Financial Covenant Amendments. Working in conjunction with the Administrative Agent and the Industry Consultant, the Company shall
take, and cause each of its Subsidiaries to take, such actions as are necessary or as the Administrative Agent may request from time
to time to ensure that not later than March 31, 2022, the Administrative Agent shall have the financial information and projections necessary
or as the Administrative Agent may request from time to time to amend (in the Administrative Agent’s sole and absolute discretion)
the financial covenants contained in Section 11.12 of the Credit Agreement.

 

9.
Representations, Warranties and Covenant of the Loan Parties. Each Loan Party hereby jointly and severally represents and warrants
to Administrative Agent and Lender, which representations and warranties shall survive the execution and delivery hereof, that on and
as of the date hereof and after giving effect to this Amendment:

 

(a)
Each Loan Party has the limited liability company power and authority to execute and deliver this Amendment and the Transaction Documents
to which it is a party (and perform its respective obligations hereunder and thereunder). This Amendment and the Transaction Documents
to which such Loan Party is a party have been duly authorized by such Loan Party. This Amendment, the Transaction Documents to which
such Loan Party is a party, and the Credit Agreement (as amended by this Amendment) each constitute the legal, valid and binding obligation
of such Loan Party, enforceable against such Loan Party in accordance with their respective terms, subject to the effect of any applicable
bankruptcy, insolvency, reorganization or similar law affecting creditor’s rights generally and general principles of equity;

 

    4

     

    

 

(b)
Subject to the revised Schedules attached to this Agreement, each Loan Party’s representations and warranties set forth in the
Credit Agreement and in the other Loan Documents are true, correct and complete in all material respects (or, if any such representation
or warranty is by its terms qualified by concepts of materiality, such representation or warranty is true and correct in all respects)
on and as of the date hereof except to the extent that such representations and warranties expressly related solely to an earlier date,
in which case such representations were true, correct and complete in all material respects (or, if any such representation or warranty
is by its terms qualified by concepts of materiality, such representation or warranty is true and correct in all respects) on and as
of such earlier date;

 

(c)
All Obligations now due or payable by any Loan Party to Lenders or Administrative Agent are unconditionally owing by such Loan Party
to Lenders and Administrative Agent, without offset, defense or counterclaim of any kind, nature or description whatsoever; and

 

(d)
No Default or Event of Default shall have occurred and be continuing, and no “Default” or “Event of Default”
shall have occurred and be continuing under the Loan Documents or the Mezzanine Documents, as of the date hereof or shall occur immediately
after giving effect to this Amendment.

 

Each
Loan Party acknowledges that Administrative Agent and Lenders are specifically relying upon the representations, warranties and agreements
contained in this Amendment and that such representations, warranties and agreements constitute a material inducement to Administrative
Agent and Lenders in entering into this Amendment.

 

10.
Release by Loan Parties. In further consideration of the execution of this Amendment by Administrative Agent and Lenders, each
Loan Party (on behalf of itself and its shareholders, directors, members, managers, partners, officers, affiliates, successors and assigns)
hereby unconditionally, absolutely and irrevocably forever remises, releases, acquits, satisfies and forever discharges Administrative
Agent and Lender and their respective successors, assigns, affiliates, parent entities, officers, employees, directors, shareholders,
agents and attorneys (collectively, the “Releasees”) from any and all claims, demands, liabilities, disputes, damages,
suits, controversies, penalties, fees, costs, expenses, actions and causes of action (whether at law or in equity) and obligations of
every nature whatsoever, whether liquidated or unliquidated, known or unknown, matured or unmatured, fixed or contingent (all of the
foregoing, “Claims”), that such Loan Party (or any of its respective shareholders, directors, members, managers, partners,
officers, affiliates, successors or assigns) occurring on or before the date hereof, from any or all of the Releasees, which arise from
or relate to any actions, omissions, conditions, events, or any other circumstances whatsoever on or prior to the date hereof, including,
without limitation, with respect to the Obligations, any Collateral, the Credit Agreement, the transactions relating thereto or hereto,
and any other Loan Document, other than for the gross negligence or willful misconduct of Administrative Agent as finally determined
in a non-appealable order of a court of competent jurisdiction.

 

11.
Reference to Credit Agreement; No Waiver.

 

(a)
References. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit
Agreement, as amended hereby. The term “Loan Documents” as defined in Section 1.1 of the Credit Agreement shall include
(in addition to the Loan Documents described in the Credit Agreement) this Amendment and the other Transaction Documents.

 

(b)
No Waiver. The failure of Administrative Agent (or, as applicable, Lenders), at any time or times hereafter, to require strict
performance by Loan Parties of any provision or term of the Credit Agreement, this Amendment or the other Loan Documents shall not waive,
affect or diminish any right of Administrative Agent (or, as applicable, Lenders) hereafter to demand strict compliance and performance
herewith or therewith. Any suspension or waiver by Administrative Agent or Lenders of a breach of this Amendment or any Event of Default
under the Credit Agreement shall not, except as expressly set forth in a writing signed by Administrative Agent, suspend, waive or affect
any other breach of this Amendment or any Event of Default under the Credit Agreement, whether the same is prior or subsequent thereto
and whether of the same or of a different kind or character. None of the undertakings, agreements, warranties, covenants and representations
of the Loan Parties contained in this Amendment, shall be deemed to have been suspended or waived by Administrative Agent or Lenders
unless such suspension or waiver is (i) in writing and signed by Administrative Agent and (ii) delivered to the Loan Parties. In no event
shall Administrative Agent’s and Lenders’ execution and delivery of this Amendment establish a course of dealing among Administrative
Agent, Lenders, Loan Parties or any other obligor, or in any other way obligate Administrative Agent or Lenders to hereafter provide
any amendments or waivers with respect to the Credit Agreement. The terms and provisions of this Amendment shall be limited precisely
as written and shall not be deemed (x) to be a consent to any amendment or modification of any other term or condition of the Credit
Agreement or of any of the Loan Documents (except as expressly provided herein); or (y) to prejudice any right or remedy which Administrative
Agent or any Lender may now have under or in connection with the Credit Agreement or any of the Loan Documents. The execution, delivery
and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Administrative Agent or any Lender
under the Credit Agreement or any of the Loan Documents, or any Default or Event of Default under the Credit Agreement. It is the intention
of the parties hereto that the execution and delivery of this Amendment does not effectuate a novation of the liabilities and obligations
of the Loan Parties to Administrative Agent or Lenders with respect to the Loans, but merely serves as a modification of certain terms
thereof.

 

    5

     

    

 

(c)
Full Force and Effect. The Credit Agreement and all Loan Documents, in each case as amended hereby, shall remain in full force
and effect and are hereby ratified and confirmed.

 

(d)
Reaffirmation of Security Interest. Each Loan Party hereby ratifies and reaffirms any and all grants of Liens to Administrative
Agent in, to and on the Collateral as security for the Obligations, and the Company acknowledges and confirms that the grants of the
Liens to Administrative Agent for the benefit of itself and Lenders in, to and on the Collateral: (i) represent continuing Liens on all
of the Collateral, (ii) secure the indefeasible payment in full in cash all of the Obligations when due or declared due in accordance
with the terms of the Credit Agreement, and (iii) represent valid and first priority perfected Liens on all of the Collateral (subject
only to Permitted Liens).

 

12.
Miscellaneous. Titles and headings herein are solely for the convenience of the parties and are without substantive legal meaning.
This Amendment may only be amended or modified by a writing signed by Administrative Agent, Required Lenders and the Loan Parties. Neither
this Amendment nor any uncertainty or ambiguity herein shall be construed or resolved against Administrative Agent or Lenders, whether
under any rule of construction or otherwise.

 

13.
Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns; provided, however, the Loan Parties may not assign any of its rights or obligations under this
Amendment without the prior written consent of Administrative Agent.

 

14.
Severability. Wherever possible, each provision of this Amendment shall be interpreted in such a manner so as to be effective
and valid under applicable law, but if any provision of this Amendment is held to be prohibited by or invalid under applicable law, such
provision or provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Amendment.

 

15.
Counterparts. This Amendment may be executed in one or more counterparts, each of which taken together shall constitute one and
the same instrument, admissible into evidence.

 

16.
Facsimile. A signature hereto sent or delivered by facsimile or other electronic means shall be as legally binding and enforceable
as a signed original for all purposes.

 

17.
Governing Law. This Amendment and the other Loan Documents 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 or any other Loan Document (except, as to any
other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of New York.

 

18.
Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT,
SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF NEW YORK COUNTY, THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; OR, IF THE ADMINISTRATIVE AGENT INITIATES SUCH ACTION, IN ADDITION TO THE FOREGOING COURTS,
ANY COURT IN WHICH THE ADMINISTRATIVE AGENT SHALL INITIATE OR TO WHICH THE ADMINISTRATIVE AGENT SHALL REMOVE SUCH ACTION, TO THE EXTENT
SUCH COURT OTHERWISE HAS JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY CONSENTS AND SUBMITS IN ADVANCE TO THE JURISDICTION
OF SUCH COURTS IN ANY ACTION OR PROCEEDING COMMENCED IN OR REMOVED BY THE ADMINISTRATIVE AGENT TO ANY OF SUCH COURTS, HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND HEREBY AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT
OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH LOAN PARTY AT THE ADDRESS SET FORTH IN SECTION
15.3 OF THE CREDIT AGREEMENT. EACH LOAN PARTY WAIVES ANY CLAIM THAT ANY COURT HAVING SITUS IN NEW YORK COUNTY, NEW YORK, IS AN INCONVENIENT
FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE. SHOULD ANY LOAN PARTY, AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER ANY SUMMONS,
COMPLAINT, PROCESS OR PAPERS SO SERVED WITHIN THE PERIOD OF TIME PRESCRIBED BY LAW AFTER THE MAILING THEREOF, SUCH LOAN PARTY SHALL BE
DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY THE ADMINISTRATIVE AGENT AGAINST SUCH LOAN PARTY AS DEMANDED OR PRAYED
FOR IN SUCH SUMMONS, COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR THE LOAN PARTIES SET FORTH IN THIS SECTION SHALL
NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT, BY THE ADMINISTRATIVE AGENT, OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING, BY
THE ADMINISTRATIVE AGENT, OF ANY ACTION TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE JURISDICTION, AND EACH LOAN PARTY HEREBY IRREVOCABLY
WAIVES THE RIGHT TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR ACTION.

 

    6

     

    

 

19.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.

 

20.
Tax Treatment of the New Principal Amount. Notwithstanding anything to the contrary contained in this Amendment and solely for
all U.S. federal, state and local income tax purposes, the parties hereby agree that the Lenders’ advance of the New Principal
Amount shall be treated as a new loan rather than a modification of the existing Loans under the Credit Agreement, and, as a result,
Treasury Regulation 1.1001-3 shall not apply to the incurrence of the New Principal Amount.  The Lenders and the Company hereby
agree that they shall report the transaction consistent with this approach and shall not take any inconsistent position on any U.S. federal,
state or local tax filing or with any governmental authority, in each case without the express written consent of the other party.

 

[Signature
pages follow.]

 

    7

     

    

 

IN
WITNESS WHEREOF, the undersigned have duly executed this Joinder and Second Amendment to Credit Agreement as of the date first above
written.

 

	 	COMPANY:
	 	 
	 	T3
    COMMUNICATIONS, INC., a Nevada corporation, as the Company
	 	 
	 	By:	                                 
	 	Name: 	 
	 	Title:	 

 

[Signature
Page to Joinder and Second Amendment to Credit Agreement]

 

     

     

    

 

	 	EXISTING
    GUARANTORS:
	 	 
	 	T3
    COMMUNICATIONS, INC.,
	 	a
    Florida corporation
	 	 	 
	 	By:	                                
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	SHIFT8
    NETWORKS, INC., a Texas Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	NEXOGY,
    INC., a Florida corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	NEW
    GUARANTOR:
	 	 
	 	NEXT
    LEVEL INTERNET, INC.,
	 	a
    California corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Joinder and Second Amendment to Credit Agreement]

 

     

     

    

 

	 	ADMINISTRATIVE
    AGENT:
	 	 
	 	POST
    ROAD ADMINISTRATIVE LLC
	 	 	 
	 	By:	 
	 	Name: 	Michael
    Bogdan
	 	Title:	Authorized
    Signatory
	 	 	 
	 	LENDERS:
	 	 
	 	POST
    ROAD SPECIAL OPPORTUNITY FUND II LP
	 	 	 
	 	By:	                         
	 	Name: 	Michael
    Bogdan
	 	Title:	Authorized
    Signatory
	 	 	 
	 	ACKNOWLEDGED
    AND AGREED:
	 	 
	 	Digerati
    Technologies, Inc., a Nevada corporation
	 	 	 
	 	By:	                           
	 	Name: 	 
	 	Title:	 

 

[Signature
Page to Joinder and Second Amendment to Credit Agreement]

 

     

     

    

 

ANNEX
A 

 

TO
JOINDER AND SECOND AMENDMENT TO CREDIT AGREEMENT

 

Amended
Credit Agreement

 

Conformed
through Joinder and Second Amendment dated February 4, 2022

 

     

     

    

 

CREDIT
AGREEMENT

 

dated
as of November 17, 2020 among

 

T3
COMMUNICATIONS, INC.,

 

as
the Company,

 

THE
SUBSIDIARIES OF THE COMPANY FROM TIME TO TIME PARTY HERETO,

 

as
additional Loan Parties hereunder,

 

THE
VARIOUS PERSONS PARTY HERETO,

 

as
Lenders, and

 

POST
ROAD ADMINISTRATIVE LLC,

 

as
the Administrative Agent

 

     

     

    

 

B.
TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I DEFINITIONS	1
	 	 	 
	1.1	Definitions	1
	 	 	 
	1.2	Other
    Interpretive Provision	14
	 	 	 
	1.3	Change
    in Accounting Principles	14
	 	 	 
	ARTICLE
    II COMMITMENTS OF THE LENDERS; EVIDENCE OF LOANS	15
	 	 	 
	2.1	Commitments
    of the Lenders	15
	 	 	 
	2.2	Notes	15
	 	 	 
	2.3	Recordkeeping	15
	 	 	 
	ARTICLE
    III INTEREST	15
	 	 	 
	3.1	Interest	15
	 	 	 
	3.2	Default
    Interest	15
	 	 	 
	3.3	Interest
    Payments; PIK	15
	 	 	 
	3.4	Computation
    of Interest	16
	 	 	 
	3.5	Maximum
    Rate	16
	 	 	 
	ARTICLE
    IV FEES; PREMIUM	16
	 	 	 
	4.1	Administrative
    Agent’s Fees	16
	 	 	 
	4.2	Original
    Issue Discount	16
	 	 	 
	4.3	Unused
    Facility Fee	16
	 	 	 
	4.4	Premium	16
	 	 	 
	4.5	Servicing
    Fees	16
	 	 	 
	ARTICLE
    V REPAYMENTS	16
	 	 	 
	5.1	Payment
    at Maturity	16
	 	 	 
	ARTICLE
    VI PREPAYMENTS	16
	 	 	 
	6.1	Voluntary
    Prepayments	16
	 	 	 
	6.2	Mandatory
    Prepayments	17
	 	 	 
	6.3	Application
    of Prepayments	17
	 	 
	ARTICLE
    VII MAKING AND PRORATION OF PAYMENTS; TAXES	18
	 	 	 
	7.1	Making
    of Payments	18
	 	 	 
	7.2	Application
    of Certain Payments	18
	 	 	 
	7.3	Due
    Date Extension	18
	 	 	 
	7.4	Proration
    of Payments	18
	 	 	 
	7.5	Setoff	18
	 	 	 
	7.6	Taxes	18

    i

     

    

 

	ARTICLE
    VIII INCREASED COSTS	20
	 	 	 
	8.1	Increased
    Costs	20
	 	 	 
	8.2	Mitigation
    of Circumstances; Replacement of Lenders	20
	 	 	 
	8.3	Conclusiveness
    of Statements; Survival of Provisions	21
	 	 	 
	ARTICLE
    IX REPRESENTATIONS AND WARRANTIES	21
	 	 	 
	9.1	Organization;
    Locations of Executive Office; FEIN	21
	 	 	 
	9.2	Equity
    Ownership; Subsidiaries	21
	 	 	 
	9.3	Authorization;
    No Conflict	21
	 	 	 
	9.4	Validity
    and Binding Nature	21
	 	 	 
	9.5	Financial
    Condition	21
	 	 	 
	9.6	No
    Material Adverse Change	22
	 	 	 
	9.7	Litigation
    and Contingent Liabilities	22
	 	 	 
	9.8	Ownership
    of Properties; Liens	22
	 	 	 
	9.9	Business,
    Property and Licenses of the Loan Parties	22
	 	 	 
	9.10	Insurance	22
	 	 	 
	9.11	Labor
    Matters	22
	 	 	 
	9.12	Pension
    Plans	22
	 	 	 
	9.13	Investment
    Company Act	22
	 	 	 
	9.14	Public
    Utility Holding Company Act	23
	 	 	 
	9.15	Regulation
    U	23
	 	 	 
	9.16	Foreign
    Assets Control Regulations and Anti-Money Laundering	23
	 	 	 
	9.17	Taxes	23
	 	 	 
	9.18	Compliance
    with Laws	23
	 	 	 
	9.19	Environmental
    Matters	24
	 	 	 
	9.20	Burdensome
    Obligations	24
	 	 	 
	9.21	Solvency	24
	 	 	 
	9.22	Information	24
	 	 	 
	9.23	No
    Default	25
	 	 	 
	9.24	Contracts
    with Affiliates	25
	 	 	 
	9.25	Trade
    and Customer Relations and Practices	25
	 	 	 
	9.26	Brokers;
    Financial Advisors	25
	 	 	 
	9.27	Related
    Agreements	25
	 	 	 
	9.28	Subordinated
    Debt	26
	 	 	 
	9.29	Warrant
    Consideration	26
	 	 	 
	9.30	Public
    Company Reporting Compliance	26

    ii

     

    

 

	ARTICLE
    X AFFIRMATIVE COVENANTS	27
	 	 	 
	10.1	Reports,
    Certificates and Other Information	27
	 	 	 
	10.2	Books,
    Records and Inspections	29
	 	 	 
	10.3	Maintenance
    of Property; Insurance; Casualty and Condemnation	30
	 	 	 
	10.4	Compliance
    with Laws; OFAC/BSA Provision; Payment of Taxes and Liabilities	31
	 	 	 
	10.5	Maintenance
    of Existence; Qualifications	31
	 	 	 
	10.6	Use
    of Proceeds	32
	 	 	 
	10.7	Licenses
    and Permits	32
	 	 	 
	10.8	Environmental
    Matters	32
	 	 	 
	10.9	Future
    Leases; Future Acquisitions of Real Estate	32
	 	 	 
	10.10	Further
    Assurances	33
	 	 	 
	10.11	Deposit
    and Securities Accounts	33
	 	 	 
	10.12	New
    Customer Contracts	33
	 	 	 
	10.13	Board
    Observation	34
	 	 	 
	10.14	Post-Closing
    Covenants	34
	 	 	 
	10.15	Public
    Company Reporting Compliance	35
	 	 	 
	10.16	Nexogy
    Indemnity Obligation	35
	 	 	 
	ARTICLE
    XI NEGATIVE COVENANTS	36
	 	 	 
	11.1	Debt	36
	 	 	 
	11.2	Future
    Acquisition Subordinated Debt	37
	 	 	 
	11.3	Liens	37
	 	 	 
	11.4	Restricted
    Payments	38
	 	 	 
	11.5	Mergers,
    Consolidations, Sales	39
	 	 	 
	11.6	Modification
    of Certain Documents or Organizational Form	39
	 	 	 
	11.7	Transactions
    with Affiliates	39
	 	 	 
	11.8	Inconsistent
    or Restrictive Agreements	40
	 	 	 
	11.9	Business
    Activities	40
	 	 	 
	11.10	Investments	40
	 	 	 
	11.11	Fiscal
    Year	41
	 	 	 
	11.12	Financial
    Covenants	41
	 	 	 
	11.13	Unconditional
    Purchase Obligations	43
	 	 	 
	11.14	Restrictions
    on Payment of Certain Debt	43
	 	 	 
	11.15	Cancellation
    of Debt	43
	 	 	 
	11.16	Restrictions
    on Subsidiaries	43
	 	 	 
	11.17	Change
    of Control.  Not permit a Change of Control to occur	43

    iii

     

    

 

	ARTICLE
    XII EFFECTIVENESS; CONDITIONS OF LENDING, ETC	43
	 	 	 
	12.1	Initial
    Credit Extension	43
	 	 	 
	12.2	Delayed
    Draw Loan Conditions	46
	 	 	 
	12.3	Other
    Conditions	46
	 	 	 
	12.4	Confirmatory
    Certificate	47
	 	 	 
	ARTICLE
    XIII EVENTS OF DEFAULT AND THEIR EFFECT	47
	 	 	 
	13.1	Events
    of Default	47
	 	 	 
	13.2	Effect
    of Event of Default	50
	 	 	 
	13.3	Right
    to Appointment of Receiver	50
	 	 	 
	13.4	Cooperation
    in Event of Default	51
	 	 	 
	13.5	Setoff	51
	 	 	 
	13.6	Sharing
    of Payments	52
	 	 	 
	ARTICLE
    XIV THE AGENT	52
	 	 	 
	14.1	Appointment
    and Authorization	52
	 	 	 
	14.2	Rights
    as a Lender	53
	 	 	 
	14.3	Exculpatory
    Provisions	53
	 	 	 
	14.4	Reliance
    by Administrative Agent	54
	 	 	 
	14.5	Delegation
    of Duties	54
	 	 	 
	14.6	Resignation
    of Administrative Agent	54
	 	 	 
	14.7	Non-Reliance
    on Administrative Agent and Other Lenders	55
	 	 	 
	14.8	No
    Other Duties	55
	 	 	 
	14.9	Administrative
    Agent May File Proofs of Claim	56
	 	 	 
	14.10	Indemnification	56
	 	 	 
	14.11	Collateral
    Matters	57

 

    iv

     

    

 

	ARTICLE
    XV GENERAL	57
	 	 	 
	15.1	Waiver;
    Amendments	57
	 	 	 
	15.2	Confirmations	58
	 	 	 
	15.3	Notices	58
	 	 	 
	15.4	Costs,
    Expenses and Taxes	58
	 	 	 
	15.5	Successors
    and Assigns	58
	 	 	 
	15.6	Governing
    Law	61
	 	 	 
	15.7	Confidentiality	61
	 	 	 
	15.8	Severability	62
	 	 	 
	15.9	Nature
    of Remedies	62
	 	 	 
	15.10	Entire
    Agreement	62
	 	 	 
	15.11	Counterparts;
    Effectiveness	62
	 	 	 
	15.12	Captions	62
	 	 	 
	15.13	Customer
    Identification - USA Patriot Act Notice	62
	 	 	 
	15.14	INDEMNIFICATION
    BY THE COMPANY	63
	 	 	 
	15.15	Nonliability
    of Lenders	63
	 	 	 
	15.16	Jurisdiction	64
	 	 	 
	15.17	WAIVER
    OF JURY TRIAL	64

 

    v

     

    

 

	ANNEXES
	 	 
	ANNEX
    A	Lenders
    and Pro Rata Shares
	ANNEX
    B	Addresses
    for Notices
	 	 
	EXHIBITS
	 	 
	EXHIBIT
    A	Form
    of Term Loan A Note
	EXHIBIT
    B	Form
    of Term Loan C Note
	EXHIBIT
    C	Form
    of Delayed Draw Term Note
	EXHIBIT
    D	Form
    of Compliance Certificate (Section 10.1.3)
	EXHIBIT
    E	Form
    of Assignment and Assumption (Section 15.5.2)
	EXHIBIT
    F	Form
    of Borrowing Request
	 	 
	SCHEDULES
	 	 
	SCHEDULE
    9.1	Formation
    Information
	SCHEDULE
    9.2	Equity
    Ownership; Subsidiaries
	SCHEDULE
    9.9.2	Business
    Locations
	SCHEDULE
    9.9.5	Deposit
    Accounts
	SCHEDULE
    9.9.6	Material
    Contracts; Form Customer Contract
	SCHEDULE
    9.10	Insurance
	SCHEDULE
    9.24	Contracts
    with Affiliates
	SCHEDULE
    9.25	Trade
    and Customer Relations
	SCHEDULE
    9.26	Brokers
	SCHEDULE
    9.32	Parent
    Debt
	SCHEDULE
    10.11	Deposit
    Accounts Not Subject to Control Agreements
	SCHEDULE
    10.14(a)	Post-Closing
    Landlord Agreements
	SCHEDULE
    10.14(b)	Post-Closing
    Deposit Account Closures
	SCHEDULE
    11.1	Existing
    Debt
	SCHEDULE
    11.2	Existing
    Liens
	SCHEDULE
    11.9	Investments
	SCHEDULE
    12.1	Debt
    to be Repaid
	SCHEDULE
    13.1.12	Key
    Executives

 

    vi

     

    

 

Conformed
through Joinder and Second Amendment dated February 4, 2022

 

C.
CREDIT AGREEMENT

 

THIS
CREDIT AGREEMENT, dated as of November 17, 2020 (this “Agreement”), is entered into among T3 COMMUNICATIONS, INC.,
a Nevada corporation (the “Company”), as the borrower and a Loan Party hereunder, the Subsidiaries of the Company
that are or from time to time may become parties hereto as Guarantors and Loan Parties hereunder, the Parent (solely with respect to
the Sections applicable thereto), the Persons that are or from time to time may become parties hereto as Lenders hereunder, and POST
ROAD ADMINISTRATIVE LLC, a Delaware limited liability company (in its individual capacity, “Post Road”), in its capacity
as administrative agent for the Lenders.

 

R
E C I T A L S

 

A.
The Company has requested that the Lenders (1) extend a $22,168,515.30 Term Loan A to the Company on the Closing Date (a) to fund the
ActivePBX Acquisition and the Nexogy Acquisition on the Closing Date, (b) to provide growth capital, (c) for working capital, and (d)
to pay for transaction fees and expenses; and (2) extend a $10,000,000 Term Loan C to the Company on the Second Amendment Closing Date
(w) to fund the Next Level Acquisition on the Second Amendment Closing Date, (x) to provide growth capital, (y) for working capital,
and (z) to pay for transaction fees and expenses.

 

B.
The Company has requested that the Lenders also extend an additional $6,000,000 Delayed Draw Loan to the Company on the First Amendment
Closing Date (i) to fund the SkyNet Acquisition on the Skynet Acquisition Effective Date, (ii) to provide growth capital and (iii) to
pay for transaction fees and expenses relating thereto.

 

C.
The Subsidiaries of the Company from time to time party hereto are Wholly-Owned Subsidiaries of the Company, and it is to the direct
and indirect financial benefit of the Parent and all Guarantors that the Lenders provide the financing requested by the Company.

 

D.
The Lenders have agreed to provide the financing requested by the Company on the terms and conditions herein set forth.

 

NOW
THEREFORE, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which hereby are acknowledged,
the parties hereto hereby agree as follows:

 

D.
ARTICLE I

DEFINITIONS

 

1.1
Definitions. When used herein the following terms shall have the following meanings:

 

Account
Debtor has the meaning assigned to that term in the UCC.

 

ActivePBX
Acquisition means that certain asset Acquisition as contemplated by the ActivePBX Acquisition Documents.

 

ActivePBX
Acquisition Agreement means that certain Asset Purchase Agreement dated as of November 17, 2020 by and between ActiveServe, Inc.,
a Florida corporation, as seller, and the Company, as buyer (as amended, restated or otherwise modified from time to time).

 

ActivePBX
Acquisition Documents means the ActivePBX Acquisition Agreement and any escrow agreement, representation and warranty insurance policy,
restrictive covenant agreement, bill of sale, assignment and assumption agreement, real estate contract, special warranty deed, assignment
of intellectual property, consulting agreement, management agreement, employment agreement, non-compete agreement, transition services
agreement, and side-letter agreement entered into in connection therewith and any and all of the other binding instruments and agreements
executed or delivered in connection with the ActivePBX Acquisition.

 

     

     

    

 

Acquisition
means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition
of all or substantially all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the
acquisition of in excess of 50% of the Capital Stock of any Person, or otherwise causing any Person to become a Subsidiary, or (c) a
merger or consolidation or any other combination with another Person (other than a Person that is already a Subsidiary).

 

Acquisition
Documents means, collectively, the ActivePBX Acquisition Documents, the Nexogy Acquisition Documents, the SkyNet Acquisition Documents
and the Next Level Acquisition Documents.

 

Administrative
Agent means Post Road, in its capacity as administrative agent for the Lenders hereunder and any successor thereto in such capacity.

 

Affiliate
of any Person means (a) any other Person which, directly or indirectly, controls or is controlled by or is under common control with
such Person, (b) any officer or director of such Person, and (c) with respect to any Lender, any entity administered or managed by such
Lender or an Affiliate or investment advisor thereof and which is engaged in making, purchasing, holding, or otherwise investing in commercial
loans. A Person shall be deemed to be “controlled by” any other Person if such Person possesses, directly or indirectly,
power to vote 5% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or managers
or power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Unless expressly
stated otherwise herein, neither the Administrative Agent nor any Lender shall be deemed an Affiliate of any Loan Party.

 

Agreement
- see the Preamble.

 

Approved
Fund means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

Approved
Subordinated Debt means Debt of the Company and/or its Subsidiaries as evidenced by (i) that certain Promissory Note dated as of
the date hereof in the original principal amount of $1,090,000 executed by the Company in favor of ActiveServe, Inc., (ii) the
earnout obligation pursuant to Section 3.03 of the Skynet Acquisition Agreement and the contingent payment obligation pursuant to
Section 3.04 of the Skynet Acquisition Agreement, (iii) that certain Adjustable Note (as defined in the Next Level Acquisition
Agreement), and (iv) that certain Convertible Note (as defined in the Next Level Acquisition Agreement), each as the same may be
amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

Asset
Disposition means the sale, lease, assignment or other transfer for value (each, a “Disposition”) by any Loan
Party to any Person (other than a Loan Party) of any asset or right of such Loan Party (including, the loss, destruction or damage of
any thereof or any actual or threatened (in writing to any Loan Party) condemnation, confiscation, requisition, seizure or taking thereof)
other than (a) the Disposition of any asset which is to be replaced, and is in fact replaced, within 90 days with another asset performing
the same or a similar function and (b) the Disposition of inventory or other assets in the ordinary course of business.

 

Assignee
- see Section 15.5.2.

 

Assignment
and Assumption - see Section 15.5.2.

 

Attorney
Costs means, with respect to any Person, all reasonable fees and charges of any counsel to such Person, all reasonable disbursements
of counsel and all court costs and similar legal expenses.

 

Board
means the board of directors or board of managers (or comparable governing body) of any Loan Party, as applicable, and shall include
any committee duly authorized to act on behalf of such board of directors or board of managers (or comparable governing body).

 

Board
Observer - see Section 10.13.

 

Borrowing
Request means a written request by the Company for the funding of each Loan, which shall be in the form of Exhibit F attached
hereto.

 

    2

     

    

 

Business
Day means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a
day on which banking institutions located in such state are authorized or required by law or other governmental action to close and which
is also a day for trading by and between banks in Dollar deposits in the London interbank market.

 

Capital
Expenditures means all expenditures which, in accordance with GAAP, would be required to be capitalized and shown on the consolidated
balance sheet of the Company, including expenditures in respect of Capital Leases.

 

Capital
Lease means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property
by such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person.

 

Capitalized
Rentals of any Person means as of the date of any determination thereof, the amount at which the aggregate present value of future
rentals due and to become due under all Capital Leases under which such Person is a lessee.

 

Capital
Stock means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether
voting or non-voting) of such Person’s capital, whether now outstanding or issued or acquired after the Closing Date, including
common shares, preferred shares, membership interests in a limited liability company, limited or general partnership interests in a partnership,
interests in a trust, interests in other unincorporated organizations or any other equivalent of such ownership interest.

 

CARES
Act means the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116– 136, as amended.

 

Change
in Law means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted,
adopted or issued.

 

Change
of Control means the occurrence of any of the following events: (a) Parent ceases to own and control at least 80.01% of the voting
and non-voting Capital Stock of the Company,

 

(b)
the Minority T3NV Shareholders cease to own, in the aggregate, 19.99% of the voting and non-voting Capital Stock of the Company, (c)
the Company shall cease to (i) own at least 100% of the voting and non-voting Capital Stock of each of T3FL, Nexogy, Shift8 and Next
Level and

 

(ii)
hold voting Capital Stock of each of T3FL, Nexogy, Shift8 and Next Level in an amount sufficient to elect, or to have the right and power
to designate, at least a majority of the Board of each of T3FL, Nexogy, Shift8 and Next Level; or (d) the Company shall cease to, directly
or indirectly, own and control 100% of each class of the outstanding Capital Stock of any other Subsidiary.

 

Churn
means (A) (i) lost monthly Recurring Revenue from clients or Account Debtors of the Company at the commencement of the applicable
trailing three month period, minus (ii) new monthly Recurring Revenue from clients or Account Debtors of the Company at
the commencement of the applicable trailing three month period; divided by (B) the Company’s monthly Recurring Revenue
at the commencement of such trailing three month period; provided, that at no time shall Churn be less than zero percent (0%) for calculation
purposes hereof.

 

Closing
Date - see Section 12.1.

 

Closing
Date Commitment means, as to any Lender, such Lender’s commitment to make Loans on the Closing Date. The amount of each Lender’s
commitment to make Loans on the Closing Date is set forth on Annex A. The aggregate amount of the Closing Date Commitments on
the Closing Date is $14,000,000.

 

Closing
Date Loan means each Loan made on the Closing Date.

 

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

 

Collateral is defined in the Guaranty and Collateral Agreement.

 

    3

     

    

 

Collateral
Assignment of Acquisition Documents means that certain Collateral Assignment of Acquisition Documents dated as of the date hereof
by the Company, and acknowledged by Seller (as defined therein) and certain other parties party thereto in favor of the Administrative
Agent (for the benefit of Lenders and Administrative Agent), in respect of the Nexogy Acquisition Documents, as amended, restated, supplemented
or otherwise modified from time to time.

 

Collateral
Documents means, collectively, the Guaranty and Collateral Agreement, the Pledge Agreement, the Collateral Assignment of Acquisition
Documents, the IP Security Agreement, each Mortgage, each Landlord Agreement, each Control Agreement, each Perfection Certificate, and
any other agreement or instrument pursuant to which the Company, any Subsidiary or any other Person grants or purports to grant any interest
in any collateral to the Administrative Agent for the benefit of the Lenders, or that otherwise relates to such collateral, as the same
may be amended, restated or otherwise modified from time to time, together with any joinders thereto from time to time.

 

Commitment
means, as to any Lender, such Lender’s Closing Date Commitment and Delayed Draw Commitment.

 

Company
- see the Preamble.

 

Compliance
Certificate means a Compliance Certificate in substantially the form of Exhibit D.

 

Computation
Period means each period of four consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter.

 

Consolidated
Net Income means, without duplication, the net income (or loss) of the Company and its Subsidiaries for such period, excluding any
gains or losses from Dispositions, any extraordinary gains or losses, and any gains or losses from discontinued operations.

 

Contingent
Liability means, with respect to any Person, each obligation and liability of such Person and all such obligations and liabilities
of such Person incurred pursuant to any agreement, undertaking or arrangement by which such Person: (a) guarantees, endorses or otherwise
becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply
funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, dividend, obligation
or other liability of any other Person in any manner (other than by endorsement of instruments in the course of collection), including
any indebtedness, dividend or other obligation which may be issued or incurred at some future time; (b) guarantees the payment of dividends
or other distributions upon the Capital Stock of any other Person; (c) undertakes or agrees (whether contingently or otherwise): (i)
to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person or any property or assets
constituting security therefor, (ii) to advance or provide funds for the payment or discharge of any indebtedness, obligation or liability
of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency,
assets, level of income, working capital or other financial condition of any other Person, or (iii) to make payment to any other Person
other than for value received; (d) agrees to lease property or to purchase securities, property or services from such other Person with
the purpose or intent of assuring the owner of such indebtedness or obligation of the ability of such other Person to make payment of
the indebtedness or obligation; (e) to induce the issuance of, or in connection with the issuance of, any letter of credit for the benefit
of such other Person; or (f) undertakes or agrees otherwise to assure a creditor against loss. The amount of any Contingent Liability
shall (subject to any limitation set forth herein) be deemed to be the outstanding principal amount of the indebtedness, obligation or
other liability guaranteed or supported thereby or, if not a fixed and determinable amount, the maximum amount so supported or guaranteed.

 

Control
Agreement means one or more control agreements, in form and substance satisfactory to the Administrative Agent, executed and delivered
by each bank or other financial institution at which the Company or any Subsidiary maintains a deposit, or securities, or other investment
account, the Administrative Agent, and the Company or such Subsidiary, granting the Administrative Agent “control” (as such
term is defined in the UCC) over such account.

 

Convertible
Note Offering means one or more unsecured, subordinated convertible notes issued by the Parent, subject to a subordination agreement
in form and substance satisfactory to the Administrative Agent.

 

Debt of
any Person means, without duplication, (a) all indebtedness for borrowed money of such Person, whether or not evidenced by bonds,
debentures, notes or similar instruments, (b) all obligations of such Person as lessee under Capital Leases including, without
duplication, Capitalized Rentals, which have been or should be recorded as liabilities on a balance sheet of such Person in
accordance with GAAP, (c) all obligations of such Person to pay the deferred purchase price of property or services (excluding (i)
trade accounts payable in the ordinary course of business not more than 60 days past due, and (ii) deferred compensation
arrangements approved in advance by the Administrative Agent and entered into in the ordinary course of business in consideration
for actual services rendered), (d) all indebtedness secured by a Lien on the property of such Person, whether or not such
indebtedness shall have been assumed by such Person; provided that if such Person has not assumed or otherwise become liable
for such indebtedness, such indebtedness shall be measured as the lesser of the amount of any such indebtedness or the fair market
value of such property securing such indebtedness at the time of determination, (e) all obligations, contingent or otherwise, with
respect to the face amount of all letters of credit (whether or not drawn), bankers’ acceptances and similar obligations
issued for the account of such Person, (f) all Hedging Obligations of such Person, (g) all Contingent Liabilities of such Person,
(h) all Off-Balance Sheet Liabilities, (i) all Debt of any partnership of which such Person is a general partner, (j) all
non-compete payment obligations, earnouts (to the extent such amount becomes due and payable) and similar obligations, and (k) any
Capital Stock or other equity instrument, whether or not mandatory redeemable, that under GAAP is or should be characterized as debt
and not equity, whether pursuant to financial accounting standards board issuance No. 150 or otherwise.

 

    4

     

    

 

Debtor
Relief Laws means the Bankruptcy Code of the United States of America, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the
United States or other applicable jurisdictions from time to time in effect.

 

Debt
to be Repaid means the Debt identified on Schedule 12.1.

 

Default
Rate means, at any time, the rate of interest then payable under Section 3.1 plus 3.0% per annum.

 

Delayed
Draw Account means a deposit account at Wells Fargo Bank, N.A. that, if applicable pursuant to Section 6 of the First Amendment,
shall be established by the Company after the First Amendment Closing Date pursuant to Section 6 of the First Amendment, subject
to the terms and provisions of a blocked Control Agreement, in which the proceeds of the Delayed Draw Loan shall be maintained until
the Skynet Acquisition Effective Date pursuant to the terms and conditions of Section 6 of the First Amendment.

 

Delayed
Draw Commitment means, as to any Lender, such Lender’s commitment to make Loans during the Delayed Draw Commitment Period.
The amount of each Lender’s commitment to make Loans during the Delayed Draw Commitment Period is set forth on Annex A.
The aggregate amount of the Delayed Draw Commitments on the Closing Date is $6,000,000.

 

Delayed
Draw Commitment Period means the period beginning the day after the Closing Date and ending on May 17, 2022.

 

Delayed
Draw Date means any date (which must be a Business Day) that a Delayed Draw Loan is made.

 

Delayed
Draw Loan means any Loan made pursuant to any Lender’s Delayed Draw Commitment.

 

Delayed
Draw Term Note means that certain Delayed Draw Term Note made as of the Closing Date by the Company to the order of Lender, as the
same may be amended, restated or otherwise modified from time to time, together with any joinders thereto from time to time, substantially
in the form of Exhibit C.

 

Disposition
- see the definition of “Asset Disposition”.

 

Dollar
and the sign “$” mean lawful money of the United States of America.

 

EBITDA means,
for any period, Consolidated Net Income for such period, plus, (a) in each case, without duplication and only to the extent
deducted in determining such Consolidated Net Income: (i) Interest Expense, (ii) income tax expense, (iii) depreciation and
amortization, (iv) professional fees and other fees, costs and expenses with respect to the transactions contemplated by this
Agreement (including with respect to the acquisitions consummated on or about the Closing Date) incurred by the Loan Parties during
such period in an aggregate amount not to exceed $200,000 per year in the aggregate; (v) professional fees and other fees, costs and
expenses with respect to the First Amendment and the Second Amendment in an amount equal to $550,000; (vi) professional fees and
other fees, costs and expenses with respect to the transactions contemplated by the SkyNet Acquisition Documents and the Next Level
Acquisition Documents in an amount equal to $1,000,000; (vii) the fees, costs, and expenses paid to the Industry Consultant required
by the Second Amendment; (ix) one-time non-recurring expenses not exceeding $200,000 per year in the aggregate; and (x) amounts paid
by the Company with respect to board fees and expenses, in an amount not exceeding $50,000 per year in the aggregate; minus (b)
without duplication and to the extent included in determining such Consolidated Net Income, proceeds of insurance, other than
business interruption insurance.

 

    5

     

    

 

Employment
Agreements means the Employment Agreements between the Company and each of the Key Executives.

 

Environmental
Claims means all claims however asserted, by any Governmental, Authority or other Person alleging potential liability or responsibility
for violation of any Environmental Law, or for release or injury to the environment.

 

Environmental
Laws means all applicable present or future federal, state or local laws, statutes, common law duties, rules, regulations, ordinances,
and codes, together with all administrative or judicial orders, consent agreements, directed duties, licenses, authorizations and permits
of, and agreements with, any Governmental Authority, in each case relating to any matter arising out of or relating to public health
and safety, or pollution or protection of the environment or workplace, including any of the foregoing relating to the presence, use,
production, generation, handling, transport, treatment, storage, disposal, distribution, discharge, emission, release, control, or cleanup
of any Hazardous Substance.

 

Equity
Documents means the operating agreement or bylaws of the Company and each other Loan Party (as applicable), and any other agreement
relating to the ownership of the Capital Stock of such Person and/or the voting and/or operational control of such Person.

 

ERISA
means the Employee Retirement Income Security Act of 1974.

 

ERISA
Affiliate means any trade or business (whether or not incorporated), which, together with the Company, is treated as a single employer
under Section 414(b) or (c) of the Code or, solely for the purposes of Section 302 of ERISA and Section 412 of the Code, is treated as
a single employer under Section 414 of the Code.

 

ERISA
Event means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any failure to timely make any payment required
by the Pension Funding Rules with respect to a Plan (determined without regard to any waiver); (c) any application for a waiver of the
Pension Funding Rules with respect to a Plan; (d) the incurrence by the Company or any of their respective ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any of their respective ERISA
Affiliates from the PBGC or a plan administrator appointed by the PBGC of any notice relating to an intention to terminate any Plan or
Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Company or any of their respective ERISA Affiliates of
any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Company
or any of their respective ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Company or any of their
respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

 

Event
of Default means any of the events described in Section 13.1.

 

Event
of Loss means, with respect to any property, any of the following: (a) any loss, destruction, or damage of such property; or (b)
any actual condemnation, seizure, or taking, by exercise of the power of eminent domain or otherwise, of such property, or confiscation
of such property or the requisition of the use of such property.

 

Excluded
Taxes means, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on
account of any obligation of the Company hereunder, (a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision
thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any
Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or
any similar tax imposed by any other jurisdiction in which the Company is located and (c) in the case of a Foreign Lender (other
than an assignee pursuant to a request by the Company under Section 8.2), any withholding tax that is imposed on amounts
payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is
attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section
7.6.5, except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new
lending office (or assignment), to receive additional amounts from the Company with respect to such withholding tax pursuant to Section
7.6.1, and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

Extraordinary
Receipts means any cash received by any Loan Party not in the ordinary course of business (and not consisting of proceeds of
Asset Dispositions, or the issuance of Debt or Capital Stock, or Insurance Proceeds), including (a) judgments, proceeds of
settlements, or other consideration of any kind in connection with any cause of action, (b) indemnity payments, (c) purchase price
adjustments received in connection with any purchase agreement, and (d) tax refunds.

 

FATCA
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof.

 

Financed
Capital Expenditures means, for any period, without duplication, all Capital Expenditures (a) financed with the proceeds of non-revolving
Debt, (b) made in connection with the replacement, substitution, or restoration of assets to the extent financed (i) from insurance proceeds
(or other similar recoveries) paid on account of the loss of or damage to the assets being replaced or restored, or (ii) with awards
of compensation arising from the taking by eminent domain or condemnation of the assets being replaced, (c) representing the purchase
price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross amount of such
purchase price is reduced by the credit granted by the seller of such equipment for the equipment being traded in at such time, (d) consisting
of any capitalized Interest Expense reflected as additions to property, plant, or equipment in the consolidated balance sheet of the
Company and its Subsidiaries, and/or (e) made from the Net Cash Proceeds of the issuance of Capital Stock by the Company.

 

    6

     

    

 

First
Amendment means that certain First Amendment to Credit Agreement dated as of the First Amendment Closing Date by and among the Company,
the Guarantors, the Lenders and the Administrative Agent.”

 

First
Amendment Closing Date means December 20, 2021. Fiscal Month means a fiscal month of a Fiscal Year.

 

Fiscal
Quarter means a fiscal quarter of a Fiscal Year.

 

Fiscal
Year means the fiscal year of the Company and its Subsidiaries, which period shall be the 12-month period beginning on August 1 and
ending on July 31.

 

Fixed
Charge Coverage Ratio means, for any period of four consecutive Fiscal Quarters of the Company, the ratio of (a) EBITDA for such
period less the actual amount paid by the Company and its Subsidiaries in cash during such period on account of (i) Capital Expenditures
(excluding Capital Expenditures constituting payments in respect of Capital Lease obligations and Capital Expenditures financed
by Debt permitted under Section 11.1(b)) in accordance with Section 11.11.4, plus (ii) the current portion of all income
Taxes, plus (iii) Restricted Payments, to (b) Fixed Charges for such period; provided, however, that prior to the November 30,
2021 testing date, the amounts in the numerator and denominator of the ratio shall be for the actual full months elapsed: i.e., for the
January 31, 2021 testing date, EBITDA (and addbacks) shall be for the trailing two month period, and the amount of Fixed Charges shall
likewise be for such two month period, building gradually to a full trailing twelve month test at November 30, 2021, and for each Fiscal
Quarter thereafter.

 

Fixed
Charges means for the Company and its Subsidiaries for any period, the sum (without duplication) of (a) cash Interest Expense for
such period, and (b) scheduled principal payments made or required to be made on Total Debt during such period.

 

Foreign
Lender means any Lender that is organized under the laws of a jurisdiction other than that in which the Company is resident for tax
purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.

 

FRB
means the Board of Governors of the Federal Reserve System or any successor thereto.

 

Fund
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

GAAP means
generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession) and
the Securities and Exchange Commission, which are applicable to the circumstances as of the date of determination.

 

Governmental
Authority means the government of the United States of America or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).

 

Guarantor
and Guarantors means all Subsidiaries and each other Person who may provide a Guaranty from time to time.

 

Guaranty
or Guaranties means the Guaranty and Collateral Agreement and any other guaranty of all or any portion of the Obligations.

 

Guaranty
and Collateral Agreement means the Guaranty and Collateral Agreement dated as of the date hereof executed and delivered by the Loan
Parties, as the same may be amended, restated or otherwise modified from time to time, together with any joinders thereto and any other
guaranty and collateral agreement executed by a Loan Party, in each case in form and substance satisfactory to the Administrative Agent.

 

    7

     

    

 

Hazardous
Substances means (a) any petroleum or petroleum products, radioactive materials, asbestos in any form that is or could become friable,
urea formaldehyde foam insulation, dielectric fluid containing levels of polychlorinated biphenyls, radon gas and mold; (b) any chemicals,
materials, pollutant, or substances in concentrations or quantities defined as or included in the definition of “hazardous substances”,
“hazardous waste”, “hazardous materials”, “extremely hazardous substances”, “restricted hazardous
waste”, “toxic substances”, “toxic pollutants”, “contaminants”, “pollutants”, or
words of similar import, under any applicable Environmental Law; and (c) any other chemical, material, or substance, the exposure to,
or release of which such concentration or quantity is prohibited, limited, or regulated by, or for which any duty or standard of care
is imposed pursuant to, any Environmental Law.

 

Hedging
Agreement means any interest rate, currency or commodity swap agreement, cap agreement or collar agreement, and any other agreement
or arrangement designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity prices.

 

Hedging
Obligation means, with respect to any Person, any liability of such Person under any Hedging Agreement. The amount of any Person’s
obligation in respect of any Hedging Obligation shall be deemed to be the incremental obligation that would be reflected as a liability
in the financial statements of such Person in accordance with GAAP.

 

Indemnified
Liabilities - see Section 15.14.

 

Indemnified
Taxes means Taxes other than Excluded Taxes.

 

Insurance
Proceeds means any insurance and/or condemnation proceeds payable as a consequence of damage to or destruction of any Collateral
or any other assets of the Company or any other Loan Party.

 

Interest
Expense means for any period the consolidated interest expense of the Company and its Subsidiaries for such period.

 

“IP
Security Agreement” means that certain Confirmatory Grant of Security Interests in Intellectual Property dated as of the Closing
Date by and among Loan Parties and the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent,
as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

Interest
Payment Date means the first Business Day of each calendar month.

 

Interest
Period means, as to any Loan, the period commencing on the date such Loan is borrowed or continued and ending on the date three months
thereafter, as selected by the Company, and thereafter, LIBOR shall reset at the end of each three month period; provided, that:
(a) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the following
Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such
Interest Period shall end on the preceding Business Day; (b) any Interest Period that begins on the last Business Day in a calendar month
or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall end on
the last Business Day of the calendar month at the end of such Interest Period; and (c) the Company may not select any Interest Period
for a Revolving Loan which would extend beyond the Maturity Date.

 

Interest
Rate Determination Date means 11:00 a.m. (London time), on the second full Business Day preceding the first day of any Interest Period
(unless such date is not a Business Day, in which event the next succeeding Business Day will be used. The Administrative Agent, at its
option, may change the day established as the Interest Rate Determination Date upon 30 days advanced written notice to the Borrower.

 

Investment
means, with respect to any Person, any investment in another Person, whether by acquisition of any debt or Capital Stock, by making
any loan or advance, by becoming obligated with respect to a Contingent Liability in respect of obligations of such other Person (other
than travel and similar advances to employees in the ordinary course of business) or by making an Acquisition.

 

Key
Executives means the individuals identified on Schedule 13.1.12.

 

Key
Man Life Insurance means the current, valid, and fully paid key man life insurance policy insuring the life of Art Smith in the amount
of $4,000,000.00, procured by the Company and naming the Company as the beneficiary, and collaterally assigned to the Administrative
Agent as security for the Obligations.

 

    8

     

    

 

Landlord
Agreement means an agreement, in form and substance satisfactory to the Administrative Agent, executed and delivered by the
landlord and/or mortgagee of real property leased by a Loan Party, pursuant to which such landlord or mortgagee (a) acknowledges the
Liens of the Administrative Agent on the Collateral located at such real property, and waives any Liens held by it on such
Collateral, (b) agrees to permit the Administrative Agent reasonable access to and use of such real property following the
occurrence and during the continuance of an Event of Default to operate, remove, and/or sell any Collateral stored or otherwise
located thereon, (c) agrees to give the Administrative Agent notice of any default by such Loan Party under the applicable lease,
and a reasonable opportunity to cure such default, (d) consents to the execution and delivery by such Loan Party to the
Administrative Agent of a Mortgage encumbering such Loan Party’s leasehold interest in such real property, and (e) agrees that
in the event the Administrative Agent exercises its rights under such Mortgage, to recognize the Administrative Agent, or any
purchaser at a foreclosure sale or other successor, assignee, or designee of the Administrative Agent as the successor to such Loan
Party’s rights under the applicable lease, entitled to all of the benefits thereunder.

 

Lender
- means the Persons listed on Annex A and any other Person that shall have become party hereto pursuant to an Assignment and
Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

Lender
Party - see Section 15.14.

 

LIBOR
means an annual rate, determined by the Administrative Agent on the Closing Date and thereafter on each Interest Rate Determination
Date (which shall be a Business Day) for the next succeeding Interest Period (rounded upwards, if necessary, to the nearest 1/100 of
1%), equal to the greater of (i) as a reference rate, the annual rate reported as the London Interbank Offer Rate applicable to three
month deposits of United States dollars as published by Bloomberg Professional Service on the date of determination, and (ii) a rate
per annum of 1.5%. If Bloomberg Professional Service (or another nationally recognized rate reporting source acceptable to Agent) no
longer reports the LIBOR Rate or if such interest rate no longer exists, the Administrative Agent may in good faith select a replacement
interest rate or replacement publication, as the case may be.

 

Lien
means, with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned
or being purchased or acquired by such Person (including an interest in respect of a Capital Lease) which secures payment or performance
of any obligation and shall include any mortgage, lien, encumbrance, title retention lien, charge or other security interest of any kind,
whether arising by contract, as a matter of law, by judicial process or otherwise.

 

Liquidity
means the aggregate amount of unrestricted cash on hand of the Company and its Subsidiaries (excluding Parent).

 

Loan
means any loan advanced by a Lender to the Company, including, without limitation, a Closing Date Loan, Term Loan C or a Delayed
Draw Loan.

 

Loan
Documents means this Agreement, the Notes, the Guaranties, the Collateral Documents, the Warrants, Subordination Agreements, and
all documents, instruments and agreements delivered in connection with the foregoing from time to time.

 

Loan
Party or Loan Parties means, individually or collectively as the context may require, the Company and each Guarantor.

 

Margin
Stock means any “margin stock” as defined in Regulation U.

 

Material
Adverse Effect means (a) a material adverse change in, or a material adverse effect upon, the financial condition, operations, assets,
business, or properties of any Loan Party individually or the Company and its Subsidiaries taken as a whole, (b) a material impairment
of the ability of any Loan Party to perform any of the Obligations under any Loan Document or (c) a material adverse effect upon (i)
any substantial portion of the Collateral under the Collateral Documents or upon any substantial portion of the assets of any Loan Party
individually or the Company and its Subsidiaries taken as a whole, or (ii) the legality, validity, binding effect or enforceability against
any Loan Party of any Loan Document.

 

Material
Contract means (a) any customer contract or supply agreement to which any Loan Party is a party involving transactions having an
aggregate value, cost or amount in excess of $250,000 per annum, (b) any contract, agreement or instrument evidencing or relating to
Indebtedness of any Loan Party in a principal amount exceeding $100,000, (c) any equipment lease to which any Loan Party is a party
having a term of one year or longer and requiring aggregate rental and other payments in excess of $100,000 per annum, (d) any real
property lease to which any Loan Party is a party either (i) with aggregate annual rental payments in excess of $150,000 or (ii)
which constitutes the corporate headquarters for a Loan Party, (e) any license necessary for or material to the operation of any
Loan Parties’ business, (f) any license, contract or other agreement permitting or providing for the use by any Loan Party of
any copyright, trademark, patent or other intellectual property necessary for the operation of any Loan Parties’ business, or
(g) any other contract, agreement, lease, license or agreement for which breach, nonperformance, cancellation or failure to renew
could reasonably be expected to result in a Material Adverse Effect.

 

    9

     

    

 

Maturity
Date means the earlier of (A) (i) November 17, 2024 with respect to Term Loan A, (ii) August 4, 2023 with respect to Term Loan C,
and (iii) November 17, 2024 with respect to the Delayed Draw Loan, or (B) the date to which the Obligations are accelerated pursuant
to ARTICLE XIII.

 

Minority
T3NV Shareholders means, collectively, Blue Sunshine, LLC, a Florida limited liability company, Jeremy Stakely, an individual, and
Mareha LLC, a Florida limited liability company.

 

MOIC
shall have the meaning set forth for such term in the Term Loan C Note.

 

Mortgage
means a mortgage, deed of trust, leasehold mortgage, collateral assignment of lease, or similar instrument granting the Administrative
Agent, for the benefit of the Lenders, a Lien on real property and the improvements located thereon, or the leasehold estate therein,
of the Company or any of its Subsidiaries, in form and substance satisfactory to the Administrative Agent.

 

Multiemployer
Plan means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which the Company or any other member of the Controlled
Group may reasonably be expected to have any liability.

 

Net
Cash Proceeds means:

 

(a)
with respect to any Asset Disposition, or the collection of any Extraordinary Receipts, the aggregate cash proceeds (including cash
proceeds received by way of deferred payment of principal pursuant to a note, installment receivable or otherwise, but only as and
when received) received by any Loan Party in connection therewith net of (i) the direct costs relating to such Asset Disposition or
the collection of such Extraordinary Receipts (including reasonable and customary sales commissions and reasonable legal, accounting
and investment banking fees), (ii) taxes paid or reasonably estimated by the Company to be payable as a result thereof (after taking
into account any available tax credits or deductions and any tax sharing arrangements) and (iii) amounts required to be applied to
the repayment of any Debt (other than Debt assumed by the purchaser of such asset) secured by a Permitted Lien on the asset subject
to such Asset Disposition (other than the Loans).

 

(b)
with respect to any issuance of Capital Stock, the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net
of the direct costs relating to such issuance (including reasonable and customary sales and underwriters’ commissions);

 

(c)
with respect to any issuance of Debt, the aggregate cash proceeds received by any Loan Party pursuant to such issuance, net of the direct
costs of such issuance (including reasonable and customary up-front, underwriters’ and placement fees);

 

(d)
with respect to any Event of Loss, the aggregate cash proceeds received by any Loan Party with respect to Insurance Proceeds net of the
costs and expenses reasonably incurred in connection with the collection of such proceeds, award or other payments; and

 

Nexogy
means Nexogy Inc., a Florida corporation.

 

Nexogy
Acquisition means that certain stock Acquisition as contemplated by the Nexogy Acquisition Documents.

 

Nexogy
Acquisition Agreement means that certain Agreement and Plan of Merger dated September 20, 2019 by and among the Company, Nexogy,
Nexogy Mergersub, and Juan Carlos Canto as the representative of the Shareholders (as defined therein) of Nexogy, Inc. (as amended, restated
or otherwise modified from time to time).

 

Nexogy
Acquisition Documents means the Nexogy Acquisition Agreement and any escrow agreement, representation and warranty insurance policy,
restrictive covenant agreement, bill of sale, assignment and assumption agreement, real estate contract, special warranty deed, assignment
of intellectual property, consulting agreement, management agreement, employment agreement, non-compete agreement, transition services
agreement, and side-letter agreement entered into in connection therewith and any and all of the other binding instruments and agreements
executed or delivered in connection with the Nexogy Acquisition.

 

    10

     

    

 

Nexogy
Mergersub means Nexogy Acquisition, Inc., a Florida corporation.

 

Next Level means Next Level Internet, Inc., a California
corporation.

 

Next
Level Acquisition means that certain Acquisition as contemplated by the Next Level Acquisition Documents.

 

Next
Level Acquisition Agreement means that certain Equity Purchase Agreement dated as of the Second Amendment Closing Date by and among
The Jerry and Lisa Morris Revocable Trust dated November 18, 2002, Jeffrey Posner, Parent, and the Company (as amended, restated or otherwise
modified from time to time).

 

Next
Level Acquisition Documents means the Next Level Acquisition Agreement and any escrow agreement, representation and warranty insurance
policy, restrictive covenant agreement, bill of sale, assignment and assumption agreement, real estate contract, special warranty deed,
assignment of intellectual property, consulting agreement, management agreement, employment agreement, non-compete agreement, transition
services agreement, and side-letter agreement entered into in connection therewith and any and all of the other binding instruments and
agreements executed or delivered in connection with the Next Level Acquisition.

 

Non-Consenting
Lender means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all affected Lenders
in accordance with the terms of Section 15.1 and (b) has been approved by the Required Lenders.

 

Note
means, individually and collectively, the Term Loan A Note, the Term Loan C Note and the Delayed Draw Term Note, each as the same
may be amended, restated or otherwise modified from time to time, together with any joinders thereto from time to time.

 

Obligations
means all obligations and liabilities (monetary (including post-petition interest, allowed or not) or otherwise) of any Loan Party
under this Agreement and any other Loan Document including all Loans, all Attorney Costs, and all Hedging Obligations permitted hereunder
which are owed to any Lender or any of its Affiliates, if any, all in each case howsoever created, arising or evidenced, whether direct
or indirect, absolute or contingent, now or hereafter existing, or due or to become due.

 

OFAC
- see Section 10.4.

 

Off-Balance
Sheet Liabilities of any Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes
receivable sold by such Person, (b) any liability of such Person under any sale and leaseback transactions which do not create a liability
on the balance sheet of such Person, (c) any liability of such Person under any so-called “synthetic” lease transaction or
(d) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing
but which does not constitute a liability on the balance sheet of such Person.

 

Other
Taxes means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies
arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or
otherwise with respect to, this Agreement or any other Loan Document.

 

Paid
in Full means the payment in full in cash and performance of all Obligations (other than contingent indemnification Obligations to
the extent no claim giving rise thereto has been asserted).

 

Parent
means Digerati Technologies, Inc., a Nevada corporation.

 

Participant - see Section 15.5.4.

 

Perfection
Certificate means a perfection certificate executed and delivered to the Administrative Agent by a Loan Party.

 

Permitted
Acquisition means any Acquisition by the Company or any other Loan Party, approved by the Administrative Agent.

 

Permitted
Capital Stock means any Capital Stock of the Company that by its terms (or by the terms of any Capital Stock into which it is
convertible or for which it is exchangeable) (a) are not convertible or exchangeable for Debt or any securities that are not
Permitted Capital Stock, (b) (i) do not mature and (ii) are not putable or redeemable at the option of the holder thereof, in each
case in whole or in part on or prior to the date that is six months after the earlier of the scheduled Maturity Date or the actual
payment in full in cash of the Obligations, (c) do not require payments of dividends or distributions in cash on or prior to the
date that is six months after the earlier of the scheduled Maturity Date or the actual payment in full in cash of the Obligations,
(d) are not secured by any Liens on any property or asset of a Loan Party, and (e) are not sold, issued or otherwise transferred in
connection with or as a part of a public offering.

 

Permitted
Lien means a Lien expressly permitted hereunder pursuant to Section 11.2. Person means any natural person, corporation,
partnership, trust, limited liability company, association, Governmental Authority, or any other entity, whether acting in an individual,
fiduciary or other capacity.

 

Plan
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA, and in respect of which the Parent, the Borrower or any of their respective ERISA
Affiliates is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as
defined in Section 3(5) of ERISA.

 

Pledge
Agreement means each Pledge Agreement executed and delivered by the Company (and each other applicable Loan Party) to the Administrative
Agent covering all of the issued and outstanding Capital Stock of the Subsidiaries of the Company, as the same may be amended, restated
or otherwise modified from time to time, together with any joinders thereto from time to time, in each case in form and substance satisfactory
to the Administrative Agent.

    11

     

    

 

PPP
means the Paycheck Protection Program established under the CARES Act.

 

PPP
Loan means, individually and collectively, (i) that certain unsecured, non-guaranteed Promissory Note made by Shift8 in favor of
the SBA Lender in the original principal amount of $86,000.00 under the PPP, (ii) that certain unsecured, non-guaranteed Promissory
Note made by T3FL in favor of the SBA Lender in the original principal amount of $213,100.00 under the PPP, and (iii) that certain
unsecured, non-guaranteed Promissory Note made by the Parent in favor of the SBA Lender in the original principal amount of
$62,500.00 under the PPP.

 

PPP
Period means the period of time beginning on April 22, 2020 through and including October 22, 2020, or as such period may be extended
under the CARES Act.

 

Premium
- see Section 4.4.

 

Pro
Rata Share means as to a particular Lender, the percentage obtained by dividing the amount of such Lender’s Commitment by the
amount of the Commitments of all Lenders.

 

Recurring
Revenue means the Company’s recurring revenue recognized in accordance with GAAP; provided, however, specifically excluding
the Company’s revenue from, if and as applicable, (i) non-recurring professional services, (ii) transaction revenue not received
in the ordinary course of business, (iii) sales of services not in the ordinary course of business, (iv) one- time, non-recurring transactions,
installation, implementation and other set-up fees and (v) add-on purchases by the Company’s existing customers not resulting in
recurring revenue. Bank acknowledges that the Company’s calculations of Recurring Revenue in the financial statements of the Company
provided to Bank on or before the Effective Date are consistent with the foregoing in this definition.

 

Register
has the meaning assigned to that term in Section 15.5.3.

 

Regulation D means Regulation D of the FRB.

 

Regulation
U means Regulation U of the FRB.

 

Related
Agreements means the Equity Documents, the Acquisition Documents, the Warrant and the Employment Agreements.

 

Related
Parties means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents,
trustees, administrators, managers, service providers, advisors and representatives of such Person and of such Person’s Affiliates.

 

Related
Transactions means the transactions contemplated by the Related Agreements. Required Lenders means, at any time, Lenders whose
aggregate Pro Rata Shares exceed 50%.

 

Restricted
Payment means (a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent) of any class of
Capital Stock of the Company or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent) of any class of Capital Stock
of the Company or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of,
any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of the Company or any of its Subsidiaries,
now or hereafter outstanding, (d) any payment with respect to any earnout obligation, (e) any payment of principal, premium, interest,
fees, or expenses in respect of any Subordinated Debt other than the Approved Subordinated Debt, (f) any prepayment of principal, premium,
interest, fees, or expenses in respect of, or any redemption, purchase, retirement, defeasance, sinking fund, or similar payment with
respect to, any Debt of the Company or any of its Subsidiaries (other than the Obligations), (g) the payment by the Company or any of
its Subsidiaries of any management, advisory or consulting fee to any Person, or (h) the payment of any extraordinary salary, bonus or
other form of compensation to any Person who is directly or indirectly a partner, shareholder, owner or executive officer of any such
Person.

 

SBA
Lender means The Bank of San Antonio.

 

Second
Amendment Closing Date means February 4, 2022.

 

Senior
Debt means at any time, without duplication, the unpaid principal amount of the Loans, all accrued and unpaid interest thereon,
and all other Debt of the Company and its Subsidiaries, determined on a consolidated basis, then outstanding; excluding (a)
Contingent Liabilities (except to the extent constituting Contingent Liabilities in respect of Debt of a Person other than any Loan
Party), (b) Hedging Obligations, (c) Debt of the Company to Wholly-Owned Subsidiaries and Debt of Subsidiaries to the Company or to
other Wholly-Owned Subsidiaries, (d) contingent obligations in respect of undrawn letters of credit and (e) Subordinated
Debt.

 

Senior
Net Leverage Ratio means, as of any date of determination with respect to the Company and its Subsidiaries, the ratio of (a) Senior
Debt as of such date minus Liquidity as of such date to (b) EBITDA for the period of four consecutive Fiscal Quarters most recently
ended on or immediately prior to such date.

 

Senior
Net Leverage Ratio Recapitalization has the meaning set forth in the Term Loan C Note.

 

Senior
Leverage Ratio means, as of any date of determination with respect to the Company and its Subsidiaries, the ratio of (a) Senior Debt
as of such date to (b) EBITDA for the period of four consecutive Fiscal Quarters most recently ended on or immediately prior to such
date.

 

    12

     

    

 

Senior
Officer means, with respect to any Loan Party, the chief executive officer of such Loan Party.

 

Servicer
means any servicer approved by the Administrative Agent in its sole discretion. Shift8 means Shift8 Networks, Inc. (d/b/a
T3 Communications), a Texas corporation.

 

Skynet
Acquisition means that certain asset Acquisition as contemplated by the Skynet Acquisition Documents.”

 

Skynet
Acquisition Agreement means that certain Asset Purchase Agreement dated on or about the Skynet Acquisition Effective Date by and
among Shift8, Paul Golibart and Jerry Ou, each an individual resident in the State of Texas, and Skynet Telecom, LLC, a Texas limited
liability company (as the same may be amended, restated or otherwise modified from time to time).

 

Skynet
Acquisition Documents means the Skynet Acquisition Agreement and any escrow agreement, representation and warranty insurance policy,
restrictive covenant agreement, bill of sale, assignment and assumption agreement, real estate contract, special warranty deed, assignment
of intellectual property, consulting agreement, management agreement, employment agreement, non-compete agreement, transition services
agreement, and side-letter agreement entered into in connection therewith and any and all of the other binding instruments and agreements
executed or delivered in connection with the Skynet Acquisition.

 

Skynet
Acquisition Effective Date means the date on which each of the conditions contained in Section 5 of the First Amendment are
satisfied in the Administrative Agent’s sole and absolute discretion.

 

State
Regulatory Agency means any state, provincial, municipal or local Governmental Authority that exercises jurisdiction over the rates
or services or the ownership, construction or operation of the business of the Company or over the Persons who own, construct or operate
the business of the Company.

 

Subordinated
Debt means any Debt of the Company and/or its Subsidiaries which (i) has subordination terms, covenants, pricing and other terms
which have been approved in writing by the Administrative Agent, and (ii) is subject to a Subordination Agreement.

 

Subordination
Agreements means all subordination agreements executed by a holder of Subordinated Debt in favor of the Administrative Agent and
the Lenders from time to time, in form and substance and on terms and conditions satisfactory to Administrative Agent.

 

Subsidiary
means, with respect to any Person, a corporation, partnership, limited liability company or other entity of which such Person owns,
directly or indirectly, such number of outstanding Capital Stock as have more than 50% of the ordinary voting power for the election
of directors or other managers of such corporation, partnership, limited liability company or other entity. Unless the context otherwise
requires, each reference to Subsidiaries herein shall be a reference to all Subsidiaries of the Company, including, without limitation,
Nexogy, Shift8, T3FL and Next Level.

 

T3FL
means T3 Communications, Inc., a Florida corporation.

 

Tax
Distributions means distributions by the Subsidiaries to the Company, which are in turn distributed by the Company to the holders
of its Capital Stock in respect of estimated and final federal, state and local income Taxes attributable to the taxable income of the
Company and its Subsidiaries for each year, taking into account prior losses that can be used to offset current Taxes due.

 

Taxes
means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

Term
Loan A means any Loan made pursuant to any Lender’s Term Loan A Commitment.

 

Term
Loan A Commitment means, as to any Lender, such Lender’s commitment to make a Term Loan A on the First Amendment Closing Date.
The amount of each Lender’s commitment to make Loans on the First Amendment Closing Date is set forth on Annex A. The aggregate
amount of the Term Loan A Commitments on the First Amendment Closing Date is $22,168,515.30.

 

Term
Loan A Note means that certain Amended and Restated Term Loan A Note made as of the First Amendment Closing Date by the Company to
the order of Lender, as the same may be amended, restated or otherwise modified from time to time, together with any joinders thereto
from time to time, substantially in the form of Exhibit A.

 

Term
Loan C means any Loan made pursuant to any Lender’s Term Loan C Commitment.

 

Term
Loan C Commitment means, as to any Lender, such Lender’s commitment to make a Term Loan C on the Second Amendment Closing Date.
The amount of each Lender’s commitment to make Loans on the Second Amendment Closing Date is set forth on Annex A. The aggregate
amount of the Term Loan C Commitments on the Second Amendment Closing Date is $10,000,000.

 

    13

     

    

 

Term
Loan C Note means that certain Term Loan C Note made as of the Second Amendment Closing Date by the Company to the order of Lender,
as the same may be amended, restated or otherwise modified from time to time, together with any joinders thereto from time to time, substantially
in the form of Exhibit B.

 

Total
Debt means at any time, without duplication, the unpaid principal amount of the Loans, all accrued and unpaid interest thereon, and
all other Debt of the Company and its Subsidiaries, determined on a consolidated basis, then outstanding; excluding (a) Contingent Liabilities
(except to the extent constituting Contingent Liabilities in respect of Debt of a Person other than any Loan Party), (b) Hedging Obligations,
(c) Debt of the Company to Wholly-Owned Subsidiaries and Debt of Subsidiaries to the Company or to other Wholly-Owned Subsidiaries, and
(d) contingent obligations in respect of undrawn letters of credit.

 

UCC
is defined in the Guaranty and Collateral Agreement.

 

Unfinanced
Capital Expenditures means, for any period, all Capital Expenditures other than Financed Capital Expenditures for such period.

 

Unmatured
Event of Default means any event that, if it continues uncured, will, with lapse of time or notice or both, constitute an Event of
Default.

 

Warrants
means the Warrants issued by the Parent to the Lenders.

 

Withdrawal
Liability means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as
such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

Wholly-Owned
Subsidiary means, as to any Person, a Subsidiary all of the Capital Stock of which (except directors’ qualifying Capital Stock)
are at the time directly or indirectly owned by such Person and/or another Wholly-Owned Subsidiary of such Person.

 

1.2
Other Interpretive Provision.

 

(a)
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)
Section, Annex, Schedule and Exhibit references are to this Agreement unless otherwise specified.

 

(c)
The term “including” is not limiting and means “including without limitation.”

 

(d)
In the computation of periods of time from a specified date to a later specified date, the word “from” means
“from and including”; the words “to” and “until” each mean “to but excluding”, and
the word “through” means “to and including.”

 

(e)
Unless otherwise expressly provided herein, (i) references to agreements (including this Agreement and the other Loan Documents) and
other contractual instruments shall be deemed to include all subsequent amendments, restatements, supplements and other modifications
thereto, but only to the extent such amendments, restatements, supplements and other modifications are not prohibited by the terms of
any Loan Document, and (ii) references to any statute or regulation shall be construed as including all statutory and regulatory provisions
amending, replacing, supplementing or interpreting such statute or regulation.

 

(f)
This Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar
matters. All such limitations, tests and measurements are cumulative and each shall be performed in accordance with its terms.

 

(g)
This Agreement and the other Loan Documents are the result of negotiations among and have been reviewed by counsel to the Administrative
Agent, the Company, the Lenders and the other parties thereto and are the products of all parties. Accordingly, they shall not be construed
against the Administrative Agent or the Lenders merely because of the Administrative Agent’s or Lenders’ involvement in their
preparation.

 

(h)
Unless the context otherwise requires, accounting terms herein that are not defined herein shall be determined under GAAP. All financial
measurements contemplated hereunder respecting the Company shall be made and calculated on a consolidated basis in accordance with GAAP
unless expressly provided otherwise herein. Notwithstanding the foregoing, all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election
under Statement of Financial Accounting Standards 159 (Codification of Accounting Standards 825-10) to value any indebtedness or other
liabilities of the Company or any Subsidiary at “fair value”, as defined therein.

 

1.3
Change in Accounting Principles. If, after the date of this Agreement, there shall occur any change in GAAP from those used in
the preparation of the financial statements required to be delivered to the Administrative Agent hereunder and such change shall result
in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Company or the
Required Lenders may by notice to the Lenders and the Company, respectively, require that the Lenders and the Company negotiate in good
faith to amend such covenants, standards, and terms so as equitably to reflect such change in accounting principles, with the desired
result being that the criteria for evaluating the financial condition of the Loan Parties shall be the same as if such change had not
been made. No delay by the Company or the Required Lenders in requiring such negotiation shall limit their right to so require such a
negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is amended in accordance
with this Section 1.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change
in accounting principles. Without limiting the generality of the foregoing, the Company shall neither be deemed to be in compliance with
any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance,
as the case may be, would not exist but for the occurrence of a change in accounting principles after the date hereof.

 

    14

     

    

 

ARTICLE
II

E.
COMMITMENTS OF THE LENDERS; EVIDENCE OF LOANS

 

2.1
Commitments of the Lenders.

 

(a)
Closing Date Commitments. Subject to the terms and conditions herein set forth, including those set forth in Section 12.1,
each Lender hereby agrees severally, but not jointly, to make a Loan directly (and not through the Administrative Agent) to the Company
on the Closing Date in an amount equal to such Lender’s Pro Rata share of the aggregate Closing Date Commitments. The Closing Date
Commitments of the Lenders shall expire concurrently with the disbursement of the Closing Date Loans on the Closing Date.

 

(b)
Delayed Draw Commitments. Subject to the terms and conditions herein set forth, each Lender hereby agrees severally, but not jointly,
to make Loans directly (and not through the Administrative Agent) to the Company from time to time in an amount equal to such Lender’s
Pro Rata share of the aggregate Delayed Draw Commitments. The Delayed Draw Commitments of the Lenders shall expire on the last day of
the Delayed Draw Commitment Period. In addition to the Company satisfying the conditions to the making of a Delayed Draw Loan set forth
in Section 12.2:

 

(i)
The aggregate principal amount of each Delayed Draw Loan shall be for no less than $1,000,000 (or a larger multiple of $1,000,000); and

 

(ii)
No more than one Delayed Draw Loan may be requested in any single calendar month.

 

As
of the First Amendment Closing Date, the Delayed Draw Commitment has been fully funded.

 

(c)
Each request for a Loan must be made by the Company in writing to the Administrative Agent, such Borrowing Request shall be in the form
attached hereto as Exhibit F setting forth, among other things, (A) the proposed Funding Date, (B) the aggregate principal amount
of such requested Loans, and (C) the wire instructions for Company’s account where funds should be sent. With respect to the Delayed
Draw Loan, such Borrowing Request shall be made to the Administrative Agent at least 30 days prior to the proposed Delayed Draw Date.
Following receipt of a Borrowing Request, the Administrative Agent shall notify the Lenders of their pro rata share of such Funding;

 

(d)
Each Lender shall make available all amounts it is to fund to Company in immediately available funds and will remit such amounts, in
immediately available funds and in Dollars to Company, by remitting the same to such Persons and such accounts as may be designated by
Company to the Administrative Agent in writing. The failure of any Lender to make available the amounts it is to fund to Company hereunder
or to make a payment required to be made by it under any credit document shall not relieve any other Lender of its obligations under
any credit document, but no Lender shall be responsible for the failure of any other Lender to make any payment required to be made by
such other Lender under any credit document.

 

(e)
General. The failure of any Lender to make its Loan on the Closing Date or a Delayed Draw Date (as applicable) shall not relieve
any other Lender of its obligation (if any) to make its Loan on such date, but no Lender shall be responsible for the failure of any
other Lender to make any Loan to be made by such other Lender. Any Loan which is repaid or prepaid may not be reborrowed.

 

2.2
Notes. If requested by a Lender, such Lender’s Loan shall be evidenced by a Note, with appropriate insertions, payable to
the order of such Lender in a face principal amount equal to the sum of such Lender’s Loan.

 

2.3
Recordkeeping. The Administrative Agent, on behalf of each Lender, shall record in the Register, the date and amount of the Loan
made by each Lender, each repayment thereof and the amount of any principal or interest due and payable or to become due and payable
from the Company to each Lender hereunder. The amounts so recorded shall be rebuttably presumptive evidence of the principal amount of
the Loans owing and unpaid and accrued and unpaid interest thereon. The failure to so record any such amount or any error in so recording
any such amount shall not, however, limit or otherwise affect the Obligations of the Company hereunder or under any Note to repay the
principal amount of the Loans hereunder, together with all interest accruing thereon. In the event of any discrepancy between records
kept by a Lender and the Register, the amounts recorded by the Administrative Agent in the Register shall control.

 

F.
ARTICLE III

INTEREST

 

3.1
Interest. Subject to Section 3.2, the unpaid principal amount of the Loans shall bear interest at the rate described in
the applicable Note.

 

3.2
Default Interest. Notwithstanding Section 3.1, if any Event of Default shall occur and be continuing, at the election of
the Required Lenders in their sole discretion, the unpaid Obligations shall bear interest at the Default Rate, retroactive to the date
such Event of Default occurred or such later date as the Required Lenders may specify, provided that such increase may thereafter
be rescinded by the Required Lenders, notwithstanding Section 15.1. Notwithstanding the foregoing, upon the occurrence of an Event
of Default under Sections 13.1.1 or 13.1.4, such increase shall occur automatically.

 

3.3
Interest Payments; PIK. The Company promises to pay accrued interest on each Loan in arrears on each Interest Payment Date and
at maturity provided that, so long as no Event of Default exists and is continuing, at the Company’s option and upon five
(5) Business Days’ prior written notice to the Administrative Agent, the Company may elect to defer until the Maturity Date payment
of accrued and unpaid interest otherwise due and payable with respect to any Loan on the Interest Payment Election Date at a per annum
rate of: (i) from the Closing Date through and including the first anniversary thereof, up to 5.0%, (ii) from the day after the first
anniversary of the Closing Date through and including the second anniversary of the Closing Date, up to 4.0%, and (iii) from the day
after the second anniversary of the Closing Date through and including the third anniversary of the Closing Date, up to 3.0%. All accrued
and unpaid interest the payment of which is so deferred shall (a) be compounded and added to the unpaid principal balance of the applicable
Loan on the applicable Interest Payment Date, (b) itself accrue interest at the rate then applicable under Section 3.1 and (c)
be paid as otherwise required by the terms of this Agreement. After maturity, and at any time an Event of Default exists and is continuing,
the Company promises to pay accrued interest on the applicable Loan on demand by the Administrative Agent. Notwithstanding the foregoing,
any cash interest paid by the Company in respect of Term Loan C prior to the date of any prepayment required by Section 6.2(b)
of this Agreement shall reduce the final payment due on the Maturity Date of Term Loan C by such amount.

    15

     

    

 

3.4
Computation of Interest. Interest and fees shall be computed for the actual number of days elapsed on the basis of a year of 360
days.

 

3.5
Maximum Rate. This Agreement, the Notes and the other Loan Documents are hereby limited by this Section 3.5. In no event,
whether by reason of acceleration of the maturity of the amounts due hereunder or otherwise, shall interest and fees contracted for,
charged, received, paid, or agreed to be paid to the Administrative Agent and/or the Lenders exceed the maximum amount permissible under
applicable law. If, from any circumstance whatsoever, interest and fees would otherwise be payable to the Administrative Agent and/or
the Lenders in excess of the maximum amount permissible under applicable law, the interest and fees shall be reduced to the maximum amount
permitted under applicable law. If from any circumstance, the Administrative Agent and/or the Lenders shall have received anything of
value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to such excess interest shall be applied
to the reduction of the principal amount of the Loans, in such order and manner as may be determined by the Administrative Agent, and
not to the payment of fees or interest, and if such excessive interest exceeds the unpaid balance of the principal amount of the Loans,
such excess shall be refunded to the Loan Parties.

 

G.
ARTICLE IV

FEES;
PREMIUM

 

4.1
Administrative Agent’s Fees. The Company agrees to pay to the Administrative Agent such fees as are mutually agreed to from
time to time by the Company and the Administrative Agent, including a $25,000 administrative fee on the Closing Date and on the first
day of each calendar quarter thereafter, which fee shall be fully earned when due and payable and shall be nonrefundable and non-proratable.

 

4.2
Original Issue Discount. The Company agrees that the Lenders are issuing each of the Loans at an original issue discount of 2.50%
on the aggregate Commitments. Accordingly, the Company agrees that each original issue discount amount shall be net funded to the Administrative
Agent for the benefit of Lenders.

 

4.3
Unused Facility Fee. The Company shall pay to the Administrative Agent, for the ratable benefit of the Lenders, a commitment fee
at an annual rate equal to the average daily amount of the unused aggregate Delayed Draw Commitments during the Delayed Draw Commitment
Period multiplied by 0.5%. Accrued commitment fees shall be payable monthly in arrears on the first Business Day of each month and on
the last day of the Delayed Draw Commitment Period based upon the average daily unused amount of the Delayed Draw Commitments during
the prior month (or the portion of the current month in the case of the commitment fee payable on the last day of the Delayed Draw Commitment
Period), which fee shall be fully earned when due and payable and shall be nonrefundable and non-proratable.

 

4.4
Premium. Concurrently with each prepayment of the Loans (other than Term Loan C (unless the Senior Net Leverage Ratio Recapitalization
occurs in accordance with the Term Loan C Note) and regularly scheduled installments and mandatory prepayments under Section 6.2),
whether such prepayment occurs prior to, on or after the Maturity Date, the Company agrees to pay to the Administrative Agent, for the
ratable benefit of the Lenders, a premium (“Premium”) equal to:

 

	Prepayment
    Timing:	 	Applicable
    Premium:
	On
    or before November 17, 2021	 	12.0%
    of the principal amount of the Loans being prepaid
	From
    and after November 17, 2021 but on or before November 16, 2022	 	10.0%
    of the principal amount of the Loans being prepaid
	From
    and after November 17, 2022 but on or before November 16, 2023	 	8.0%
    of the principal amount of the Loans being prepaid
	From
    and after November 17, 2023	 	0.00%
    of the principal amount of the Loans being prepaid

 

For
the avoidance of doubt, if the Senior Net Leverage Ratio Recapitalization occurs in accordance with the Term Loan C Note, then any amount
of Term Loan C that is added to Term Loan A shall thereafter be subject to the Premium set forth in this Section 4.4.

 

4.5
Servicing Fees. Pursuant to Section 14.5, the Administrative Agent has delegated to its Servicer certain of its obligations
to monitor the Loans, to prepare and send invoices to the Company, to collect payments from the Company, to apportion among, and remit
payments to, the Lenders, and to maintain the Register. The Company agrees to pay directly to Servicer, as and when invoiced, up to $20,000
per annum for these services, plus the Servicer’s one time fees associated with initial servicing and administration in an amount
equal to $5,000. The Company shall continue these payments until the Obligations are Paid in Full or the Company is notified by the Administrative
Agent that the Servicer is no longer performing these functions.

 

H.
ARTICLE V

REPAYMENTS

 

5.1
Payment at Maturity. Unless sooner Paid in Full, the outstanding principal balance of the Loans and all other unpaid Obligations,
together with all accrued and unpaid interest thereon, shall be due and payable in full on the applicable Maturity Date.

 

I.
ARTICLE VI

PREPAYMENTS

 

6.1
Voluntary Prepayments. The Company from time to time voluntarily may prepay the Loans in whole or in part; provided that
the Company shall give the Administrative Agent (who shall promptly advise each Lender) written notice thereof not later than 11:00 a.m.,
New York time, at least five (5) Business Days prior to the date of such prepayment (which shall be a Business Day), specifying the date
and amount of prepayment. Any partial prepayment shall be in an amount equal to $1,000,000 or a higher integral multiple of $1,000,000.
Each prepayment of the Loans shall be accompanied by accrued and unpaid interest on the principal amount of the Loans being prepaid through
the date of prepayment, any applicable Premium, and all other Obligations which then are due and payable.

 

    16

     

    

 

6.2
Mandatory Prepayments.

 

(a)
The Company shall prepay the Loans until Paid in Full:

 

(i)
concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any Asset Disposition in excess of $200,000 in the aggregate
in any single Fiscal Year, in an amount equal to 100% of such Net Cash Proceeds;

 

(ii)
concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any issuance of Capital Stock of any Loan Party (excluding
(A) any issuance of Permitted Capital Stock of the Company pursuant to any employee or director option program, benefit plan, or compensation
program, up to an aggregate amount of $200,000 in any Fiscal Year, (B) any issuance of Permitted Capital Stock of the Company, the Net
Cash Proceeds of which are used by the Company to make Financed Capital Expenditures, and (C) the issuance of any Capital Stock pursuant
to Section 11.5(d)) in an amount equal to 100% of all such Net Cash Proceeds received by the Loan Parties after the Closing Date;

 

(iii)
concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any issuance of any Debt of any Loan Party (excluding Debt
permitted by Section 11.1), in an amount equal to 100% of all such Net Cash Proceeds;

 

(iv)
concurrently with the receipt by any Loan Party of any Net Cash Proceeds from any Insurance Proceeds as a result of an Event of Loss,
if the aggregate amount of such Net Cash Proceeds received by the Loan Parties in connection with such Event of Loss and all other Events
of Loss occurring during the current Fiscal Year exceeds $200,000.00, in an amount equal to 100% of such excess; provided, that, if no
Event of Default exists at the time of receipt of any such Net Cash Proceeds, subject to the prior written approval of the Administrative
Agent in its reasonable discretion, such prepayment shall not be required to the extent the Company reinvests the Net Cash Proceeds of
such Event of Loss in productive assets useful in the business of the Company or any of its Subsidiaries within 90 days after the date
of such Event of Loss or enters into a binding commitment therefor within said 90 day period and promptly thereafter makes such reinvestment.

 

(b)
Until Term Loan C shall have been Paid in Full, notwithstanding Section 6.2(a)(ii) above, the Company shall prepay Term Loan C
in an amount not less than $3,500,000.00 plus any applicable MOIC concurrently with the receipt by any Loan Party of any Net Cash
Proceeds from each issuance of Capital Stock of any Loan Party.

 

(c)
Concurrently with the twelve (12) month anniversary of the Second Amendment Closing Date, the Company shall have repaid not less than
$7,000,000.00 in the aggregate with respect to Term Loan C.

 

The
Company will give the Administrative Agent at least five (5) Business Days’ prior written notice of each mandatory prepayment.

 

6.3
Application of Prepayments. All prepayments shall be applied as follows:

 

(a)
first, to all fees (other than Premium) and expenses then due and owing to the Administrative Agent and the Lenders;

 

(b)
second, to accrued and unpaid interest on Term Loan C;

 

(c)
third, to any unpaid applicable MOIC then due and owing with respect to Term Loan C;

 

(d)
fourth, to the remaining scheduled installments of principal of Term Loan C in the inverse order of maturity, unless an Event of Default
exists, in which case the provisions of Section 7.2 shall be applicable with respect to application of the proceeds thereof;

 

(e)
fifth, to accrued and unpaid interest on Term Loan A and the Delayed Draw Loan on a pari passu basis;

 

(f)
sixth, to any unpaid applicable Premium then due and owing with respect to Term Loan A and the Delayed Draw Loan on a pari passu
basis;

 

(g)
last, to the remaining scheduled installments of principal of Term Loan A and the Delayed Draw Loan on a pari passu basis in the
inverse order of maturity, unless an Event of Default exists, in which case the provisions of Section 7.2 shall be applicable with respect
to application of the proceeds thereof.

 

    17

     

    

 

ARTICLE
VII

J.
MAKING AND PRORATION OF PAYMENTS; TAXES.

 

7.1
Making of Payments. All payments of principal or interest on the Loans, and of all fees and expenses, shall be made by the Company
to the Administrative Agent in immediately available funds at the office specified by the Administrative Agent not later than 2:00 p.m.,
New York time, on the date due; and funds received after that hour in the discretion of the Administrative Agent may be deemed to have
been received by the Administrative Agent on the following Business Day. The Administrative Agent shall promptly remit to each Lender
its share of all such payments received in collected funds by the Administrative Agent for the account of such Lender. All payments under
Section 8.1 shall be made by the Company directly to the Lender entitled thereto without setoff, counterclaim or other defense.

 

7.2
Application of Certain Payments. So long as no Event of Default has occurred and is continuing, (a) payments matching specific
scheduled payments then due shall be applied to those scheduled payments and (b) voluntary and mandatory prepayments shall be applied
as set forth in Section 6.3. After the occurrence and during the continuance of an Event of Default, all amounts collected or
received by the Administrative Agent or any Lender from the Company, any Loan Party, or as proceeds from the sale of, or other realization
upon, all or any part of the Collateral or their other assets shall be applied prior to an acceleration of the Obligations as the Administrative
Agent shall determine in its discretion, or, in the absence of a specific determination by the Administrative Agent, as set forth in
the Guaranty and Collateral Agreement. Concurrently with each remittance to any Lender of its share of any such payment, the Administrative
Agent shall advise such Lender as to the application of such payment.

 

7.3
Due Date Extension. If any payment of principal or interest with respect to any of the Loans, or of any fees, falls due on a day
which is not a Business Day, then such due date shall be extended to the immediately following Business Day and, in the case of principal,
additional interest shall accrue and be payable for the period of any such extension.

 

7.4
Proration of Payments. If any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application
of offset, counterclaim, or otherwise), on account of principal of or interest on any Loan, but excluding any payment pursuant to Section
8.2 or 15.5, in excess of its applicable Pro Rata Share of payments and other recoveries obtained by all Lenders on account
of principal of and interest on the Loans then held by them, then such Lender shall notify the Administrative Agent, in writing, of such
fact, and shall purchase (for cash at face value) from the other Lenders such participations in the Loans held by them, or make such
other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans; provided that (a) if any such participations
are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest; and (b) the provisions of this paragraph shall not be construed
to apply to (i) any payment made by the Company pursuant to and in accordance with the express terms of this Agreement, or (ii) any payment
obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any Assignee or Participant,
other than to the Company or any Subsidiary thereof (as to which the provisions of this paragraph shall apply). The Company consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Company rights of setoff and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of the Company in the amount of such participation.

 

7.5
Setoff. All payments made by the Company hereunder or under any Loan Document shall be made without setoff, counterclaim, or other
defense. The Company, for itself and each other Loan Party, agrees that the Administrative Agent and each Lender have all rights of set-off
and bankers’ lien provided by applicable law, and in addition thereto, the Company, for itself and each other Loan Party, agrees
that at any time any Event of Default exists, the Administrative Agent and each Lender may apply to the payment of any Obligations of
the Company and each other Loan Party hereunder, whether or not then due, any and all balances, credits, deposits, accounts or moneys
of the Company and each other Loan Party then or thereafter with the Administrative Agent or such Lender.

 

7.6
Taxes.

 

7.6.1
Payments Free of Taxes. Any and all payments by or on account of any obligation of the Company hereunder or under any other Loan
Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that
if the Company shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent or any Lender, as the case may be, receives an amount equal to the
sum it would have received had no such deductions been made, (ii) the Company shall make such deductions and (iii) the Company shall
timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

7.6.2
Payment of Other Taxes by the Company. Without limiting the provisions of Section 7.6.1 above, the Company shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

7.6.3
Indemnification by the Company. The Company shall indemnify the Administrative Agent and each Lender, within five (5) days after
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this Section 7.6) paid by the Administrative Agent or such Lender, as the case may
be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of
such payment or liability delivered to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

7.6.4
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Company to a Governmental
Authority, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment satisfactory to the
Administrative Agent.

    18

     

    

 

7.6.5
Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the
jurisdiction in which the Company is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to
payments hereunder or under any other Loan Document shall deliver to the Company (with a copy to the Administrative Agent), at the time
or times prescribed by applicable law or reasonably requested by the Company or the Administrative Agent, such properly completed and
executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate
of withholding. In addition, any Lender, if requested by the Company or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative
Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.

 

Without
limiting the generality of the foregoing, in the event that the Company is resident for tax purposes in the United States of America,
any Foreign Lender shall deliver to the Company and the Administrative Agent (in such number of copies as shall be requested by the recipient)
on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
request of the Company or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following
is applicable:

 

(i)
duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN claiming eligibility for benefits of an income tax treaty to
which the United States of America is a party;

 

(ii)
duly completed copies of Internal Revenue Service Form

 

(iii)
in the case of a Foreign Lender claiming the benefits of W-8ECI; the exemption for portfolio interest under section 881(c) of the Code,
(x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of the Company within the meaning of section 881(c)(3)(B) of the Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of Internal
Revenue Service Form W-8BEN; or

 

(iv)
any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States Federal withholding
tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Company to determine
the withholding or deduction required to be made.

 

7.6.6
Compliance with FATCA. If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained
in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with
their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 7.6.6, “FATCA” shall include
any amendments made to FATCA after the date of this Agreement.

 

7.6.7
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor,
for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), and (ii) any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable
expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent
shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other
source against any amount due to the Administrative Agent under this Section 7.6.7.

 

7.6.8
Treatment of Certain Refunds. If the Administrative Agent or a Lender determines, in its sole discretion, that it has received
a refund of any Taxes or Other Taxes as to which it has been indemnified by the Company or with respect to which the Company has paid
additional amounts pursuant to this Section, it shall pay to the Company an amount equal to such refund (but only to the extent of indemnity
payments made, or additional amounts paid, by the Company under this Section 7.6 with respect to the Taxes or Other Taxes giving
rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that the Company,
upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Company (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed
to require the Administrative Agent or any Lender or to make available its tax returns (or any other information relating to its taxes
that it deems confidential) to the Company or any other Person.

 

    19

     

    

 

K.
ARTICLE VIII

INCREASED
COSTS

 

8.1
Increased Costs.

 

8.1.1
Generally. If any Change in Law shall:

 

(i)
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender;

 

(ii)
subject any Lender to any tax of any kind whatsoever with respect to this Agreement, or any Loan made by it, or change the basis of taxation
of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by Section 7.6 and the imposition
of, or any change in the rate of, any Excluded Tax payable by such Lender); or

 

(iii)
impose on any Lender any other condition, cost or expense affecting this Agreement or Loans made by such Lender; and the result of any
of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan or of maintaining
its obligation to make any such Loan, or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable
by such Lender hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Company will pay
to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

8.1.2
Capital Requirements. If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender
or such Lender’s holding company, if any, regarding capital requirements, has or would have the effect of reducing the rate of
return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement,
the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such
Lender’s holding company with respect to capital adequacy), then from time to time the Company will pay to such Lender such additional
amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered.

 

8.1.3
Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender
or its holding company as specified in Section 8.1.1 or 8.1.2 and delivered to the Company shall be conclusive absent manifest
error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

8.1.4
Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s right to demand such compensation; provided that the Company shall not be required to compensate
a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that
such Lender notifies the Company of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s intention
to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then
the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

 

8.2
Mitigation of Circumstances; Replacement of Lenders.

 

8.2.1
Mitigation of Circumstances. If any Lender requests compensation under Section 8.1, or requires the Company to pay additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 7.6, then such Lender shall
(at the request of the Company) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder
or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender,
such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 8.1 or Section 7.6, as
the case may be, in the future, and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection
with any such designation or assignment.

 

8.2.2
Replacement of Lenders. If any Lender requests compensation under Section 8.1, or if the Company is required to pay additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 7.6 and, in each case, such
Lender has declined or is unable to designate a different lending office in accordance with Section 8.2.1, or if any Lender is
a Non-Consenting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 15.5), all of its interests, rights and obligations under this Agreement and the related Loan Documents to
an Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that:

 

(i)
the Company shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 15.5;

 

(ii)
such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued
fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Company (in the case of all other amounts);

 

(iii)
in the case of any such assignment resulting from a claim for compensation under Section 8.1 or payments required to be made pursuant
to Section 7.6, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)
such assignment does not conflict with applicable law; and

 

(v)
in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

    20

     

    

 

A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Company to require such assignment and delegation cease to apply.

 

8.3
Conclusiveness of Statements; Survival of Provisions. Determinations and statements of any Lender pursuant to Section 8.1
shall be conclusive absent demonstrable error. Lenders may use reasonable averaging and attribution methods in determining compensation
under Section 8.1, and the provisions of such Sections shall survive repayment of the Obligations, cancellation of any Notes,
and termination of this Agreement.

 

L.
ARTICLE IX

REPRESENTATIONS
AND WARRANTIES.

 

To
induce the Administrative Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans, until the expiration
or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are Paid in Full,
each Loan Party (and, to the extent applicable, Parent), jointly and severally, represents and warrants to the Administrative Agent and
the Lenders that:

 

9.1
Organization; Locations of Executive Office; FEIN. Each Loan Party is validly existing and in good standing under the laws of
its jurisdiction of organization; and each Loan Party is duly qualified to do business in each jurisdiction where, because of the nature
of its activities or properties, such qualification is required, except for such jurisdictions where the failure to so qualify could
not reasonably be expected to have a Material Adverse Effect. Schedule 9.1 sets forth as of the Closing Date (a) the jurisdiction
of organization of each Loan Party, (b) each Loan Party’s chief executive office, (c) each Loan Party’s exact legal name
as it appears on its organizational documents, (d) each Loan Party’s organizational identification number (to the extent such Loan
Party is organized in a jurisdiction which assigns such numbers) and (e) each Loan Party’s federal employer identification number.
Each Loan Party was formed in compliance with all applicable Laws. The Company owns and controls (i) no less than 100% of the voting
and non-voting Capital Stock of each of T3FL, Nexogy, Shift8 and Next Level, (ii) voting Capital Stock of each of T3FL, Nexogy, Shift8
and Next Level in an amount sufficient to elect, or to have the right and power to designate, at least a majority of the Board of each
of T3FL, Nexogy, Shift8 and Next Level, and (iv) directly or indirectly, owns and controls 100% of each class of the outstanding Capital
Stock of any other Subsidiary. The Parent owns and controls (i) no less than 80.01% of the voting and non-voting Capital Stock of the
Company, and the Minority T3NV Shareholders own, in the aggregate, 19.99% of the voting and non-voting Capital Stock of the Company and
(ii) 100% of the voting and non-voting Capital Stock of Digerati Networks, Inc., a Texas corporation.

 

9.2
Equity Ownership; Subsidiaries. All issued and outstanding Capital Stock of each Loan Party are duly authorized and validly issued
and free and clear of all Liens (except those in favor of the Administrative Agent), and such securities were issued in compliance with
all applicable state and federal laws concerning the issuance of securities. Schedule 9.2 sets forth as of the Closing Date the
authorized Capital Stock of each Loan Party (including the Company), all of the issued and outstanding Capital Stock of each Loan Party
and the legal and beneficial owners thereof. The Company and the Parent does not have and shall not have (after the Closing Date) Subsidiaries
that are not Wholly-Owned Subsidiaries, except as otherwise described in Section 9.1. As of the Closing Date, except as set forth
on Schedule 9.2, there are no pre-emptive or other outstanding rights, options, warrants, conversion rights or other similar agreements
or understandings for the purchase or acquisition of any Capital Stock of any Loan Party.

 

9.3
Authorization; No Conflict. Each Loan Party and the Parent is duly authorized to execute and deliver each Loan Document to which
it is a party, the Company is duly authorized to borrow monies hereunder and each Loan Party and the Parent is duly authorized to perform
its Obligations under each Loan Document to which it is a party. The execution, delivery and performance by each Loan Party and the Parent
of each Loan Document to which it is a party, and the borrowings by the Company of the Loans, do not and will not, with respect to each
Loan Party: (a) require any consent or approval of, or any filing with, any Governmental Authority (other than any consent or approval
which already has been obtained and is in full force and effect, or any action or filing which has been taken), except for (i) certain
filings to establish and perfect the Liens in favor of the Administrative Agent, (ii) filing of certain of the Loan Documents with any
Governmental Authority, (iii) any State Regulatory Agency or any other Governmental Authority authorizations and filings required from
time to time in the ordinary course of business of the Loan Parties, and (iv) for any State Regulatory Agency or any other Governmental
Authority approvals in connection with the exercise of certain rights or remedies under the Loan Documents; (b) (i) contravene any provision
of law, (ii) contravene or result in a default under the charter, by- laws, limited liability company agreement or other organizational
documents of any Loan Party or the Parent or any of the Equity Documents, or (iii) violate, conflict with, or result in a breach of any
material agreement, indenture, instrument or other document, or any judgment, order or decree, which is binding upon any Loan Party or
the Parent or any of their respective properties, or (c) require, or result in, the creation or imposition of any Lien on any asset of
any Loan Party, other than Liens in favor of the Administrative Agent created pursuant to the Collateral Documents.

 

9.4
Validity and Binding Nature. Each of this Agreement, each other Loan Document to which any Loan Party or the Parent is a party
is the legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, subject to bankruptcy,
insolvency and similar laws affecting the enforceability of creditors’ rights generally and to general principles of equity (regardless
of whether considered in a proceeding in equity or at law).

 

9.5
Financial Condition. The audited consolidated financial statements of the Company and the Subsidiaries of the Company (with the
exception of Nexogy) at the time of such financial statements, for the twelve-month period ending December 31, 2019, copies of each of
which have been delivered to each Lender, were prepared in accordance with the Company’s past accounting practices consistently
applied and present fairly the consolidated financial condition of the Company and its Subsidiaries as at such dates and the results
of their operations for the periods then ended. The projections of the future operations of the Loan Parties provided by the Company
to the Lenders prior to the Closing Date are based on assumptions believed by the Company to be reasonable in light of current facts
and circumstances and represent the best estimates of the Company as of the Closing Date of the future financial performance of the Loan
Parties, it being acknowledged by the Administrative Agent and the Lenders that such financial projections are no guarantee of future
results, that actual financial performance may differ from that projected, and that the projections are subject to the uncertainty inherent
in any financial projection.

 

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9.6
No Material Adverse Change. Since December 31, 2019, there has been no material adverse change in the financial condition, operations,
assets, business, or properties of the Loan Parties, individually or in the aggregate.

 

9.7
Litigation and Contingent Liabilities. No litigation, arbitration proceeding or governmental investigation or proceeding is pending
or, to the knowledge of the Company, threatened against any Loan Party or the Parent which could reasonably be expected to have a Material
Adverse Effect. Neither the Parent nor any Loan Party has any Contingent Liabilities which could reasonably be likely to have a Material
Adverse Effect.

 

9.8
Ownership of Properties; Liens. Each Loan Party and the Parent owns good and, in the case of real property, marketable, title
to, or holds valid leasehold interests in, all of its properties and assets, real and personal, tangible and intangible, of any nature
whatsoever, free and clear of all Liens, charges and claims (including infringement claims with respect to patents, trademarks, service
marks, copyrights and the like), except for Permitted Liens. There are no financing statements, mortgages or similar documents executed
by the Company or any of its Subsidiaries or of public record against the Company or any of its Subsidiaries, except with respect to
Permitted Liens.

 

9.9
Business, Property and Licenses of the Loan Parties.

 

9.9.1
Business and Property. Upon the Closing the Company will be the owner or lessee of all property and will hold, or will hold the
Capital Stock of a Subsidiary which holds, all licenses and permits necessary to conduct the Company operations, in each case in conformity
in all material respects with all applicable laws. The Company does not engage or propose to engage in any business activity, and does
not own any property, other than its ownership of the Capital Stock of its Subsidiaries and activities and property incidental and ancillary
to maintenance of its existence as an entity and its status as a holding company.

 

9.9.2
Business Locations. There is set forth in Schedule 9.9.2 the common address, as of the Closing Date, of the chief executive
office of each Loan Party and the places where each Loan Party’s books and records are kept. Schedule 9.9.2 indicates whether
such location is owned or leased by a Loan Party. If such location is owned, there is attached to Schedule 9.9.2 a complete and
accurate legal description of such real property. If such location is leased, there is set forth in Schedule 9.9.2 a description
of such lease, including the date of such lease, the landlord’s name and address, the monthly rent due under such lease, and the
remaining term and expiration date of such lease. Each such lease is in full force and effect, there has been no material default in
the performance of any of its terms or conditions by the applicable Loan Party, or, to the knowledge of the Company, any other party
thereto, and no claims of default have been asserted in writing with respect thereto. To the Company’s knowledge, the present and
contemplated use of its owned and leased real estate is in compliance in all material respects with applicable zoning ordinances and
other laws and regulations.

 

9.9.3
Equipment. All of the equipment now owned, or which will be owned by any Loan Party on the Closing Date, are, or upon the acquisition
thereof on the Closing Date, will be, in good operating condition and repair (normal wear and tear excepted), and have been used, operated
and maintained in compliance in all material respects with applicable laws and regulations.

 

9.9.4
Intellectual Property. The Loan Parties own and possess or have valid licenses or other rights to use all patents, trademarks,
trade names, service marks and copyrights as are necessary for the conduct of their business, without any infringement upon rights of
others.

 

9.9.5
Accounts. Schedule 9.9.5 lists all banks and other financial institutions at which any Loan Party maintains any deposit,
securities, and other accounts as of the Closing Date, and correctly identifies the name, address and any other relevant contact information
with respect to each bank or other financial institution, the name in which the account is held, a description of the purpose of the
account, and the complete account number therefor.

 

9.9.6
Material Contracts. All Material Contracts to which any Loan Party is a party as of the Closing Date, are described on Schedule
9.9.6. The Company has delivered true and correct copies of each such Material Contract to the Administrative Agent. Except as set
forth on Schedule 9.9.6, as of the Closing Date each such Material Contract is in full force and effect, each party has made all
payments due thereunder on a timely basis, and no party is in breach or default of its obligations thereunder. Attached to Schedule
9.9.6 is a copy of the Company’s standard form customer contract.

 

9.10
Insurance. Set forth on Schedule 9.10 is a complete and accurate summary of the property and casualty insurance program
of the Company and its Subsidiaries as of the Closing Date (including the names of all insurers, policy numbers, expiration dates, amounts
and types of coverage, annual premiums, exclusions, deductibles, self-insured retention, and a description in reasonable detail of any
self-insurance program, retrospective rating plan, fronting arrangement or other risk assumption arrangement involving the Company or
any of its Subsidiaries). Each Loan Party and its properties are insured with financially sound and reputable insurance companies with
at least an “A” rating by Best’s Rating Services which are not Affiliates of the Loan Parties, in such amounts, with
such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar properties
in localities where such Loan Parties operate.

ss

9.11
Labor Matters. No Loan Party is subject to any labor or collective bargaining agreement. There are no existing or, to the knowledge
of the Company, threatened strikes, lockouts or other labor disputes involving any Loan Party. Hours worked by and payment made to employees
of the Loan Parties are not in violation of the Fair Labor Standards Act or any other applicable law, rule or regulation dealing with
such matters.

 

9.12
Pension Plans. No Loan Party is a party or subject to any Plan.

 

9.13
Investment Company Act. No Loan Party is an “investment company” or a company “controlled” by an “investment
company” or a “subsidiary” of an “investment company,” within the meaning of the Investment Company Act
of 1940.

 

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9.14
Public Utility Holding Company Act. No Loan Party is a “holding company”, or a “subsidiary company” of
a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company”
of a “holding company,” within the meaning of the Public Utility Holding Company Act of 2005.

 

9.15
Regulation U. The Company is not engaged principally, or as one of its important activities, in the business of extending credit
for the purpose of purchasing or carrying Margin Stock.

 

9.16
Foreign Assets Control Regulations and Anti-Money Laundering. No Loan Party is (a) a person whose property or interest in property
is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Party and Prohibiting
Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (b) a person who engages
in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in any
manner violative of Section 2, or (c) a person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations
or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order. The
Loan Parties are in compliance, in all material respects, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October
26, 2001)). No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official
or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended.

 

9.17
Taxes. Each Loan Party has timely filed all tax returns and reports required by law to have been filed by it and has paid all
taxes and governmental charges due and payable with respect to such return, except any such taxes or charges which are being diligently
contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set aside
on its books. To the extent required by GAAP, the Loan Parties have made adequate reserves on their books and records in accordance with
GAAP for all taxes that have accrued but which are not yet due and payable. None of the tax returns of the Loan Parties are under audit.

 

9.18
Compliance with Laws. Each Loan Party and the Parent is in compliance with all applicable laws, rules, and regulations, and neither
the Parent nor any Loan Party is in default in respect of any judgment, order, writ, injunction, decree or decision of any Governmental
Authority, except to the extent non-compliance or default could not reasonably be expected to have a Material Adverse Effect. No material
condemnation, eminent domain or expropriation has been commenced or, to the knowledge of the Company, threatened against the property
which the Loan Parties will own upon the Closing. The Company shall take, and cause each of its Subsidiaries to take, such actions as
are necessary or as the Administrative Agent may request from time to time to ensure that each Loan Party and the Parent is in compliance
with all applicable laws, rules, and regulations.

 

    23

     

    

 

9.19
Environmental Matters. The on-going operations of each Loan Party comply in all material respects with all Environmental Laws.
Each Loan Party has obtained, and maintained in good standing, all licenses, permits, authorizations, registrations and other approvals
required under any Environmental Law and required for their respective ordinary course operations and for their reasonably anticipated
future operations, and each Loan Party is in compliance in all material respects with all terms and conditions thereof. No Loan Party
or any of its properties or operations is subject to, or reasonably anticipates the issuance of, any written order from or agreement
with any Federal, state or local Governmental Authority, nor subject to any judicial or docketed administrative or other proceeding,
respecting any Environmental Law, Environmental Claim or Hazardous Substance that could reasonably be expected to result, either individually
or in the aggregate, in a Material Adverse Effect. There are no Hazardous Substances or other conditions or circumstances existing with
respect to any property, or relating to any waste disposal, of any Loan Party that could reasonably be expected to result, whether arising
from activities occurring before, on, or after the date hereof, either individually or in the aggregate, in a Material Adverse Effect.
No Loan Party has any underground storage tanks that are not properly registered or permitted under applicable Environmental Laws or
that at any time have released, leaked, disposed of or otherwise discharged Hazardous Substances.

 

9.20
Burdensome Obligations. No Loan Party is a party to any agreement or contract or subject to any restriction contained in its organizational
documents which could reasonably be expected to have either individually or in the aggregate a Material Adverse Effect.

 

9.21
Solvency. On the Closing Date, and immediately prior to and after giving effect to the making of each Loan hereunder and the use
of the proceeds thereof, with respect to the Company and its Subsidiaries, individually and in the aggregate, (a) the fair value of their
assets is greater than the amount of its liabilities (including disputed, contingent and un-liquidated liabilities) as such value is
established and liabilities evaluated in accordance with GAAP, (b) the present fair saleable value of their assets is not less than the
amount that will be required to pay the probable liability on their debts as they become absolute and matured, (c) they are able to realize
upon their assets and pay their debts and other liabilities (including disputed, contingent and un-liquidated liabilities) as they mature
in the normal course of business, (d) they do not intend to, and do not believe that they will, incur debts or liabilities beyond their
ability to pay as such debts and liabilities mature and (e) they are not engaged in business or a transaction, and are not about to engage
in business or a transaction, for which their property would constitute unreasonably small capital.

 

9.22
Information. All information heretofore or contemporaneously herewith furnished in writing by any Loan Party or the Parent to
the Administrative Agent or any Lender for purposes of or in connection with this Agreement and the transactions contemplated hereby
is, and all written information hereafter furnished by or on behalf of any Loan Party or the Parent to the Administrative Agent or any
Lender pursuant hereto or in connection herewith will be, true and accurate in every material respect on the date as of which such information
is dated or certified, and none of such information is or will be incomplete by omitting to state any material fact necessary to make
such information not misleading in light of the circumstances under which made (it being recognized by the Administrative Agent and the
Lenders that any projections and forecasts provided by the Company are based on good faith estimates and assumptions believed by the
Company to be reasonable as of the date of the applicable projections or assumptions and that actual results during the period or periods
covered by any such projections and forecasts may differ from projected or forecasted results).

 

    24

     

    

 

9.23
No Default. No Event of Default or Unmatured Event of Default exists or would result from the incurrence by the Company or any
of its Subsidiaries of any Debt hereunder or under any other Loan Document.

 

9.24
Contracts with Affiliates. Except as set forth on Schedule 9.24, neither the Company nor any of its Subsidiaries is a party
to any contract or agreement with any of its Affiliates other than its organizational documents. Each such contract or agreement is and
will be on terms no less favorable to the Company than are reasonably obtainable from a Person which is not one of its Affiliates.

 

9.25
Trade and Customer Relations and Practices. Except as set forth on Schedule 9.25, as of the Closing Date, no material customer
of any Loan Party has provided any Loan Party with written notice of termination, cancellation or material limitation of, or any materially
adverse modification or change in, the business relationships of the Loan Parties or their respective business with any customer or any
group of customers who are individually or in the aggregate material to the business of the Loan Parties, and to the Loan Parties’
knowledge, there exists no present condition or state of facts or circumstances that would reasonably be expected to have a Material
Adverse Effect or prevent the Loan Parties from conducting their business after the Closing Date in substantially the same manner as
conducted prior to the Closing Date.

 

9.26
Brokers; Financial Advisors. Except as set forth on Schedule 9.26, no broker’s or finder’s or placement fee
or commission will be payable to any broker, financial advisor or agent engaged by the Loan Parties or any of their officers, directors
or agents with respect to the Loans, except for fees payable to the Administrative Agent and Lenders hereunder.

 

9.27
Related Agreements.

 

(a)
The Company has heretofore furnished the Administrative Agent a true and correct copy of the Related Agreements.

 

(b)
Each Loan Party and, to the Company’s knowledge, each other party to the Related Agreements, has duly taken all necessary corporate,
partnership or other organizational action to authorize the execution, delivery and performance of the Related Agreements and the consummation
of transactions contemplated thereby.

 

(c)
The Related Transactions will comply with all applicable legal requirements, and all necessary governmental, regulatory, creditor, shareholder,
partner and other material consents, approvals and exemptions required to be obtained by the Loan Parties and, to the Company’s
knowledge, each other party to the Related Agreements in connection with the Related Transactions will be, prior to consummation of the
Related Transactions, duly obtained and will be in full force and effect.

 

(d)
The execution and delivery of the Related Agreements did not, and the consummation of the Related Transactions will not, violate any
statute or regulation of the United States or of any state or other applicable jurisdiction, or any order, judgment or decree of any
Governmental Authority binding on any Loan Party or, to the Company’s knowledge, any other party to the Related Agreements, or
result in a breach of, or constitute a default under, any material agreement, indenture, instrument or other document, or any judgment,
order or decree, to which any Loan Party is a party or by which any Loan Party is bound or, to the Company’s knowledge, to which
any other party to the Related Agreements is a party or by which any such party is bound.

 

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(e)
No statement or representation made in the Related Agreements by any Loan Party or, to the Company’s knowledge, any other Person,
contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary in order
to make the statements made therein, in light of the circumstances under which they are made, not misleading.

 

9.28
Subordinated Debt. No Loan Party has any Subordinated Debt other than the Approved Subordinated Debt.

 

9.29
Warrant Consideration. Parent and each Loan Party acknowledges that the Company is a Subsidiary of Parent and it is to the direct
and indirect financial benefit of the Parent that the Lenders provide the Loan to the Company.

 

9.30
Public Company Reporting Compliance. The Parent is subject to, and in full compliance with, the reporting requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and has filed all reports and
other materials required to be filed by Section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months. The Parent
has made available to the Administrative Agent through the EDGAR system, which is available on www.sec.gov, true and complete copies
of each of the Parent’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K (collectively,
the “SEC Filings”). The SEC Filings, when they were filed with the SEC (or, if any amendment with respect to any such
document was filed, when such amendment was filed), complied in all material respects with the applicable requirements of the Exchange
Act and the rules and regulations thereunder and did not, as of such date, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. All registration statements and other materials filed by the Parent under the Securities
Act of 1933, as amended (the “Securities Act”), when they were filed with the SEC (or, if any amendment with respect
to any such document was filed, when such amendment was filed), complied in all material respects with the applicable requirements of
the Exchange Act and the rules and regulations thereunder and did not, as of such date, contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. The
Parent and each of its Subsidiaries are engaged in all material respects only in the business described in the SEC Filings, and the SEC
Filings contain a complete and accurate description in all material respects of the business of the Parent and the Subsidiaries.

 

9.31
PPP Loan Matters. Neither the Parent nor any Loan Party has used any proceeds of the PPP Loan for any purpose other than the proper
legal purposes set forth in the CARES Act and the regulations promulgated by the U.S. Department of the Treasury and the SBA thereunder.

 

9.32
Parent Debt. The Parent has not created, incurred, assumed or suffered to exist any Debt, except Debt described on Schedule
9.32.

 

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M.
ARTICLE X 

AFFIRMATIVE COVENANTS.

 

Until
the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are
Paid in Full, each Loan Party (and, to the extent applicable, Parent) covenants and agrees, jointly and severally, that, unless at any
time the Required Lenders expressly shall consent otherwise in writing, it will:

 

10.1
Reports, Certificates and Other Information. Furnish to the Administrative Agent and each Lender:

 

10.1.1
Annual Report. Promptly when available and in any event within 120 days after the end of each Fiscal Year (beginning with the
Fiscal Year ending 2020) a copy of the annual audit report of the Company and its Subsidiaries for such Fiscal Year, including therein
consolidated and consolidating balance sheets, statement of stockholders equity, and statements of earnings and cash flows of the Company
and its Subsidiaries as at the end of such Fiscal Year, certified without adverse reference to going concern value and without qualification
by any “Big Four” or other nationally recognized independent accounting firm or by any other independent auditor of recognized
standing selected by the Company and reasonably acceptable to the Administrative Agent, together with an unaudited comparison with the
budget for such Fiscal Year and a comparison with the previous Fiscal Year. Notwithstanding the foregoing, Nexogy shall be required to
produce such annual audit report beginning with the Fiscal Year ending 2021.

 

10.1.2
Monthly Reports. Promptly when available and in any event within 30 days after the end of each Fiscal Month (including the last
Fiscal Month of each Fiscal Year), consolidated and consolidating balance sheets of the Company and its Subsidiaries as of the end of
such month, together with consolidated and consolidating statements of earnings and a consolidated and consolidating statement of cash
flows for such month and for the period beginning with the first day of such Fiscal Year and ending on the last day of such Fiscal Month,
together with a (i) comparison with the corresponding period of the previous Fiscal Year and a comparison with the budget for such period
of the current Fiscal Year, prepared in accordance with GAAP and certified by a Senior Officer of the Company, and (ii) a run of key
performance indicators for such Fiscal Month.

 

10.1.3
Compliance Certificates. Contemporaneously with the furnishing of a copy of each annual audit report pursuant to Section 10.1.1
and each set of monthly reports pursuant to Section 10.1.2 for the last month in each Fiscal Quarter, a duly completed compliance
certificate in the form of Exhibit D, with appropriate insertions, dated the date of such annual report or such quarterly report
and signed by a Senior Officer of the Company, containing (i) a computation of each of the financial ratios and restrictions set forth
in Section 11.12, and to the effect that such officer has not become aware of any Event of Default or Unmatured Event of Default
that has occurred and is continuing or, if there is any such event, describing it and the steps, if any, being taken to cure it, and
(ii) a written statement of the Company’s management setting forth a discussion of the Company’s financial condition, changes
in financial condition and results of operations.

 

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10.1.4
Material Contracts. The Company will comply in all material respects with the material terms and conditions of each Material Contract.

 

10.1.5
Notice of Default, Litigation; ERISA Matters, Other Material Changes. Promptly, but in no event later than three (3) Business
Days after any Loan Party or the Parent becomes aware of any of the following, written notice describing the same and the steps being
taken by such Loan Party or the Parent affected thereby with respect thereto:

 

(a)
the occurrence of an Event of Default or Unmatured Event of Default;

 

(b)
any litigation, arbitration or governmental investigation or proceeding not previously disclosed by the Company to the Lenders which
has been instituted or, to the knowledge of the Company, is threatened against any Loan Party or the Parent or to which any of the properties
of any thereof is subject;

 

(c)
the occurrence of any pending or threatened in writing labor dispute, strike, walkout, or union organizing activity with respect to any
employees of a Loan Party or the Parent;

 

(d)
any material change in accounting policies or financial reporting practices by any Loan Party or the Parent, any intention on the part
of the Loan Parties to discharge the Loan Parties’ present independent accountants or any withdrawal or resignation by such independent
accountants from acting in such capacity;

 

(e)
any change in employment or the termination of any Loan Parties’ chief executive officer, chief financial officer or chief operating
officer (without regard to the title or titles actually given to any such Person performing the duties customarily performed by officers
with such titles);

 

(f)
the occurrence of any bankruptcy, insolvency, reorganization of any Loan Party or the Parent, or the appointment of any trustee in connection
with or anticipation of any such occurrence, or the taking of any step by any Person in furtherance of any such action or occurrence;

 

(g)
any material written claim for indemnification made under or pursuant to any Acquisition Document;

 

(h)
any cancellation or material change (other than renewals of existing policies) in any insurance maintained by the Company or any of its
Subsidiaries; or

 

(i)
any other event (including (i) any violation of any Environmental Law or the assertion of any Environmental Claim or (ii) the enactment
or effectiveness of any law, rule or regulation) which could reasonably be expected to have a Material Adverse Effect.

 

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10.1.6
Management Reports. Promptly upon receipt thereof, copies of all detailed financial and management reports submitted to the Company
by independent auditors in connection with each annual or interim audit made by such auditors of the books of the Company.

 

10.1.7
Aging Reports. Within 30 days of the end of each month, an accounts receivable and accounts payable aging report in such detail
as the Administrative Agent or the Required Lenders reasonably may request.

 

10.1.8
Projections. As soon as practicable, and in any event not later than 45 days after the commencement of each Fiscal Year, consolidated
and consolidating financial projections for the Company and its Subsidiaries for such Fiscal Year (including monthly operating and cash
flow budgets) and through and including the Fiscal Year in which the Maturity Date occurs in a manner consistent with the projections
delivered by the Company to the Lenders prior to the Closing Date or otherwise in a manner satisfactory to the Administrative Agent,
accompanied by a certificate of a Senior Officer of the Company on behalf of the Company to the effect that (a) such projections were
prepared by the Company in good faith, (b) the Company has a reasonable basis for the assumptions contained in such projections and (c)
such projections have been prepared in accordance with such assumptions; provided, however, that such projections shall be recast
on a pro forma basis in respect of each contemplated Permitted Acquisition, and delivered to the Administrative Agent at least 30 days
prior to each contemplated closing date.

 

10.1.9
Changes in Name or Jurisdiction of Organization. Prompt notice of any change in the name or jurisdiction of organization of any
Loan Party.

 

10.1.10
Other Information. Promptly from time to time, such other information and reports concerning the Loan Parties as any Lender or
the Administrative Agent may reasonably request.

 

10.2
Books, Records and Inspections. Keep, and cause each of its Subsidiaries to keep, its books and records in accordance with sound
business practices sufficient to allow the preparation of interim financial statements in accordance with GAAP, and the preparation of
annual audited financial statements in accordance with GAAP; permit, and cause each of its Subsidiaries to permit, the Administrative
Agent or any representative thereof to inspect its properties and operations; and permit, and cause each of its Subsidiaries to permit,
at any reasonable time and with reasonable notice (or at any time without notice if an Event of Default exists), any Lender or the Administrative
Agent or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and its independent
auditors (and the Company hereby authorizes such independent auditors to discuss such financial matters with any Lender or the Administrative
Agent or any representative thereof), and to examine (and, at its expense, photocopy extracts from) any of its books or other records;
and permit, and cause each of its Subsidiaries to permit, the Administrative Agent or any representative thereof to inspect the Collateral
and other tangible assets of the Company and its Subsidiaries, and to inspect, examine, check and make copies of and extracts from the
books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to the Collateral
and their other assets. Such inspections or examinations by the Administrative Agent shall be at the Company’s expense, provided
that so long as no Event of Default or Unmatured Event of Default exists and is continuing, the Company shall not be required to
pay and/or reimburse the Administrative Agent for inspections or examinations more frequently than two times each Fiscal Year after the
Closing Date. Any Lender may accompany the Administrative Agent in connection with any inspection or examination at such Lender’s
expense. In the event the Administrative Agent determines that obtaining appraisals and/or valuations of any of the Collateral or other
assets of the Loan Parties is necessary in order for the Administrative Agent or any Lender to comply with applicable laws or regulations
or its own internal guidelines, or at any time if an Event of Default or Unmatured Event of Default has occurred and is continuing, the
Company shall permit, and shall cause each of its Subsidiaries to permit, the Administrative Agent or any representative thereof, to
perform appraisals and/or valuations of the Collateral and its other assets. Such appraisals and/or valuations shall be at the Company’s
expense, provided that so long as no Event of Default or Unmatured Event of Default exists and is continuing, the Company shall
not be required to pay and/or reimburse the Administrative Agent for more than one such appraisal and/or valuation every twelve months
after the Closing Date.

 

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10.3
Maintenance of Property; Insurance; Casualty and Condemnation.

 

(a)
Keep, and cause each of its Subsidiaries to keep, all property useful and necessary in its business in good working order and condition,
ordinary wear and tear excepted.

 

(b)
Maintain, and cause each of its Subsidiaries to maintain, with responsible insurance companies, such insurance coverage as may be
required by any law or governmental regulation or court decree or order applicable to it and such other insurance, to such extent
and against such hazards and liabilities, as is customarily maintained by companies similarly situated; and, upon the reasonable
request of the Administrative Agent or any Lender, furnish to the Administrative Agent or such Lender a certificate setting forth in
reasonable detail the nature and extent of all insurance maintained by the Loan Parties. At all times, the Company shall maintain,
and shall cause each of its Subsidiaries to maintain, the Key Man Life Insurance, and business interruption insurance reasonably
acceptable to the Administrative Agent. The Company shall cause each issuer of an insurance policy to provide the Administrative
Agent with an endorsement (i) naming the Administrative Agent as an additional insured with respect to each policy of liability
insurance and showing the Administrative Agent as lender’s loss payee with respect to each policy of property or casualty
insurance, (ii) providing that 30 days’ notice will be given to the Administrative Agent prior to any cancellation of,
material reduction or change in coverage provided by or other material modification to such policy and (iii) reasonably acceptable
in all other respects to the Administrative Agent. The Administrative Agent is authorized, but not obligated, as the
attorney-in-fact for the Company, and for each of its Subsidiaries, prior to the occurrence of an Event of Default, with the
Company’s consent (which consent shall not be unreasonably withheld) and after the occurrence and during the continuance of an
Event of Default, without the Company’s or any of its Subsidiaries’ consent, (i) to adjust and compromise proceeds
payable under such policies of insurance, (ii) to collect, receive and give receipts for such proceeds in the name of the Company or
any other Loan Party and the Administrative Agent, and (iii) to endorse the Company’s or any of its Subsidiaries’ name
upon any instrument in payment thereof. Such power granted to the Administrative Agent shall be deemed coupled with an interest and
shall be irrevocable (until all of the Obligations are Paid in Full). The Company shall or shall cause any other Loan Party upon
request of the Administrative Agent at any time to furnish to the Administrative Agent updated evidence of insurance.

 

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(c)
The Loan Parties (a) will furnish to the Administrative Agent prompt written notice of any casualty or other insured damage to any material
portion of the Collateral or the commencement of any action or proceeding for the taking of any material portion of the Collateral or
any material part thereof or interest therein under power of eminent domain or by condemnation or similar proceeding and (b) will ensure
that, to the extent required by the terms of this Agreement, the Net Proceeds of any such event (whether in the form of insurance proceeds,
condemnation awards or otherwise) are collected and applied in accordance with Section 6.2(d) and Section 6.3.

 

10.4
Compliance with Laws; OFAC/BSA Provision; Payment of Taxes and Liabilities.

 

10.4.1
Compliance with Laws; OFAC/BSA Provision. (a) Comply, and cause each of its Subsidiaries to comply, with all applicable laws,
rules, regulations, decrees, orders, judgments, licenses and permits, except where failure to comply could not reasonably be expected
to have a Material Adverse Effect; (b) without limiting clause (a) above, ensure, and cause each of its Subsidiaries to ensure, that
no person who owns a controlling interest in or otherwise controls the Company or any of its Subsidiaries is or shall be (i) listed on
the Specially Designated Nationals and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”),
Department of the Treasury, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or
regulation or (ii) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related
enabling legislation or any other similar Executive Orders; (c) without limiting clause (a) above, comply, and cause each other Loan
Party to comply, with all applicable Bank Secrecy Act (“BSA”) and anti-money laundering laws and regulations; and
(d) will not use any part of the proceeds of the Loans, directly or indirectly, for any payments to any governmental official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order
to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act
of 1977, as amended.

 

10.4.2
Payment of Taxes and Liabilities. Pay, and cause each of its Subsidiaries to pay, prior to delinquency, all taxes and other governmental
charges against it or any of the Collateral, as well as claims of any kind which, if unpaid, could become a Lien on any of its property;
provided that the foregoing shall not require the Company or any of its Subsidiaries to pay any such tax or charge so long as
it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with
respect thereto in accordance with GAAP; and, in the case of a claim which could become a Lien on any of the Collateral or any other
asset of the Company or any of its Subsidiaries, such contest proceedings shall stay the foreclosure of such Lien or the sale of any
portion of any Collateral or other assets of the Company or any other Loan Party to satisfy such claim.

 

10.5
Maintenance of Existence; Qualifications. Maintain and preserve, and (subject to Section 11.4) cause each of its Subsidiaries
to maintain and preserve, (a) its existence and good standing in the jurisdiction of its organization, and (b) its qualification to do
business and good standing in each jurisdiction where the nature of its business makes such qualification necessary (in each such case,
other than such jurisdictions in which the failure to be qualified or in good standing could not reasonably be expected to have a Material
Adverse Effect).

 

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10.6
Use of Proceeds. Use (a) all of the proceeds of the Closing Date Loans solely (i) to fund the ActivePBX Acquisition and the Nexogy
Acquisition, (ii) to provide growth capital, and (iii) to pay for transaction fees and expenses; (b) $3,700,000 of the Delayed Draw Loans,
which were deposited into the Company’s deposit account at Wells Fargo Bank N.A. (subject to the Control Agreement dated as of
the Closing Date), solely to fund the Skynet Acquisition on the Skynet Acquisition Effective Date (subject to Section 6 of the
First Amendment); (c) $500,000 of the Delayed Draw Loans, which were deposited into the Company’s deposit account at Wells Fargo
Bank N.A. (subject to the Control Agreement dated as of the Closing Date), solely for general corporate and working capital purposes
(subject to Section 6 of the First Amendment); (d) $1,800,000 of the Delayed Draw Loans, which were deposited into the Company’s
deposit account at Wells Fargo Bank N.A. (subject to the Control Agreement dated as of the Closing Date), solely for professional fees
and other fees, costs and expenses with respect to the transactions contemplated by the First Amendment (subject to Section 6
of the First Amendment); and (e) all of the proceeds of Term Loan C solely (i) to fund the Next Level Acquisition, (ii) to provide growth
capital, and (iii) to pay for transaction fees and expenses.

 

10.7
Licenses and Permits. Hold and maintain all licenses and permits from each Governmental Authority necessary to conduct the business
operations of each Loan Party, in each case in conformity in all material respects with all applicable laws.

 

10.8
Environmental Matters. If any release or threatened release or other disposal of Hazardous Substances shall occur or shall have
occurred on any real property or any other assets of any Loan Party, the Company shall, or shall cause its applicable Subsidiary, cause
the prompt containment and removal of such Hazardous Substances and the remediation of such real property or other assets as necessary
to comply with all Environmental Laws and to preserve the value of such real property or other assets for their then current use. Without
limiting the generality of the foregoing, the Company shall, and shall cause each of its Subsidiaries to, comply with any Federal or
state judicial or administrative order requiring the performance at any real property of any Loan Party of activities in response to
the release or threatened release of a Hazardous Substance at any real property of any Loan Party (whether owned or leased). The Company
shall, and shall cause each of its Subsidiaries to, dispose of such Hazardous Substances, or of any other wastes, only at licensed disposal
facilities operating, to the Company’s knowledge, in compliance with Environmental Laws.

 

10.9
Future Leases; Future Acquisitions of Real Estate. Deliver to the Administrative Agent concurrently with the (i) execution by
the Company or any of its Subsidiaries of any contract relating to the purchase or lease by it of real property, an executed copy of
such contract or lease, and (ii) closing of the purchase of such real property, or taking of possession of the leased premises, as applicable,
(A) a Mortgage on such real property or leasehold estate, (B) a lender’s policy of title insurance, issued by a title insurer and
in such form and amount and containing such endorsements as shall be satisfactory to the Administrative Agent, (C) a survey of such real
property, which survey shall be of a recent enough date and in sufficient detail so as to permit the title insurer issuing such policy
to eliminate any survey exceptions to such policy, and (D) such appraisals, environmental assessments, Landlord’s Agreements, and
other documents and assurances with respect to such real property as the Administrative Agent reasonably may require.

 

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10.10
Further Assurances. Take, and cause each of its Subsidiaries to take, such actions as are necessary or as the Administrative Agent
or the Required Lenders reasonably may request from time to time to ensure that the Obligations of the Company and each of its Subsidiaries
under the Loan Documents are secured by a fully perfected, first priority Lien on substantially all of the assets of the Company and
each domestic Subsidiary as well as all Capital Stock of each domestic Subsidiary and 65% of all Capital Stock of each foreign Subsidiary,
and guaranteed by each domestic Subsidiary, and including upon the acquisition or creation thereof, any domestic Subsidiary acquired
or created after the Closing Date, in each case as the Administrative Agent may reasonably determine, including (a) the execution and
delivery of joinders, guaranties, security agreements, pledge agreements (with respect to foreign Subsidiaries, 65% of all Capital Stock
of such foreign Subsidiaries), mortgages, deeds of trust, financing statements and other documents, and the filing or recording of any
of the foregoing and (b) the delivery of certificated securities and other Collateral with respect to which perfection is obtained by
possession.

 

10.11
Deposit and Securities Accounts. Each Loan Party shall (a) maintain its deposit, checking and other operating accounts with a
banking institution(s) reasonably acceptable to the Administrative Agent, and (b) execute and deliver to the Administrative Agent, and
cause each of its Subsidiaries and each bank or other financial institution at which the Company or any Subsidiary maintains a deposit,
securities, or other investment account to execute and deliver to the Administrative Agent, Control Agreement(s) covering all such accounts;
provided, however, that the Loan Parties listed on Schedule 10.11 shall be permitted to maintain the deposit accounts listed
on Schedule 10.11 without Control Agreements in respect thereof so long as the account balances associated with such deposit accounts
do not exceed the amounts set forth on Schedule 10.11. Notwithstanding the foregoing, upon
the occurrence of an Event of Default or an Unmatured Event of Default, the applicable Loan Party shall immediately cause all monies
in any account listed on Schedule 10.11 to be transferred to a deposit account that is subject to a Control Agreement hereunder.

 

10.12
New Customer Contracts. Use the Company’s standard form customer contract for all new business, subject to commercially
reasonable modifications thereof so long as such customer contracts (i) remain freely assignable by the Company, and (ii) retain their
nature as “take-or-pay” contracts (i.e., as contracts not subject to reduction in the consideration payable to the Company
thereunder for any reason, or to early termination by the customer thereunder for any reason, except in either case as a result of force
majeure events, or to the extent the Company fails to perform its obligations under the contract or, in the case of early termination
by the customer thereunder, except to the extent the customer remains obligated to pay the full amount of the consideration payable to
the Company thereunder as if such termination had not occurred).

 

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10.13 Board
Observation. Until the Obligations are Paid in Full, each Loan Party will give the Administrative Agent notice of (in the same
manner notice is given to directors, managers, governors or individuals acting in similar capacities), and permit up to two
representatives of the Administrative Agent (collectively, the “Board Observer”) to attend as an observer (but
with no voting rights), each meeting (whether telephonic or in-person) of such Loan Party’s board of directors, board of
governors or managers, or other similar governing body, and each executive and other committee meetings thereof; provided, however,
in connection with the foregoing, such Loan Party shall provide the Administrative Agent with any and all materials provided to the
board of directors (or similar governing body) of such Loan Party with respect to each such meeting, at least 48 hours in advance of
such meeting. Notwithstanding the foregoing, neither the Administrative Agent nor any such Board Observer designated shall have the
right to receive (A) information directly and exclusively pertaining to strategy, negotiating positions or similar matters relating
to the this Agreement (or other related documents or obligations), any refinancing or restructuring of the Obligations, or any other
transaction or matter in which the Administrative Agent, Lenders or any of their respective Affiliates is adverse to the Company,
(B) any information that would jeopardize or otherwise impair any Loan Party’s attorney-client privilege or (C) any
information that would result in the disclosure of trade secrets or a conflict of interest. Neither the Administrative Agent nor any
such Board Observer shall be entitled to be present (in-person or telephonically) at that portion of any meeting when any such
information is discussed. The reasonable travel expenses incurred by the Board Observer in attending any board or committee meeting
held in-person shall be promptly reimbursed by the Loan Parties to the Administrative Agent. Each Loan Party will cause its board of
directors (or similar governing body) to meet telephonically or in-person not less often than once per Fiscal Quarter and in-person
not less often than once per Fiscal Year. The Administrative Agent may elect, at its option, to have its Board Observer attend each
meeting in-person or telephonically. Upon request of the Administrative Agent, the Loan Parties will participate in, and will use
reasonable efforts to cause management personnel and their Affiliates to participate in, a meeting with Agent once during each
calendar quarter, which meeting shall be held during normal business hours and at such place as may be reasonably requested by Agent
or by conference call at the Administrative Agent’s discretion, to discuss, among other things, operating performance,
strategy, business issues and any other matters reasonably requested by Agent.

 

10.14
Post-Closing Covenants. The Company shall satisfy each of the following post- closing conditions set forth below within such condition’s
prescribed time period; provided that such conditions may be waived and/or time periods extended by the Administrative Agent in
its sole discretion:

 

(a)
As soon as practicable and in any event not later than ten (10) Business Days after the Closing Date, the Company shall deliver to the
Administrative Agent all certificates and instruments representing or evidencing any certificated Pledged Interests (as defined in the
Pledge Agreement), and shall be accompanied by all necessary instruments of transfer or assignment, duly executed in blank;

 

(b)
As soon as practicable and in any event not later than thirty (30) days after the Closing Date, the Company shall obtain Landlord Agreements
from the lessor of each leased location set forth on Schedule 10.14(a) and each shall be reasonably satisfactory in form and substance
to Administrative Agent;

 

(c)
As soon as practicable and in any event not later than thirty (30) days after the Closing Date, the applicable Loan Party shall have
closed each of the deposit accounts listed on Schedule 10.14(b) and shall provide appropriate documentation to Administrative
Agent to evidence the foregoing; and

 

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(d)
As soon as practicable and in any event not later than thirty (30) Business Days after the Closing Date, the Company shall deliver to
the Administrative Agent evidence reasonably satisfactory in form and substance to Administrative Agent that Digerati Networks, Inc.,
a Texas corporation, has been dissolved.

 

10.15
Public Company Reporting Compliance. Until all Obligations are Paid in Full, the Parent shall file all reports and other materials
required to be filed by Section 13 or 15(d) of the Exchange Act, as applicable. The Parent has made available to the Administrative Agent
through the EDGAR system, which is available on www.sec.gov, true and complete copies of each of the Parent’s Quarterly maintain
full compliance with the reporting requirements of Section 13 or 15(d) of Exchange Act, as applicable and will make available to the
Administrative Agent through the EDGAR system, which is available on www.sec.gov, true and complete copies of its SEC Filings. The Parent
shall ensure that all of its SEC Filings comply in all material respects with the applicable requirements of the Exchange Act and the
rules and regulations thereunder, and to ensure that the SEC Filings do not contain any untrue statement of material facts or omit to
state any material facts required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. All reports and statements required to be filed by the Parent in accordance with the terms
and conditions of the Securities Act and the Exchange Act shall be timely filed, together with all exhibits required to be filed therewith.

 

10.16
Nexogy Indemnity Obligation. Contemporaneously with the furnishing of any financial information to Nexogy (or any related seller
party under the Nexogy Acquisition Documents) pursuant to the indemnity obligation described in the Twelfth Amendment to the Nexogy Acquisition
Agreement dated as of the date hereof (the “Nexogy Indemnity Obligation”), or immediately upon request by the Administrative
Agent in its discretion, the Company shall provide the Administrative Agent with such financial information (and any other information
requested by the Administrative Agent) to allow the Administrative Agent to verify the Company’s compliance with the Nexogy Indemnity
Obligation. If (i) the Company receives any payments pursuant to the Nexogy Indemnity Obligation or (ii) the Administrative Agent determines
in its sole discretion that the Company is owed payments pursuant to the Nexogy Indemnity Obligation, then as soon as practicable and
in any event not later than one (1) Business Day after receipt of any such payments or not later than one (1) Business Day after notice
from the Administrative Agent that the Company is owed such payments, as applicable, the Company shall forward such amounts or such owed
amounts, as applicable, to a deposit account that is subject to a Control Agreement hereunder (or to such other account as the Administrative
Agent may request in writing to the Company).

 

10.17
PPP Loan Matters.

 

(a)
The Parent and each Loan Party shall use any and all proceeds of the PPP Loan for all proper legal purposes as set forth in the CARES
Act and the regulations promulgated by the U.S. Department of the Treasury and the SBA thereunder.

 

(b)
The Parent and each Loan Party shall file all necessary documents with respect to, and to seek forgiveness of the maximum principal amount
of the PPP Loan as permitted under the CARES Act and the regulations promulgated thereunder, no later than the last calendar day of the
PPP Period, and to provide the Administrative Agent with written evidence of such forgiveness of the PPP Loan reasonably satisfactory
to the Administrative Agent. If such forgiveness is not timely obtained, the portion of the principal amount of the PPP Loan that is
not forgiven will no longer be disregarded for purposes of compliance with all applicable covenants in this Agreement, including, without
limitation, the financial covenants contained in Section 11.12. Any remaining unforgiven principal amount of the PPP Loan will
thereafter be unsecured Indebtedness of the Parent or the applicable Loan Party(ies), as applicable, for purposes of compliance with
all applicable covenants under this Agreement.

 

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(c)
At all times during the PPP Period, the Parent and each Loan Party shall (i) keep detailed records of utilization of the proceeds of
the PPP Loan and (ii) from time to time, upon the request of the Administrative Agent, (x) provide a copy of any application for forgiveness
of the PPP Loan under Section 1106 of the CARES Act and any determination regarding the acceptance or denial (in whole or part) of the
PPP Loan’s application for forgiveness, (y) provide copies of any and all such records of the utilization of the proceeds of the
PPP Loan, and (z) provide report(s) that track the amount of expenses that are permitted and that are forgivable (in each case, under
the terms of the PPP Loan and the CARES Act) versus the aggregate amount of the PPP Loan.

 

N.
ARTICLE XI

NEGATIVE COVENANTS

 

Until
the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents are
Paid in Full, each Loan Party (and, to the extent applicable, Parent) jointly and severally agrees that, unless at any time the Required
Lenders expressly shall consent otherwise in writing, it will:

 

11.1
Debt. Each Loan Party and the Parent shall not, and not permit any of its Subsidiaries to, create, incur, assume or suffer or
permit to exist any Debt, except:

 

(a)
Obligations under this Agreement and the other Loan Documents;

 

(b)
Debt of the Company or any of its Subsidiaries secured by Liens permitted by Section 11.2(e), and extensions, renewals and refinancings
thereof; provided that the aggregate amount of all such Debt at any time outstanding shall not exceed $175,000;

 

(c)
Debt of the Company to any domestic Wholly-Owned Subsidiary or Debt of any domestic Wholly-Owned Subsidiary to the Company or another
domestic Wholly-Owned Subsidiary; provided that such Debt shall be evidenced by a demand note in form and substance satisfactory
to the Administrative Agent and pledged and delivered to the Administrative Agent pursuant to the Collateral Documents as additional
collateral security for the Obligations, and the obligations under such demand note shall be subordinated to the Obligations of the Company
hereunder in a manner satisfactory to the Administrative Agent;

 

(d)
Contingent Liabilities arising with respect to customary indemnification obligations in favor of purchasers in connection with dispositions
permitted under Section 11.4;

 

(e)
Contingent Liabilities of the Company and/or its Subsidiaries in respect of Debt of the Company or its domestic Wholly-Owned Subsidiaries
permitted by this Section 11.1;

 

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(f)
Hedging Obligations approved in writing by the Administrative Agent for bona fide hedging purposes and not for speculation;

 

(g)
Debt described on Schedule 11.1 and any extension, renewal or refinancing thereof so long as the principal amount thereof is not
increased;

 

(h)
the Debt to be Repaid (so long as such Debt is repaid on the Closing Date with the proceeds of the Loans hereunder);

 

(i)
the Debt to be assumed in connection with a Convertible Note Offering; and

 

(j)
Approved Subordinated Debt.

 

11.2
Future Acquisition Subordinated Debt. Each Loan Party and the Parent shall not, and not permit any of its Subsidiaries to, create,
incur, assume or suffer or permit to exist any Subordinated Debt in connection with future acquisitions by the Company or any Subsidiary
unless approved by the Administrative Agent in its sole discretion.

 

11.3
Liens. Each Loan Party and the Parent shall not, and not permit any of its Subsidiaries to, create or suffer or permit to exist
any Lien on any of its real or personal properties, assets or rights of whatsoever nature (whether now owned or hereafter acquired),
except:

 

(a)
Liens for taxes, fees, assessments or other governmental charges not at the time delinquent or thereafter payable without penalty or
being contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves;

 

(b)
Liens arising in the ordinary course of business, such as (i) Liens of carriers, warehousemen, mechanics and materialmen and other similar
Liens imposed by law and (ii) Liens in the form of deposits or pledges incurred in connection with worker’s compensation, unemployment
compensation and other types of social security (excluding Liens arising under ERISA) for sums not overdue or being contested in good
faith by appropriate proceedings and not involving any advances or borrowed money or the deferred purchase price of property or services
and, in each case, for which it maintains adequate reserves;

 

(c)
Liens described on Schedule 11.2 as of the Closing Date;

 

(d)
attachments, appeal bonds, judgments, and other similar Liens with respect to which no Event of Default would exist, provided
the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being actively contested in
good faith and by appropriate proceedings diligently conducted;

 

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(e)
subject to the limitation set forth in Section 11.1(b), (i) Liens arising in connection with Capital Leases (and attaching only
to the property being leased), (ii) Liens existing on property at the time of the acquisition thereof by any Loan Party or the Parent
(and not created in contemplation of such acquisition), and (iii) Liens that constitute purchase money security interests in an amount
not to exceed $25,000 in the aggregate on any property securing debt incurred for the purpose of financing all or any part of the cost
of acquiring such property, provided that any such Lien attaches to such property within 20 days of the acquisition thereof and
attaches solely to the property so acquired;

 

(f)
easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens not interfering in any material
respect with the ordinary conduct of the business of any Loan Party or the Parent or which materially reduce the value of the affected
property;

 

(g)
Liens granted to the Administrative Agent under or in connection with any Loan Document;

 

(h)
the right of set-off in favor of a bank or other depository institution arising as a matter of law encumbering deposits; and

 

(i)
rights of lessors under leases (including financing statements regarding property subject to lease) not in violation of the requirements
of this Agreement and filed as a precautionary filing, provided that such Liens are only in respect of the property subject to,
and secure only, the respective lease.

 

11.4
Restricted Payments. Each Loan Party shall not, and not permit any of its Subsidiaries to, make any Restricted Payments, except:

 

(a)
any Subsidiary may pay dividends or make other distributions to the Company or to a domestic Wholly-Owned Subsidiary, in the ordinary
course of business;

 

(b)
Tax Distributions by its Subsidiaries to the Company, and conforming distributions from the Company to its equity holders;

 

(c)
any payment with respect to the earnout obligation pursuant to Section 2.1(iii) of the ActivePBX Acquisition Agreement so long as no
Event of Default or Unmatured Event of Default exists or would result from a distribution in respect of such earnout obligation; and

 

(d)
any payment with respect to (i) the earnout obligation pursuant to Section 3.03 of the Skynet Acquisition Agreement and (ii) the contingent
payment obligation pursuant to Section 3.04 of the Skynet Acquisition Agreement, each so long as no Event of Default or Unmatured Event
of Default exists or would result from a distribution in respect of such earnout obligation or contingent payment obligation and so long
as each such payment is at all times subject to the applicable Subordination Agreement; and

 

(e)
any payment with respect to the Adjustable Note and the Convertible Note (each as defined in the Next Level Acquisition Agreement) so
long as no Event of Default or Unmatured Event of Default exists or would result from a payment with respect thereto and so long as each
such payment is at all times subject to the applicable Subordination Agreement.

 

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For
the avoidance of doubt, no Loan Party shall make any Restricted Payments to Parent unless at any time the Required Lenders expressly
shall consent otherwise in writing

 

11.5
Mergers, Consolidations, Sales. Each Loan Party shall not, and not permit any of its Subsidiaries to, (i) be a party to any merger
or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any Capital Stock of any class of, or any
partnership or joint venture interest in, any other Person, including by way of any divisive merger or the division of a Loan Party into
two or more limited liability companies; (ii) sell, transfer, convey or lease all or any substantial part of its assets; (iii) sell or
assign with or without recourse any receivables; (iv) issue or sell any Capital Stock; or (v) enter into any agreement for any of the
foregoing, except for:

 

(a)
mergers, consolidations, sales, transfers, conveyances, leases or assignments of or by any Wholly-Owned Subsidiary into the Company or
into any other domestic Wholly-Owned Subsidiary of the Company any such purchase or other acquisition by the Company or any domestic
Wholly-Owned Subsidiary of the assets or Capital Stock of any Wholly- Owned Subsidiary;

 

(b)
Dispositions of inventory, excess equipment, and obsolete equipment in the ordinary course of business;

 

(c)
Dispositions of Cash in the ordinary course of business; and

 

(d)
the Company may issue (i) Permitted Capital Stock pursuant to any employee or director option program, benefit plan, or compensation
program (all as permitted by the Administrative Agent in its reasonable discretion), and (ii) Capital Stock pursuant to equity investments
in the Company by the Parent in the aggregate amount of up to $5,000,000 for growth initiatives (as determined by the Administrative
Agent in its sole discretion) so long as no Event of Default or Unmatured Event of Default exists, would result absent such issuance,
or would result from such issuance.

 

11.6
Modification of Certain Documents or Organizational Form. Each Loan Party shall not (i) permit its certificate of formation, articles
or organization, charter, by-laws or other organizational document or the Equity Documents to be amended or modified in any way, and
not permit the certificate of formation, charter, by-laws, or other organizational documents of any of its Subsidiaries to be amended
or modified in any way, including any provision regarding any preferred Capital Stock; (ii) change, or allow any of its Subsidiaries
to change, its state of formation or its organizational form; or (iii) directly or indirectly become obligated to pay any management
or other fees to any of its Affiliates.

 

11.7
Transactions with Affiliates. Each Loan Party shall not, and not permit any of its Subsidiaries to, enter into, or cause, suffer
or permit to exist any transaction, arrangement or contract with any of its other Affiliates either (a) without prior written notice
to the Administrative Agent or (b) which is on terms which are less favorable than are reasonably obtainable from any Person which is
not one of its Affiliates.

 

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11.8
Inconsistent or Restrictive Agreements. Each Loan Party shall not, and not permit any of its Subsidiaries to, enter into, or be
a party to, any agreement containing any provision which would (a) be violated or breached by any borrowing by the Company hereunder
or by the performance by any Loan Party of any of its Obligations hereunder or under any other Loan Document, (b) prohibit any Loan Party
from granting to the Administrative Agent and the Lenders, a Lien on any of its assets or (c) create or permit to exist or become effective
any encumbrance or restriction on the ability of any Loan Party to (i) pay dividends or make other distributions to another Loan Party,
or pay any Debt owed to a Loan Party, (ii) make loans or advances to any Loan Party or (iii) transfer any of its assets or properties
to any Loan Party, other than (A) restrictions or conditions imposed by any agreement relating to purchase money Debt and Capital Leases
permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Debt, (B) customary
provisions in leases and other contracts restricting the assignment thereof, and (C) agreements entered into by a Loan Party in the ordinary
course of business containing customary provisions restricting the assignment of such agreements.

 

11.9
Business Activities. Each Loan Party shall not, and not permit any of its Subsidiaries to, engage in any line of business other
than providing unified communications as-a- service, broadband services and related managed services; provided that the Company
shall not engage in any business or activity, or own any assets or properties, other than the ownership of the Capital Stock of its direct
and indirect Subsidiaries and related ancillary activities; provided, further that that the Parent shall not engage in any business
or activity, or own any assets or properties, other than the ownership of the Capital Stock of its direct and indirect Subsidiaries and
related ancillary activities.

 

11.10
Investments. Each Loan Party shall not, and not permit any of its Subsidiaries to, make or permit to exist, or enter into, or
permit any of its Subsidiaries to enter into, any agreement to make, any Investment in any other Person, except the following:

 

(a)
contributions by the Company to the capital of any domestic Wholly- Owned Subsidiary, or by any Subsidiary to the capital of any other
domestic Wholly-Owned Subsidiary, so long as the recipient of any such capital contribution has guaranteed the Obligations as required
by this Agreement;

 

(b)
to the extent constituting Investments, Debt permitted by Section 11.1;

 

(c)
Contingent Liabilities constituting Debt permitted by Section 11.1 or Liens permitted by Section 11.2;

 

(d)
bank deposits in the ordinary course of business to the extent permitted by this Agreement;

 

(e)
Investments in securities of account debtors received in connection with the settlement of delinquent Accounts in the ordinary course
of business or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such account debtors
(which, if requested by the Administrative Agent or the Required Lenders, the Administrative Agent shall be granted a first priority
perfected Lien on such Investments);

 

(f)
loans and advances to employees in the ordinary course of business not to exceed $25,000 in the aggregate at any time outstanding; and

 

    40

     

    

 

(g)
Investments listed on Schedule 11.9 as of the Closing Date; provided that no Investment otherwise permitted by this section
shall be permitted to be made if, immediately before or after giving effect thereto, any Event of Default or Unmatured Event of Default
exists.

 

11.11
Fiscal Year. Each Loan Party shall not change its Fiscal Month, Fiscal Quarter or Fiscal Year from a calendar month, a calendar
quarter, or a calendar year, respectively.

 

11.12
Financial Covenants.

 

11.12.1
[Reserved].

 

11.12.2
Maximum Senior Leverage. The Loan Parties shall not, when evaluated on a consolidated basis amongst all Loan Parties collectively,
suffer or permit the Senior Leverage Ratio for the Fiscal Quarter ending April 30, 2021 and for the last day of each subsequent Fiscal
Quarter thereafter to exceed the amount set forth opposite such day:

 

	Fiscal Quarter
    Ending:	 	Senior
    Leverage Ratio:
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***

 

Notwithstanding
the foregoing, subject to Section 10.17, the PPP Loan shall be disregarded for all covenants compliance purposes in this Section
11.12.2.

 

    41

     

    

 

11.12.3
Minimum EBITDA. The Loan Parties shall, when evaluated on a consolidated basis amongst all Loan Parties collectively, have, as
of the end of the Fiscal Quarter ending April 30, 2021 for the three (3) month period then ended on an annualized basis and as of the
last day of each subsequent Fiscal Quarter thereafter for the three (3) month period then ended on an annualized basis, EBITDA of at
least the amount set forth below opposite such Fiscal Quarter:

 

	Fiscal Quarter
    Ending:	 	EBITDA:
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***
	***	 	***

 

11.12.4
Minimum Liquidity. Each Loan Party shall not suffer or permit the Liquidity of the Company and its Subsidiaries (excluding any
Liquidity of the Parent) to be less than (i) *** as of the end of the Fiscal Quarter ending January 31, 2021; (ii) *** as of the end
of the Fiscal Quarter ending April 30, 2021; (iii) *** as of the end of the Fiscal Quarters ending July 31, 2021, October 31, 2021 and
January 31, 2022; and (iv) *** as of the end of the Fiscal Quarter ending April 30, 2022 and as of the last day of each subsequent Fiscal
Quarter thereafter.

 

11.12.5
Maximum Capital Expenditures. The Company will not, and will not permit any of its Subsidiaries to, make or commit to make any
Capital Expenditures except Capital Expenditures of the Company and its Subsidiaries not exceeding *** in the aggregate during any Fiscal
Year.

 

11.12.6
Minimum Fixed Charge Coverage Ratio. The Company and its Subsidiaries will have, as of the end of the Fiscal Quarter ending April
30, 2021 and as of the last day of each subsequent Fiscal Quarter thereafter, a Fixed Charge Coverage Ratio of not less than

***
to 1.00 (subject to adjustments in the first full twelve months of this Agreement as described in the definition of “Fixed Charge
Coverage Ratio”.

 

11.12.7
Maximum Churn. The Company shall not suffer or permit the Churn of the Company to be greater than *** at any time.

 

11.12.8
Notwithstanding anything in this Section 11.12 to the contrary, effective as of the First Amendment Closing Date, none of the
financial covenants contained in this Section 11.12 shall be tested with respect to the Fiscal Quarter ending January 31, 2022
other than Section 11.12.4 (Minimum Liquidity) and Section 11.12.6 (Fixed Charge Coverage Ratio). For the avoidance of
doubt, all financial covenants contained in this Section 11.12 shall be tested with respect to the Fiscal Quarter ending April
30, 2022 and thereafter pursuant to the terms and conditions hereof.

 

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11.13
Unconditional Purchase Obligations. Each Loan Party shall not, and not permit any of its Subsidiaries to, enter into or be a party
to any contract for the purchase of materials, supplies or other property or services if such contract requires that payment be made
by it regardless of whether delivery is ever made of such materials, supplies or other property or services.

 

11.14
Restrictions on Payment of Certain Debt. Each Loan Party shall not, and not permit any of its Subsidiaries to, directly or indirectly,
voluntarily purchase, redeem, defease, prepay or repay any principal of, premium, if any, interest or other amount payable in respect
of any Debt (other than the Obligations and other than as expressly permitted by this Agreement or the applicable Subordination Agreement
with respect to the Approved Subordinated Debt).

 

11.15
Cancellation of Debt. Each Loan Party shall not, and not permit any of its Subsidiaries to, cancel any claim or debt owing to
it, except for reasonable consideration in the ordinary course of business.

 

11.16
Restrictions on Subsidiaries. Each Loan Party shall not create or acquire any Subsidiaries unless the deliveries required by Section
10.10 are made and simultaneously with the creation or acquisition thereof the Administrative Agent has a first priority perfected
Lien on all the Capital Stock of such Subsidiary and on all of such Subsidiary’s assets.

 

11.17
Change of Control. Each Loan Party shall not permit a Change of Control to occur.

 

ARTICLE
XII

O.
EFFECTIVENESS; CONDITIONS OF LENDING, ETC.

 

The
obligation of each Lender to make its Loans is subject to the following conditions precedent:

 

12.1
Initial Credit Extension. The obligation of the Lenders to make the Loans is, in addition to the conditions precedent specified
in Section 12.3 and Section 12.4, subject to the conditions precedent that the Administrative Agent shall have received
all of the following, each, where applicable, duly executed and dated the Closing Date (or such earlier date as shall be satisfactory
to the Administrative Agent), and in form and substance satisfactory to the Administrative Agent (the date on which all such conditions
precedent have been satisfied or waived in writing by the Administrative Agent is referred to herein as the “Closing Date”):

 

12.1.1
This Agreement. This Agreement.

 

12.1.2
Notes. A Note for each Lender who requests a Note.

 

12.1.3
Guaranty and Collateral Agreement. A counterpart of the Guaranty and Collateral Agreement executed by the Company and each of
its Subsidiaries, together with all items required to be delivered in connection therewith.

 

12.1.4
IP Security Agreement. A counterpart of the IP Security Agreement executed by the Loan Parties, together with all items required
to be delivered in connection therewith.

 

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12.1.5
Pledge Agreements and Certificates. A counterpart of each Pledge Agreement executed by the Company and each other applicable Loan
Party, together with all items required to be delivered in connection therewith, including, without limitation, copies of all certificates
and instruments representing or evidencing any certificated Pledged Interests (as defined in the Pledge Agreement), and copies of all
necessary instruments of transfer or assignment, duly executed in blank.

 

12.1.6
Collateral Assignment of Acquisition Documents. A counterpart of the Collateral Assignment of Acquisition Documents executed by
the Company and the Seller (as defined therein), together with all items required to be delivered in connection therewith.

 

12.1.7
Warrants. The Warrants.

 

12.1.8
Control Agreements. Control Agreements covering each deposit, securities, and other investment account maintained by any Loan
Party.

 

12.1.9
Real Estate Documents. With respect to each parcel of real property leased by any Loan Party, a copy of the lease with respect
thereto and a Landlord Agreement with respect thereto, as required by the Administrative Agent.

 

12.1.10
Solvency Certificate. A Solvency Certificate executed by a Senior Officer of the Company in such capacity.

 

12.1.11
Notice of Borrowing/Disbursement Request. A notice of borrowing/disbursement request requesting the funding of the Loans, including
a funds flow statement with respect to the proceeds of the Loans on the Closing Date, and the disbursement of the equity funds, if any,
held at the Administrative Agent.

 

12.1.12
Perfection Certificate. A Perfection Certificate completed and executed by the Company with respect to each Loan Party.

 

12.1.13
Filings, Registrations and Recordings. The Administrative Agent shall have received each document (including UCC financing statements
and intellectual property security agreements) required by the Collateral Documents or under law or reasonably requested by the Administrative
Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Lenders, a
perfected Lien on the Collateral described therein, prior to any other Liens, in proper form for filing, registration or recording.

 

12.1.14
Business Insurance. Evidence of the existence of insurance required to be maintained pursuant to Section 10.3(b), together
with evidence that the Administrative Agent has been named as an additional insured on all related policies of liability insurance, lender’s
loss payee on all related policies of casualty insurance, a loss payable endorsement on all related policies of casualty insurance, and
a collateral assignment of all policies of business interruption insurance.

 

12.1.15
Key Man Insurance. Evidence of the existence of the Key Man Life Insurance policy, together with an assignment in favor of the
Administrative Agent.

 

    44

     

    

 

12.1.16
Authorization Documents. For each Loan Party, such Person’s (a) charter (or similar formation document), certified by the
appropriate Governmental Authority; (b) good standing certificates in its state of incorporation (or formation) and in each other state
where it is required to file for authority to do business pursuant to the respective laws of such state; (c) bylaws (or similar governing
document); (d) resolutions of its board of directors (or similar governing body) approving and authorizing such Person’s execution,
delivery and performance of the Loan Documents to which it is party and the transactions contemplated thereby; and (e) signature and
incumbency certificates of its officers executing any of the Loan Documents and authorized to submit a Notice of Borrowing (it being
understood that the Administrative Agent and each Lender may conclusively rely on each such certificate until formally advised by a like
certificate of any changes therein), all certified by an authorized officer as being in full force and effect without modification.

 

12.1.17
Consents. Certified copies of all documents evidencing any necessary corporate, limited liability or partnership action, consents
and governmental approvals (if any) required for the execution, delivery and performance by the Loan Parties of the Loan Documents and
the Equity Documents. The Loan Parties shall have obtained all governmental and third-party approvals necessary in connection herewith,
the financing contemplated hereby, and the continuing operations of the Loan Parties on terms satisfactory to the Administrative Agent
and shall be in full force and effect.

 

12.1.18
Opinions of Counsel. Opinions of counsel for each Loan Party, including local counsel reasonably requested by the Administrative
Agent, and all other opinions issued pursuant to the Related Transactions.

 

12.1.19
Payment of Fees. Evidence of payment by the Company of all accrued and unpaid fees, costs and expenses to the extent then due
and payable on the Closing Date, together with all Attorney Costs of the Administrative Agent and each Lender through the Closing Date,
plus such additional amounts of Attorney Costs as shall constitute the Administrative Agent’s and each Lender’s reasonable
estimate of Attorney Costs incurred or to be incurred by the Administrative Agent and each Lender through the closing and any post-closing
proceedings (provided that such estimate shall not thereafter preclude final settling of accounts between the Company and the
Administrative Agent).

 

12.1.20
Related Agreements. Copies of the Related Agreements.

 

12.1.21
Related Transactions. Evidence that the Company has completed, or concurrently with the initial credit extension hereunder will
complete, the Related Transactions in accordance with the terms of the Related Agreements (without any amendment thereto or waiver thereunder
unless consented to by the Lenders).

 

12.1.22
Search Results; Debt to be Repaid; Lien Terminations. Certified copies of UCC search reports dated a date reasonably near to the
Closing Date, listing all effective financing statements which name any Loan Party (under their present names and any previous names)
as debtors, together with (a) copies of such financing statements, (b) a payoff letter from each holder of the Debt to be Repaid, providing
for the termination of all agreements relating thereto and the release of all Liens granted in connection therewith, with UCC or other
appropriate termination statements and documents effective to evidence the foregoing (other than Liens permitted by Section 11.2)
and (c) such other UCC termination statements as the Administrative Agent reasonably may request.

 

    45

     

    

 

12.1.23
Debt to be Repaid. Evidence that all Debt to be Repaid has been (or concurrently with the initial borrowing will be) paid in full,
and that all agreements and instruments governing the Debt to be (or concurrently with the initial borrowing will be) terminated.

 

12.1.24
Know Your Customer. The Administrative Agent shall have received at least three (3) Business Days prior to the Closing Date all
documentation and other information (including, but not limited to, the Company’s W-9 (or successor form) required by regulatory
authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation,
the Patriot Act that has been requested.

 

12.1.26
Financial Consultant. Evidence that the Company has engaged a financial consultant satisfactory to the Administrative Agent.

 

12.1.27
Subordination Agreements. A counterpart of each Subordination Agreement executed by the Company (and any applicable Subsidiaries)
and the applicable subordinated secured party, together with all items required to be delivered in connection therewith.

 

12.1.28
Other. Such other documents, certificates or information as the Administrative Agent reasonably may request.

 

12.2
Delayed Draw Loan Conditions.

 

12.2.1
Pro-forma compliance with all financial covenants contained in Section 11.12;

 

12.2.2
the proceeds of such Delayed Draw Loans shall be used solely to finance Permitted Acquisitions together with transaction fees associated
therewith, growth Capital Expenditures, and/or other growth initiatives, each as approved by the Administrative Agent in its sole discretion;

 

12.2.3
the borrowing date of any Delayed Draw Loan shall be no later than May 17, 2022;

 

12.2.4
the Administrative Agent shall have received a certificate of a Senior Officer of the Company certifying as to all of the foregoing and
the matters set forth in Section 12.3; and

 

12.2.5
the Administrative Agent shall have received an executed Borrowing Notice.

 

12.3
Other Conditions. The obligation of each Lender to disburse any portion of the Loans is subject to the following further conditions
precedent that, both before and after giving effect to any borrowing, the following statements shall be true and correct:

 

(a)
the representations and warranties of each Loan Party set forth in this Agreement and the other Loan Documents shall be true and correct
in all respects; and

 

(b)
no Event of Default or Unmatured Event of Default shall have then occurred and be continuing.

 

    46

     

    

 

12.4
Confirmatory Certificate. If requested by the Administrative Agent or any Lender, the Administrative Agent shall have received
(in sufficient counterparts to provide one to each Lender) a certificate dated the date of such requested Loan and signed by a duly authorized
representative of the Company as to the matters set out in Section 12.3 (it being understood that each request by the Company
for the making of a Loan shall be deemed to constitute a representation and warranty by the Company that the conditions precedent set
forth in Section 12.3 will be satisfied at the time of the making of such Loan), together with such other documents as the Administrative
Agent or any Lender reasonably may request in support thereof.

 

ARTICLE
XIII

P.
EVENTS OF DEFAULT AND THEIR EFFECT.

 

13.1
Events of Default. Each of the following shall constitute an Event of Default under this Agreement:

 

13.1.1
Non-Payment of the Loans. The Company shall fail (a) to pay when due the principal of any Loan; or (b) to pay within five (5)
days after the same shall become due any interest, fee, or other amount payable by the Company hereunder or under any other Loan Document.

 

13.1.2
Non-Payment of Other Debt. Any default shall occur under the terms applicable to any Debt of the Parent or any Loan Party individually
or in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all
creditors under any combined or syndicated credit arrangement) exceeding $25,000 with respect to any Loan Party or $250,000 with respect
to the Parent, and such default shall (i) consist of the failure to pay such Debt when due, after giving effect to any cure periods in
any documents relating to such Debt, whether by acceleration or otherwise, or (ii) permit the holder or holders thereof, or any trustee
or agent for such holder or holders, to cause such Debt to become due and payable (or require the Parent or any Loan Party to purchase
or redeem such Debt or post cash collateral in respect thereof) prior to its expressed maturity, or (iii) accelerate the maturity, of
such Debt.

 

13.1.3
Other Material Obligations. Following a five (5) Business Day opportunity to cure from the occurrence of the applicable default,
any default in the payment when due, or in the performance or observance of, any obligation of, or condition agreed to by, the Parent
or any Loan Party with respect to any (i) Material Contract or (ii) other agreement, contract or lease, where such default, singly or
in the aggregate with all other such defaults, could reasonably be expected to have a Material Adverse Effect.

 

13.1.4
Bankruptcy, Insolvency, etc. The Parent or any Loan Party becomes insolvent or generally fails to pay, or admits in writing its
inability or refusal to pay, its debts as they become due; or the Parent or any Loan Party applies for, consents to, or acquiesces in
the appointment of a trustee, receiver or other custodian for such Loan Party or the Parent (as applicable) or any property thereof,
or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee,
receiver or other custodian is appointed for any Loan Party or the Parent (as applicable) or for a substantial part of the property of
any thereof and is not discharged within 45 days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under
any Debtor Relief Law, or any dissolution or liquidation proceeding, is commenced in respect of the Parent or any Loan Party, and if
such case or proceeding is not commenced by such Loan Party or the Parent (as applicable), it is consented to or acquiesced in by such
Loan Party or the Parent (as applicable), or remains for 60 days undismissed; or the Parent or any Loan Party takes any action to authorize,
or in furtherance of, any of the foregoing.

 

    47

     

    

 

13.1.5
Non-Compliance with Loan Documents.

 

(a)
Failure by any Loan Party or the Parent (as applicable) to comply with or to perform any covenant set forth in Sections 10.1.1,
10.1.2, 10.1.3 (with respect to maintenance of insurance only), 10.1.4 10.1.6, 10.2, 10.3, 10.6,
10.9, 10.10, 10.11, 10.13, 10.14, 10.16, or ARTICLE XI;

 

(b)
failure by any Loan Party to comply with or to perform any other provision of this Agreement or any other Loan Document (and not constituting
an Event of Default under the preceding clause (a) or any other provision of this Article XIII) and continuance of such failure
described in this clause (b) for ten (10) consecutive days after the earlier to occur of (i) the date the Company first becomes aware
(or should have become aware) of such failure and (ii) the date the Administrative Agent notifies the Company of such failure.

 

13.1.6
Representations; Warranties. Any representation or warranty made by any Loan Party or Parent (as applicable) herein or any other
Loan Document is breached or is or becomes false or misleading in any material respect (without duplication of materiality qualifiers
in any such representation or warranty), or any schedule, certificate, financial statement, report, notice or other writing furnished
by any Loan Party to the Administrative Agent or any Lender in connection herewith is false or misleading in any material respect (without
duplication of materiality qualifiers in any such schedule, certificate, financial statement, report, notice or other writing) on the
date as of which the facts therein set forth are stated or certified.

 

13.1.7
Judgments. (a) any monetary judgment or order (unless covered by insurance without a reservation of rights by the applicable insurer)
which exceed $200,000 individually or in the aggregate shall be rendered against the Parent or any Loan Party and shall not have been
paid, discharged or vacated or had execution thereof stayed pending appeal within 30 days after entry or filing of such judgment; and
(b) any non-monetary judgment or order that individually or in the aggregate could reasonably be expected to have a Material Adverse
Effect shall be rendered against the Parent or any Loan Party and shall not have been discharged or vacated or had execution thereof
stayed pending appeal within 30 days after entry or filing of such judgment.

 

13.1.8
Invalidity of Collateral Documents, etc. Any Collateral Document shall cease to be in full force and effect; or any Loan Party
(or any Person by, through or on behalf of any Loan Party) shall contest in any manner the validity, binding nature or enforceability
of any Collateral Document.

 

    48

     

    

 

13.1.9
Guaranty. (a) Any Loan Party or any other Person shall contest in any manner the validity, binding nature or enforceability of
any guaranty of the Obligations (including the Guaranty and Collateral Agreement) or shall assert the invalidity or unenforceability
of, or deny any liability under, any guaranty of the Obligations (including the Guaranties), or (b) any Loan Party fails to comply with
any of the terms or provisions of any guaranty of the Obligations (including the Guaranties), or (c) any representation or warranty of
any Loan Party is false in any material respect or any covenant is breached by any Loan Party herein or in any Guaranty of the Obligations
(including the Guaranties).

 

13.1.10
Invalidity of Subordination Provisions, etc. Any subordination provision in any document or instrument governing Subordinated
Debt, or any subordination provision in any guaranty by any Subsidiary of any Subordinated Debt, shall cease to be in full force and
effect except as a result of a payment in full of the applicable Subordinated Debt in compliance with the applicable subordination provisions,
or any Loan Party or any other Person (including the holder of any applicable Subordinated Debt) shall contest in any manner the validity,
binding nature or enforceability of any such provision.

 

13.1.11
Payment of Subordinated Debt. Any Loan Party shall make a payment in respect of any Subordinated Debt unless expressly permitted
by this Agreement or the applicable Subordination Agreement.

 

13.1.12
Change of Control. A Change of Control shall occur.

 

13.1.13
Key Executives. Any of the Key Executives (or any replacement in accordance with this Section 13.1.12) (a) is indicted
or convicted of a felony, (b) charged under any law that could reasonably be expected to lead to forfeiture of any material portion of
the Collateral, or (c) unless replaced by the Company within 120 days by a successor reasonably satisfactory to the Administrative Agent,
ceases to devote his or her full business time and efforts to the business of the Loan Parties, or dies, suffers any illness, injury,
or other disability which has caused (or which the Administrative Agent in its reasonable discretion determines imminently will cause)
him or her to be incapacitated or unable to act competently on his or her own behalf.

 

13.1.14
Restraint of Business. Any Loan Party or any Subsidiary thereof shall be enjoined, restrained, or in any way prevented by court
order from continuing to conduct all or any material part of the business affairs of the Company and its Subsidiaries as conducted on
the date of this agreement, taken as a whole.

 

13.1.15
Parent Warrant Affirmation. Parent fails to issue the Common Stock (as defined in the Warrant) on the terms and subject to the
conditions set forth in the Warrant.

 

13.1.16
ERISA. An ERISA Event shall have occurred that, in the opinion of the Administrative Agent, when taken together with other ERISA
Events that have occurred, could reasonably be expected to result in liability to the Company or Subsidiaries in an aggregate amount
exceeding $150,000.

 

    49

     

    

 

13.1.17
Material Adverse Effect. The occurrence of any event or circumstance which could reasonably be expected to have a Material Adverse
Effect.

 

13.1.19
Licenses. Any license or permit necessary for or material to the operation of any Loan Parties’ business as conducted on
the date of this Agreement is terminated or revoked by a non-appealable decision of a Governmental Authority.

 

13.1.20
Reports. Any report, certificate, financial statement or other instrument furnished by any Loan Party to the Administrative Agent
in writing is false in any material respect when so furnished, provided, however, that such report, certificate, financial statement
or other instrument that is false due solely to a commercially reasonable mistake of the Loan Parties shall not be an Event of Default
hereunder and the Loan Parties shall have five (5) Business Days opportunity to cure following notice from the Administrative Agent.

 

13.2
Effect of Event of Default. If any Event of Default described in Section 13.1.4 shall occur in respect of the Company (regardless
as to whether the time periods specified therein shall have expired), the Commitments shall immediately terminate and the Loans and all
other Obligations hereunder shall become immediately due and payable, all without presentment, demand, protest or notice of any kind;
and, if any other Event of Default shall occur and be continuing, the Administrative Agent may (and, upon the written request of the
Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and
all other Obligations hereunder to be due and payable, whereupon the Commitments shall immediately terminate (or be reduced, as applicable)
and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable), all without
presentment, demand, protest or notice of any kind. If practical, the Administrative Agent shall use its reasonable efforts to promptly
advise the Company of any such declaration, but failure to do so shall not impair the effect of such declaration nor result in liability
of any kind or nature to the Administrative Agent and the Lenders. If an Event of Default shall occur and be continuing, the Administrative
Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies against the Company and each other Loan Party
granted to them in this Agreement, the other Loan Documents and in any other instrument or agreement securing, evidencing or relating
to the Obligations, and all rights and remedies of a creditor under any applicable law or at equity.

 

13.3
Right to Appointment of Receiver. Without limiting any other rights, options and remedies the Administrative Agent and the Lenders
have under the Loan Documents, the UCC, at law or in equity, if an Event of Default shall occur and be continuing, the Administrative
Agent, on behalf of the Lenders, shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction
in any action taken by the Administrative Agent to enforce its and the Lenders’ rights and remedies in order to manage, protect
and preserve the Collateral, to sell or dispose of the Collateral, to continue the operation of the businesses of the Company and its
Subsidiaries and to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such
receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of the Collateral
shall be finally made and consummated. The Company, for itself and on behalf of its Subsidiaries, hereby irrevocably consents to, and
waives any right to object to or otherwise contest, the appointment of, a receiver as provided above. Each of the Company and the other
Loan Parties (i) grants such waiver and consent knowingly after having discussed the implications thereof with counsel, (ii) acknowledges
that (A) the uncontested right to have a receiver appointed for the foregoing purposes is considered essential by the Administrative
Agent and the Lenders in connection with the enforcement of their rights and remedies hereunder and under the other Loan Documents and
(B) the availability of such appointment as a remedy under the foregoing circumstances was a material factor in inducing the Lenders
to make the Loans to the Company, and (iii) agrees to enter into any and all stipulations in any legal actions, or agreements or other
instruments required or reasonably appropriate in connection with the foregoing, and to cooperate fully with the Administrative Agent
and the Lenders in connection with the assumption and exercise of control by any receiver over all or any portion of the Collateral.

 

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13.4
Cooperation in Event of Default. If any Event of Default shall occur and be continuing, in addition to the acceleration and other
provisions set forth in this Article XIII, the Company shall, and shall cause each of its Subsidiaries to, take any action that
the Administrative Agent, for the benefit of itself and the Lenders, may request in order to enable the Administrative Agent to obtain
and enjoy the full rights and benefits granted to Agent hereunder. The Company shall not, and shall not permit any of its Subsidiaries
to, resist or interfere with any action taken by the Administrative Agent in accordance with this Article XIII. In furtherance
(and not in limitation) of the foregoing, the Company hereby (a) grants to the Administrative Agent, for the benefit of the Lender, after
the occurrence and during the continuance of an Event of Default, an irrevocable, nonexclusive license (exercisable without payment of
royalty or other compensation to the Company or any of its Subsidiaries) to use, assign, license or sublicense any intellectual property,
now owned or hereafter acquired by the Company or any of its Subsidiaries, and wherever the same may be located, including in such license
reasonable access as to all media in which any of the licensed items may be recorded or stored and to all computer programs and used
for the compilation or printout thereof; and (b) agrees to prepare, sign and file with any applicable Governmental Authority or any other
Person the assignor’s or transferor’s portion of any application or applications for consent to the assignment of or transfer
of control over any of the Loan Parties’ licenses and/or permits necessary or appropriate for approval by any person or Governmental
Authority of any sale, assignment or transfer to the Administrative Agent or any other Person of such licenses.

 

13.5
Setoff. The Company agrees for itself and each of its Subsidiaries that the Administrative Agent and each Lender and Lenders may
have all rights of set-off and bankers’ lien provided by applicable law. If an Event of Default shall have occurred and be continuing,
the Administrative Agent, each Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final, in whatever currency) at any time held and other obligations (in whatever currency), including the Obligations, at any time
owing by the Administrative Agent, such Lender, or any such Affiliate to or for the credit or the account of the Company or any of its
Subsidiaries against any and all of the obligations of the Company or such Subsidiary now or hereafter existing under this Agreement
or any other Loan Document to the Administrative Agent or such Lender whether or not then due, irrespective of whether or not the Administrative
Agent or such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the
Company or such Subsidiary may be contingent or unmatured. The rights of the Administrative Agent, each Lender, and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that the Administrative
Agent, such Lender, or their respective Affiliates may have. If practical, the Administrative Agent and each Lender agrees to use reasonable
efforts to notify the Company and the Administrative Agent promptly after any such setoff and application, provided that the failure
to give such notice shall not affect the validity of such setoff and application.

 

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13.6
Sharing of Payments. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect
of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment
of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such obligations greater than its pro rata
share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such
fact, and (b) purchase (for cash at face value) participations in the Loans and such other obligations of the other Lenders, or make
such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance
with the aggregate amount of principal of and accrued interest on their respective Loans and other amounts owing them, provided
that:

 

(a)
if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

 

(b)
the provisions of this Section 13.6 shall not be construed to apply to (x) any payment made by the Company pursuant to and in
accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans to any assignee or participant, other than to the Company or any Subsidiary thereof (as to
which the provisions of this Subsection shall apply).

 

The
Company for itself and each other Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Company and each other
Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of
the Company and each other Loan Party in the amount of such participation.

 

Q.
ARTICLE XIV

THE AGENT

 

14.1
Appointment and Authorization. Each of the Lenders hereby irrevocably appoints Post Road Administrative LLC to act on its behalf
as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with
such actions and powers as are reasonably incidental thereto. The provisions of this Article XIV are solely for the benefit of
the Administrative Agent and the Lenders, and neither the Company nor any other Loan Party shall have rights as a third-party beneficiary
of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents
(or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and
is intended to create or reflect only an administrative relationship between contracting parties.

 

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14.2
Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity
as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving
as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money
to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business
with, the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.

 

14.3
Exculpatory Provisions.

 

(a)
The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents,
and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent:

 

(i)
shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing;

 

(ii)
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing
by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion
of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including
for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a
forfeiture, modification or termination of property of a Lender in violation of any Debtor Relief Law; and

 

(iii)
shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for
the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any capacity.

 

(b)
The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Sections 13.2, 13.3, and 15.1), or (ii) in the
absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable
judgment. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default
is given to the Administrative Agent in writing by the Company or a Lender.

 

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(c)
The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article XII or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

 

14.4
Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message,
Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated
by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it
to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition
hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume
that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such
Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Company),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance
with the advice of any such counsel, accountants or experts.

 

14.5
Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. Any such sub agent acts
as a non-fiduciary agent of the Administrative Agent. The Company agrees to pay to the Servicer, if any, any fee agreed upon pursuant
to Section 4.2. The Administrative Agent and any such sub agent may perform any and all of its duties and exercise its rights
and powers by or through their respective Affiliates. The exculpatory provisions of this Article XIV shall apply to any such sub
agent and to the Related Parties of the Administrative Agent and any such sub agent, and shall apply to their respective activities in
connection with the syndication of the Loans as well as activities as Administrative Agent. The Administrative Agent shall not be responsible
for the negligence or misconduct of any sub agents except to the extent that a court of competent jurisdiction determines in a final
and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such
sub agents.

 

14.6
Resignation of Administrative Agent.

 

(a)
The Administrative Agent may at any time give notice of its resignation to the Lenders and the Company. Upon receipt of any such notice
of resignation, the Required Lenders shall have the right, in consultation with the Company, to appoint a successor. If no such successor
shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective
Date”), then the retiring Administrative Agent may (but shall not be obligated to), on behalf of the Lenders, appoint a successor
Administrative Agent. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such
notice on the Resignation Effective Date.

 

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(b)
With effect from the Resignation Effective Date (i) the retiring or removed Administrative Agent shall be discharged from its duties
and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative
Agent on behalf of the Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such
collateral security until such time as a successor Administrative Agent is appointed) and (ii) all payments, communications and determinations
provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time,
if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s
appointment as the Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring or removed Administrative Agent, and the retiring or removed Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Company to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Company and such successor. After the
retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions
of this Article XIV and Sections 15.5 and 15.15 shall continue in effect for the benefit of such retiring or removed
Administrative Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any
of them while the retiring or removed Administrative Agent was acting as the Administrative Agent.

 

14.7
Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance
upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

 

14.8
No Other Duties. Anything herein to the contrary notwithstanding, no Person identified on the facing page or signature pages of
this Agreement as a “syndication agent,” “documentation agent,” “co-agent,” “book manager,”
“lead manager,” “arranger,” “lead arranger” or “co-arranger,” if any, shall have any
powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as
the Administrative Agent or a Lender hereunder.

 

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14.9
Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law, the Administrative
Agent (irrespective of whether the principal of any Loan then shall be due and payable as herein expressed or by declaration or otherwise
and irrespective of whether the Administrative Agent shall have made any demand on the Company) shall be entitled and empowered (but
not obligated) by intervention in such proceeding or otherwise:

 

(a)
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations
that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders
and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders
and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent
under Article IV and Sections 15.5 and 15.15) allowed in such judicial proceeding; and

 

(b)
to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable
compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due
the Administrative Agent under Article IV and Sections 15.5 and 15.15.

 

14.10
Indemnification. Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand
the Administrative Agent and its directors, officers, employees and agents (to the extent not reimbursed by or on behalf of the Company
and without limiting the obligation of the Company to do so), according to its applicable Pro Rata Share, from and against any and all
Indemnified Liabilities (as hereinafter defined); provided that no Lender shall be liable for any payment to any such Person of
any portion of the Indemnified Liabilities to the extent determined by a final, nonappealable judgment of a court of competent jurisdiction
to have resulted from the gross negligence or willful misconduct of the Administrative Agent or any sub agent. No action taken in accordance
with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this
Section. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share
of any costs or out-of-pocket expenses (including Attorney Costs and Taxes) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings
or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document
contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed promptly for such expenses by or
on behalf of the Company. The undertaking in this Section shall survive repayment of the Loans, cancellation of the Notes, any foreclosure
under any of the Loan Documents, or any modification, release or discharge of, any or all of the Loan Documents, termination of this
Agreement and the resignation or replacement of the Administrative Agent.

 

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14.11
Collateral Matters.

 

(a)
The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion:

 

(i)
to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of all
Commitments and payment in full of all Obligations (other than contingent indemnification obligations), (ii) that is sold or otherwise
disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under the
Loan Documents, or (iii) subject to Section 15.1, if approved, authorized or ratified in writing by the Required Lenders;

 

(ii)
to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien
on such property that is permitted by Section 11.2(d); and

 

(iii)
to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

Upon
request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority
to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under
the Guaranty pursuant to this Section 14.11.

 

(b)
The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien
thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative Agent be responsible or
liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

R.
ARTICLE XV 

GENERAL

 

15.1
Waiver; Amendments. No delay on the part of the Administrative Agent or any Lender in the exercise of any right, power or remedy
shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other
or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent
with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be
in writing and acknowledged by the Company and the Lenders having an aggregate Pro Rata Shares of not less than the aggregate Pro Rata
Shares expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement,
by the Company and the Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent shall (a) extend or increase
the Commitment of any Lender without the written consent of such Lender; (b) extend the date scheduled for payment of any principal (excluding
voluntary or mandatory prepayments) of, or interest on, the Loans, or any fees payable hereunder without the written consent of each
Lender directly affected thereby; (c) reduce the principal amount of any Loan (excluding voluntary or mandatory prepayments), the rate
of interest thereon or any fees payable hereunder, without the consent of each Lender directly affected thereby; or (d) release any party
from its obligations under the Guaranty and Collateral Agreement or all or any substantial part of the Collateral granted under the Collateral
Documents, change the definition of Required Lenders, any provision of this Section 15.1 or reduce the aggregate Pro Rata Share
required to effect an amendment, modification, waiver or consent, without, in each case set forth in this clause (d), the written consent
of all Lenders. No provision of Section 6.2 with respect to the timing or application of mandatory prepayments of the Loans shall
be amended, modified or waived without the consent of the Required Lenders and the Company. No provision of Article XIV or other
provision of this Agreement affecting the Administrative Agent in its capacity as such shall be amended, modified or waived without the
consent of the Administrative Agent. The Administrative Agent shall receive copies of all amendments, modifications and waivers of, or
consents with respect to, any provision of this Agreement or the other Loan Documents.

 

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15.2
Confirmations. The Company and each holder of a Note agree from time to time, upon written request received by it from the other,
to confirm to the other in writing (with a copy of each such confirmation to the Administrative Agent) the aggregate unpaid principal
amount of the Loans then outstanding under such Note.

 

15.3
Notices. All notices hereunder shall be in writing (including e-mail and facsimile transmission) and shall be sent to the applicable
party at its address shown on Annex B or at such other address as such party may, by written notice received by the other parties,
have designated as its address for such purpose. Notices sent by e-mail shall be deemed to have been given on the next Business Day after
being sent; notices sent by facsimile transmission shall be deemed to have been given when sent if a confirming notice is also sent by
overnight courier; notices served in person, upon acceptance or refusal of delivery; notices sent by mail shall be deemed to have been
given three (3) Business Days after the date when sent by registered or certified mail, postage prepaid; and notices sent by overnight
courier service shall be deemed to have been given on the first (1st) Business Day following the day such notice is delivered to such
carrier. Any notice properly given hereunder but the delivery thereof is refused by the recipient, shall be deemed to have been properly
given and received.

 

15.4
Costs, Expenses and Taxes. The Company agrees to pay on demand all reasonable out-of-pocket fees, costs and expenses of the Administrative
Agent and the Lenders (including Attorney Costs and, if required hereunder, any Taxes) and its Related Parties in connection with the
preparation, execution, syndication, delivery and administration (including perfection and protection of any of the Collateral and the
costs of Firmex (or other similar service), if applicable) of this Agreement, the other Loan Documents and all other documents provided
for herein or delivered or to be delivered hereunder or in connection herewith (including any amendment, supplement or waiver to any
Loan Document), whether or not the transactions contemplated hereby or thereby shall be consummated, and all out-of-pocket fees, costs
and expenses (including Attorney Costs and, if required hereunder, any Taxes) incurred by the Administrative Agent and the Lenders and
from an Event of Default which remains uncured, as further delineated in Article XIII, and in connection with the collection of
the Obligations or the enforcement of this Agreement, the other Loan Documents or any such other documents or during any workout, restructuring
or negotiations in respect thereof or any exercise of any rights or remedies hereunder or under the other Loan Documents. In addition,
the Company agrees to pay, and to save the Administrative Agent and the Lenders harmless from all liability for, any fees of the Company’s
auditors or examiners in connection with any reasonable exercise by the Administrative Agent and the Lenders of their rights pursuant
to Section 10.2. All Obligations provided for in this Section 15.4 shall survive repayment of the Loans and termination
of this Agreement.

 

15.5
Successors and Assigns.

 

15.5.1
Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that neither the Company nor any other Loan Party may assign
or otherwise transfer any of its rights or obligations hereunder or under any of the other Loan Documents without the prior written consent
of the Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an Assignee in accordance with the provisions of Section 15.5.2, (ii) to a Participant by way of participation in
accordance with the provisions of Section 15.5.4, or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 15.5.6 (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants to the extent provided in Section 15.5.4 and, to the extent expressly contemplated
hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement.

 

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15.5.2
Assignments by Lenders. Any Lender may at any time assign to one or more Persons (each, an “Assignee”) all
or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time
owing to it); provided that (in each case with respect to any Loan) any such assignment shall be subject to the following conditions:

 

(a)
Minimum Amounts.

 

(i)
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the time owing
to it (in each case with respect to any Loan) or contemporaneous assignments to related Approved Funds that equal at least $1,000,000
in the aggregate, or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be
assigned; and

 

(ii)
in any case not described in paragraph (a)(i) of this Section 15.5.2, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the outstanding principal balance of the
Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption,
as of the Trade Date) shall not be less than $1,000,000 unless the Administrative Agent otherwise consents.

 

(b)
Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement with respect to the Loan or the Commitment assigned.

 

(c)
Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (a)(ii) of this
Section 15.5.2 and, in addition, the consent of the Administrative Agent shall be required for assignments in respect of (i) any
unfunded Commitments if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved
Fund with respect to such Lender, or (ii) any Loans to a Person who is not a Lender, an Affiliate of a Lender or an Approved Fund.

 

(d)
Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an assignment
and assumption substantially in the form of Exhibit E or any other form approved by the Administrative Agent (an “Assignment
and Assumption”), together with (i) an administrative questionnaire in the form prescribed by the Administrative Agent and/or
the Servicer, (ii) such “know-your-customer” documents as may be required by the Administrative Agent and/or the Servicer
and (iii) a processing and recordation fee of $3,500, which fee shall be payable by the assigning Lender, except for in the case when
the Company has requested to replace a Lender, then such fee shall be payable by the Company; provided that the Administrative
Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The Assignee, if
it is not a Lender, shall deliver to the Administrative Agent an administrative questionnaire containing such information and payment
details with respect to the Assignee as the Administrative Agent reasonably may request.

 

(e)
No Assignment to Certain Persons. No such assignment shall be made to the Company or any of the Company’s Affiliates or
Subsidiaries.

 

(f)
No Assignment to Natural Persons. No such assignment shall be made to a natural Person.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to Section 15.5.3, from and after the effective date
specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 8.1,
15.5, 15.14, 15.15, 15.16, and 15.17 with respect to facts and circumstances occurring prior to the
effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights
and obligations in accordance with Section 15.5.4.

 

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15.5.3
Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Company, shall maintain at
one of its offices in Stamford, Connecticut (or, in the event a Servicer is appointed by the Administrative Agent, the Servicer shall
maintain at one of its offices), a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error,
and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company
and any Lender, at any reasonable time and from time to time upon reasonable prior written notice.

 

15.5.4
Participations. Any Lender may at any time, without the consent of, or notice to, the Company or the Administrative Agent, sell
participations to any Person (other than a natural Person or the Company or any of the Company’s Affiliates or Subsidiaries) (each,
a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including
all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, and (iii) the Company, the Administrative Agent, and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall
be responsible for the indemnity under Section 14.10 with respect to any payments made by such Lender to its Participant(s). Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the third sentence of Section 15.3 that affects such Participant. The Company agrees that each Participant
shall be entitled to the benefits of Section 8.1 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 15.5.2; provided that such Participant agrees to be subject to the provisions of Section 8.2
as if it were an Assignee under Section 15.5.2. To the extent permitted by law, each Participant also shall be entitled to the
benefits of Section 7.5 as though it were a Lender; provided that such Participant agrees to be subject to Section 7.4
as though it were a Lender.

 

15.5.5
Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Sections 7.6
and 8.1 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Company’s prior written consent. A Participant that would
be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 7.6 unless the Company is notified of
the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 7.6.5
as though it were a Lender.

 

15.5.6
Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee
or assignee for such Lender as a party hereto.

 

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15.6
Governing Law. This Agreement and the other Loan Documents 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 Agreement or any other Loan Document (except, as to any
other Loan Document, as expressly set forth therein) and the transactions contemplated hereby and thereby shall be governed by, and construed
in accordance with, the law of the State of New York.

 

15.7
Confidentiality. Each of the Administrative Agent and the Lenders agree to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its Affiliates and to its Related Parties (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential); (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or
its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners); (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process; (d) to any other party hereto; (e) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this
Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder; (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any Assignee of or Participant in, or any prospective Assignee of or Participant
in, any of its rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap,
derivative or other transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or
payments hereunder; (g) on a confidential basis to (i) any rating agency in connection with rating the Company or its Subsidiaries or
(ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the
Loans; (h) with the consent of the Company; or (i) to the extent such Information (x) becomes publicly available other than as a result
of a breach of this Section, or (y) becomes available to the Administrative Agent, any Lender, or any of their respective Affiliates
on a nonconfidential basis from a source other than the Company. Notwithstanding the foregoing, the Company consents to the publication
by the Administrative Agent or any Lender of a tombstone or similar advertising material relating to the financing transactions contemplated
by this Agreement, and the Administrative Agent reserves the right to provide to industry trade organizations information necessary and
customary for inclusion in league table measurements. The Administrative Agent shall have the right to share any documents and information
it receives from or concerning the Loan Parties with the Lenders and their Related Parties.

 

For
purposes of this Section, “Information” means all information received from the Company or any of its Subsidiaries
relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available
to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company or any of its Subsidiaries; provided
that, in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided
in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care
to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

    61

     

    

 

15.8
Severability. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement.

 

15.9
Nature of Remedies. All Obligations of the Company and rights of the Administrative Agent and the Lenders expressed herein or
in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law. No failure to exercise
and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder, shall
operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

15.10
Entire Agreement. This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among
the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating
to the subject matter hereof and thereof (except as relates to the fees described in Section 4.1) and any prior arrangements made
with respect to the payment by the Company of (or any indemnification for) any fees, costs or expenses payable to or incurred (or to
be incurred) by or on behalf of the Administrative Agent or the Lenders. Acceptance of or acquiescence in a course of performance or
course of dealing rendered or taken under or with respect to this Agreement or the other Loan Documents will not be relevant to determine
the meaning of this Agreement or the other Loan Documents even though the accepting or acquiescing party had knowledge of the nature
of the performance and opportunity for objection.

 

15.11
Counterparts; Effectiveness. This Agreement 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. Except as provided
in Article XII, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties
hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf”
or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement.

 

15.12
Captions. Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

 

15.13
Customer Identification - USA Patriot Act Notice. Each Lender (for itself and not on behalf of any other party) hereby notifies
the Loan Parties that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26,
2001 (the “Act”), it is required to obtain, verify and record information that identifies the Loan Parties, which
information includes the name and address of the Loan Parties and other information that will allow such Lender to identify the Loan
Parties in accordance with the Act.

 

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15.14
INDEMNIFICATION BY THE COMPANY. IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE ADMINISTRATIVE AGENT AND
THE LENDERS AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, THE COMPANY AND THE OTHER LOAN PARTIES SHALL JOINTLY AND
SEVERALLY INDEMNIFY, EXONERATE AND HOLD THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES
AND AGENTS OF THE ADMINISTRATIVE AGENT, EACH LENDER, AND EACH OF THEIR RELATED PARTIES (EACH A “LENDER PARTY”) FREE
AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING REASONABLE
ATTORNEY COSTS, INCLUDING ALL TAXES (UNLESS EXPRESSLY SET FORTH IN THIS AGREEMENT AS NOT BEING THE RESPONSIBILITY OF THE COMPANY INCLUDING
EXCLUDED TAXES) (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A
RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) ANY TENDER OFFER, MERGER, PURCHASE OF CAPITAL STOCK, PURCHASE OF ASSETS INCLUDING ANY
SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE
LOANS, (B) THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE
AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY, (C) ANY VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY
OWNED OR LEASED BY ANY LOAN PARTY OR THE OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS
AT WHICH ANY LOAN PARTY OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES
OR (E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES,
EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT
AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING
MAY BE UNENFORCEABLE FOR ANY REASON, THE COMPANY AND EACH OTHER LOAN PARTY HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT
AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS ENFORCEABLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS
SECTION 15.14 SHALL SURVIVE REPAYMENT OF THE LOANS, CANCELLATION OF THE NOTES, ANY FORECLOSURE UNDER, OR ANY MODIFICATION, RELEASE
OR DISCHARGE OF, ANY OR ALL OF THE COLLATERAL DOCUMENTS AND TERMINATION OF THIS AGREEMENT.

 

15.15
Nonliability of Lenders. The relationship between the Company on the one hand and the Lenders and the Administrative Agent on
the other hand shall be solely that of borrower and lender (except to the extent expressly set forth in Section 15.14). Neither
the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection
with this Agreement or any of the other Loan Documents, and the relationship between the Loan Parties, on the one hand, and the Administrative
Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor. Neither the Administrative
Agent nor any Lender undertakes any responsibility to any Loan Party to review or inform any Loan Party of any matter in connection with
any phase of any Loan Party’s business or operations. The Company agrees, on behalf of itself and each other Loan Party, that neither
the Administrative Agent nor any Lender shall have liability to any Loan Party (whether sounding in tort, contract or otherwise) for
losses suffered by any Loan Party in connection with, arising out of, or in any way related to the transactions contemplated and the
relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined
in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful
misconduct of the party from which recovery is sought. NO LENDER PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY OTHERS
OF ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH FIRMEX OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS
AGREEMENT, NOR SHALL ANY LENDER PARTY HAVE ANY LIABILITY WITH RESPECT TO, AND THE COMPANY ON BEHALF OF ITSELF AND EACH OTHER LOAN PARTY,
HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE
CLOSING DATE). The Company acknowledges that it has been advised by counsel in the negotiation, execution and delivery of this Agreement
and the other Loan Documents to which it is a party. No joint venture is created hereby or by the other Loan Documents or otherwise exists
by virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the Lenders.

 

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15.16
Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT,
SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF NEW YORK COUNTY, THE STATE OF NEW YORK, OR IN THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; OR, IF THE ADMINISTRATIVE AGENT INITIATES SUCH ACTION, IN ADDITION TO THE FOREGOING COURTS,
ANY COURT IN WHICH THE ADMINISTRATIVE AGENT SHALL INITIATE OR TO WHICH THE ADMINISTRATIVE AGENT SHALL REMOVE SUCH ACTION, TO THE EXTENT
SUCH COURT OTHERWISE HAS JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY CONSENTS AND SUBMITS IN ADVANCE TO THE JURISDICTION
OF SUCH COURTS IN ANY ACTION OR PROCEEDING COMMENCED IN OR REMOVED BY THE ADMINISTRATIVE AGENT TO ANY OF SUCH COURTS, HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN, AND HEREBY AGREES THAT SERVICE OF SUCH SUMMONS AND COMPLAINT
OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH LOAN PARTY AT THE ADDRESS SET FORTH IN SECTION
15.3. EACH LOAN PARTY WAIVES ANY CLAIM THAT ANY COURT HAVING SITUS IN NEW YORK COUNTY, NEW YORK, IS AN INCONVENIENT FORUM OR AN IMPROPER
FORUM BASED ON LACK OF VENUE. SHOULD ANY LOAN PARTY, AFTER BEING SO SERVED, FAIL TO APPEAR OR ANSWER ANY SUMMONS, COMPLAINT, PROCESS
OR PAPERS SO SERVED WITHIN THE PERIOD OF TIME PRESCRIBED BY LAW AFTER THE MAILING THEREOF, SUCH LOAN PARTY SHALL BE DEEMED IN DEFAULT
AND AN ORDER AND/OR JUDGMENT MAY BE ENTERED BY THE ADMINISTRATIVE AGENT AGAINST SUCH LOAN PARTY AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR THE LOAN PARTIES SET FORTH IN THIS SECTION 15.16 SHALL NOT BE
DEEMED TO PRECLUDE THE ENFORCEMENT, BY THE ADMINISTRATIVE AGENT, OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING, BY THE ADMINISTRATIVE
AGENT, OF ANY ACTION TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE JURISDICTION, AND EACH LOAN PARTY HEREBY IRREVOCABLY WAIVES THE RIGHT
TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR ACTION.

 

15.17
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 15.17.

 

15.18
Convertible Note Offering. The Company, the Parent and the Administrative Agent agree to discuss mechanisms to pay down or repay
in full the Debt incurred by Parent pursuant to the Convertible Note Offering, subject in all respects to the Administrative Agent’s
discretion.

 

15.19
Parent Acknowledgment and Consent. Parent acknowledges and agrees that it will be bound by the terms of Sections 6.3, 9.29,
9.30, 9.31, 9.32, 10.15, 10.17, 11.1, 11.2, 11.3, 11.5, 11.9, 11.17,
13.1.2, 13.1.15 and 15.18 of this Agreement and will comply with such terms insofar as such terms are applicable
to the Parent.

 

[remainder
of this page intentionally left blank; signature pages follow]

 

    64

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as
of the date first set forth above.

 

	 	S.
    COMPANY:
	 	 
	 	T3 COMMUNICATIONS,
    INC.,
	 	a
    Nevada corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	T.
    GUARANTORS:
	 	 
	 	T3 COMMUNICATIONS,
    INC.,
	 	a
    Florida corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

	 	SHIFT8
    NETWORKS, INC.,
	 	a
    Texas Corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

	 	Prior
    to the consummation of the Nexogy Acquisition:
	 	 
	 	NEXOGY ACQUISITION,
    INC.,
	 	a
    Florida corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	Upon
    consummation of the Nexogy Acquisition:
	 	 
	 	NEXOGY
    ACQUISITION, INC.,
	 	a
    Florida corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

	 	NEXT
    LEVEL INTERNET, INC.,
	 	a
    California corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	U.
    ADMINISTRATIVE AGENT:
	 	 
	 	POST
    ROAD ADMINISTRATIVE LLC, as the Administrative Agent
	 	 
	 	By:	                                  
	 	Name: 	Michael
    Bogdan
	 	Title:	Authorized
    Signatory

 

	 	V.
    LENDER:
	 	 
	 	POST
    ROAD SPECIAL OPPORTUNITY FUND II LP, a Delaware limited partnership
	 	 
	 	By:	                                  
	 	Name: 	Michael
    Bogdan
	 	Title:	Authorized
    Signatory

 

Signature
Page to Credit Agreement

 

     

     

    

 

	 	W.
    PARENT:
	 	 
	 	DIGERATI
    TECHNOLOGIES, INC.,

    a Nevada corporation
	 	 
	 	By:	                                  
	 	Name: 	 
	 	Title:	 

 

Signature
Page to Credit Agreement

 

     

     

    

 

ANNEX
A

 

LENDERS,
COMMITMENTS AND PRO RATA SHARES

 

	Lender:	 	Term
    Loan A

    Commitment	 	 	Term
    Loan C

    Commitment	 	 	Delayed

    Draw

    Commitment	 	 	Pro
    Rata

    Share	 
	Post Road Special
    Opportunity Fund II LP	 	$	22,168,515.30	 	 	$	10,000,000	 	 	$	6,000,000	 	 	 	100	%
	Total	 	$	22,168,515.30	 	 	$	10,000,000	 	 	$	6,000,000	 	 	 	100	%

 

**As
of the Second Amendment Closing Date, all Commitments have been fully funded.**

 

     

     

    

 

ANNEX
B

 

ADDRESSES
FOR NOTICES

 

TO
THE COMPANY:

 

T3
Communications, Inc. 

825 W. Bitters St., 

Suite 104 San Antonio, TX 78216

Attention:
Antonio Estrada 

Telephone: (210) 438-8647 ext. 1062

 

With
a copy to:

 

Attention:
Art Smith 

Telephone: (210) 213-0971

 

With
a copy to:

 

Lucosky
Brookman LLP 

101 Wood Avenue South Woodbridge, NJ 08830 

Attention: Seth Brookman

Telephone: (732) 395-4403

Telecopy:
(732) 395-4401

 

TO
THE ADMINISTRATIVE AGENT OR ANY LENDER:

 

Post
Road Administrative LLC 2

Landmark Square, Suite 207

Stamford, Connecticut 06901 

Attention: Michael Bogdan 

Telephone: (203) 518-8480

 

With
a copy to:

 

Duane
Morris LLP

100
International Drive Suite 700,

Baltimore,
MD 21202 

Attention: Michael C. Hardy 

Telephone: (410) 949-2947

Telecopy:
(410) 949-2975

 

     

     

    

 

X.
DISCLOSURE SCHEDULES TO CREDIT AGREEMENT

 

	SCHEDULE 9.1	Formation Information
	SCHEDULE 9.2	Equity Ownership; Subsidiaries
	SCHEDULE 9.9.2	Business Locations
	SCHEDULE 9.9.5	Deposit Accounts
	SCHEDULE 9.9.6	Material Contracts; Form Customer
    Contract
	SCHEDULE 9.10	Insurance
	SCHEDULE 9.24	Contracts with Affiliates
	SCHEDULE 9.25	Trade and Customer Relations
	SCHEDULE 9.26	Brokers
	SCHEDULE 9.32	Parent Debt
	SCHEDULE 10.11	Deposit Accounts Not Subject
    to Control Agreements
	SCHEDULE 10.14(a)	Post-Closing Landlord Agreements
	SCHEDULE 10.14(b)	Post-Closing Deposit Account
    Closures
	SCHEDULE 11.1	Existing Debt
	SCHEDULE 11.2	Existing Liens
	SCHEDULE 11.9	Investments
	SCHEDULE 12.1	Debt to be Repaid
	SCHEDULE 13.1.12	Key Executives

 

     

     

    

 

ANNEX
B 

 

TO
JOINDER AND SECOND AMENDMENT TO CREDIT AGREEMENT

 

Amended
Exhibit D (Form of Compliance Certificate)

 

See
attached.

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