Document:

Amendment No.4 (00023230).DOCX

Exhibit 10.3
October 14, 2020
WINMARK CORPORATION
WIRTH BUSINESS CREDIT, INC.
WINMARK CAPITAL CORPORATION
GROW BIZ GAMES, INC.
c/o Winmark Corporation
605 Highway 169 North, Suite 400
Minneapolis, MN  55441
​
		Re:
	Consent and Amendment No. 4 to Note Agreement

Ladies and Gentlemen:
Reference is made to the Note Agreement dated as of May 14, 2015 (as amended from time to time, the “Note Agreement”), among Winmark Corporation, a Minnesota corporation (the “Company”), Wirth Business Credit, Inc., a Minnesota corporation (“Wirth”), Winmark Capital Corporation, a Minnesota corporation (“Winmark Capital”), Grow Biz Games, Inc., a Minnesota corporation (“Grow Biz”; the Company, Wirth, Winmark Capital, Grow Biz and any other Person who joins the Note Agreement as an Issuer pursuant to paragraph 5J, collectively, the “Issuers”), The Prudential Insurance Company of America (“PICA”), Pruco Life Insurance Company (“Pruco”) and Prudential Retirement Guaranteed Cost Business Trust (“PRG”), PAR U Hartford Life Insurance Comfort Trust (“PAR”; PICA, Pruco, PRG and PAR, collectively, the “Holders”).  Capitalized terms used herein that are not otherwise defined herein shall have the meaning specified in the Note Agreement.  
The Issuers have requested that the Holders (i) agree to certain amendments to the Note Agreement as set forth below and (ii) consent to a proposed one-time special dividend by the Company to its shareholders in an amount equal to $3.00 per share of common stock (which dividend amount will be paid from cash on hand) on or before December 31, 2020.  Subject to the terms and conditions hereof, the Holders are willing to agree to such requests (the “2020 Special Dividend”).  Accordingly, and in accordance with the provisions of paragraph 11C of the Note Agreement, the parties hereto agree as follows:
SECTION 1.Amendments to the Note Agreement.  From and after the Effective Date (as defined in Section 4 hereof), the Note Agreement is amended as follows:
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1.1Clause (b) of paragraph 6E is hereby amended by deleting the reference to “$6,000,000 contained therein and inserting “$10,000,000” in lieu thereof.
1.2Paragraph 10B is hereby amended by amending and restating the definition of “Fixed Charge Coverage Ratio” contained therein in its entirety to read as follows:
“Fixed Charge Coverage Ratio” shall mean as of any date of determination and calculated for a trailing twelve month period ending on such date of determination, the ratio of (a) the total EBITDA of the Company and its Subsidiaries for such period, minus (i) the sum of income taxes paid in cash by the Company and its Subsidiaries in such period, (ii) the sum of all Capital Expenditures made by the Company and its Subsidiaries in such period, and (iii) the sum of all distributions (excluding the 2020 Special Dividend) made by the Company and its Subsidiaries in such period, divided by (b) the sum for such period of (i) cash interest expense plus (ii) all scheduled payments of principal on Debt (excluding, for the avoidance of doubt, any payment pursuant to Section 6 of the Credit Agreement).
1.3Paragraph 10B is hereby further amended by inserting the following defined term therein in appropriate alphabetical order:
“2020 Special Dividend” shall have the meaning given to such term in that certain Consent and Amendment No. 4 to Note Agreement dated as of October 14, 2020 by and among the Issuers, Prudential and the Purchasers.
SECTION 2.  Consent.  Effective on the Effective Date (as defined in Section 4 below), the Holders hereby consent to the 2020 Special Dividend; provided that at the time of the payment of the 2020 Special Dividend, no Default or Event of Default then exists or could result therefrom (after taking into account the effect of this letter amendment). The foregoing consent shall be limited precisely as written and shall relate solely to the Note Agreement in the manner and to the extent described herein, and nothing in this letter agreement shall be deemed to (a) constitute a consent to or waiver of any Defaults or Events of Defaults existing under the Note Agreement or the other Transaction Documents, (b) constitute a consent to any matter other than the 2020 Special Dividend or (c) prejudice any right or remedy that Prudential or any Holder may now have or may have in the future under or in connection with the Note Agreement or any other Transaction Document.
SECTION 3.Representations and Warranties.  Each Issuer represents and warrants that (a) the execution and delivery of this letter by each Issuer has been duly authorized by all necessary corporate action on behalf of the Issuers, this letter has been executed and delivered by a duly authorized officer of the Issuers, as applicable, and this letter constitutes legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), (b) each representation and warranty set forth in paragraph 8 of the Note Agreement and the other Transaction Documents to which it is a party is true and correct as of the date of execution and delivery of this letter by the Issuers with the same effect as if made on such date, before and after giving effect to this letter (except to the extent such representations and warranties expressly refer 

to an earlier date, in which case they were true and correct as of such earlier date), (c) no Event of Default or Default exists or has occurred and is continuing on the date hereof, before and after giving effect to this letter and (d) neither any Issuer nor any Subsidiary has paid or agreed to pay, and neither any Issuer nor any Subsidiary will pay or agree to pay, any fees or other consideration to any Person in connection with the amendment referenced in Section 4.1(ii) hereof, other than reimbursement of out-of-pocket fees and expenses of their own legal counsel and legal counsel to the Banks and the Bank Agent.
SECTION 4.  Conditions Precedent.  The amendments in Section 1 of this letter shall become effective as of the date (the “Effective Date”) that each of the following conditions has been satisfied:
4.1Documents.Each Holder shall have received original counterparts or, if satisfactory to such Holder, certified or other copies of all of the following, in form and substance satisfactory to such Holder, dated the date hereof unless otherwise indicated, and on the date hereof in full force and effect:
(i)counterparts of this letter executed by the Issuers and the Holders;
(ii)a copy of an amendment to the Credit Agreement, duly executed by the Issuers, the Bank Agent and the Banks, and the conditions precedent to the effectiveness of such amendment shall have been satisfied and such amendment shall be in full force and effect;
(iii)a Secretary’s Certificate signed by the Secretary or an Assistant Secretary and one other officer of each Issuer certifying, among other things, (a) as to the names, titles and true signatures of the officers of such Issuer, as the case may be, authorized to sign the Transaction Documents to which such Issuer, as the case may be, is a party (or certifying that such officers remain unchanged from the relevant document certified on the date of that certain Amendment No. 3 to Note Agreement dated as of September 2, 2020 (the “Third Amendment”)), (b) that attached thereto is a true, accurate and complete copy of the certificate of incorporation or other formation document of such Issuer, as the case may be, certified by the Secretary of State of the state of organization of such Issuer, as the case may be, as of a recent date (or certifying that such certificate of incorporation or other formation document remains unchanged from the relevant document certified on the date of the Third Amendment), (c) that attached thereto is a true, accurate and complete copy of the by-laws, operating agreement or other organizational document of such Issuer, as the case may be, which were duly adopted and are in effect as of the Effective Date and have been in effect immediately prior to and at all times since the adoption of the resolutions referred to in clause (d), below (or certifying that such by-laws, operating agreement or other organization document remains unchanged from the relevant document certified on the date of the Third Amendment), (d) that attached thereto is a true, accurate and complete copy of the resolutions of the board of directors or other managing body of such Issuer, as the case may be, duly adopted at a meeting or by unanimous written consent of such board of directors or other managing body, authorizing the execution, delivery and performance of the Transaction Documents to which such Issuer, as the case may be, is a party, and that such resolutions have not been amended, modified, revoked or rescinded, 

are in full force and effect and are the only resolutions of the shareholders, partners or members of such Issuer, as the case may be, or of such board of directors or other managing body or any committee thereof relating to the subject matter thereof (or certifying that resolutions of the Issuers remain unchanged from the relevant document certified on the date of the Third Amendment), and (e) that no dissolution or liquidation proceedings as to such Issuer have been commenced or are contemplated; provided however, that the Officers’ Certificate delivered to the Bank Agent and Bank in a form satisfactory the Holders shall satisfy this condition;  
(iv)a certificate of corporate or other type of entity and tax good standing for each Issuer and each of its Subsidiaries from the Secretary of State or other appropriate governmental official of the jurisdiction of organization of such Issuer or such Subsidiary and of each jurisdiction in which such Issuer or such Subsidiary is required to be qualified to transact business as a foreign organization, in each case dated as of a recent date; provided however, that the Officers’ Certificate delivered to the Bank Agent and Bank in containing such good standing certificate shall satisfy this condition; and
(v)an Officer’s Certificate certifying, after giving effect to the amendments contemplated hereby and the amendment to the Credit Agreement referenced in Section 4.1(ii) above, as to the matters set forth in Section 1 hereof.
4.2Fees and Expenses.  The Issuers shall have paid the reasonable fees, charges and disbursements of Taft Stettinius & Hollister LLP, special counsel to the Purchasers, incurred in connection with this letter agreement.
4.3Proceedings.  All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this letter and all documents incident thereto shall be satisfactory to each Holder  and its counsel, and each such Holder shall have received all such counterpart originals or certified or other copies of such documents as they may reasonably request.
SECTION 5.Reference to and Effect on Note Agreement; Ratification of Transaction Documents.  Upon the effectiveness of the amendments in Section 1 of this letter, each reference to the Note Agreement in any other document, instrument or agreement shall mean and be a reference to the Note Agreement as modified by this letter.  Except as specifically set forth in Section 1, the Note Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects.  Except as expressly amended hereby, each of the Note Agreement and the other Transaction Documents are hereby ratified and confirmed in all respects and shall continue in full force and effect. Except as specifically stated in this letter, the execution, delivery and effectiveness of this letter shall not (a) amend the Note Agreement or any Note, (b) operate as a waiver of any right, power or remedy of any holder of the Notes, or (c) constitute a waiver of, or consent to any departure from, any provision of the Note Agreement or any Note at any time.  The execution, delivery and effectiveness of this letter shall not be construed as a course of dealing or other implication that any holder of the Notes has agreed to or is prepared to grant any consents or agree to any waiver to the Note Agreement in the future, whether or not under similar circumstances.
​

SECTION 6.Release.  Each of the Issuers hereby absolutely and unconditionally releases and forever discharges each Purchaser, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, counterclaims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Issuers has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this letter, whether such claims, counterclaims, demands or causes of action are matured or unmatured or known or unknown. 
​
SECTION 7.Expenses.  Each Issuer hereby confirms its obligations under the Note Agreement, whether or not the transactions hereby contemplated are consummated, to pay, promptly after request by any holder of the Notes, all reasonable out-of-pocket costs and expenses, including attorneys’ fees and expenses, incurred by any holder of the Notes in connection with this letter agreement or the transactions contemplated hereby, in enforcing any rights under this letter agreement, or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this letter agreement or the transactions contemplated hereby.  The obligations of the Issuers under this Section 7 shall survive transfer by any holder of any Note and payment of any Note. 
SECTION 8.Governing Law.  THIS LETTER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS (EXCLUDING ANY CONFLICTS OF LAW RULES WHICH WOULD OTHERWISE CAUSE THIS AGREEMENT TO BE CONSTRUED OR ENFORCED IN ACCORDANCE WITH, OR THE RIGHTS OF THE PARTIES TO BE GOVERNED BY, THE LAWS OF ANY OTHER JURISDICTION).
SECTION 9.  Counterparts; Section Titles.  This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this letter by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart of this letter. The section titles contained in this letter are and shall be without substance, meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.
(Signature Page Follows)
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​

Very truly yours, 
THE PRUDENTIAL INSURANCE COMPANY
  OF AMERICA
​
​
By:    /s/Anna Sabiston
Second Vice President
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​
PRUCO LIFE INSURANCE COMPANY
​
​
​
By:     /s/Anna Sabiston
Assistant Vice President
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​
PRUDENTIAL RETIREMENT 
   GUARANTEED COST BUSINESS 
   TRUST
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By:Prudential Retirement Insurance and Annuity Company, as Grantor

By:PGIM, Inc., as Investment Manager
​
​
By:   /s/Anna Sabiston
Vice President
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PAR U HARTFORD LIFE INSURANCE
  COMFORT TRUST
​
		By:
	Prudential Arizona Reinsurance Universal Company, as Grantor

​
		By:
	PGIM, Inc., as Investment Manager

​
​
By:   /s/Anna Sabiston        
Name: Ann Sabiston
Title: Vice President
​
​
​

​

​

The foregoing letter is 
hereby accepted as of the 
date first above written.

​
WINMARK CORPORATION

By:    /s/Anthony D. Ishaug 
  Name:  Anthony D. Ishaug
  Title:   Executive Vice President and Chief Financial Officer
WIRTH BUSINESS CREDIT, INC.

By:   /s/Anthony D. Ishaug
  Name:  Anthony D. Ishaug
  Title:   Chief Financial Officer and Treasurer
WINMARK CAPITAL CORPORATION

By:   /s/Anthony D. Ishaug
  Name:  Anthony D. Ishaug
  Title:   Chief Financial Officer and Treasurer
GROW BIZ GAMES, INC.

By:   /s/Anthony D. Ishaug
  Name:  Anthony D. Ishaug
  Title:   Chief Financial Officer, Treasurer and Secretary

 ​Exhibit
10.20

 

SUBSCRIPTION
AGREEMENT

 

SUBSCRIPTION
AGREEMENT (this “Agreement”) made as of the date set forth on the signature page hereto between VISION HYDROGEN
CORPORATION (the “Company”), and the undersigned (the “Subscriber”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to a registration statement on Form S-1 (File No. 333-XXXXXX) that has been declared effective by the Securities and
Exchange Commission (“SEC”) on ________ __, 2020 (the “Registration Statement”) the Company
is conducting a public offering (the “Public Offering”) of shares of the Company common stock, par value $0.0001
par value per share (the “Common Stock”) consisting of 12,500,000 shares of Common Stock at a per share offering
price of $0.20 per share (the “Offering Shares “); and

 

WHEREAS,
the Subscriber desires to purchase such number of the Offering Shares as are set forth on the omnibus signature page hereto (the
“Subject Shares”), all upon on the terms and subject to the conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto
do hereby agree as follows:

 

I. TERMS
OF THE OFFERING; SUBSCRIPTION PROCEDURES AND REPRESENTATIONS BY SUBSCRIBER

   

A. Terms
of the Offering

 

1.1
The Prospectus. Attached to this Subscription Agreement as Exhibit A and made a part hereof, is the final
prospectus dated _______ __, 2020 included in the Registration Statement (the “Prospectus”). Each Subscriber
may also access the Registration Statement and Prospectus on line at www.sec.gov, click on “search for company filings”
and typing in “Vision Hydrogen Corporation” in the relevant place.

 

1.2
The Offering Shares. There is no minimum or maximum number of Offering Shares that may be purchased by Subscribers.

 

1.3
Offering Period.

 

(a)
As set forth in the Prospectus, the Offering Shares are being offered by the Company for a period that will terminate on the first
to occur of (i) when all 12,500,000 Offering Shares have been fully subscribed for, (ii) December 31, 2020 (which may be extended
by the Company, it is sole and absolute discretion, until January 31, 2021), or (iii) earlier than December 31, 2020 (or January
31, 2021 if the Company exercises its option to extend), if the Company decides to terminate the offering of the Offering Shares
prior to such date. No further subscriptions to Offering Shares will be accepted by the Company after that offering is terminated.

 

1.4
No Minimum Proceeds. There is no minimum number of Offering Shares that must be sold to complete the offering and all proceeds
from subscribers to Offering Shares will be retained by the Company.

 

1.5
Nature of the Offerings. As set forth in the Prospectus, the offering of the Offering Shares is being conducted on a self-underwritten,
best efforts basis by the management and/or controlling stockholders of the Company who will attempt to sell the Subject Shares
pursuant to the Prospectus directly to the public, with no commission or other remuneration payable to them for any Subject Shares
they may sell. In offering the shares of Common Stock on our behalf, management and controlling shareholder will rely on the safe
harbor from broker-dealer registration set forth in Rule 3a4-1 under the Securities and Exchange Act of 1934, as amended.

 

B. Method
of Subscription. In order to subscribe to the Offering Shares, each prospective Subscriber should:

 

1.
Date and Fill in the number of Subject Shares being purchased and Complete and Sign (i) the Subscriber Omnibus Signature
Page of this Subscription Agreement, attached as Annex A.

 

2.
Email the Subscriber Omnibus Signature Page of this Subscription Agreement and then mail the signed original document to:

 

Vision
Hydrogen Corporation

95
Christopher Columbus Drive, 16th Floor

Jersey
City, NJ 07302

Attn:
Matthew Hidalgo, Chief Financial Officer

(551)
298-3600

Email:
xxxxxxxxxxx

 

    	 	 	 

     

    

 

3.
If Subscriber is paying the Purchase Price by check, a check for the exact dollar amount of the Purchase Price for the
amount of Subject Shares in U.S. dollars you are offering to purchase should be made payable to the order of “Vision
Hydrogen Corporation” and should be sent to Vision Hydrogen Corporation at the address provided above,
Attention: Matthew Hidalgo, Chief Financial Officer.

 

4.
If Subscriber is paying the Purchase Price by wire transfer, you should send a wire transfer for the exact U.S. dollar amount
of the Purchase Price of the number of Subject Shares you are offering to purchase according to the following instructions:

 

	 	Bank
    Name:	 
	 	Address:	 
	 	Account
    Name:	Vision
    Hydrogen Corporation
	 	ABA
    Routing Number:	 
	 	Account
    Number:	 
	 	Swift
    Code:	 
	 	Reference:	[insert
    Subscriber’s name]
	 	Contact:	Matthew
    Hidalgo
	 	Client:	Vision
    Hydrogen Corporation

 

5.
Delivery of Stock Certificates. Upon execution hereof by the Subscriber and his or its delivery to the Company of the Purchase
Price and this executed Agreement (the “Subscription Documents”), the Company shall as soon as practicable
(but in no event later than 30 days after receipt of the Subscription Documents) deliver to the Subscribers, a stock certificate
evidencing the Subject Shares, duly executed on behalf of the Company.

 

C.
Representations and Warranties by the Subscriber

 

1.6
The Subscriber acknowledges that the purchase of the Subject Shares involves a high degree of risk, that an investment in the
Company is highly speculative, and only investors who can afford the loss of their entire investment should consider investing
in the Company and the Subject Shares. The Purchaser further acknowledges receipt of the Prospectus and that he, she or it has
carefully reviewed the Prospectus, including the risk factors set forth therein.

 

1.7
The Subscriber further acknowledges that neither the SEC nor any state securities commission has approved or disapproved of these
securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

1.8
(a) In making the decision to invest in the Subject Shares the Subscriber has relied solely upon the information provided in the
Prospectus. The Subscriber disclaims reliance on any statements made or information provided by any person or entity in the course
of Subscriber’s consideration of an investment in the Subject Shares other than this Subscription Agreement and the Prospectus.

 

(b)
The Subscriber represents that (i) the Subscriber was contacted regarding the sale of the Subject Shares by the Company and (ii)
it did not learn of the offering of the Subject Shares by means of any form of general solicitation or general advertising, and
in connection therewith, the Subscriber did not (A) receive or review any advertisement, article, notice or other communication
published in a newspaper or magazine or similar media or broadcast over television or radio, whether closed circuit, or generally
available; or (B) attend any seminar meeting or industry investor conference whose attendees were invited by any general solicitation
or general advertising.

 

1.9
The Subscriber hereby represents that the address of the Subscriber furnished by Subscriber on the omnibus signature page hereof
is the Subscriber’s principal residence if Subscriber is an individual or its principal business address if it is a corporation
or other entity.

 

1.10
The Subscriber represents that the Subscriber has full power and authority (individual, corporate, statutory and otherwise) to
execute and deliver this Subscription Agreement and to purchase the Subject Shares. This Subscription Agreement constitutes the
legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms. If the
Subscriber is a corporation, partnership, limited liability company, trust, employee benefit plan, individual retirement account,
Keogh Plan, or other tax-exempt entity, it is authorized and qualified to invest in the Company and the person signing this Subscription
Agreement on behalf of such entity has been duly authorized by such entity to do so.

 

    	 	 	 

     

    

 

II.
REPRESENTATIONS BY AND WARRANTIES OF THE COMPANY

 

The
Company hereby represents and warrants to the Subscriber that:

 

2.1
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good
standing under the laws of the State of Nevada and has full corporate power and authority to own and use its properties and its
assets and conduct its business as currently conducted. The Company is not in violation of any of the provisions of its articles
of incorporation or by-laws (collectively, the “Charter Documents”). The Company is duly qualified to conduct
business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or
property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the
case may be, would not result in a direct and/or indirect (i) material adverse effect on the legality, validity or enforceability
of any of the Subject Shares and/or this Subscription Agreement, (ii) material adverse effect on the results of operations, assets,
business, condition (financial and other) or prospects of the Company, or (iii) material adverse effect on the Company’s
ability to perform in any material respect on a timely basis its obligations under this Subscription Agreement (any of (i), (ii)
or (iii), a “Material Adverse Effect”).

 

2.2
Registration Statement and Prospectus. The Registration Statement and the Prospectus contains no untrue statement of a
material fact nor omits to state a material fact necessary in order to make the statements contained therein, in light of the
circumstances under which they were made, not misleading.

 

2.3
Authorization; Enforceability. The Company has all corporate right, power and authority to enter into, execute and deliver
this Subscription Agreement and to perform fully its obligations hereunder and thereunder. All corporate action on the part of
the Company, its directors and stockholders necessary for the (a) authorization execution, delivery and performance of this Subscription
Agreement by the Company; and (b) authorization, sale, issuance and delivery of the Subject Shares contemplated hereby and the
performance of the Company’s obligations under this Subscription Agreement has been taken. This Agreement has been duly
executed and delivered by the Company and each constitutes a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its respective terms, subject to laws of general application relating to bankruptcy, insolvency
and the relief of debtors and rules of law governing specific performance, injunctive relief or other equitable remedies, and
to limitations of public policy. The Offering Shares, including the Subject Shares, are duly authorized and, when issued and paid
for in accordance with the applicable this Subscription Agreement, will be duly and validly issued, fully paid and non-assessable,
free and clear of all Encumbrances other than restrictions on transfer provided for in this Subscription Agreement. The issuance
and sale of the Offering Shares, including the Subject Shares contemplated hereby, will not give rise to any preemptive rights
or rights of first refusal.

 

2.4
No Conflict; Governmental Consents.

 

(a)
The execution and delivery by the Company of this Subscription Agreement, the issuance and sale of the Offering Shares and the
Subject Shares and the consummation of the other transactions contemplated hereby or by the Prospectus do not and will not (i)
result in the violation of any law, statute, rule, regulation, order, writ, injunction, judgment or decree of any court, the SEC
or any other governmental authority to or by which the Company and its subsidiaries are bound including without limitation all
foreign, federal, state and local laws applicable to its business and all such laws that affect the environment, except in each
case as could not have or reasonably be expected to result in a Material Adverse Effect, (ii) conflict with or violate any provision
of the Company’s Charter Documents, and (iii) conflict with, or result in a material breach or violation of, any of the
terms or provisions of, or constitute (with or without due notice or lapse of time or both) a default or give to others any rights
of termination, amendment, acceleration or cancellation (with or without due notice, lapse of time or both) under any agreement,
credit facility, lease, loan agreement, mortgage, security agreement, trust indenture or other agreement or instrument to which
the Company is a party or by which it is bound or to which its properties or assets is subject, nor result in the creation or
imposition of any lien, security interest or other encumbrances upon any of the properties or assets of the Company.

 

2.5
Investment Company. The Company is not an “investment company” within the meaning of such term under the Investment
Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

 

2.6
Brokers. Neither the Company nor any of the Company’s officers, directors, employees or stockholders has employed
or engaged any broker or finder in connection with the transactions contemplated by this Subscription Agreement and no fee or
other compensation is or will be due and owing to any broker, finder, underwriter, placement agent or similar person in connection
with the transactions contemplated by this Subscription Agreement. The Company is not party to any agreement, arrangement or understanding
whereby any person has an exclusive right to raise funds and/or place or purchase any debt or equity securities for or on behalf
of the Company.

 

    	 	 	 

     

    

 

III.
MISCELLANEOUS

 

3.1
Replacement of Subject Shares. If any certificate or instrument evidencing any Subject Shares is mutilated, lost, stolen
or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new
certificate or instrument under such circumstances shall also pay any reasonable third-party costs associated with the issuance
of such replacement Subject Shares. If a replacement certificate or instrument evidencing any Subject Shares is requested due
to a mutilation thereof, the Company may require delivery of such mutilated certificate or instrument as a condition precedent
to any issuance of a replacement.

 

3.2
Blue Sky Filings. The Company shall take such action as the Company shall reasonably determine is necessary in order to
obtain an exemption for, or to qualify the Subject Shares for, sale to the Subscriber at the Closing under applicable securities
or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request
of any Subscriber.

 

3.3
Amendment; Waiver. Except as otherwise provided herein, this Subscription Agreement shall not be changed, modified or amended
except by a writing signed by the parties to be charged, and this Subscription Agreement may not be discharged except by performance
in accordance with its terms or by a writing signed by the party to be charged. No waiver of any default with respect to any provision,
condition or requirement of this Subscription Agreement shall be deemed to be a continuing waiver in the future or a waiver of
any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of
any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

3.4
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective
heirs, legal representatives, successors and assigns. Upon the execution and delivery of this Subscription Agreement by the Subscriber
and the Company, this Subscription Agreement shall become a binding obligation of the Subscriber with respect to the purchase
of Subject Shares as herein provided, subject, however, to any rights that the Subscriber may have to revoke his, her or its Subscription
under any State Blue-Sky laws that are applicable to such Subscriber.

 

3.5
Governing Law; Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this
Subscription Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the
interpretations, enforcement and defense of the transactions contemplated by this Subscription Agreement and any other this Subscription
Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of any of this Subscription Agreement), and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.

 

3.6
Counterparts. This Agreement may be executed in two or more counterparts each of which shall be deemed an original, but
all of which shall together constitute one and the same instrument. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof.

 

3.7
No Third-Party Beneficiaries. Nothing in this Subscription Agreement shall create or be deemed to create any rights in
any person or entity not a party to this Subscription Agreement.

 

3.8
Specific Performance. In addition to being entitled to exercise all rights provided herein or granted by law, including
recovery of damages, the Subscriber and the Company will be entitled to specific performance under this Subscription Agreement.
The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation the
defense that a remedy at law would be adequate.

 

*****************************

 

Signature
page follow

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the Subscriber and the Company have caused this Subscription Agreement to be duly executed as of the
date first written above.

 

	 	COMPANY:
	 	 
	 	VISION
    HYDROGEN CORPORATION
	 	 	 
	 	By:	 
	 	Name:	Andrew
    Hidalgo
	 	Title:	Chief
    Executive Officer

 

    	 	 	 

     

    

 

SUBSCRIBER
SIGNATURE PAGE

TO

SUBSCRIPTION
AGREEMENT

 

The
undersigned, desiring to: (i) enter into the Subscription Agreement, dated as of _______________, 2020 (the “Subscription
Agreement”), between the undersigned, Vision Hydrogen Corporation, a Nevada corporation (the “Company”),
and the other parties thereto, in or substantially in the form furnished to the undersigned, and (ii) purchase the Subject Shares
of the Company as set forth below, hereby agrees to purchase such Subject Shares from the Company and further agrees to join the
Subscription Agreement as a party thereto, with all the rights and privileges appertaining thereto, and to be bound in all respects
by the terms and conditions thereof. The undersigned specifically acknowledges having read the representations section in the
Subscription Agreement entitled “Subscriber’s Representations and Warranties,” and hereby represents that the
statements contained therein are complete and accurate with respect to the undersigned as a Subscriber.

 

The
Subscriber hereby elects to purchase _______ Subject Shares for a Purchase Price of $_______ (to be completed by the Subscriber)
under the Subscription Agreement.

 

	SUBSCRIBER
    (individual)	 	SUBSCRIBER
    (entity)
	 	 	 
	 	 	 
	Signature	 	Name
    of Entity
	 	 	 
	 	 	 
	Print
    Name	 	Signature
	 	 	 
	 	 	Print
    Name:______________________________________
	Signature
    (if Joint Tenants or Tenants in Common)	 	Title:___________________________________________
	 	 	 
	Address
    of Principal Residence:	 	Address
    of Executive Offices:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Social
    Security Number(s):	 	IRS
    Tax Identification Number:
	 	 	 
	 	 	 
	Telephone
    Number:	 	Telephone
    Number:
	 	 	 
	 	 	 
	Email
    Address:	 	Email
    Address:

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